bt.core: 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.
bt.core
Largest movements
- Receivables within one year -€182,719
down €182,719 (-80.9%), from €225,936 to €43,217
of which Trade receivables: -€203,194
- Cash +€91,386
up €91,386 (+123%), from €74,516 to €165,902
mainly Other debts (+€274,023) and Receivables within one year (+€182,719)
- Tangible fixed assets -€34,777
down €34,777 (-12.7%), from €274,332 to €239,555
of which Other tangible fixed assets: -€19,116
- Reserves -€313,852
down €313,852 (-90.8%), from €345,652 to €31,800
- Other debts +€274,023
up €274,023 (+791%), from €34,646 to €308,668
- Tax, wage and social debts -€64,703
down €64,703 (-80.9%), from €80,027 to €15,323
- Debts after one year -€21,429
down €21,429 (-27.3%), from €78,571 to €57,143
- Gross operating margin -€180,693
down €180,693 (-75.2%), from €240,321 to €59,628
- Taxes -€41,578
down €41,578 (-91.2%), from €45,580 to €4,001
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 | €574,783 | €448,673 | -€126,110 | -21.9% |
| Fixed assets | 21/28 | €274,332 | €239,555 | -€34,777 | -12.7% |
| Tangible fixed assets | 22/27 | €274,332 | €239,555 | -€34,777 | -12.7% |
| Land and buildings | 22 | €21,075 | €19,797 | -€1,277 | -6.1% |
| Plant, machinery and equipment | 23 | €897 | €589 | -€307 | -34.3% |
| Furniture and vehicles | 24 | €40,340 | €26,265 | -€14,075 | -34.9% |
| Other tangible fixed assets | 26 | €212,021 | €192,904 | -€19,116 | -9.0% |
| Current assets | 29/58 | €300,451 | €209,118 | -€91,333 | -30.4% |
| Amounts receivable within one year | 40/41 | €225,936 | €43,217 | -€182,719 | -80.9% |
| Trade receivables | 40 | €225,936 | €22,742 | -€203,194 | -89.9% |
| Other amounts receivable | 41 | - | €20,475 | +€20,475 | |
| Cash at bank and in hand | 54/58 | €74,516 | €165,902 | +€91,386 | +123% |
| Total equity and liabilities | 10/49 | €574,783 | €448,673 | -€126,110 | -21.9% |
| Equity | 10/15 | €357,652 | €43,800 | -€313,852 | -87.8% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €345,652 | €31,800 | -€313,852 | -90.8% |
| Distributable reserves | 133 | €345,652 | €31,800 | -€313,852 | -90.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €217,131 | €404,874 | +€187,742 | +86.5% |
| Amounts payable after more than one year | 17 | €78,571 | €57,143 | -€21,429 | -27.3% |
| Financial debts | 170/4 | €78,571 | €57,143 | -€21,429 | -27.3% |
| Amounts payable within one year | 42/48 | €136,503 | €345,860 | +€209,358 | +153% |
| Current portion of amounts payable after more than one year | 42 | €21,429 | €21,429 | = | 0.0% |
| Trade debts | 44 | €402 | €440 | +€38 | +9.5% |
| Suppliers | 440/4 | €402 | €440 | +€38 | +9.5% |
| Taxes, remuneration and social security | 45 | €80,027 | €15,323 | -€64,703 | -80.9% |
| Taxes | 450/3 | €80,027 | €15,323 | -€64,703 | -80.9% |
| Other amounts payable | 47/48 | €34,646 | €308,668 | +€274,023 | +791% |
| Accrued charges and deferred income | 492/3 | €2,057 | €1,871 | -€186 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,552 | €34,777 | +€225 | +0.6% |
| Other operating charges | 640/8 | €939 | €967 | +€29 | +3.0% |
| Gross operating margin | 9900 | €240,321 | €59,628 | -€180,693 | -75.2% |
| Operating profit (loss) | 9901 | €204,830 | €23,884 | -€180,946 | -88.3% |
| Financial income | 75/76B | €0 | €3 | +€3 | |
| Recurring financial income | 75 | €0 | €3 | +€3 | |
| Financial charges | 65/66B | €4,188 | €3,738 | -€450 | -10.7% |
| Recurring financial charges | 65 | €4,188 | €3,738 | -€450 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €200,642 | €20,149 | -€180,493 | -90.0% |
| Income taxes | 67/77 | €45,580 | €4,001 | -€41,578 | -91.2% |
| Profit (loss) for the period | 9904 | €155,063 | €16,148 | -€138,915 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €155,063 | €16,148 | -€138,915 | -89.6% |
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 16 October 2026 via checked.be.