B.T.O.: 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.O.
Largest movements
- Cash +€15,507
up €15,507 (+42.4%), from €36,531 to €52,038
mainly Net result for the year (+€28,257) and Receivables within one year (+€4,693)
- Receivables within one year -€4,693
down €4,693 (-5.7%), from €82,040 to €77,346
of which Other amounts receivable: -€6,722
- Tangible fixed assets -€4,060
down €4,060 (-28.1%), from €14,468 to €10,408
- Reserves +€4,627
up €4,627 (+4.1%), from €112,487 to €117,114
- Trade debts +€2,262
up €2,262 (+66.7%), from €3,392 to €5,654
- Gross operating margin +€5,933
up €5,933 (+16.3%), from €36,294 to €42,227
- Taxes +€2,346
up €2,346 (+26.0%), from €9,026 to €11,372
- Financial income +€1,374
up €1,374 (+348%), from €395 to €1,769
- Depreciation -€1,080
down €1,080 (-21.0%), from €5,140 to €4,060
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 | €135,461 | €142,378 | +€6,917 | +5.1% |
| Fixed assets | 21/28 | €14,468 | €10,408 | -€4,060 | -28.1% |
| Tangible fixed assets | 22/27 | €14,468 | €10,408 | -€4,060 | -28.1% |
| Land and buildings | 22 | €8,933 | €7,940 | -€993 | -11.1% |
| Plant, machinery and equipment | 23 | €3,798 | €2,391 | -€1,407 | -37.0% |
| Furniture and vehicles | 24 | €1,738 | €77 | -€1,661 | -95.6% |
| Current assets | 29/58 | €120,993 | €131,971 | +€10,977 | +9.1% |
| Amounts receivable within one year | 40/41 | €82,040 | €77,346 | -€4,693 | -5.7% |
| Trade receivables | 40 | €8,144 | €10,173 | +€2,029 | +24.9% |
| Other amounts receivable | 41 | €73,896 | €67,174 | -€6,722 | -9.1% |
| Cash at bank and in hand | 54/58 | €36,531 | €52,038 | +€15,507 | +42.4% |
| Deferred charges and accrued income | 490/1 | €2,422 | €2,586 | +€164 | +6.8% |
| Total equity and liabilities | 10/49 | €135,461 | €142,378 | +€6,917 | +5.1% |
| Equity | 10/15 | €120,547 | €125,174 | +€4,627 | +3.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €112,487 | €117,114 | +€4,627 | +4.1% |
| Distributable reserves | 133 | €112,487 | €117,114 | +€4,627 | +4.1% |
| Amounts payable | 17/49 | €14,914 | €17,204 | +€2,290 | +15.4% |
| Amounts payable within one year | 42/48 | €14,914 | €17,204 | +€2,290 | +15.4% |
| Trade debts | 44 | €3,392 | €5,654 | +€2,262 | +66.7% |
| Suppliers | 440/4 | €3,392 | €5,654 | +€2,262 | +66.7% |
| Taxes, remuneration and social security | 45 | €7,536 | €6,995 | -€540 | -7.2% |
| Taxes | 450/3 | €7,536 | €6,995 | -€540 | -7.2% |
| Other amounts payable | 47/48 | €3,986 | €4,555 | +€568 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,140 | €4,060 | -€1,080 | -21.0% |
| Other operating charges | 640/8 | €230 | €236 | +€6 | +2.7% |
| Gross operating margin | 9900 | €36,294 | €42,227 | +€5,933 | +16.3% |
| Operating profit (loss) | 9901 | €30,924 | €37,931 | +€7,007 | +22.7% |
| Financial income | 75/76B | €395 | €1,769 | +€1,374 | +348% |
| Recurring financial income | 75 | €395 | €1,769 | +€1,374 | +348% |
| Financial charges | 65/66B | €156 | €70 | -€86 | -54.8% |
| Recurring financial charges | 65 | €156 | €70 | -€86 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | €31,162 | €39,629 | +€8,467 | +27.2% |
| Income taxes | 67/77 | €9,026 | €11,372 | +€2,346 | +26.0% |
| Profit (loss) for the period | 9904 | €22,136 | €28,257 | +€6,121 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,136 | €28,257 | +€6,121 | +27.7% |
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 16 October 2026 via checked.be.