BUTO: 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.
BUTO
Largest movements
- Cash -€3,231
down €3,231 (-25.0%), from €12,942 to €9,712
mainly Investment in fixed assets (net) (-€5,907) and Debts after one year (-€4,929)
- Tangible fixed assets +€3,112
up €3,112 (+16.9%), from €18,374 to €21,486
of which Plant, machinery and equipment: +€3,112
- Receivables within one year -€1,375
down €1,375 (-100%), from €1,375 to €0
of which Trade receivables: -€1,375
- Other debts +€11,000
up €11,000 (+46.6%), from €23,623 to €34,623
- Debts after one year -€4,929
down €4,929 (-92.3%), from €5,342 to €413
- Trade debts -€4,188
down €4,188 (-47.1%), from €8,895 to €4,706
- Profit (loss) carried forward -€2,709
down €2,709 (-14.5%), from -€18,621 to -€21,330
- Tax, wage and social debts -€695
down €695 (-70.6%), from €984 to €289
- Gross operating margin -€8,686
down €8,686 (-88.3%), from €9,839 to €1,153
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 | €45,960 | €44,590 | -€1,370 | -3.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €28,127 | €31,297 | +€3,170 | +11.3% |
| Tangible fixed assets | 22/27 | €18,374 | €21,486 | +€3,112 | +16.9% |
| Plant, machinery and equipment | 23 | €18,374 | €21,486 | +€3,112 | +16.9% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Financial fixed assets | 28 | €9,753 | €9,811 | +€57 | +0.6% |
| Current assets | 29/58 | €17,832 | €13,293 | -€4,540 | -25.5% |
| Stocks and contracts in progress | 3 | €1,515 | €1,475 | -€40 | -2.6% |
| Stocks | 30/36 | €1,515 | €1,475 | -€40 | -2.6% |
| Amounts receivable within one year | 40/41 | €1,375 | €0 | -€1,375 | -100% |
| Trade receivables | 40 | €1,375 | €0 | -€1,375 | -100% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €12,942 | €9,712 | -€3,231 | -25.0% |
| Deferred charges and accrued income | 490/1 | €2,001 | €2,106 | +€106 | +5.3% |
| Total equity and liabilities | 10/49 | €45,960 | €44,590 | -€1,370 | -3.0% |
| Equity | 10/15 | €634 | -€2,075 | -€2,709 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €655 | €655 | = | 0.0% |
| Distributable reserves | 133 | €655 | €655 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,621 | -€21,330 | -€2,709 | -14.5% |
| Amounts payable | 17/49 | €45,326 | €46,665 | +€1,339 | +3.0% |
| Amounts payable after more than one year | 17 | €5,342 | €413 | -€4,929 | -92.3% |
| Financial debts | 170/4 | €5,342 | €413 | -€4,929 | -92.3% |
| Amounts payable within one year | 42/48 | €38,384 | €44,547 | +€6,163 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €4,882 | €4,929 | +€47 | +1.0% |
| Trade debts | 44 | €8,895 | €4,706 | -€4,188 | -47.1% |
| Suppliers | 440/4 | €8,895 | €4,706 | -€4,188 | -47.1% |
| Taxes, remuneration and social security | 45 | €984 | €289 | -€695 | -70.6% |
| Taxes | 450/3 | €984 | €289 | -€695 | -70.6% |
| Other amounts payable | 47/48 | €23,623 | €34,623 | +€11,000 | +46.6% |
| Accrued charges and deferred income | 492/3 | €1,600 | €1,705 | +€105 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,689 | €2,738 | +€49 | +1.8% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €9,839 | €1,153 | -€8,686 | -88.3% |
| Operating profit (loss) | 9901 | €7,010 | -€1,728 | -€8,738 | |
| Financial income | 75/76B | €50 | €57 | +€8 | +15.5% |
| Recurring financial income | 75 | €50 | €57 | +€8 | +15.5% |
| Financial charges | 65/66B | €949 | €1,038 | +€89 | +9.4% |
| Recurring financial charges | 65 | €949 | €1,038 | +€89 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €6,110 | -€2,709 | -€8,820 | |
| Profit (loss) for the period | 9904 | €6,110 | -€2,709 | -€8,820 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,110 | -€2,709 | -€8,820 |
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 17 October 2026 via checked.be.