B-TRAC: what changed
Two fiscal 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-TRAC
Largest movements
- Stocks and contracts +€73,406
up €73,406 (+99.2%), from €73,980 to €147,386
- Receivables within one year -€20,205
down €20,205 (-67.2%), from €30,087 to €9,882
of which Other amounts receivable: -€24,834
- Cash -€17,088
down €17,088 (-10.5%), from €162,047 to €144,958
mainly Stocks and contracts (-€73,406)
- Tangible fixed assets -€4,710
down €4,710 (-51.0%), from €9,240 to €4,530
- Profit (loss) carried forward +€19,552
up €19,552 (+77.9%), from €25,098 to €44,651
- Trade debts +€6,962
up €6,962 (+116.0%), from €6,000 to €12,962
- Tax, wage and social debts +€4,888
up €4,888 (+81.6%), from €5,992 to €10,880
- Gross operating margin -€28,894
down €28,894 (-60.5%), from €47,729 to €18,835
- Write-downs -€21,514
down €21,514, from €10,757 to -€10,757
- Taxes -€1,104
down €1,104 (-18.4%), from €5,992 to €4,888
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 | €275,354 | €306,756 | +€31,402 | +11.4% |
| Fixed assets | 21/28 | €9,240 | €4,530 | -€4,710 | -51.0% |
| Tangible fixed assets | 22/27 | €9,240 | €4,530 | -€4,710 | -51.0% |
| Plant, machinery and equipment | 23 | €9,240 | €4,530 | -€4,710 | -51.0% |
| Current assets | 29/58 | €266,114 | €302,226 | +€36,112 | +13.6% |
| Stocks and contracts in progress | 3 | €73,980 | €147,386 | +€73,406 | +99.2% |
| Stocks | 30/36 | €73,980 | €147,386 | +€73,406 | +99.2% |
| Amounts receivable within one year | 40/41 | €30,087 | €9,882 | -€20,205 | -67.2% |
| Trade receivables | 40 | €1,959 | €6,588 | +€4,629 | +236.3% |
| Other amounts receivable | 41 | €28,128 | €3,294 | -€24,834 | -88.3% |
| Cash at bank and in hand | 54/58 | €162,047 | €144,958 | -€17,088 | -10.5% |
| Total equity and liabilities | 10/49 | €275,354 | €306,756 | +€31,402 | +11.4% |
| Equity | 10/15 | €45,098 | €64,651 | +€19,552 | +43.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,098 | €44,651 | +€19,552 | +77.9% |
| Amounts payable | 17/49 | €230,256 | €242,106 | +€11,850 | +5.1% |
| Amounts payable after more than one year | 17 | €218,264 | €218,264 | = | 0.0% |
| Financial debts | 170/4 | €218,264 | €218,264 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,992 | €23,842 | +€11,850 | +98.8% |
| Trade debts | 44 | €6,000 | €12,962 | +€6,962 | +116.0% |
| Suppliers | 440/4 | €6,000 | €12,962 | +€6,962 | +116.0% |
| Taxes, remuneration and social security | 45 | €5,992 | €10,880 | +€4,888 | +81.6% |
| Taxes | 450/3 | €5,992 | €10,880 | +€4,888 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,890 | €4,710 | -€180 | -3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,757 | -€10,757 | -€21,514 | |
| Other operating charges | 640/8 | €818 | €400 | -€418 | -51.1% |
| Gross operating margin | 9900 | €47,729 | €18,835 | -€28,894 | -60.5% |
| Operating profit (loss) | 9901 | €31,265 | €24,483 | -€6,782 | -21.7% |
| Financial charges | 65/66B | €175 | €42 | -€133 | -75.9% |
| Recurring financial charges | 65 | €175 | €42 | -€133 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €31,090 | €24,441 | -€6,650 | -21.4% |
| Income taxes | 67/77 | €5,992 | €4,888 | -€1,104 | -18.4% |
| Profit (loss) for the period | 9904 | €25,098 | €19,552 | -€5,546 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,098 | €19,552 | -€5,546 | -22.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.