Bitforge: 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.
Bitforge
Largest movements
- Cash +€38,232
up €38,232 (+80.5%), from €47,486 to €85,718
mainly Net result for the year (+€29,649) and Receivables within one year (+€19,409)
- Receivables within one year -€19,409
down €19,409 (-93.9%), from €20,670 to €1,261
of which Trade receivables: -€18,960
- Tangible fixed assets +€7,695
up €7,695 (+64.2%), from €11,977 to €19,672
of which Other tangible fixed assets: +€10,415
- Deferred charges and accrued income +€2,544
up €2,544 (+63.0%), from €4,038 to €6,582
- Profit (loss) carried forward +€29,649
new in 2025: €29,649
- Other debts -€3,999
down €3,999 (-6.4%), from €62,392 to €58,392
- Trade debts +€3,017
up €3,017 (+242.4%), from €1,244 to €4,261
- Gross operating margin +€14,471
up €14,471 (+50.8%), from €28,465 to €42,936
- Taxes +€2,926
up €2,926 (+56.1%), from €5,213 to €8,139
- Depreciation +€725
up €725 (+24.7%), from €2,940 to €3,665
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 | €84,172 | €113,233 | +€29,061 | +34.5% |
| Fixed assets | 21/28 | €11,977 | €19,672 | +€7,695 | +64.2% |
| Tangible fixed assets | 22/27 | €11,977 | €19,672 | +€7,695 | +64.2% |
| Plant, machinery and equipment | 23 | €8,584 | €7,373 | -€1,211 | -14.1% |
| Furniture and vehicles | 24 | €2,142 | €633 | -€1,509 | -70.5% |
| Other tangible fixed assets | 26 | €1,251 | €11,666 | +€10,415 | +832.3% |
| Current assets | 29/58 | €72,195 | €93,561 | +€21,367 | +29.6% |
| Amounts receivable within one year | 40/41 | €20,670 | €1,261 | -€19,409 | -93.9% |
| Trade receivables | 40 | €19,360 | €400 | -€18,960 | -97.9% |
| Other amounts receivable | 41 | €1,310 | €861 | -€449 | -34.3% |
| Cash at bank and in hand | 54/58 | €47,486 | €85,718 | +€38,232 | +80.5% |
| Deferred charges and accrued income | 490/1 | €4,038 | €6,582 | +€2,544 | +63.0% |
| Total equity and liabilities | 10/49 | €84,172 | €113,233 | +€29,061 | +34.5% |
| Equity | 10/15 | €18,600 | €48,249 | +€29,649 | +159.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €29,649 | +€29,649 | |
| Amounts payable | 17/49 | €65,572 | €64,984 | -€588 | -0.9% |
| Amounts payable within one year | 42/48 | €65,360 | €64,635 | -€725 | -1.1% |
| Financial debts | 43 | €5 | €5 | = | 0.0% |
| Credit institutions | 430/8 | €5 | €5 | = | 0.0% |
| Trade debts | 44 | €1,244 | €4,261 | +€3,017 | +242.4% |
| Suppliers | 440/4 | €1,244 | €4,261 | +€3,017 | +242.4% |
| Taxes, remuneration and social security | 45 | €1,718 | €1,976 | +€257 | +15.0% |
| Taxes | 450/3 | €1,718 | €1,976 | +€257 | +15.0% |
| Other amounts payable | 47/48 | €62,392 | €58,392 | -€3,999 | -6.4% |
| Accrued charges and deferred income | 492/3 | €212 | €349 | +€137 | +64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,940 | €3,665 | +€725 | +24.7% |
| Other operating charges | 640/8 | €187 | €192 | +€4 | +2.3% |
| Gross operating margin | 9900 | €28,465 | €42,936 | +€14,471 | +50.8% |
| Operating profit (loss) | 9901 | €25,338 | €39,080 | +€13,742 | +54.2% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €1,357 | €1,291 | -€66 | -4.8% |
| Recurring financial charges | 65 | €1,357 | €1,291 | -€66 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €23,991 | €37,789 | +€13,798 | +57.5% |
| Income taxes | 67/77 | €5,213 | €8,139 | +€2,926 | +56.1% |
| Profit (loss) for the period | 9904 | €18,778 | €29,649 | +€10,872 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,778 | €29,649 | +€10,872 | +57.9% |
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 12 October 2026 via checked.be.