BUTTERFISH GROUP: 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.
BUTTERFISH GROUP
Largest movements
- Cash -€72,089
down €72,089 (-19.7%), from €366,385 to €294,295
mainly Contributions, distributions and other (-€46,000) and Tax, wage and social debts (-€37,604)
- Tangible fixed assets -€39,821
down €39,821 (-58.4%), from €68,155 to €28,334
of which Furniture and vehicles: -€36,799
- Deferred charges and accrued income +€31,356
up €31,356 (+162%), from €19,362 to €50,719
- Receivables within one year -€27,057
down €27,057 (-8.8%), from €307,160 to €280,102
of which Other amounts receivable: -€17,410
- Tax, wage and social debts -€37,604
down €37,604 (-37.6%), from €100,011 to €62,407
of which Taxes: -€38,306
- Reserves -€34,450
down €34,450 (-10.7%), from €323,300 to €288,850
- Trade debts -€16,597
down €16,597 (-18.0%), from €92,223 to €75,626
- Current portion of long-term debt -€13,732
no longer reported in 2025 (was €13,732)
- Short-term financial debts +€10,094
new in 2025: €10,094
- Financial income +€130,120
up €130,120 (+5,941%), from €2,190 to €132,310
- Gross operating margin -€124,933
down €124,933 (-87.5%), from €142,705 to €17,772
- Staff costs +€3,616
up €3,616 (+5.7%), from €63,025 to €66,641
- Other operating charges +€2,373
up €2,373 (+111%), from €2,145 to €4,518
- Taxes +€1,758
up €1,758 (+23.3%), from €7,547 to €9,305
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 | €764,207 | €669,733 | -€94,474 | -12.4% |
| Fixed assets | 21/28 | €71,300 | €37,317 | -€33,983 | -47.7% |
| Intangible fixed assets | 21 | €3,145 | €2,483 | -€662 | -21.0% |
| Tangible fixed assets | 22/27 | €68,155 | €28,334 | -€39,821 | -58.4% |
| Plant, machinery and equipment | 23 | €14,706 | €12,141 | -€2,565 | -17.4% |
| Furniture and vehicles | 24 | €49,674 | €12,875 | -€36,799 | -74.1% |
| Other tangible fixed assets | 26 | €3,776 | €3,318 | -€458 | -12.1% |
| Financial fixed assets | 28 | - | €6,500 | +€6,500 | |
| Current assets | 29/58 | €692,906 | €632,416 | -€60,490 | -8.7% |
| Amounts receivable within one year | 40/41 | €307,160 | €280,102 | -€27,057 | -8.8% |
| Trade receivables | 40 | €169,627 | €159,980 | -€9,647 | -5.7% |
| Other amounts receivable | 41 | €137,533 | €120,122 | -€17,410 | -12.7% |
| Current investments | 50/53 | - | €7,300 | +€7,300 | |
| Cash at bank and in hand | 54/58 | €366,385 | €294,295 | -€72,089 | -19.7% |
| Deferred charges and accrued income | 490/1 | €19,362 | €50,719 | +€31,356 | +162% |
| Total equity and liabilities | 10/49 | €764,207 | €669,733 | -€94,474 | -12.4% |
| Equity | 10/15 | €329,679 | €295,256 | -€34,423 | -10.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €323,300 | €288,850 | -€34,450 | -10.7% |
| Distributable reserves | 133 | €323,300 | €288,850 | -€34,450 | -10.7% |
| Profit (loss) carried forward | 14 | €179 | €206 | +€27 | +14.9% |
| Amounts payable | 17/49 | €434,528 | €374,477 | -€60,050 | -13.8% |
| Amounts payable within one year | 42/48 | €267,248 | €202,977 | -€64,270 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €13,732 | - | -€13,732 | |
| Financial debts | 43 | - | €10,094 | +€10,094 | |
| Credit institutions | 430/8 | - | €10,094 | +€10,094 | |
| Trade debts | 44 | €92,223 | €75,626 | -€16,597 | -18.0% |
| Suppliers | 440/4 | €92,223 | €75,626 | -€16,597 | -18.0% |
| Taxes, remuneration and social security | 45 | €100,011 | €62,407 | -€37,604 | -37.6% |
| Taxes | 450/3 | €85,604 | €47,298 | -€38,306 | -44.7% |
| Remuneration and social security | 454/9 | €14,408 | €15,109 | +€702 | +4.9% |
| Other amounts payable | 47/48 | €61,282 | €54,850 | -€6,431 | -10.5% |
| Accrued charges and deferred income | 492/3 | €167,280 | €171,500 | +€4,220 | +2.5% |
| Remuneration, social security and pensions | 62 | €63,025 | €66,641 | +€3,616 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,428 | €47,989 | +€1,561 | +3.4% |
| Other operating charges | 640/8 | €2,145 | €4,518 | +€2,373 | +111% |
| Gross operating margin | 9900 | €142,705 | €17,772 | -€124,933 | -87.5% |
| Operating profit (loss) | 9901 | €31,106 | -€101,376 | -€132,482 | |
| Financial income | 75/76B | €2,190 | €132,310 | +€130,120 | +5,941% |
| Recurring financial income | 75 | €2,190 | €132,310 | +€130,120 | +5,941% |
| Financial charges | 65/66B | €8,434 | €10,052 | +€1,619 | +19.2% |
| Recurring financial charges | 65 | €8,434 | €10,052 | +€1,619 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €24,863 | €20,882 | -€3,981 | -16.0% |
| Income taxes | 67/77 | €7,547 | €9,305 | +€1,758 | +23.3% |
| Profit (loss) for the period | 9904 | €17,316 | €11,577 | -€5,739 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,316 | €11,577 | -€5,739 | -33.1% |
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.