BT-PROJECTS: 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-PROJECTS
Largest movements
- Current investments -€2.7m
down €2.7m (-100%), from €2.7m to €0
- Tangible fixed assets +€1.9m
up €1.9m (+27.5%), from €6.9m to €8.8m
of which Land and buildings: +€1.9m
- Cash +€1.1m
up €1.1m (+379%), from €292,469 to €1.4m
mainly Current investments (+€2.7m) and Net result for the year (+€1.5m)
- Profit (loss) carried forward +€1.2m
up €1.2m (+20.7%), from €5.8m to €7.0m
- Other debts -€852,534
down €852,534 (-24.0%), from €3.5m to €2.7m
- Tax, wage and social debts +€170,177
up €170,177 (+117%), from €145,505 to €315,682
of which Taxes: +€168,156
- Gross operating margin +€487,717
up €487,717 (+23.8%), from €2.1m to €2.5m
- Depreciation +€190,039
up €190,039 (+76.6%), from €248,253 to €438,292
- Taxes +€156,770
up €156,770 (+47.5%), from €330,066 to €486,836
- Financial income -€34,933
down €34,933 (-49.1%), from €71,179 to €36,246
- Staff costs +€31,721
up €31,721 (+28.3%), from €112,269 to €143,990
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 | €10,694,664 | €10,980,286 | +€285,622 | +2.7% |
| Fixed assets | 21/28 | €6,933,873 | €8,842,834 | +€1.9m | +27.5% |
| Tangible fixed assets | 22/27 | €6,933,873 | €8,842,834 | +€1.9m | +27.5% |
| Land and buildings | 22 | €6,911,832 | €8,829,525 | +€1.9m | +27.7% |
| Furniture and vehicles | 24 | €3,364 | €1,435 | -€1,929 | -57.3% |
| Leasing and similar rights | 25 | €18,677 | €11,874 | -€6,804 | -36.4% |
| Current assets | 29/58 | €3,760,791 | €2,137,452 | -€1.6m | -43.2% |
| Amounts receivable within one year | 40/41 | €739,545 | €708,232 | -€31,313 | -4.2% |
| Trade receivables | 40 | €232,731 | €241,265 | +€8,534 | +3.7% |
| Other amounts receivable | 41 | €506,814 | €466,967 | -€39,847 | -7.9% |
| Current investments | 50/53 | €2,701,748 | €0 | -€2.7m | -100% |
| Cash at bank and in hand | 54/58 | €292,469 | €1,400,507 | +€1.1m | +379% |
| Deferred charges and accrued income | 490/1 | €27,029 | €28,713 | +€1,685 | +6.2% |
| Total equity and liabilities | 10/49 | €10,694,664 | €10,980,286 | +€285,622 | +2.7% |
| Equity | 10/15 | €6,279,905 | €7,474,809 | +€1.2m | +19.0% |
| Contributions | 10/11 | €14,360 | €14,360 | = | 0.0% |
| Reserves | 13 | €425,571 | €411,791 | -€13,780 | -3.2% |
| Distributable reserves | 133 | €425,571 | €411,791 | -€13,780 | -3.2% |
| Profit (loss) carried forward | 14 | €5,839,973 | €7,048,658 | +€1.2m | +20.7% |
| Provisions and deferred taxes | 16 | €55,528 | €51,658 | -€3,870 | -7.0% |
| Deferred taxes | 168 | €55,528 | €51,658 | -€3,870 | -7.0% |
| Amounts payable | 17/49 | €4,359,232 | €3,453,819 | -€905,413 | -20.8% |
| Amounts payable after more than one year | 17 | €362,320 | €260,158 | -€102,162 | -28.2% |
| Financial debts | 170/4 | €362,320 | €260,158 | -€102,162 | -28.2% |
| Amounts payable within one year | 42/48 | €3,996,912 | €3,193,661 | -€803,251 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €154,806 | €102,162 | -€52,643 | -34.0% |
| Financial debts | 43 | €88,664 | €0 | -€88,664 | -100% |
| Credit institutions | 430/8 | €88,664 | €0 | -€88,664 | -100% |
| Trade debts | 44 | €58,562 | €78,976 | +€20,414 | +34.9% |
| Suppliers | 440/4 | €58,562 | €78,976 | +€20,414 | +34.9% |
| Taxes, remuneration and social security | 45 | €145,505 | €315,682 | +€170,177 | +117% |
| Taxes | 450/3 | €130,635 | €298,791 | +€168,156 | +129% |
| Remuneration and social security | 454/9 | €14,870 | €16,891 | +€2,021 | +13.6% |
| Other amounts payable | 47/48 | €3,549,375 | €2,696,841 | -€852,534 | -24.0% |
| Remuneration, social security and pensions | 62 | €112,269 | €143,990 | +€31,721 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,253 | €438,292 | +€190,039 | +76.6% |
| Other operating charges | 640/8 | €49,307 | €44,921 | -€4,385 | -8.9% |
| Non-recurring operating charges | 66A | €384,398 | €0 | -€384,398 | -100% |
| Gross operating margin | 9900 | €2,051,621 | €2,539,338 | +€487,717 | +23.8% |
| Operating profit (loss) | 9901 | €1,257,394 | €1,912,134 | +€654,740 | +52.1% |
| Financial income | 75/76B | €71,179 | €36,246 | -€34,933 | -49.1% |
| Recurring financial income | 75 | €71,179 | €36,246 | -€34,933 | -49.1% |
| Financial charges | 65/66B | €13,814 | €6,730 | -€7,084 | -51.3% |
| Recurring financial charges | 65 | €13,814 | €6,730 | -€7,084 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €1,314,760 | €1,941,650 | +€626,891 | +47.7% |
| Transfer from deferred taxes | 780 | €3,870 | €3,870 | = | 0.0% |
| Income taxes | 67/77 | €330,066 | €486,836 | +€156,770 | +47.5% |
| Profit (loss) for the period | 9904 | €988,563 | €1,458,684 | +€470,121 | +47.6% |
| Transfer from tax-exempt reserves | 789 | - | €13,780 | +€13,780 | |
| Transfer to tax-exempt reserves | 689 | - | €13,780 | +€13,780 | |
| Profit (loss) for the period to be appropriated | 9905 | €988,563 | €1,458,684 | +€470,121 | +47.6% |
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 25 October 2026 via checked.be.