De Butcher: 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.
De Butcher
Largest movements
- Tangible fixed assets +€58,479
up €58,479 (+80.9%), from €72,281 to €130,760
of which Furniture and vehicles: +€50,650
- Cash +€29,346
up €29,346 (+71.3%), from €41,139 to €70,485
mainly Net result for the year (+€57,530) and Depreciation (+€30,970)
- Receivables within one year +€8,198
up €8,198 (+27.7%), from €29,609 to €37,807
of which Trade receivables: +€6,347
- Reserves +€51,005
new in 2025: €51,005
- Debts after one year +€24,166
up €24,166 (+74.3%), from €32,516 to €56,682
- Current portion of long-term debt +€16,103
up €16,103 (+112.3%), from €14,344 to €30,446
- Other debts -€7,727
no longer reported in 2025 (was €7,727)
- Profit (loss) carried forward +€6,524
up €6,524 (+12.8%), from €51,005 to €57,530
- Gross operating margin +€34,015
up €34,015 (+42.2%), from €80,627 to €114,642
- Depreciation +€18,146
up €18,146 (+141.5%), from €12,824 to €30,970
- Taxes +€7,834
up €7,834 (+59.3%), from €13,218 to €21,052
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 | €149,356 | €246,640 | +€97,284 | +65.1% |
| Fixed assets | 21/28 | €72,281 | €130,760 | +€58,479 | +80.9% |
| Tangible fixed assets | 22/27 | €72,281 | €130,760 | +€58,479 | +80.9% |
| Plant, machinery and equipment | 23 | €21,692 | €29,521 | +€7,828 | +36.1% |
| Furniture and vehicles | 24 | €50,589 | €101,239 | +€50,650 | +100.1% |
| Current assets | 29/58 | €77,075 | €115,880 | +€38,805 | +50.3% |
| Stocks and contracts in progress | 3 | €2,454 | €4,765 | +€2,311 | +94.2% |
| Stocks | 30/36 | €2,454 | €4,765 | +€2,311 | +94.2% |
| Amounts receivable within one year | 40/41 | €29,609 | €37,807 | +€8,198 | +27.7% |
| Trade receivables | 40 | €29,324 | €35,670 | +€6,347 | +21.6% |
| Other amounts receivable | 41 | €285 | €2,137 | +€1,851 | +648.4% |
| Cash at bank and in hand | 54/58 | €41,139 | €70,485 | +€29,346 | +71.3% |
| Deferred charges and accrued income | 490/1 | €3,873 | €2,823 | -€1,050 | -27.1% |
| Total equity and liabilities | 10/49 | €149,356 | €246,640 | +€97,284 | +65.1% |
| Equity | 10/15 | €54,005 | €111,535 | +€57,530 | +106.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €51,005 | +€51,005 | |
| Distributable reserves | 133 | - | €51,005 | +€51,005 | |
| Profit (loss) carried forward | 14 | €51,005 | €57,530 | +€6,524 | +12.8% |
| Amounts payable | 17/49 | €95,351 | €135,105 | +€39,754 | +41.7% |
| Amounts payable after more than one year | 17 | €32,516 | €56,682 | +€24,166 | +74.3% |
| Financial debts | 170/4 | €32,516 | €56,682 | +€24,166 | +74.3% |
| Amounts payable within one year | 42/48 | €62,834 | €78,423 | +€15,588 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €14,344 | €30,446 | +€16,103 | +112.3% |
| Financial debts | 43 | €6,037 | €6,000 | -€37 | -0.6% |
| Credit institutions | 430/8 | €6,037 | €6,000 | -€37 | -0.6% |
| Trade debts | 44 | €18,704 | €20,562 | +€1,857 | +9.9% |
| Suppliers | 440/4 | €18,704 | €20,562 | +€1,857 | +9.9% |
| Advances received on contracts in progress | 46 | €474 | €900 | +€426 | +89.9% |
| Taxes, remuneration and social security | 45 | €15,548 | €20,514 | +€4,967 | +31.9% |
| Taxes | 450/3 | €15,548 | €20,514 | +€4,967 | +31.9% |
| Other amounts payable | 47/48 | €7,727 | - | -€7,727 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,824 | €30,970 | +€18,146 | +141.5% |
| Other operating charges | 640/8 | €1,549 | €1,889 | +€340 | +22.0% |
| Gross operating margin | 9900 | €80,627 | €114,642 | +€34,015 | +42.2% |
| Operating profit (loss) | 9901 | €66,254 | €81,783 | +€15,528 | +23.4% |
| Financial income | 75/76B | €69 | €42 | -€27 | -39.2% |
| Recurring financial income | 75 | €69 | €42 | -€27 | -39.2% |
| Financial charges | 65/66B | €2,099 | €3,243 | +€1,143 | +54.5% |
| Recurring financial charges | 65 | €2,099 | €3,243 | +€1,143 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €64,223 | €78,581 | +€14,358 | +22.4% |
| Income taxes | 67/77 | €13,218 | €21,052 | +€7,834 | +59.3% |
| Profit (loss) for the period | 9904 | €51,005 | €57,530 | +€6,524 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,005 | €57,530 | +€6,524 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.