BUTLER: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BUTLER
Largest movements
- Cash -€8,021
down €8,021 (-22.1%), from €36,232 to €28,211
mainly Trade debts (-€11,915) and Investment in fixed assets (net) (-€4,181)
- Receivables within one year +€3,143
up €3,143 (+230.0%), from €1,366 to €4,509
of which Other amounts receivable: +€2,892
- Stocks and contracts +€2,872
up €2,872 (+38.9%), from €7,376 to €10,248
- Deferred charges and accrued income -€2,103
down €2,103 (-30.0%), from €7,011 to €4,908
- Trade debts -€11,915
down €11,915 (-56.2%), from €21,214 to €9,299
- Reserves +€5,128
up €5,128 (+50.2%), from €10,208 to €15,336
- Tax, wage and social debts +€1,418
up €1,418 (+4.2%), from €33,393 to €34,811
of which Remuneration and social security: +€1,572
- Advances received +€759
new in 2025: €759
- Gross operating margin +€25,537
up €25,537 (+11.5%), from €222,696 to €248,233
- Staff costs +€4,127
up €4,127 (+1.8%), from €228,146 to €232,272
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,015 | €66,405 | -€4,610 | -6.5% |
| Fixed assets | 21/28 | €19,029 | €18,529 | -€500 | -2.6% |
| Tangible fixed assets | 22/27 | €11,946 | €11,446 | -€500 | -4.2% |
| Plant, machinery and equipment | 23 | €10,221 | €6,588 | -€3,633 | -35.5% |
| Furniture and vehicles | 24 | €1,725 | €4,858 | +€3,133 | +181.7% |
| Financial fixed assets | 28 | €7,083 | €7,083 | = | 0.0% |
| Current assets | 29/58 | €51,986 | €47,876 | -€4,110 | -7.9% |
| Stocks and contracts in progress | 3 | €7,376 | €10,248 | +€2,872 | +38.9% |
| Stocks | 30/36 | €7,376 | €10,248 | +€2,872 | +38.9% |
| Amounts receivable within one year | 40/41 | €1,366 | €4,509 | +€3,143 | +230.0% |
| Trade receivables | 40 | €376 | €627 | +€251 | +66.5% |
| Other amounts receivable | 41 | €990 | €3,882 | +€2,892 | +292.2% |
| Cash at bank and in hand | 54/58 | €36,232 | €28,211 | -€8,021 | -22.1% |
| Deferred charges and accrued income | 490/1 | €7,011 | €4,908 | -€2,103 | -30.0% |
| Total equity and liabilities | 10/49 | €71,015 | €66,405 | -€4,610 | -6.5% |
| Equity | 10/15 | €16,408 | €21,536 | +€5,128 | +31.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,208 | €15,336 | +€5,128 | +50.2% |
| Distributable reserves | 133 | €10,208 | €15,336 | +€5,128 | +50.2% |
| Amounts payable | 17/49 | €54,607 | €44,869 | -€9,738 | -17.8% |
| Amounts payable within one year | 42/48 | €54,607 | €44,869 | -€9,738 | -17.8% |
| Trade debts | 44 | €21,214 | €9,299 | -€11,915 | -56.2% |
| Suppliers | 440/4 | €21,214 | €9,299 | -€11,915 | -56.2% |
| Advances received on contracts in progress | 46 | - | €759 | +€759 | |
| Taxes, remuneration and social security | 45 | €33,393 | €34,811 | +€1,418 | +4.2% |
| Taxes | 450/3 | €7,991 | €7,837 | -€154 | -1.9% |
| Remuneration and social security | 454/9 | €25,402 | €26,974 | +€1,572 | +6.2% |
| Remuneration, social security and pensions | 62 | €228,146 | €232,272 | +€4,127 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,446 | €4,681 | +€235 | +5.3% |
| Other operating charges | 640/8 | €2,055 | €2,042 | -€13 | -0.6% |
| Gross operating margin | 9900 | €222,696 | €248,233 | +€25,537 | +11.5% |
| Operating profit (loss) | 9901 | -€11,950 | €9,238 | +€21,188 | |
| Financial income | 75/76B | €61 | €64 | +€2 | +3.7% |
| Recurring financial income | 75 | €61 | €64 | +€2 | +3.7% |
| Financial charges | 65/66B | €2,602 | €4,028 | +€1,426 | +54.8% |
| Recurring financial charges | 65 | €2,602 | €4,028 | +€1,426 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,491 | €5,274 | +€19,765 | |
| Income taxes | 67/77 | €250 | €146 | -€104 | -41.7% |
| Profit (loss) for the period | 9904 | -€14,741 | €5,128 | +€19,869 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,741 | €5,128 | +€19,869 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.