BT Operations: 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 Operations
Largest movements
- Receivables after one year +€156,054
up €156,054 (+43.9%), from €355,784 to €511,838
- Receivables within one year +€55,751
up €55,751 (+112%), from €49,559 to €105,311
of which Trade receivables: +€57,169
- Cash -€49,121
down €49,121 (-51.5%), from €95,340 to €46,220
mainly Contributions, distributions and other (-€500,000) and Receivables after one year (-€156,054)
- Other debts +€500,865
up €500,865 (+13,256%), from €3,778 to €504,643
- Reserves -€279,460
down €279,460 (-75.9%), from €368,044 to €88,583
- Tax, wage and social debts -€57,998
down €57,998 (-85.9%), from €67,516 to €9,519
- Gross operating margin +€128,314
up €128,314 (+84.1%), from €152,592 to €280,906
- Taxes +€33,228
up €33,228 (+90.4%), from €36,765 to €69,993
- Financial income +€4,330
up €4,330 (+55.6%), from €7,785 to €12,114
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 | €501,508 | €665,330 | +€163,822 | +32.7% |
| Fixed assets | 21/28 | €825 | €1,957 | +€1,132 | +137% |
| Tangible fixed assets | 22/27 | €825 | €1,957 | +€1,132 | +137% |
| Furniture and vehicles | 24 | €825 | €1,957 | +€1,132 | +137% |
| Current assets | 29/58 | €500,683 | €663,373 | +€162,689 | +32.5% |
| Amounts receivable after more than one year | 29 | €355,784 | €511,838 | +€156,054 | +43.9% |
| Trade receivables | 290 | €355,784 | €511,838 | +€156,054 | +43.9% |
| Amounts receivable within one year | 40/41 | €49,559 | €105,311 | +€55,751 | +112% |
| Trade receivables | 40 | €17,873 | €75,042 | +€57,169 | +320% |
| Other amounts receivable | 41 | €31,686 | €30,269 | -€1,417 | -4.5% |
| Cash at bank and in hand | 54/58 | €95,340 | €46,220 | -€49,121 | -51.5% |
| Deferred charges and accrued income | 490/1 | - | €4 | +€4 | |
| Total equity and liabilities | 10/49 | €501,508 | €665,330 | +€163,822 | +32.7% |
| Equity | 10/15 | €373,044 | €93,583 | -€279,460 | -74.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €368,044 | €88,583 | -€279,460 | -75.9% |
| Distributable reserves | 133 | €368,044 | €88,583 | -€279,460 | -75.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €128,464 | €571,746 | +€443,282 | +345% |
| Amounts payable within one year | 42/48 | €128,464 | €571,746 | +€443,282 | +345% |
| Financial debts | 43 | €56,262 | €56,677 | +€415 | +0.7% |
| Credit institutions | 430/8 | €56,262 | €56,677 | +€415 | +0.7% |
| Trade debts | 44 | €908 | €908 | = | 0.0% |
| Suppliers | 440/4 | €908 | €908 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €67,516 | €9,519 | -€57,998 | -85.9% |
| Taxes | 450/3 | €67,516 | €9,519 | -€57,998 | -85.9% |
| Other amounts payable | 47/48 | €3,778 | €504,643 | +€500,865 | +13,256% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €448 | €778 | +€330 | +73.6% |
| Other operating charges | 640/8 | €46 | €75 | +€29 | +63.0% |
| Gross operating margin | 9900 | €152,592 | €280,906 | +€128,314 | +84.1% |
| Operating profit (loss) | 9901 | €152,098 | €280,054 | +€127,955 | +84.1% |
| Financial income | 75/76B | €7,785 | €12,114 | +€4,330 | +55.6% |
| Recurring financial income | 75 | €7,785 | €12,114 | +€4,330 | +55.6% |
| Financial charges | 65/66B | €508 | €1,635 | +€1,127 | +222% |
| Recurring financial charges | 65 | €508 | €1,635 | +€1,127 | +222% |
| Profit (loss) for the period before taxes | 9903 | €159,375 | €290,533 | +€131,158 | +82.3% |
| Income taxes | 67/77 | €36,765 | €69,993 | +€33,228 | +90.4% |
| Profit (loss) for the period | 9904 | €122,610 | €220,540 | +€97,930 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,610 | €220,540 | +€97,930 | +79.9% |
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 17 October 2026 via checked.be.