B&T: 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.
B&T
Largest movements
- Receivables within one year +€429,353
up €429,353 (+840.8%), from €51,064 to €480,417
of which Trade receivables: +€429,294
- Tangible fixed assets +€413,343
up €413,343 (+498.6%), from €82,901 to €496,243
of which Land and buildings: +€400,843
- Cash -€86,407
down €86,407 (-67.6%), from €127,771 to €41,364
mainly Investment in fixed assets (net) (-€447,111) and Receivables within one year (-€429,353)
- Current investments +€31,212
up €31,212 (+24.0%), from €129,910 to €161,122
- Trade debts +€402,252
up €402,252 (+3298.8%), from €12,194 to €414,445
- Debts after one year +€239,725
new in 2025: €239,725
- Reserves +€148,495
up €148,495 (+43.9%), from €337,893 to €486,388
of which Distributable reserves: +€148,895
- Gross operating margin +€81,729
up €81,729 (+38.9%), from €209,928 to €291,657
- Depreciation +€8,705
up €8,705 (+34.7%), from €25,064 to €33,768
- Taxes +€7,215
up €7,215 (+13.2%), from €54,738 to €61,953
- Financial income +€6,367
up €6,367 (+301.1%), from €2,114 to €8,481
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 | €405,593 | €1,195,098 | +€789,505 | +194.7% |
| Fixed assets | 21/28 | €82,901 | €496,243 | +€413,343 | +498.6% |
| Tangible fixed assets | 22/27 | €82,901 | €496,243 | +€413,343 | +498.6% |
| Land and buildings | 22 | €12,168 | €413,011 | +€400,843 | +3294.2% |
| Plant, machinery and equipment | 23 | €29,463 | €18,606 | -€10,857 | -36.8% |
| Furniture and vehicles | 24 | €41,270 | €64,626 | +€23,356 | +56.6% |
| Current assets | 29/58 | €322,692 | €698,855 | +€376,162 | +116.6% |
| Stocks and contracts in progress | 3 | €4,651 | €3,981 | -€670 | -14.4% |
| Stocks | 30/36 | €4,651 | €3,981 | -€670 | -14.4% |
| Amounts receivable within one year | 40/41 | €51,064 | €480,417 | +€429,353 | +840.8% |
| Trade receivables | 40 | €50,439 | €479,733 | +€429,294 | +851.1% |
| Other amounts receivable | 41 | €625 | €685 | +€60 | +9.5% |
| Current investments | 50/53 | €129,910 | €161,122 | +€31,212 | +24.0% |
| Cash at bank and in hand | 54/58 | €127,771 | €41,364 | -€86,407 | -67.6% |
| Deferred charges and accrued income | 490/1 | €9,297 | €11,971 | +€2,674 | +28.8% |
| Total equity and liabilities | 10/49 | €405,593 | €1,195,098 | +€789,505 | +194.7% |
| Equity | 10/15 | €352,893 | €501,388 | +€148,495 | +42.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €337,893 | €486,388 | +€148,495 | +43.9% |
| Tax-exempt reserves | 132 | €3,826 | €3,426 | -€400 | -10.5% |
| Distributable reserves | 133 | €334,067 | €482,962 | +€148,895 | +44.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €957 | €857 | -€100 | -10.5% |
| Deferred taxes | 168 | €957 | €857 | -€100 | -10.5% |
| Amounts payable | 17/49 | €51,743 | €692,853 | +€641,110 | +1239.0% |
| Amounts payable after more than one year | 17 | - | €239,725 | +€239,725 | |
| Financial debts | 170/4 | - | €239,725 | +€239,725 | |
| Amounts payable within one year | 42/48 | €51,303 | €452,839 | +€401,537 | +782.7% |
| Current portion of amounts payable after more than one year | 42 | - | €8,833 | +€8,833 | |
| Trade debts | 44 | €12,194 | €414,445 | +€402,252 | +3298.8% |
| Suppliers | 440/4 | €12,194 | €414,445 | +€402,252 | +3298.8% |
| Taxes, remuneration and social security | 45 | €21,059 | €11,762 | -€9,298 | -44.1% |
| Taxes | 450/3 | €20,359 | €11,762 | -€8,598 | -42.2% |
| Remuneration and social security | 454/9 | €700 | €0 | -€700 | -100.0% |
| Other amounts payable | 47/48 | €18,050 | €17,799 | -€250 | -1.4% |
| Accrued charges and deferred income | 492/3 | €441 | €289 | -€151 | -34.3% |
| Non-recurring operating income | 76A | €207 | €1,290 | +€1,084 | +524.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,064 | €33,768 | +€8,705 | +34.7% |
| Other operating charges | 640/8 | €930 | €2,183 | +€1,253 | +134.8% |
| Non-recurring operating charges | 66A | - | €49,025 | +€49,025 | |
| Gross operating margin | 9900 | €209,928 | €291,657 | +€81,729 | +38.9% |
| Operating profit (loss) | 9901 | €183,935 | €206,681 | +€22,746 | +12.4% |
| Financial income | 75/76B | €2,114 | €8,481 | +€6,367 | +301.1% |
| Recurring financial income | 75 | €2,114 | €8,481 | +€6,367 | +301.1% |
| Financial charges | 65/66B | €2,143 | €4,814 | +€2,671 | +124.6% |
| Recurring financial charges | 65 | €2,143 | €4,814 | +€2,671 | +124.6% |
| Profit (loss) for the period before taxes | 9903 | €183,906 | €210,348 | +€26,442 | +14.4% |
| Transfer from deferred taxes | 780 | €106 | €100 | -€6 | -5.9% |
| Income taxes | 67/77 | €54,738 | €61,953 | +€7,215 | +13.2% |
| Profit (loss) for the period | 9904 | €129,274 | €148,495 | +€19,221 | +14.9% |
| Transfer from tax-exempt reserves | 789 | €425 | €400 | -€25 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €129,699 | €148,895 | +€19,196 | +14.8% |
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 12 October 2026 via checked.be.