BUTTERFLY -EFFECT: 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.
BUTTERFLY -EFFECT
Largest movements
- Receivables within one year +€42,999
up €42,999 (+24.4%), from €176,321 to €219,320
of which Other amounts receivable: +€44,111
- Tangible fixed assets -€27,066
down €27,066 (-29.5%), from €91,789 to €64,723
of which Furniture and vehicles: -€21,411
- Cash -€22,656
down €22,656 (-25.9%), from €87,622 to €64,965
mainly Receivables within one year (-€42,999) and Contributions, distributions and other (-€37,100)
- Accrued charges and deferred income -€13,943
down €13,943 (-100.0%), from €13,946 to €3
- Reserves +€10,800
up €10,800 (+5.3%), from €202,026 to €212,826
of which Distributable reserves: +€10,800
- Debts after one year -€5,959
down €5,959 (-30.4%), from €19,593 to €13,634
- Gross operating margin +€15,288
up €15,288 (+17.6%), from €87,006 to €102,294
- Depreciation +€3,977
up €3,977 (+17.2%), from €23,089 to €27,066
- Taxes +€3,843
up €3,843 (+20.3%), from €18,939 to €22,782
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 | €361,843 | €351,877 | -€9,966 | -2.8% |
| Fixed assets | 21/28 | €92,439 | €65,373 | -€27,066 | -29.3% |
| Tangible fixed assets | 22/27 | €91,789 | €64,723 | -€27,066 | -29.5% |
| Plant, machinery and equipment | 23 | €2,014 | €310 | -€1,704 | -84.6% |
| Furniture and vehicles | 24 | €63,032 | €41,620 | -€21,411 | -34.0% |
| Other tangible fixed assets | 26 | €26,743 | €22,793 | -€3,950 | -14.8% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €269,404 | €286,504 | +€17,099 | +6.3% |
| Amounts receivable within one year | 40/41 | €176,321 | €219,320 | +€42,999 | +24.4% |
| Trade receivables | 40 | €34,333 | €33,222 | -€1,112 | -3.2% |
| Other amounts receivable | 41 | €141,987 | €186,098 | +€44,111 | +31.1% |
| Cash at bank and in hand | 54/58 | €87,622 | €64,965 | -€22,656 | -25.9% |
| Deferred charges and accrued income | 490/1 | €5,462 | €2,219 | -€3,243 | -59.4% |
| Total equity and liabilities | 10/49 | €361,843 | €351,877 | -€9,966 | -2.8% |
| Equity | 10/15 | €257,005 | €267,853 | +€10,848 | +4.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €202,026 | €212,826 | +€10,800 | +5.3% |
| Tax-exempt reserves | 132 | €10,726 | €10,726 | = | 0.0% |
| Distributable reserves | 133 | €191,300 | €202,100 | +€10,800 | +5.6% |
| Profit (loss) carried forward | 14 | €46,918 | €46,966 | +€48 | +0.1% |
| Amounts payable | 17/49 | €104,838 | €84,024 | -€20,814 | -19.9% |
| Amounts payable after more than one year | 17 | €19,593 | €13,634 | -€5,959 | -30.4% |
| Financial debts | 170/4 | €19,593 | €13,634 | -€5,959 | -30.4% |
| Amounts payable within one year | 42/48 | €71,299 | €70,387 | -€913 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €5,758 | €5,959 | +€201 | +3.5% |
| Trade debts | 44 | €2,716 | €1,078 | -€1,638 | -60.3% |
| Suppliers | 440/4 | €2,716 | €1,078 | -€1,638 | -60.3% |
| Taxes, remuneration and social security | 45 | €9,345 | €8,536 | -€809 | -8.7% |
| Taxes | 450/3 | €9,345 | €8,536 | -€809 | -8.7% |
| Other amounts payable | 47/48 | €53,481 | €54,814 | +€1,333 | +2.5% |
| Accrued charges and deferred income | 492/3 | €13,946 | €3 | -€13,943 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,089 | €27,066 | +€3,977 | +17.2% |
| Other operating charges | 640/8 | €3,298 | €3,590 | +€293 | +8.9% |
| Gross operating margin | 9900 | €87,006 | €102,294 | +€15,288 | +17.6% |
| Operating profit (loss) | 9901 | €60,619 | €71,638 | +€11,019 | +18.2% |
| Financial income | 75/76B | €488 | €171 | -€316 | -64.9% |
| Recurring financial income | 75 | €488 | €171 | -€316 | -64.9% |
| Financial charges | 65/66B | €1,083 | €1,080 | -€3 | -0.3% |
| Recurring financial charges | 65 | €1,083 | €1,080 | -€3 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €60,024 | €70,730 | +€10,706 | +17.8% |
| Income taxes | 67/77 | €18,939 | €22,782 | +€3,843 | +20.3% |
| Profit (loss) for the period | 9904 | €41,085 | €47,948 | +€6,862 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,085 | €47,948 | +€6,862 | +16.7% |
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 20 October 2026 via checked.be.