BTBS: 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.
BTBS
Largest movements
- Cash -€409,017
down €409,017 (-88.1%), from €464,211 to €55,194
mainly Investment in fixed assets (net) (-€290,580) and Current investments (-€153,411)
- Tangible fixed assets +€190,804
up €190,804 (+20.8%), from €915,969 to €1.1m
of which Land and buildings: +€192,799
- Current investments +€153,411
up €153,411 (+207%), from €74,100 to €227,511
- Profit (loss) carried forward -€33,464
down €33,464 (-7.4%), from €452,983 to €419,519
- Trade debts -€21,061
down €21,061 (-41.3%), from €51,004 to €29,943
- Other debts -€17,853
down €17,853 (-10.9%), from €164,339 to €146,486
- Financial income -€72,883
down €72,883 (-86.2%), from €84,529 to €11,646
of which Non-recurring financial income: -€74,930
- Taxes -€43,810
down €43,810, from €24,931 to -€18,879
- Depreciation +€20,183
up €20,183 (+25.4%), from €79,593 to €99,776
- Gross operating margin +€8,003
up €8,003 (+10.8%), from €73,928 to €81,931
- Other operating charges +€4,040
up €4,040 (+24.2%), from €16,706 to €20,746
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 | €1,664,826 | €1,595,542 | -€69,285 | -4.2% |
| Fixed assets | 21/28 | €915,969 | €1,106,773 | +€190,804 | +20.8% |
| Tangible fixed assets | 22/27 | €915,969 | €1,106,773 | +€190,804 | +20.8% |
| Land and buildings | 22 | €911,760 | €1,104,559 | +€192,799 | +21.1% |
| Furniture and vehicles | 24 | €4,209 | €2,214 | -€1,995 | -47.4% |
| Current assets | 29/58 | €748,858 | €488,769 | -€260,089 | -34.7% |
| Amounts receivable within one year | 40/41 | €206,471 | €201,742 | -€4,729 | -2.3% |
| Trade receivables | 40 | €48,614 | €46,664 | -€1,950 | -4.0% |
| Other amounts receivable | 41 | €157,857 | €155,078 | -€2,779 | -1.8% |
| Current investments | 50/53 | €74,100 | €227,511 | +€153,411 | +207% |
| Cash at bank and in hand | 54/58 | €464,211 | €55,194 | -€409,017 | -88.1% |
| Deferred charges and accrued income | 490/1 | €4,075 | €4,321 | +€246 | +6.0% |
| Total equity and liabilities | 10/49 | €1,664,826 | €1,595,542 | -€69,285 | -4.2% |
| Equity | 10/15 | €1,242,811 | €1,209,347 | -€33,464 | -2.7% |
| Contributions | 10/11 | €195,560 | €195,560 | = | 0.0% |
| Reserves | 13 | €587,420 | €587,420 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,885 | €28,885 | = | 0.0% |
| Distributable reserves | 133 | €558,535 | €558,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | €452,983 | €419,519 | -€33,464 | -7.4% |
| Investment grants | 15 | €6,848 | €6,848 | = | 0.0% |
| Amounts payable | 17/49 | €422,016 | €386,195 | -€35,821 | -8.5% |
| Amounts payable after more than one year | 17 | €200,000 | €185,981 | -€14,019 | -7.0% |
| Financial debts | 170/4 | €200,000 | €185,981 | -€14,019 | -7.0% |
| Amounts payable within one year | 42/48 | €222,001 | €193,035 | -€28,966 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | - | €14,019 | +€14,019 | |
| Trade debts | 44 | €51,004 | €29,943 | -€21,061 | -41.3% |
| Suppliers | 440/4 | €51,004 | €29,943 | -€21,061 | -41.3% |
| Taxes, remuneration and social security | 45 | €6,658 | €2,588 | -€4,070 | -61.1% |
| Taxes | 450/3 | €4,852 | €2,588 | -€2,263 | -46.7% |
| Remuneration and social security | 454/9 | €1,807 | - | -€1,807 | |
| Other amounts payable | 47/48 | €164,339 | €146,486 | -€17,853 | -10.9% |
| Accrued charges and deferred income | 492/3 | €14 | €7,178 | +€7,164 | +50,554% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,593 | €99,776 | +€20,183 | +25.4% |
| Other operating charges | 640/8 | €16,706 | €20,746 | +€4,040 | +24.2% |
| Gross operating margin | 9900 | €73,928 | €81,931 | +€8,003 | +10.8% |
| Operating profit (loss) | 9901 | -€22,371 | -€38,591 | -€16,220 | -72.5% |
| Financial income | 75/76B | €84,529 | €11,646 | -€72,883 | -86.2% |
| Recurring financial income | 75 | €9,599 | €11,646 | +€2,047 | +21.3% |
| Non-recurring financial income | 76B | €74,930 | - | -€74,930 | |
| Financial charges | 65/66B | €13,613 | €15,397 | +€1,785 | +13.1% |
| Recurring financial charges | 65 | €13,613 | €15,397 | +€1,785 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €48,545 | -€42,343 | -€90,888 | |
| Income taxes | 67/77 | €24,931 | -€18,879 | -€43,810 | |
| Profit (loss) for the period | 9904 | €23,614 | -€23,464 | -€47,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,614 | -€23,464 | -€47,078 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.