BTF: 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.
BTF
Largest movements
- Receivables within one year -€763,140
down €763,140 (-71.0%), from €1.1m to €311,927
of which Trade receivables: -€756,649
- Cash -€59,532
down €59,532 (-96.1%), from €61,949 to €2,417
mainly Trade debts (-€510,748) and Net result for the year (-€219,876)
- Stocks and contracts -€49,653
down €49,653 (-11.7%), from €425,277 to €375,624
of which Stocks: -€53,584
- Tangible fixed assets -€31,950
down €31,950 (-6.9%), from €463,139 to €431,189
of which Land and buildings: -€33,332
- Trade debts -€510,748
down €510,748 (-75.2%), from €679,322 to €168,575
- Profit (loss) carried forward -€219,876
down €219,876 (-175.8%), from -€125,082 to -€344,958
- Short-term financial debts -€182,289
down €182,289 (-34.1%), from €534,943 to €352,654
- Tax, wage and social debts +€21,816
up €21,816 (+40.6%), from €53,695 to €75,511
- Debts after one year -€21,614
down €21,614 (-22.0%), from €98,221 to €76,607
- Gross operating margin -€282,055
down €282,055 (-31.0%), from €909,519 to €627,464
- Financial charges -€41,118
down €41,118 (-48.0%), from €85,651 to €44,533
- Staff costs +€21,279
up €21,279 (+3.0%), from €698,796 to €720,075
- Write-downs +€15,935
new in 2025: €15,935
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 | €2,036,194 | €1,139,859 | -€896,335 | -44.0% |
| Fixed assets | 21/28 | €463,139 | €431,189 | -€31,950 | -6.9% |
| Tangible fixed assets | 22/27 | €463,139 | €431,189 | -€31,950 | -6.9% |
| Land and buildings | 22 | €416,886 | €383,554 | -€33,332 | -8.0% |
| Plant, machinery and equipment | 23 | - | €14,586 | +€14,586 | |
| Furniture and vehicles | 24 | €46,253 | €33,049 | -€13,205 | -28.5% |
| Current assets | 29/58 | €1,573,055 | €708,671 | -€864,385 | -54.9% |
| Stocks and contracts in progress | 3 | €425,277 | €375,624 | -€49,653 | -11.7% |
| Stocks | 30/36 | €425,277 | €371,693 | -€53,584 | -12.6% |
| Contracts in progress | 37 | - | €3,931 | +€3,931 | |
| Amounts receivable within one year | 40/41 | €1,075,067 | €311,927 | -€763,140 | -71.0% |
| Trade receivables | 40 | €1,059,046 | €302,397 | -€756,649 | -71.4% |
| Other amounts receivable | 41 | €16,021 | €9,530 | -€6,491 | -40.5% |
| Cash at bank and in hand | 54/58 | €61,949 | €2,417 | -€59,532 | -96.1% |
| Deferred charges and accrued income | 490/1 | €10,763 | €18,703 | +€7,941 | +73.8% |
| Total equity and liabilities | 10/49 | €2,036,194 | €1,139,859 | -€896,335 | -44.0% |
| Equity | 10/15 | €548,489 | €323,469 | -€225,020 | -41.0% |
| Contributions | 10/11 | €610,000 | €610,000 | = | 0.0% |
| Capital | 10 | €610,000 | €610,000 | = | 0.0% |
| Issued capital | 100 | €610,000 | €610,000 | = | 0.0% |
| Reserves | 13 | €22,416 | €22,416 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,416 | €22,416 | = | 0.0% |
| Legal reserve | 130 | €22,416 | €22,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€125,082 | -€344,958 | -€219,876 | -175.8% |
| Investment grants | 15 | €41,155 | €36,011 | -€5,144 | -12.5% |
| Amounts payable | 17/49 | €1,487,705 | €816,390 | -€671,315 | -45.1% |
| Amounts payable after more than one year | 17 | €98,221 | €76,607 | -€21,614 | -22.0% |
| Financial debts | 170/4 | €98,221 | €76,607 | -€21,614 | -22.0% |
| Amounts payable within one year | 42/48 | €1,389,484 | €734,686 | -€654,799 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €121,414 | €137,836 | +€16,422 | +13.5% |
| Financial debts | 43 | €534,943 | €352,654 | -€182,289 | -34.1% |
| Credit institutions | 430/8 | €534,943 | €352,654 | -€182,289 | -34.1% |
| Trade debts | 44 | €679,322 | €168,575 | -€510,748 | -75.2% |
| Suppliers | 440/4 | €679,322 | €168,575 | -€510,748 | -75.2% |
| Taxes, remuneration and social security | 45 | €53,695 | €75,511 | +€21,816 | +40.6% |
| Remuneration and social security | 454/9 | €53,695 | €75,511 | +€21,816 | +40.6% |
| Other amounts payable | 47/48 | €109 | €109 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €5,098 | +€5,098 | |
| Remuneration, social security and pensions | 62 | €698,796 | €720,075 | +€21,279 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,918 | €49,328 | +€410 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,935 | +€15,935 | |
| Other operating charges | 640/8 | €16,283 | €19,014 | +€2,731 | +16.8% |
| Gross operating margin | 9900 | €909,519 | €627,464 | -€282,055 | -31.0% |
| Operating profit (loss) | 9901 | €145,522 | -€176,888 | -€322,410 | |
| Financial income | 75/76B | €142 | €1,546 | +€1,404 | +988.5% |
| Recurring financial income | 75 | €142 | €1,546 | +€1,404 | +988.5% |
| Financial charges | 65/66B | €85,651 | €44,533 | -€41,118 | -48.0% |
| Recurring financial charges | 65 | €85,651 | €44,533 | -€41,118 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €60,013 | -€219,876 | -€279,889 | |
| Profit (loss) for the period | 9904 | €60,013 | -€219,876 | -€279,889 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,013 | -€219,876 | -€279,889 |
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 1 October 2026 via checked.be.