EURO BUROTIC: 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.
EURO BUROTIC
Largest movements
- Stocks and contracts -€111,329
down €111,329 (-68.7%), from €161,994 to €50,665
- Receivables within one year +€70,696
up €70,696 (+4.4%), from €1.6m to €1.7m
of which Other amounts receivable: +€262,169
- Deferred charges and accrued income -€29,024
down €29,024 (-80.6%), from €36,003 to €6,978
- Tangible fixed assets -€28,367
down €28,367 (-38.1%), from €74,362 to €45,995
- Cash -€28,140
down €28,140 (-24.1%), from €116,621 to €88,481
mainly Trade debts (-€310,406) and Tax, wage and social debts (-€117,568)
- Trade debts -€310,406
down €310,406 (-36.3%), from €855,946 to €545,540
- Other debts +€298,388
up €298,388 (+132%), from €225,812 to €524,199
- Tax, wage and social debts -€117,568
down €117,568 (-71.5%), from €164,463 to €46,896
of which Taxes: -€102,380
- Current portion of long-term debt -€43,831
down €43,831 (-73.2%), from €59,857 to €16,026
- Reserves +€34,261
up €34,261 (+12.4%), from €275,863 to €310,123
of which Distributable reserves: +€34,261
- Staff costs -€142,656
down €142,656 (-33.8%), from €422,388 to €279,731
- Write-downs -€121,533
down €121,533, from €121,026 to -€508
- Financial income +€24,675
up €24,675 (+28,277%), from €87 to €24,762
- Gross operating margin -€8,337
down €8,337 (-1.8%), from €469,669 to €461,332
- Financial charges +€5,195
up €5,195 (+20.6%), from €25,278 to €30,473
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 | €1,992,217 | €1,862,783 | -€129,434 | -6.5% |
| Fixed assets | 21/28 | €87,589 | €55,953 | -€31,637 | -36.1% |
| Intangible fixed assets | 21 | €9,311 | €6,028 | -€3,284 | -35.3% |
| Tangible fixed assets | 22/27 | €74,362 | €45,995 | -€28,367 | -38.1% |
| Furniture and vehicles | 24 | €74,362 | €45,995 | -€28,367 | -38.1% |
| Financial fixed assets | 28 | €3,916 | €3,930 | +€14 | +0.4% |
| Current assets | 29/58 | €1,904,628 | €1,806,830 | -€97,797 | -5.1% |
| Stocks and contracts in progress | 3 | €161,994 | €50,665 | -€111,329 | -68.7% |
| Stocks | 30/36 | €161,994 | €50,665 | -€111,329 | -68.7% |
| Amounts receivable within one year | 40/41 | €1,590,010 | €1,660,706 | +€70,696 | +4.4% |
| Trade receivables | 40 | €764,999 | €573,527 | -€191,473 | -25.0% |
| Other amounts receivable | 41 | €825,011 | €1,087,180 | +€262,169 | +31.8% |
| Cash at bank and in hand | 54/58 | €116,621 | €88,481 | -€28,140 | -24.1% |
| Deferred charges and accrued income | 490/1 | €36,003 | €6,978 | -€29,024 | -80.6% |
| Total equity and liabilities | 10/49 | €1,992,217 | €1,862,783 | -€129,434 | -6.5% |
| Equity | 10/15 | €487,863 | €522,123 | +€34,261 | +7.0% |
| Contributions | 10/11 | €212,000 | €212,000 | = | 0.0% |
| Capital | 10 | €212,000 | €212,000 | = | 0.0% |
| Issued capital | 100 | €212,000 | €212,000 | = | 0.0% |
| Reserves | 13 | €275,863 | €310,123 | +€34,261 | +12.4% |
| Non-distributable reserves | 130/1 | €21,200 | €21,200 | = | 0.0% |
| Legal reserve | 130 | €21,200 | €21,200 | = | 0.0% |
| Distributable reserves | 133 | €254,663 | €288,923 | +€34,261 | +13.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,504,354 | €1,340,660 | -€163,695 | -10.9% |
| Amounts payable after more than one year | 17 | €34,622 | €18,597 | -€16,026 | -46.3% |
| Financial debts | 170/4 | €34,622 | €18,597 | -€16,026 | -46.3% |
| Amounts payable within one year | 42/48 | €1,414,510 | €1,266,217 | -€148,293 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €59,857 | €16,026 | -€43,831 | -73.2% |
| Financial debts | 43 | €108,432 | €133,556 | +€25,123 | +23.2% |
| Credit institutions | 430/8 | €108,432 | €133,556 | +€25,123 | +23.2% |
| Trade debts | 44 | €855,946 | €545,540 | -€310,406 | -36.3% |
| Suppliers | 440/4 | €855,946 | €545,540 | -€310,406 | -36.3% |
| Taxes, remuneration and social security | 45 | €164,463 | €46,896 | -€117,568 | -71.5% |
| Taxes | 450/3 | €106,447 | €4,068 | -€102,380 | -96.2% |
| Remuneration and social security | 454/9 | €58,016 | €42,828 | -€15,188 | -26.2% |
| Other amounts payable | 47/48 | €225,812 | €524,199 | +€298,388 | +132% |
| Accrued charges and deferred income | 492/3 | €55,222 | €55,846 | +€624 | +1.1% |
| Non-recurring operating income | 76A | €27,684 | €17,556 | -€10,128 | -36.6% |
| Remuneration, social security and pensions | 62 | €422,388 | €279,731 | -€142,656 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,725 | €22,189 | +€464 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €121,026 | -€508 | -€121,533 | |
| Other operating charges | 640/8 | €13,137 | €12,771 | -€366 | -2.8% |
| Non-recurring operating charges | 66A | €12,587 | €6,525 | -€6,062 | -48.2% |
| Gross operating margin | 9900 | €469,669 | €461,332 | -€8,337 | -1.8% |
| Operating profit (loss) | 9901 | -€121,192 | €140,624 | +€261,817 | |
| Financial income | 75/76B | €87 | €24,762 | +€24,675 | +28,277% |
| Recurring financial income | 75 | €87 | €24,762 | +€24,675 | +28,277% |
| Financial charges | 65/66B | €25,278 | €30,473 | +€5,195 | +20.6% |
| Recurring financial charges | 65 | €25,278 | €30,473 | +€5,195 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | -€146,383 | €134,913 | +€281,296 | |
| Income taxes | 67/77 | €691 | €652 | -€38 | -5.5% |
| Profit (loss) for the period | 9904 | -€147,074 | €134,261 | +€281,335 | |
| Profit (loss) for the period to be appropriated | 9905 | -€147,074 | €134,261 | +€281,335 |
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 30 October 2026 via checked.be.