BLTS: 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.
BLTS
Largest movements
- Tangible fixed assets -€57,598
down €57,598 (-13.5%), from €427,146 to €369,548
- Receivables within one year +€48,052
up €48,052 (+152%), from €31,549 to €79,601
of which Trade receivables: +€24,899
- Cash -€17,884
down €17,884 (-74.6%), from €23,977 to €6,093
mainly Debts after one year (-€49,296) and Receivables within one year (-€48,052)
- Debts after one year -€49,296
down €49,296 (-13.6%), from €363,071 to €313,776
- Other debts -€21,750
no longer reported in 2025 (was €21,750)
- Trade debts +€20,830
up €20,830 (+159%), from €13,099 to €33,928
- Reserves +€19,200
up €19,200 (+84.2%), from €22,810 to €42,010
- Depreciation +€14,331
up €14,331 (+27.7%), from €51,672 to €66,003
- Gross operating margin +€13,487
up €13,487 (+14.3%), from €94,556 to €108,042
- Taxes +€6,840
up €6,840 (+240%), from €2,848 to €9,687
- Financial income +€1,812
up €1,812 (+274%), from €661 to €2,473
- Financial charges +€1,598
up €1,598 (+19.5%), from €8,188 to €9,786
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 | €490,030 | €461,123 | -€28,907 | -5.9% |
| Fixed assets | 21/28 | €430,257 | €371,519 | -€58,738 | -13.7% |
| Intangible fixed assets | 21 | €3,111 | €1,971 | -€1,140 | -36.6% |
| Tangible fixed assets | 22/27 | €427,146 | €369,548 | -€57,598 | -13.5% |
| Land and buildings | 22 | €270,979 | €244,280 | -€26,699 | -9.9% |
| Plant, machinery and equipment | 23 | €67,754 | €56,592 | -€11,162 | -16.5% |
| Furniture and vehicles | 24 | €88,412 | €68,676 | -€19,736 | -22.3% |
| Current assets | 29/58 | €59,773 | €89,604 | +€29,831 | +49.9% |
| Stocks and contracts in progress | 3 | €750 | €750 | = | 0.0% |
| Stocks | 30/36 | €750 | €750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,549 | €79,601 | +€48,052 | +152% |
| Trade receivables | 40 | €7,191 | €32,089 | +€24,899 | +346% |
| Other amounts receivable | 41 | €24,358 | €47,511 | +€23,153 | +95.1% |
| Cash at bank and in hand | 54/58 | €23,977 | €6,093 | -€17,884 | -74.6% |
| Deferred charges and accrued income | 490/1 | €3,497 | €3,161 | -€337 | -9.6% |
| Total equity and liabilities | 10/49 | €490,030 | €461,123 | -€28,907 | -5.9% |
| Equity | 10/15 | €41,452 | €60,706 | +€19,254 | +46.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,810 | €42,010 | +€19,200 | +84.2% |
| Distributable reserves | 133 | €22,810 | €42,010 | +€19,200 | +84.2% |
| Profit (loss) carried forward | 14 | €42 | €96 | +€54 | +130% |
| Amounts payable | 17/49 | €448,578 | €400,418 | -€48,161 | -10.7% |
| Amounts payable after more than one year | 17 | €363,071 | €313,776 | -€49,296 | -13.6% |
| Financial debts | 170/4 | €363,071 | €313,776 | -€49,296 | -13.6% |
| Amounts payable within one year | 42/48 | €83,747 | €85,144 | +€1,397 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €47,855 | €49,296 | +€1,441 | +3.0% |
| Trade debts | 44 | €13,099 | €33,928 | +€20,830 | +159% |
| Suppliers | 440/4 | €13,099 | €33,928 | +€20,830 | +159% |
| Taxes, remuneration and social security | 45 | €1,043 | €1,920 | +€877 | +84.1% |
| Taxes | 450/3 | €1,043 | €1,920 | +€877 | +84.1% |
| Other amounts payable | 47/48 | €21,750 | - | -€21,750 | |
| Accrued charges and deferred income | 492/3 | €1,760 | €1,498 | -€262 | -14.9% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,672 | €66,003 | +€14,331 | +27.7% |
| Other operating charges | 640/8 | €5,584 | €5,785 | +€201 | +3.6% |
| Gross operating margin | 9900 | €94,556 | €108,042 | +€13,487 | +14.3% |
| Operating profit (loss) | 9901 | €37,299 | €36,254 | -€1,045 | -2.8% |
| Financial income | 75/76B | €661 | €2,473 | +€1,812 | +274% |
| Recurring financial income | 75 | €661 | €2,473 | +€1,812 | +274% |
| Financial charges | 65/66B | €8,188 | €9,786 | +€1,598 | +19.5% |
| Recurring financial charges | 65 | €8,188 | €9,786 | +€1,598 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €29,772 | €28,941 | -€831 | -2.8% |
| Income taxes | 67/77 | €2,848 | €9,687 | +€6,840 | +240% |
| Profit (loss) for the period | 9904 | €26,924 | €19,254 | -€7,670 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,924 | €19,254 | -€7,670 | -28.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.