BUZLU: what changed
Two fiscal 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.
BUZLU
Largest movements
- Cash -€36,172
down €36,172 (-46.2%), from €78,234 to €42,062
mainly Trade debts (-€34,367) and Tax, wage and social debts (-€22,480)
- Stocks and contracts -€23,020
down €23,020 (-26.8%), from €85,740 to €62,720
- Tangible fixed assets -€19,662
down €19,662 (-19.6%), from €100,138 to €80,476
of which Furniture and vehicles: -€15,734
- Receivables within one year -€6,312
down €6,312 (-55.0%), from €11,481 to €5,169
- Trade debts -€34,367
down €34,367 (-26.6%), from €129,196 to €94,829
- Tax, wage and social debts -€22,480
down €22,480 (-78.7%), from €28,575 to €6,095
of which Taxes: -€22,284
- Debts after one year -€20,838
down €20,838 (-66.2%), from €31,467 to €10,629
- Other debts -€19,881
down €19,881 (-33.6%), from €59,177 to €39,297
- Profit (loss) carried forward +€9,589
up €9,589 (+46.1%), from €20,819 to €30,408
- Staff costs -€8,930
down €8,930 (-21.2%), from €42,108 to €33,178
- Depreciation -€2,369
down €2,369 (-10.8%), from €22,031 to €19,662
- Gross operating margin -€1,374
down €1,374 (-1.8%), from €76,587 to €75,213
- Taxes -€1,123
no longer reported in 2025 (was €1,123)
- Financial charges +€1,011
up €1,011 (+11.5%), from €8,795 to €9,806
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.
Cash bridge derived
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 | €309,524 | €222,096 | -€87,428 | -28.2% |
| Fixed assets | 21/28 | €131,638 | €111,976 | -€19,662 | -14.9% |
| Tangible fixed assets | 22/27 | €100,138 | €80,476 | -€19,662 | -19.6% |
| Furniture and vehicles | 24 | €80,086 | €64,352 | -€15,734 | -19.6% |
| Other tangible fixed assets | 26 | €20,052 | €16,123 | -€3,928 | -19.6% |
| Financial fixed assets | 28 | €31,500 | €31,500 | = | 0.0% |
| Current assets | 29/58 | €177,887 | €110,120 | -€67,766 | -38.1% |
| Stocks and contracts in progress | 3 | €85,740 | €62,720 | -€23,020 | -26.8% |
| Stocks | 30/36 | €85,740 | €62,720 | -€23,020 | -26.8% |
| Amounts receivable within one year | 40/41 | €11,481 | €5,169 | -€6,312 | -55.0% |
| Other amounts receivable | 41 | €11,481 | €5,169 | -€6,312 | -55.0% |
| Cash at bank and in hand | 54/58 | €78,234 | €42,062 | -€36,172 | -46.2% |
| Deferred charges and accrued income | 490/1 | €2,431 | €169 | -€2,263 | -93.1% |
| Total equity and liabilities | 10/49 | €309,524 | €222,096 | -€87,428 | -28.2% |
| Equity | 10/15 | €40,819 | €50,408 | +€9,589 | +23.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,819 | €30,408 | +€9,589 | +46.1% |
| Amounts payable | 17/49 | €268,705 | €171,688 | -€97,018 | -36.1% |
| Amounts payable after more than one year | 17 | €31,467 | €10,629 | -€20,838 | -66.2% |
| Financial debts | 170/4 | €31,467 | €10,629 | -€20,838 | -66.2% |
| Amounts payable within one year | 42/48 | €237,238 | €161,058 | -€76,180 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €20,290 | €20,838 | +€548 | +2.7% |
| Trade debts | 44 | €129,196 | €94,829 | -€34,367 | -26.6% |
| Suppliers | 440/4 | €129,196 | €94,829 | -€34,367 | -26.6% |
| Taxes, remuneration and social security | 45 | €28,575 | €6,095 | -€22,480 | -78.7% |
| Taxes | 450/3 | €25,595 | €3,310 | -€22,284 | -87.1% |
| Remuneration and social security | 454/9 | €2,980 | €2,785 | -€196 | -6.6% |
| Other amounts payable | 47/48 | €59,177 | €39,297 | -€19,881 | -33.6% |
| Remuneration, social security and pensions | 62 | €42,108 | €33,178 | -€8,930 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,031 | €19,662 | -€2,369 | -10.8% |
| Other operating charges | 640/8 | €2,143 | €2,977 | +€834 | +38.9% |
| Gross operating margin | 9900 | €76,587 | €75,213 | -€1,374 | -1.8% |
| Operating profit (loss) | 9901 | €10,304 | €19,396 | +€9,091 | +88.2% |
| Financial income | 75/76B | €25 | - | -€25 | |
| Recurring financial income | 75 | €25 | - | -€25 | |
| Financial charges | 65/66B | €8,795 | €9,806 | +€1,011 | +11.5% |
| Recurring financial charges | 65 | €8,795 | €9,806 | +€1,011 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €1,534 | €9,589 | +€8,055 | +525.0% |
| Income taxes | 67/77 | €1,123 | - | -€1,123 | |
| Profit (loss) for the period | 9904 | €411 | €9,589 | +€9,178 | +2231.6% |
| Profit (loss) for the period to be appropriated | 9905 | €411 | €9,589 | +€9,178 | +2231.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.