BGRTS: 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.
BGRTS
Largest movements
- Cash +€37,449
up €37,449 (+70.8%), from €52,888 to €90,337
mainly Net result for the year (+€46,786) and Tax, wage and social debts (+€992)
- Receivables within one year +€11,266
up €11,266 (+134%), from €8,378 to €19,644
of which Trade receivables: +€8,435
- Reserves +€46,786
up €46,786 (+80.8%), from €57,885 to €104,671
- Gross operating margin -€13,346
down €13,346 (-18.2%), from €73,309 to €59,962
- Taxes -€2,624
down €2,624 (-17.8%), from €14,749 to €12,125
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 | €63,368 | €111,222 | +€47,854 | +75.5% |
| Fixed assets | 21/28 | €2,101 | €1,240 | -€861 | -41.0% |
| Tangible fixed assets | 22/27 | €2,101 | €1,240 | -€861 | -41.0% |
| Plant, machinery and equipment | 23 | €2,101 | €1,240 | -€861 | -41.0% |
| Current assets | 29/58 | €61,267 | €109,981 | +€48,715 | +79.5% |
| Amounts receivable within one year | 40/41 | €8,378 | €19,644 | +€11,266 | +134% |
| Trade receivables | 40 | €6,760 | €15,195 | +€8,435 | +125% |
| Other amounts receivable | 41 | €1,618 | €4,449 | +€2,831 | +175% |
| Cash at bank and in hand | 54/58 | €52,888 | €90,337 | +€37,449 | +70.8% |
| Total equity and liabilities | 10/49 | €63,368 | €111,222 | +€47,854 | +75.5% |
| Equity | 10/15 | €61,885 | €108,671 | +€46,786 | +75.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €57,885 | €104,671 | +€46,786 | +80.8% |
| Distributable reserves | 133 | €57,885 | €104,671 | +€46,786 | +80.8% |
| Amounts payable | 17/49 | €1,483 | €2,551 | +€1,068 | +72.0% |
| Amounts payable within one year | 42/48 | €1,483 | €2,551 | +€1,068 | +72.0% |
| Trade debts | 44 | €527 | €603 | +€76 | +14.4% |
| Suppliers | 440/4 | €527 | €603 | +€76 | +14.4% |
| Taxes, remuneration and social security | 45 | €956 | €1,948 | +€992 | +104% |
| Taxes | 450/3 | €956 | €1,948 | +€992 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €481 | €861 | +€379 | +78.8% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €73,309 | €59,962 | -€13,346 | -18.2% |
| Operating profit (loss) | 9901 | €72,709 | €58,982 | -€13,728 | -18.9% |
| Financial charges | 65/66B | €76 | €70 | -€6 | -7.4% |
| Recurring financial charges | 65 | €76 | €70 | -€6 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €72,633 | €58,911 | -€13,722 | -18.9% |
| Income taxes | 67/77 | €14,749 | €12,125 | -€2,624 | -17.8% |
| Profit (loss) for the period | 9904 | €57,885 | €46,786 | -€11,098 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,885 | €46,786 | -€11,098 | -19.2% |
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.