Bitfuse: 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.
Bitfuse
Largest movements
- Current investments +€111,129
new in 2025: €111,129
- Cash -€24,936
down €24,936 (-48.2%), from €51,737 to €26,801
mainly Current investments (-€111,129) and Investment in fixed assets (net) (-€6,642)
- Tangible fixed assets +€5,306
up €5,306 (+312%), from €1,703 to €7,009
- Receivables within one year -€2,093
down €2,093 (-8.9%), from €23,643 to €21,551
of which Trade receivables: -€1,384
- Profit (loss) carried forward +€87,776
up €87,776 (+116%), from €75,488 to €163,264
- Gross operating margin +€16,115
up €16,115 (+16.6%), from €97,149 to €113,264
- Taxes +€3,877
up €3,877 (+19.7%), from €19,665 to €23,542
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 | €86,565 | €175,296 | +€88,730 | +103% |
| Fixed assets | 21/28 | €1,703 | €7,009 | +€5,306 | +312% |
| Tangible fixed assets | 22/27 | €1,703 | €7,009 | +€5,306 | +312% |
| Furniture and vehicles | 24 | €1,703 | €7,009 | +€5,306 | +312% |
| Current assets | 29/58 | €84,862 | €168,286 | +€83,424 | +98.3% |
| Amounts receivable within one year | 40/41 | €23,643 | €21,551 | -€2,093 | -8.9% |
| Trade receivables | 40 | €16,976 | €15,593 | -€1,384 | -8.1% |
| Other amounts receivable | 41 | €6,667 | €5,958 | -€709 | -10.6% |
| Current investments | 50/53 | - | €111,129 | +€111,129 | |
| Cash at bank and in hand | 54/58 | €51,737 | €26,801 | -€24,936 | -48.2% |
| Deferred charges and accrued income | 490/1 | €9,482 | €8,805 | -€676 | -7.1% |
| Total equity and liabilities | 10/49 | €86,565 | €175,296 | +€88,730 | +103% |
| Equity | 10/15 | €77,488 | €165,264 | +€87,776 | +113% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,488 | €163,264 | +€87,776 | +116% |
| Amounts payable | 17/49 | €9,077 | €10,031 | +€954 | +10.5% |
| Amounts payable within one year | 42/48 | €9,077 | €10,031 | +€954 | +10.5% |
| Financial debts | 43 | - | €38 | +€38 | |
| Credit institutions | 430/8 | - | €38 | +€38 | |
| Trade debts | 44 | €490 | €460 | -€31 | -6.3% |
| Suppliers | 440/4 | €490 | €460 | -€31 | -6.3% |
| Taxes, remuneration and social security | 45 | €6,423 | €7,761 | +€1,338 | +20.8% |
| Taxes | 450/3 | €6,423 | €7,761 | +€1,338 | +20.8% |
| Other amounts payable | 47/48 | €2,164 | €1,773 | -€391 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €825 | €1,336 | +€511 | +61.9% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €97,149 | €113,264 | +€16,115 | +16.6% |
| Operating profit (loss) | 9901 | €96,206 | €111,808 | +€15,602 | +16.2% |
| Financial income | 75/76B | €0 | €184 | +€184 | +922,150% |
| Recurring financial income | 75 | €0 | €184 | +€184 | +922,150% |
| Financial charges | 65/66B | €194 | €674 | +€480 | +248% |
| Recurring financial charges | 65 | €194 | €674 | +€480 | +248% |
| Profit (loss) for the period before taxes | 9903 | €96,012 | €111,318 | +€15,306 | +15.9% |
| Income taxes | 67/77 | €19,665 | €23,542 | +€3,877 | +19.7% |
| Profit (loss) for the period | 9904 | €76,347 | €87,776 | +€11,429 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,347 | €87,776 | +€11,429 | +15.0% |
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 15 October 2026 via checked.be.