FREDERIC BUTAYE: 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.
FREDERIC BUTAYE
Largest movements
- Cash -€9,800
down €9,800 (-13.8%), from €70,797 to €60,997
mainly Contributions, distributions and other (-€36,454) and Accrued charges and deferred income (-€18,164)
- Deferred charges and accrued income -€9,429
down €9,429 (-81.5%), from €11,570 to €2,141
- Current investments -€8,689
down €8,689 (-14.8%), from €58,689 to €50,000
- Receivables within one year +€6,964
up €6,964 (+26.5%), from €26,266 to €33,230
of which Trade receivables: +€14,520
- Intangible fixed assets -€4,760
down €4,760 (-46.9%), from €10,144 to €5,384
- Accrued charges and deferred income -€18,164
no longer reported in 2025 (was €18,164)
- Other debts -€15,461
down €15,461 (-28.9%), from €53,411 to €37,949
- Trade debts +€6,132
up €6,132 (+2,848%), from €215 to €6,348
- Tax, wage and social debts +€3,616
up €3,616 (+160%), from €2,265 to €5,880
of which Remuneration and social security: +€2,059
- Gross operating margin +€10,650
up €10,650 (+24.8%), from €42,926 to €53,576
- Taxes +€2,483
up €2,483 (+29.4%), from €8,443 to €10,926
- Financial income -€546
down €546 (-69.0%), from €792 to €246
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 | €180,531 | €156,654 | -€23,877 | -13.2% |
| Fixed assets | 21/28 | €13,209 | €10,287 | -€2,923 | -22.1% |
| Intangible fixed assets | 21 | €10,144 | €5,384 | -€4,760 | -46.9% |
| Tangible fixed assets | 22/27 | €3,065 | €4,903 | +€1,837 | +59.9% |
| Furniture and vehicles | 24 | €3,024 | €4,903 | +€1,878 | +62.1% |
| Other tangible fixed assets | 26 | €41 | - | -€41 | |
| Current assets | 29/58 | €167,321 | €146,367 | -€20,954 | -12.5% |
| Amounts receivable within one year | 40/41 | €26,266 | €33,230 | +€6,964 | +26.5% |
| Trade receivables | 40 | €12,100 | €26,620 | +€14,520 | +120% |
| Other amounts receivable | 41 | €14,166 | €6,610 | -€7,556 | -53.3% |
| Current investments | 50/53 | €58,689 | €50,000 | -€8,689 | -14.8% |
| Cash at bank and in hand | 54/58 | €70,797 | €60,997 | -€9,800 | -13.8% |
| Deferred charges and accrued income | 490/1 | €11,570 | €2,141 | -€9,429 | -81.5% |
| Total equity and liabilities | 10/49 | €180,531 | €156,654 | -€23,877 | -13.2% |
| Equity | 10/15 | €106,477 | €106,477 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,877 | €87,877 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €86,017 | €86,017 | = | 0.0% |
| Amounts payable | 17/49 | €74,054 | €50,178 | -€23,877 | -32.2% |
| Amounts payable within one year | 42/48 | €55,891 | €50,178 | -€5,713 | -10.2% |
| Trade debts | 44 | €215 | €6,348 | +€6,132 | +2,848% |
| Suppliers | 440/4 | €215 | €6,348 | +€6,132 | +2,848% |
| Taxes, remuneration and social security | 45 | €2,265 | €5,880 | +€3,616 | +160% |
| Taxes | 450/3 | - | €1,557 | +€1,557 | |
| Remuneration and social security | 454/9 | €2,265 | €4,324 | +€2,059 | +90.9% |
| Other amounts payable | 47/48 | €53,411 | €37,949 | -€15,461 | -28.9% |
| Accrued charges and deferred income | 492/3 | €18,164 | - | -€18,164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,413 | €5,923 | +€509 | +9.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €42,926 | €53,576 | +€10,650 | +24.8% |
| Operating profit (loss) | 9901 | €37,125 | €47,254 | +€10,129 | +27.3% |
| Financial income | 75/76B | €792 | €246 | -€546 | -69.0% |
| Recurring financial income | 75 | €792 | €246 | -€546 | -69.0% |
| Financial charges | 65/66B | €96 | €120 | +€24 | +25.1% |
| Recurring financial charges | 65 | €96 | €120 | +€24 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €37,822 | €47,380 | +€9,558 | +25.3% |
| Income taxes | 67/77 | €8,443 | €10,926 | +€2,483 | +29.4% |
| Profit (loss) for the period | 9904 | €29,379 | €36,454 | +€7,075 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,379 | €36,454 | +€7,075 | +24.1% |
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 18 October 2026 via checked.be.