BT HOLIDAYS: 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.
What changed
BT HOLIDAYS
NACE 79.110, Travel agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€30,470
2024 · €25,161-€55,631
Equity
€672,928
2024 · €703,398-€30,470
Cash
€2.1m
2024 · €1.8m+€301,853
Balance sheet total
€6.9m
2024 · €5.9m+€974,119
Largest movements
Assets
- Receivables after one year +€500,000
new in 2025: €500,000
- Cash +€301,853
up €301,853 (+16.7%), from €1.8m to €2.1m
mainly Trade debts (+€673,235) and Advances received (+€311,537)
- Receivables within one year +€228,745
up €228,745 (+63.6%), from €359,603 to €588,348
of which Trade receivables: +€235,548
- Deferred charges and accrued income -€78,932
down €78,932 (-6.1%), from €1.3m to €1.2m
Equity and liabilities
- Trade debts +€673,235
up €673,235 (+26.8%), from €2.5m to €3.2m
- Advances received +€311,537
up €311,537 (+13.7%), from €2.3m to €2.6m
Income statement
- Staff costs +€192,260
up €192,260 (+23.0%), from €837,037 to €1.0m
- Gross operating margin +€127,176
up €127,176 (+12.7%), from €997,980 to €1.1m
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.
Result 2024
€25,161
Gross operating margin
+€127,176
Staff costs
-€192,260
Depreciation
+€10,162
Other operating charges
-€8,619
Other operating items
-€8,659
Financial income
+€10,563
Financial charges
-€3,114
Taxes
+€9,121
Result 2025
-€30,470
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€425,510
Investment
-€102,117
Financing
-€21,541
Cash 2024
€1.8m
From operations (derived)
+€425,510
Net result for the year
-€30,470
Depreciation
+€79,664
Receivables after one year
-€500,000
Receivables within one year
-€228,745
Deferred charges and accrued income
+€78,932
Trade debts
+€673,235
Tax, wage and social debts
+€37,482
Advances received
+€311,537
Other debts
+€1,376
Accrued charges and deferred income
+€2,500
Investment (derived)
-€102,117
Investment in fixed assets (net)
-€102,117
Financing
-€21,541
Debts after one year
-€13,367
Current portion of long-term debt
-€8,174
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,877,597 | €6,851,716 | +€974,119 | +16.6% |
| Fixed assets | 21/28 | €412,956 | €435,409 | +€22,453 | +5.4% |
| Intangible fixed assets | 21 | €133,782 | €150,939 | +€17,157 | +12.8% |
| Tangible fixed assets | 22/27 | €246,586 | €249,676 | +€3,091 | +1.3% |
| Land and buildings | 22 | €101,907 | €89,335 | -€12,572 | -12.3% |
| Plant, machinery and equipment | 23 | €128,626 | €142,112 | +€13,485 | +10.5% |
| Furniture and vehicles | 24 | €7,548 | €18,230 | +€10,681 | +142% |
| Assets under construction and advance payments | 27 | €8,505 | €0 | -€8,505 | -100% |
| Financial fixed assets | 28 | €32,587 | €34,793 | +€2,206 | +6.8% |
| Current assets | 29/58 | €5,464,641 | €6,416,307 | +€951,666 | +17.4% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €359,603 | €588,348 | +€228,745 | +63.6% |
| Trade receivables | 40 | €349,480 | €585,028 | +€235,548 | +67.4% |
| Other amounts receivable | 41 | €10,124 | €3,321 | -€6,803 | -67.2% |
| Current investments | 50/53 | €2,001,355 | €2,001,355 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,806,259 | €2,108,112 | +€301,853 | +16.7% |
| Deferred charges and accrued income | 490/1 | €1,297,424 | €1,218,492 | -€78,932 | -6.1% |
| Total equity and liabilities | 10/49 | €5,877,597 | €6,851,716 | +€974,119 | +16.6% |
| Equity | 10/15 | €703,398 | €672,928 | -€30,470 | -4.3% |
| Contributions | 10/11 | €2,040,000 | €2,040,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,348,602 | -€1,379,072 | -€30,470 | -2.3% |
| Amounts payable | 17/49 | €5,174,199 | €6,178,787 | +€1.0m | +19.4% |
| Amounts payable after more than one year | 17 | €16,739 | €3,372 | -€13,367 | -79.9% |
| Financial debts | 170/4 | €16,739 | €3,372 | -€13,367 | -79.9% |
| Amounts payable within one year | 42/48 | €5,011,053 | €6,026,509 | +€1.0m | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €32,241 | €24,067 | -€8,174 | -25.4% |
| Trade debts | 44 | €2,515,774 | €3,189,009 | +€673,235 | +26.8% |
| Suppliers | 440/4 | €2,515,774 | €3,189,009 | +€673,235 | +26.8% |
| Advances received on contracts in progress | 46 | €2,270,766 | €2,582,302 | +€311,537 | +13.7% |
| Taxes, remuneration and social security | 45 | €165,481 | €202,964 | +€37,482 | +22.7% |
| Taxes | 450/3 | €5,931 | €6,952 | +€1,021 | +17.2% |
| Remuneration and social security | 454/9 | €159,550 | €196,012 | +€36,462 | +22.9% |
| Other amounts payable | 47/48 | €26,791 | €28,167 | +€1,376 | +5.1% |
| Accrued charges and deferred income | 492/3 | €146,407 | €148,906 | +€2,500 | +1.7% |
| Non-recurring operating income | 76A | €0 | €6,030 | +€6,030 | |
| Remuneration, social security and pensions | 62 | €837,037 | €1,029,297 | +€192,260 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,826 | €79,664 | -€10,162 | -11.3% |
| Other operating charges | 640/8 | €9,038 | €17,658 | +€8,619 | +95.4% |
| Non-recurring operating charges | 66A | €23,154 | €31,813 | +€8,659 | +37.4% |
| Gross operating margin | 9900 | €997,980 | €1,125,156 | +€127,176 | +12.7% |
| Operating profit (loss) | 9901 | €38,925 | -€33,275 | -€72,200 | |
| Financial income | 75/76B | €40,725 | €51,288 | +€10,563 | +25.9% |
| Recurring financial income | 75 | €40,725 | €51,288 | +€10,563 | +25.9% |
| Financial charges | 65/66B | €42,286 | €45,400 | +€3,114 | +7.4% |
| Recurring financial charges | 65 | €42,286 | €45,400 | +€3,114 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €37,364 | -€27,387 | -€64,752 | |
| Income taxes | 67/77 | €12,203 | €3,083 | -€9,121 | -74.7% |
| Profit (loss) for the period | 9904 | €25,161 | -€30,470 | -€55,631 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,161 | -€30,470 | -€55,631 |
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 31 October 2026 via checked.be.