mBUTEO: 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.
mBUTEO
Largest movements
- Current investments +€60,243
up €60,243 (+330.5%), from €18,227 to €78,471
- Cash -€4,966
down €4,966 (-7.2%), from €69,192 to €64,226
mainly Current investments (-€60,243) and Contributions, distributions and other (-€15,815)
- Tangible fixed assets -€4,001
down €4,001 (-20.9%), from €19,173 to €15,172
of which Furniture and vehicles: -€2,555
- Receivables within one year -€1,935
down €1,935 (-10.7%), from €18,094 to €16,159
of which Other amounts receivable: -€1,602
- Reserves +€26,116
up €26,116 (+36.3%), from €72,024 to €98,140
- Other debts +€20,587
up €20,587 (+53.3%), from €38,605 to €59,192
- Gross operating margin +€21,517
up €21,517 (+42.2%), from €51,001 to €72,518
- Taxes +€11,138
up €11,138 (+94.8%), from €11,745 to €22,883
- Financial income +€1,071
up €1,071 (+132.3%), from €810 to €1,881
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 | €127,385 | €177,931 | +€50,546 | +39.7% |
| Fixed assets | 21/28 | €19,173 | €15,172 | -€4,001 | -20.9% |
| Tangible fixed assets | 22/27 | €19,173 | €15,172 | -€4,001 | -20.9% |
| Furniture and vehicles | 24 | €6,544 | €3,989 | -€2,555 | -39.0% |
| Other tangible fixed assets | 26 | €12,629 | €11,183 | -€1,446 | -11.5% |
| Current assets | 29/58 | €108,212 | €162,759 | +€54,547 | +50.4% |
| Amounts receivable within one year | 40/41 | €18,094 | €16,159 | -€1,935 | -10.7% |
| Trade receivables | 40 | €16,492 | €16,159 | -€334 | -2.0% |
| Other amounts receivable | 41 | €1,602 | - | -€1,602 | |
| Current investments | 50/53 | €18,227 | €78,471 | +€60,243 | +330.5% |
| Cash at bank and in hand | 54/58 | €69,192 | €64,226 | -€4,966 | -7.2% |
| Deferred charges and accrued income | 490/1 | €2,698 | €3,903 | +€1,205 | +44.6% |
| Total equity and liabilities | 10/49 | €127,385 | €177,931 | +€50,546 | +39.7% |
| Equity | 10/15 | €72,024 | €98,140 | +€26,116 | +36.3% |
| Reserves | 13 | €72,024 | €98,140 | +€26,116 | +36.3% |
| Distributable reserves | 133 | €72,024 | €98,140 | +€26,116 | +36.3% |
| Amounts payable | 17/49 | €55,361 | €79,791 | +€24,430 | +44.1% |
| Amounts payable within one year | 42/48 | €55,361 | €79,791 | +€24,430 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €683 | €1,649 | +€966 | +141.3% |
| Trade debts | 44 | €3,980 | €5,080 | +€1,100 | +27.6% |
| Suppliers | 440/4 | €3,980 | €5,080 | +€1,100 | +27.6% |
| Taxes, remuneration and social security | 45 | €12,093 | €13,870 | +€1,777 | +14.7% |
| Taxes | 450/3 | €12,093 | €13,870 | +€1,777 | +14.7% |
| Other amounts payable | 47/48 | €38,605 | €59,192 | +€20,587 | +53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,816 | €4,001 | +€185 | +4.8% |
| Other operating charges | 640/8 | €570 | €831 | +€260 | +45.6% |
| Gross operating margin | 9900 | €51,001 | €72,518 | +€21,517 | +42.2% |
| Operating profit (loss) | 9901 | €46,614 | €67,686 | +€21,072 | +45.2% |
| Financial income | 75/76B | €810 | €1,881 | +€1,071 | +132.3% |
| Recurring financial income | 75 | €810 | €1,881 | +€1,071 | +132.3% |
| Financial charges | 65/66B | €4,603 | €4,752 | +€149 | +3.2% |
| Recurring financial charges | 65 | €4,603 | €4,752 | +€149 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €42,821 | €64,814 | +€21,994 | +51.4% |
| Income taxes | 67/77 | €11,745 | €22,883 | +€11,138 | +94.8% |
| Profit (loss) for the period | 9904 | €31,075 | €41,931 | +€10,856 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,075 | €41,931 | +€10,856 | +34.9% |
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 10 October 2026 via checked.be.