Butter Cuts: 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.
Butter Cuts
Largest movements
- Cash -€143,946
down €143,946 (-94.0%), from €153,177 to €9,231
mainly Investment in fixed assets (net) (-€84,590) and Other debts (-€72,394)
- Tangible fixed assets +€73,702
up €73,702 (+32.8%), from €224,722 to €298,424
of which Land and buildings: +€61,013
- Receivables after one year +€14,016
new in 2025: €14,016
- Other debts -€72,394
down €72,394 (-52.0%), from €139,138 to €66,744
- Debts after one year +€31,188
up €31,188 (+16.8%), from €185,835 to €217,022
- Trade debts -€23,498
down €23,498 (-77.3%), from €30,415 to €6,917
- Reserves +€10,070
up €10,070 (+26.5%), from €37,930 to €48,000
- Gross operating margin +€35,449
up €35,449 (+38.6%), from €91,828 to €127,277
- Other operating charges -€26,279
down €26,279 (-85.4%), from €30,772 to €4,492
- Taxes +€12,329
up €12,329 (+103%), from €11,979 to €24,308
- Financial charges +€5,421
up €5,421 (+101%), from €5,353 to €10,774
- Depreciation +€4,982
up €4,982 (+84.4%), from €5,906 to €10,889
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 | €414,450 | €362,816 | -€51,634 | -12.5% |
| Fixed assets | 21/28 | €224,722 | €298,424 | +€73,702 | +32.8% |
| Tangible fixed assets | 22/27 | €224,722 | €298,424 | +€73,702 | +32.8% |
| Land and buildings | 22 | €221,477 | €282,490 | +€61,013 | +27.5% |
| Furniture and vehicles | 24 | €3,245 | €15,934 | +€12,689 | +391% |
| Current assets | 29/58 | €189,728 | €64,393 | -€125,335 | -66.1% |
| Amounts receivable after more than one year | 29 | - | €14,016 | +€14,016 | |
| Other amounts receivable | 291 | - | €14,016 | +€14,016 | |
| Amounts receivable within one year | 40/41 | €11,817 | €11,387 | -€430 | -3.6% |
| Trade receivables | 40 | €2,796 | €1,673 | -€1,123 | -40.1% |
| Other amounts receivable | 41 | €9,021 | €9,713 | +€692 | +7.7% |
| Current investments | 50/53 | €23,250 | €26,000 | +€2,750 | +11.8% |
| Cash at bank and in hand | 54/58 | €153,177 | €9,231 | -€143,946 | -94.0% |
| Deferred charges and accrued income | 490/1 | €1,484 | €3,759 | +€2,274 | +153% |
| Total equity and liabilities | 10/49 | €414,450 | €362,816 | -€51,634 | -12.5% |
| Equity | 10/15 | €41,930 | €52,000 | +€10,070 | +24.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €37,930 | €48,000 | +€10,070 | +26.5% |
| Distributable reserves | 133 | €37,930 | €48,000 | +€10,070 | +26.5% |
| Amounts payable | 17/49 | €372,521 | €310,816 | -€61,704 | -16.6% |
| Amounts payable after more than one year | 17 | €185,835 | €217,022 | +€31,188 | +16.8% |
| Financial debts | 170/4 | €185,835 | €217,022 | +€31,188 | +16.8% |
| Amounts payable within one year | 42/48 | €186,686 | €93,794 | -€92,892 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €17,133 | €17,133 | = | 0.0% |
| Trade debts | 44 | €30,415 | €6,917 | -€23,498 | -77.3% |
| Suppliers | 440/4 | €30,415 | €6,917 | -€23,498 | -77.3% |
| Taxes, remuneration and social security | 45 | - | €3,000 | +€3,000 | |
| Taxes | 450/3 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €139,138 | €66,744 | -€72,394 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,906 | €10,889 | +€4,982 | +84.4% |
| Other operating charges | 640/8 | €30,772 | €4,492 | -€26,279 | -85.4% |
| Gross operating margin | 9900 | €91,828 | €127,277 | +€35,449 | +38.6% |
| Operating profit (loss) | 9901 | €55,150 | €111,897 | +€56,746 | +103% |
| Financial income | 75/76B | €112 | €0 | -€111 | -100.0% |
| Recurring financial income | 75 | €112 | €0 | -€111 | -100.0% |
| Financial charges | 65/66B | €5,353 | €10,774 | +€5,421 | +101% |
| Recurring financial charges | 65 | €5,353 | €10,774 | +€5,421 | +101% |
| Profit (loss) for the period before taxes | 9903 | €49,909 | €101,122 | +€51,214 | +103% |
| Income taxes | 67/77 | €11,979 | €24,308 | +€12,329 | +103% |
| Profit (loss) for the period | 9904 | €37,930 | €76,815 | +€38,885 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €37,930 | €76,815 | +€38,885 | +103% |
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.