BTCW: what changed
Two fiscal 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.
BTCW
Largest movements
- Cash +€10,476
up €10,476 (+36.7%), from €28,520 to €38,996
mainly Net result for the year (+€17,221) and Depreciation (+€530)
- Deferred charges and accrued income +€5,501
up €5,501 (+270.3%), from €2,035 to €7,536
- Tangible fixed assets +€1,021
up €1,021 (+242.0%), from €422 to €1,443
- Reserves +€17,220
up €17,220 (+73.3%), from €23,500 to €40,720
- Trade debts -€697
down €697 (-28.8%), from €2,421 to €1,725
- Tax, wage and social debts +€524
up €524 (+8.8%), from €5,970 to €6,494
of which Taxes: +€524
- Gross operating margin +€7,843
up €7,843 (+37.0%), from €21,181 to €29,024
- Taxes +€1,870
up €1,870 (+30.5%), from €6,134 to €8,004
- Other operating charges +€752
up €752 (+96.6%), from €779 to €1,531
- Financial charges +€394
up €394 (+29.4%), from €1,343 to €1,738
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.
Cash bridge derived
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 | €34,454 | €51,749 | +€17,295 | +50.2% |
| Fixed assets | 21/28 | €806 | €1,785 | +€979 | +121.4% |
| Intangible fixed assets | 21 | €385 | €342 | -€42 | -11.0% |
| Tangible fixed assets | 22/27 | €422 | €1,443 | +€1,021 | +242.0% |
| Furniture and vehicles | 24 | €422 | €1,443 | +€1,021 | +242.0% |
| Current assets | 29/58 | €33,647 | €49,963 | +€16,316 | +48.5% |
| Amounts receivable within one year | 40/41 | €3,091 | €3,431 | +€340 | +11.0% |
| Trade receivables | 40 | €2,525 | €3,431 | +€906 | +35.9% |
| Other amounts receivable | 41 | €566 | - | -€566 | |
| Cash at bank and in hand | 54/58 | €28,520 | €38,996 | +€10,476 | +36.7% |
| Deferred charges and accrued income | 490/1 | €2,035 | €7,536 | +€5,501 | +270.3% |
| Total equity and liabilities | 10/49 | €34,454 | €51,749 | +€17,295 | +50.2% |
| Equity | 10/15 | €25,713 | €42,934 | +€17,221 | +67.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,500 | €40,720 | +€17,220 | +73.3% |
| Distributable reserves | 133 | €23,500 | €40,720 | +€17,220 | +73.3% |
| Profit (loss) carried forward | 14 | €213 | €214 | +€1 | +0.5% |
| Amounts payable | 17/49 | €8,741 | €8,815 | +€74 | +0.8% |
| Amounts payable within one year | 42/48 | €8,741 | €8,815 | +€74 | +0.8% |
| Trade debts | 44 | €2,421 | €1,725 | -€697 | -28.8% |
| Suppliers | 440/4 | €2,421 | €1,725 | -€697 | -28.8% |
| Taxes, remuneration and social security | 45 | €5,970 | €6,494 | +€524 | +8.8% |
| Taxes | 450/3 | €3,370 | €3,894 | +€524 | +15.6% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Other amounts payable | 47/48 | €350 | €597 | +€246 | +70.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €794 | €530 | -€264 | -33.2% |
| Other operating charges | 640/8 | €779 | €1,531 | +€752 | +96.6% |
| Gross operating margin | 9900 | €21,181 | €29,024 | +€7,843 | +37.0% |
| Operating profit (loss) | 9901 | €19,608 | €26,963 | +€7,355 | +37.5% |
| Financial charges | 65/66B | €1,343 | €1,738 | +€394 | +29.4% |
| Recurring financial charges | 65 | €1,343 | €1,738 | +€394 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €18,265 | €25,225 | +€6,960 | +38.1% |
| Income taxes | 67/77 | €6,134 | €8,004 | +€1,870 | +30.5% |
| Profit (loss) for the period | 9904 | €12,131 | €17,221 | +€5,090 | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,131 | €17,221 | +€5,090 | +42.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.