BUDTS: 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.
BUDTS
Largest movements
- Cash -€167,819
down €167,819 (-58.9%), from €284,870 to €117,051
mainly Other debts (-€76,303) and Current investments (-€68,333)
- Current investments +€68,333
up €68,333 (+17.5%), from €390,000 to €458,333
- Other debts -€76,303
no longer reported in 2025 (was €76,303)
- Tax, wage and social debts -€27,608
down €27,608 (-49.6%), from €55,703 to €28,095
- Financial income -€280,504
down €280,504 (-96.1%), from €291,756 to €11,252
of which Non-recurring financial income: -€289,010
- Gross operating margin -€57,720
down €57,720 (-79.1%), from €72,972 to €15,253
- Taxes -€42,226
down €42,226 (-87.5%), from €48,275 to €6,049
- Financial charges +€13,462
up €13,462 (+404%), from €3,336 to €16,798
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 | €719,900 | €618,926 | -€100,974 | -14.0% |
| Fixed assets | 21/28 | €1,978 | €1,069 | -€909 | -45.9% |
| Tangible fixed assets | 22/27 | €1,978 | €1,069 | -€909 | -45.9% |
| Furniture and vehicles | 24 | €1,978 | €1,069 | -€909 | -45.9% |
| Current assets | 29/58 | €717,922 | €617,857 | -€100,065 | -13.9% |
| Amounts receivable within one year | 40/41 | €43,052 | €42,473 | -€579 | -1.3% |
| Trade receivables | 40 | €3,720 | €821 | -€2,899 | -77.9% |
| Other amounts receivable | 41 | €39,332 | €41,652 | +€2,320 | +5.9% |
| Current investments | 50/53 | €390,000 | €458,333 | +€68,333 | +17.5% |
| Cash at bank and in hand | 54/58 | €284,870 | €117,051 | -€167,819 | -58.9% |
| Total equity and liabilities | 10/49 | €719,900 | €618,926 | -€100,974 | -14.0% |
| Equity | 10/15 | €510,736 | €512,957 | +€2,221 | +0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €498,336 | €500,557 | +€2,221 | +0.4% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €487,336 | €489,557 | +€2,221 | +0.5% |
| Provisions and deferred taxes | 16 | €76,916 | €76,916 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €76,916 | €76,916 | = | 0.0% |
| Pensions and similar obligations | 160 | €76,916 | €76,916 | = | 0.0% |
| Amounts payable | 17/49 | €132,247 | €29,053 | -€103,195 | -78.0% |
| Amounts payable within one year | 42/48 | €132,247 | €29,053 | -€103,195 | -78.0% |
| Trade debts | 44 | €241 | €957 | +€716 | +297% |
| Suppliers | 440/4 | €241 | €957 | +€716 | +297% |
| Taxes, remuneration and social security | 45 | €55,703 | €28,095 | -€27,608 | -49.6% |
| Taxes | 450/3 | €55,703 | €28,095 | -€27,608 | -49.6% |
| Other amounts payable | 47/48 | €76,303 | - | -€76,303 | |
| Non-recurring operating income | 76A | €5,999 | - | -€5,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,251 | €909 | -€342 | -27.4% |
| Other operating charges | 640/8 | €1,067 | €528 | -€539 | -50.5% |
| Gross operating margin | 9900 | €72,972 | €15,253 | -€57,720 | -79.1% |
| Operating profit (loss) | 9901 | €70,654 | €13,816 | -€56,839 | -80.4% |
| Financial income | 75/76B | €291,756 | €11,252 | -€280,504 | -96.1% |
| Recurring financial income | 75 | €2,746 | €11,252 | +€8,506 | +310% |
| Non-recurring financial income | 76B | €289,010 | - | -€289,010 | |
| Financial charges | 65/66B | €3,336 | €16,798 | +€13,462 | +404% |
| Recurring financial charges | 65 | €3,336 | €16,798 | +€13,462 | +404% |
| Profit (loss) for the period before taxes | 9903 | €359,075 | €8,270 | -€350,805 | -97.7% |
| Income taxes | 67/77 | €48,275 | €6,049 | -€42,226 | -87.5% |
| Profit (loss) for the period | 9904 | €310,799 | €2,221 | -€308,579 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €310,799 | €2,221 | -€308,579 | -99.3% |
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 22 October 2026 via checked.be.