Butler: what changed
Two financial 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
- Tangible fixed assets +€50,554
up €50,554 (+833%), from €6,065 to €56,620
of which Furniture and vehicles: +€45,934
- Cash -€20,406
down €20,406 (-31.6%), from €64,561 to €44,155
mainly Investment in fixed assets (net) (-€58,052) and Other debts (-€14,166)
- Receivables within one year +€1,644
up €1,644, from €0 to €1,644
of which Other amounts receivable: +€1,644
- Debts after one year +€25,351
up €25,351, from €0 to €25,351
- Reserves +€17,919
up €17,919 (+85.5%), from €20,964 to €38,883
- Other debts -€14,166
down €14,166 (-89.6%), from €15,814 to €1,648
- Tax, wage and social debts +€5,873
up €5,873 (+55.2%), from €10,644 to €16,517
of which Taxes: +€3,790
- Trade debts -€2,385
down €2,385 (-40.7%), from €5,866 to €3,481
- Gross operating margin -€21,672
down €21,672 (-29.9%), from €72,567 to €50,894
- Taxes -€2,068
down €2,068 (-27.5%), from €7,525 to €5,458
- Depreciation -€1,898
down €1,898 (-20.2%), from €9,396 to €7,498
- Staff costs +€1,775
up €1,775 (+20.3%), from €8,734 to €10,509
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.
Derived cash bridge
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 | €74,611 | €106,669 | +€32,058 | +43.0% |
| Fixed assets | 21/28 | €6,908 | €57,462 | +€50,554 | +732% |
| Tangible fixed assets | 22/27 | €6,065 | €56,620 | +€50,554 | +833% |
| Land and buildings | 22 | €5,065 | €0 | -€5,065 | -100% |
| Plant, machinery and equipment | 23 | €1,000 | €10,686 | +€9,686 | +969% |
| Furniture and vehicles | 24 | - | €45,934 | +€45,934 | |
| Financial fixed assets | 28 | €842 | €842 | = | 0.0% |
| Current assets | 29/58 | €67,703 | €49,207 | -€18,496 | -27.3% |
| Stocks and contracts in progress | 3 | €1,600 | €1,600 | = | 0.0% |
| Stocks | 30/36 | €1,600 | €1,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €1,644 | +€1,644 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €1,644 | +€1,644 | |
| Cash at bank and in hand | 54/58 | €64,561 | €44,155 | -€20,406 | -31.6% |
| Deferred charges and accrued income | 490/1 | €1,542 | €1,807 | +€265 | +17.2% |
| Total equity and liabilities | 10/49 | €74,611 | €106,669 | +€32,058 | +43.0% |
| Equity | 10/15 | €27,169 | €45,089 | +€17,919 | +66.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €20,964 | €38,883 | +€17,919 | +85.5% |
| Distributable reserves | 133 | €20,964 | €38,883 | +€17,919 | +85.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €47,441 | €61,580 | +€14,139 | +29.8% |
| Amounts payable after more than one year | 17 | €0 | €25,351 | +€25,351 | |
| Financial debts | 170/4 | €0 | €25,351 | +€25,351 | |
| Amounts payable within one year | 42/48 | €47,441 | €36,229 | -€11,212 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €13,670 | €13,949 | +€279 | +2.0% |
| Trade debts | 44 | €5,866 | €3,481 | -€2,385 | -40.7% |
| Suppliers | 440/4 | €5,866 | €3,481 | -€2,385 | -40.7% |
| Advances received on contracts in progress | 46 | €1,448 | €635 | -€813 | -56.1% |
| Taxes, remuneration and social security | 45 | €10,644 | €16,517 | +€5,873 | +55.2% |
| Taxes | 450/3 | €7,627 | €11,417 | +€3,790 | +49.7% |
| Remuneration and social security | 454/9 | €3,017 | €5,099 | +€2,083 | +69.0% |
| Other amounts payable | 47/48 | €15,814 | €1,648 | -€14,166 | -89.6% |
| Non-recurring operating income | 76A | €147 | €0 | -€147 | -100% |
| Remuneration, social security and pensions | 62 | €8,734 | €10,509 | +€1,775 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,396 | €7,498 | -€1,898 | -20.2% |
| Other operating charges | 640/8 | €5,593 | €5,384 | -€209 | -3.7% |
| Non-recurring operating charges | 66A | - | €1,750 | +€1,750 | |
| Gross operating margin | 9900 | €72,567 | €50,894 | -€21,672 | -29.9% |
| Operating profit (loss) | 9901 | €48,843 | €25,753 | -€23,090 | -47.3% |
| Financial income | 75/76B | €202 | €339 | +€138 | +68.2% |
| Recurring financial income | 75 | €202 | €339 | +€138 | +68.2% |
| Financial charges | 65/66B | €1,103 | €1,050 | -€53 | -4.8% |
| Recurring financial charges | 65 | €1,103 | €1,050 | -€53 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €47,942 | €25,043 | -€22,899 | -47.8% |
| Income taxes | 67/77 | €7,525 | €5,458 | -€2,068 | -27.5% |
| Profit (loss) for the period | 9904 | €40,416 | €19,585 | -€20,831 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,416 | €19,585 | -€20,831 | -51.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.