BUZZARD: 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.
BUZZARD
Largest movements
- Cash -€78,605
down €78,605 (-79.9%), from €98,337 to €19,732
mainly Contributions, distributions and other (-€185,000) and Investment in fixed assets (net) (-€86,340)
- Tangible fixed assets +€69,442
up €69,442 (+328%), from €21,141 to €90,583
of which Furniture and vehicles: +€67,314
- Receivables within one year +€2,331
up €2,331 (+10.4%), from €22,339 to €24,670
of which Other amounts receivable: +€1,302
- Reserves -€68,943
down €68,943 (-61.1%), from €112,796 to €43,853
- Debts after one year +€49,651
new in 2025: €49,651
- Current portion of long-term debt +€14,317
new in 2025: €14,317
- Gross operating margin +€45,668
up €45,668 (+38.5%), from €118,620 to €164,288
- Depreciation +€7,312
up €7,312 (+76.3%), from €9,586 to €16,898
- Taxes +€6,095
up €6,095 (+26.1%), from €23,325 to €29,420
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 | €142,625 | €136,732 | -€5,893 | -4.1% |
| Fixed assets | 21/28 | €21,141 | €90,583 | +€69,442 | +328% |
| Tangible fixed assets | 22/27 | €21,141 | €90,583 | +€69,442 | +328% |
| Plant, machinery and equipment | 23 | €1,240 | €4,716 | +€3,476 | +280% |
| Furniture and vehicles | 24 | €9,307 | €76,621 | +€67,314 | +723% |
| Other tangible fixed assets | 26 | €10,594 | €9,246 | -€1,348 | -12.7% |
| Current assets | 29/58 | €121,484 | €46,149 | -€75,335 | -62.0% |
| Amounts receivable within one year | 40/41 | €22,339 | €24,670 | +€2,331 | +10.4% |
| Trade receivables | 40 | €16,456 | €17,485 | +€1,029 | +6.3% |
| Other amounts receivable | 41 | €5,883 | €7,185 | +€1,302 | +22.1% |
| Cash at bank and in hand | 54/58 | €98,337 | €19,732 | -€78,605 | -79.9% |
| Deferred charges and accrued income | 490/1 | €808 | €1,747 | +€939 | +116% |
| Total equity and liabilities | 10/49 | €142,625 | €136,732 | -€5,893 | -4.1% |
| Equity | 10/15 | €131,396 | €62,453 | -€68,943 | -52.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,796 | €43,853 | -€68,943 | -61.1% |
| Distributable reserves | 133 | €112,796 | €43,853 | -€68,943 | -61.1% |
| Amounts payable | 17/49 | €11,229 | €74,279 | +€63,050 | +561% |
| Amounts payable after more than one year | 17 | - | €49,651 | +€49,651 | |
| Financial debts | 170/4 | - | €49,651 | +€49,651 | |
| Amounts payable within one year | 42/48 | €11,229 | €24,628 | +€13,399 | +119% |
| Current portion of amounts payable after more than one year | 42 | - | €14,317 | +€14,317 | |
| Trade debts | 44 | €451 | €1,443 | +€992 | +220% |
| Suppliers | 440/4 | €451 | €1,443 | +€992 | +220% |
| Taxes, remuneration and social security | 45 | €9,523 | €8,868 | -€655 | -6.9% |
| Taxes | 450/3 | €9,523 | €8,868 | -€655 | -6.9% |
| Other amounts payable | 47/48 | €1,255 | - | -€1,255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,586 | €16,898 | +€7,312 | +76.3% |
| Other operating charges | 640/8 | €923 | €764 | -€159 | -17.2% |
| Gross operating margin | 9900 | €118,620 | €164,288 | +€45,668 | +38.5% |
| Operating profit (loss) | 9901 | €108,111 | €146,626 | +€38,515 | +35.6% |
| Financial charges | 65/66B | €740 | €1,149 | +€409 | +55.3% |
| Recurring financial charges | 65 | €740 | €1,149 | +€409 | +55.3% |
| Profit (loss) for the period before taxes | 9903 | €107,371 | €145,477 | +€38,106 | +35.5% |
| Income taxes | 67/77 | €23,325 | €29,420 | +€6,095 | +26.1% |
| Profit (loss) for the period | 9904 | €84,046 | €116,057 | +€32,011 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,046 | €116,057 | +€32,011 | +38.1% |
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 14 October 2026 via checked.be.