B.T.C.: 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.C.
Largest movements
- Cash -€554,199
down €554,199 (-94.4%), from €586,860 to €32,661
mainly Current investments (-€550,000) and Investment in fixed assets (net) (-€76,690)
- Current investments +€550,000
new in 2025: €550,000
- Stocks and contracts -€89,289
down €89,289 (-15.7%), from €568,040 to €478,751
- Tangible fixed assets +€47,644
up €47,644 (+49.7%), from €95,869 to €143,513
of which Furniture and vehicles: +€55,535
- Other debts -€56,384
down €56,384 (-10.9%), from €518,656 to €462,272
- Profit (loss) carried forward +€16,686
up €16,686 (+25.6%), from -€65,077 to -€48,391
- Financial charges -€83,451
down €83,451 (-93.3%), from €89,405 to €5,954
of which Non-recurring financial charges: -€81,831
- Financial income +€50,327
up €50,327 (+238%), from €21,110 to €71,437
of which Financial income: +€44,377
- Gross operating margin +€14,848
up €14,848 (+26.5%), from €56,088 to €70,936
- Provisions +€7,851
no longer reported in 2025 (was -€7,851)
- Depreciation +€3,179
up €3,179 (+12.0%), from €26,599 to €29,778
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 | €1,386,844 | €1,347,972 | -€38,872 | -2.8% |
| Fixed assets | 21/28 | €98,290 | €145,201 | +€46,911 | +47.7% |
| Intangible fixed assets | 21 | €1,287 | - | -€1,287 | |
| Tangible fixed assets | 22/27 | €95,869 | €143,513 | +€47,644 | +49.7% |
| Land and buildings | 22 | €70,904 | €65,280 | -€5,624 | -7.9% |
| Plant, machinery and equipment | 23 | €20,498 | €18,232 | -€2,266 | -11.1% |
| Furniture and vehicles | 24 | €4,466 | €60,001 | +€55,535 | +1,243% |
| Financial fixed assets | 28 | €1,133 | €1,688 | +€554 | +48.9% |
| Current assets | 29/58 | €1,288,555 | €1,202,771 | -€85,784 | -6.7% |
| Stocks and contracts in progress | 3 | €568,040 | €478,751 | -€89,289 | -15.7% |
| Stocks | 30/36 | €568,040 | €478,751 | -€89,289 | -15.7% |
| Amounts receivable within one year | 40/41 | €127,586 | €134,799 | +€7,212 | +5.7% |
| Trade receivables | 40 | €122,166 | €134,308 | +€12,142 | +9.9% |
| Other amounts receivable | 41 | €5,420 | €491 | -€4,930 | -90.9% |
| Current investments | 50/53 | - | €550,000 | +€550,000 | |
| Cash at bank and in hand | 54/58 | €586,860 | €32,661 | -€554,199 | -94.4% |
| Deferred charges and accrued income | 490/1 | €6,069 | €6,561 | +€492 | +8.1% |
| Total equity and liabilities | 10/49 | €1,386,844 | €1,347,972 | -€38,872 | -2.8% |
| Equity | 10/15 | €357,228 | €373,914 | +€16,686 | +4.7% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €112,305 | €112,305 | = | 0.0% |
| Distributable reserves | 133 | €112,305 | €112,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,077 | -€48,391 | +€16,686 | +25.6% |
| Amounts payable | 17/49 | €1,029,616 | €974,058 | -€55,558 | -5.4% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €529,616 | €474,058 | -€55,558 | -10.5% |
| Trade debts | 44 | €3,042 | €4,287 | +€1,245 | +40.9% |
| Suppliers | 440/4 | €3,042 | €4,287 | +€1,245 | +40.9% |
| Taxes, remuneration and social security | 45 | €7,918 | €7,499 | -€420 | -5.3% |
| Taxes | 450/3 | €3,051 | €2,884 | -€167 | -5.5% |
| Remuneration and social security | 454/9 | €4,867 | €4,614 | -€253 | -5.2% |
| Other amounts payable | 47/48 | €518,656 | €462,272 | -€56,384 | -10.9% |
| Remuneration, social security and pensions | 62 | €62,583 | €59,611 | -€2,973 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,599 | €29,778 | +€3,179 | +12.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,851 | - | +€7,851 | |
| Other operating charges | 640/8 | €29,006 | €29,327 | +€321 | +1.1% |
| Non-recurring operating charges | 66A | €7,851 | - | -€7,851 | |
| Gross operating margin | 9900 | €56,088 | €70,936 | +€14,848 | +26.5% |
| Operating profit (loss) | 9901 | -€62,101 | -€47,780 | +€14,321 | +23.1% |
| Financial income | 75/76B | €21,110 | €71,437 | +€50,327 | +238% |
| Recurring financial income | 75 | €21,110 | €65,487 | +€44,377 | +210% |
| Non-recurring financial income | 76B | - | €5,950 | +€5,950 | |
| Financial charges | 65/66B | €89,405 | €5,954 | -€83,451 | -93.3% |
| Recurring financial charges | 65 | €7,574 | €5,954 | -€1,620 | -21.4% |
| Non-recurring financial charges | 66B | €81,831 | - | -€81,831 | |
| Profit (loss) for the period before taxes | 9903 | -€130,396 | €17,703 | +€148,099 | |
| Income taxes | 67/77 | €912 | €1,017 | +€105 | +11.6% |
| Profit (loss) for the period | 9904 | -€131,307 | €16,686 | +€147,993 | |
| Profit (loss) for the period to be appropriated | 9905 | -€131,307 | €16,686 | +€147,993 |
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 14 October 2026 via checked.be.