B.T.G.: 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.G.
Largest movements
- Tangible fixed assets -€103,085
down €103,085 (-16.4%), from €628,089 to €525,004
of which Furniture and vehicles: -€52,973
- Stocks and contracts -€13,320
down €13,320 (-5.0%), from €266,398 to €253,078
- Receivables within one year +€11,563
up €11,563 (+120%), from €9,607 to €21,170
of which Other amounts receivable: +€6,621
- Debts after one year -€126,411
down €126,411 (-28.0%), from €452,050 to €325,639
of which Financial debts: -€70,318
- Trade debts +€24,742
up €24,742 (+331%), from €7,485 to €32,227
- Reserves +€19,131
up €19,131 (+20.7%), from €92,584 to €111,715
of which Distributable reserves: +€19,131
- Current portion of long-term debt -€12,186
down €12,186 (-28.4%), from €42,907 to €30,721
- Gross operating margin -€11,737
down €11,737 (-5.6%), from €210,937 to €199,200
- Depreciation -€9,510
down €9,510 (-15.5%), from €61,454 to €51,944
- Staff costs -€6,547
down €6,547 (-6.1%), from €107,702 to €101,155
- Financial charges +€5,243
up €5,243 (+46.2%), from €11,340 to €16,583
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 | €984,290 | €887,901 | -€96,388 | -9.8% |
| Fixed assets | 21/28 | €628,334 | €525,249 | -€103,085 | -16.4% |
| Tangible fixed assets | 22/27 | €628,089 | €525,004 | -€103,085 | -16.4% |
| Land and buildings | 22 | €558,968 | €514,048 | -€44,920 | -8.0% |
| Plant, machinery and equipment | 23 | €3,932 | €2,248 | -€1,684 | -42.8% |
| Furniture and vehicles | 24 | €61,681 | €8,708 | -€52,973 | -85.9% |
| Other tangible fixed assets | 26 | €3,508 | €0 | -€3,508 | -100% |
| Financial fixed assets | 28 | €245 | €245 | = | 0.0% |
| Current assets | 29/58 | €355,956 | €362,653 | +€6,697 | +1.9% |
| Stocks and contracts in progress | 3 | €266,398 | €253,078 | -€13,320 | -5.0% |
| Stocks | 30/36 | €266,398 | €253,078 | -€13,320 | -5.0% |
| Amounts receivable within one year | 40/41 | €9,607 | €21,170 | +€11,563 | +120% |
| Trade receivables | 40 | €9,058 | €14,000 | +€4,942 | +54.6% |
| Other amounts receivable | 41 | €548 | €7,170 | +€6,621 | +1,207% |
| Cash at bank and in hand | 54/58 | €67,066 | €74,772 | +€7,705 | +11.5% |
| Deferred charges and accrued income | 490/1 | €12,885 | €13,633 | +€749 | +5.8% |
| Total equity and liabilities | 10/49 | €984,290 | €887,901 | -€96,388 | -9.8% |
| Equity | 10/15 | €354,558 | €373,688 | +€19,131 | +5.4% |
| Contributions | 10/11 | €261,973 | €261,973 | = | 0.0% |
| Reserves | 13 | €92,584 | €111,715 | +€19,131 | +20.7% |
| Non-distributable reserves | 130/1 | €6,198 | €6,198 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,198 | €6,198 | = | 0.0% |
| Distributable reserves | 133 | €86,386 | €105,517 | +€19,131 | +22.1% |
| Amounts payable | 17/49 | €629,732 | €514,213 | -€115,519 | -18.3% |
| Amounts payable after more than one year | 17 | €452,050 | €325,639 | -€126,411 | -28.0% |
| Financial debts | 170/4 | €225,360 | €155,042 | -€70,318 | -31.2% |
| Other amounts payable | 178/9 | €226,690 | €170,597 | -€56,092 | -24.7% |
| Amounts payable within one year | 42/48 | €177,682 | €188,574 | +€10,892 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €42,907 | €30,721 | -€12,186 | -28.4% |
| Financial debts | 43 | €100,237 | €100,000 | -€237 | -0.2% |
| Credit institutions | 430/8 | €100,237 | €100,000 | -€237 | -0.2% |
| Trade debts | 44 | €7,485 | €32,227 | +€24,742 | +331% |
| Suppliers | 440/4 | €7,485 | €32,227 | +€24,742 | +331% |
| Advances received on contracts in progress | 46 | €3,457 | €1,449 | -€2,008 | -58.1% |
| Taxes, remuneration and social security | 45 | €23,596 | €24,177 | +€581 | +2.5% |
| Taxes | 450/3 | €14,873 | €19,383 | +€4,510 | +30.3% |
| Remuneration and social security | 454/9 | €8,723 | €4,794 | -€3,929 | -45.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €107,702 | €101,155 | -€6,547 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,454 | €51,944 | -€9,510 | -15.5% |
| Other operating charges | 640/8 | €6,617 | €6,056 | -€561 | -8.5% |
| Non-recurring operating charges | 66A | - | €14,102 | +€14,102 | |
| Gross operating margin | 9900 | €210,937 | €199,200 | -€11,737 | -5.6% |
| Operating profit (loss) | 9901 | €35,165 | €25,943 | -€9,223 | -26.2% |
| Financial income | 75/76B | €12,020 | €11,580 | -€440 | -3.7% |
| Recurring financial income | 75 | €12,020 | €11,580 | -€440 | -3.7% |
| Financial charges | 65/66B | €11,340 | €16,583 | +€5,243 | +46.2% |
| Recurring financial charges | 65 | €11,340 | €16,583 | +€5,243 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | €35,846 | €20,940 | -€14,906 | -41.6% |
| Income taxes | 67/77 | €200 | €1,810 | +€1,609 | +803% |
| Profit (loss) for the period | 9904 | €35,645 | €19,131 | -€16,515 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,645 | €19,131 | -€16,515 | -46.3% |
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 19 October 2026 via checked.be.