BTF 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.
BTF Projects
Largest movements
- Receivables within one year +€746,484
up €746,484 (+3667.6%), from €20,353 to €766,838
of which Trade receivables: +€374,189
- Other debts +€401,864
up €401,864 (+95.9%), from €419,163 to €821,027
- Debts after one year +€248,001
up €248,001 (+9.7%), from €2.6m to €2.8m
of which Financial debts: +€408,001
- Tax, wage and social debts +€120,393
up €120,393 (+1049.6%), from €11,470 to €131,863
- Short-term financial debts -€63,679
down €63,679 (-51.7%), from €123,142 to €59,463
- Trade debts +€42,980
up €42,980 (+410.9%), from €10,459 to €53,438
- Gross operating margin +€54,840
up €54,840 (+98.7%), from €55,561 to €110,400
- Financial income +€8,223
up €8,223 (+278.1%), from €2,957 to €11,180
of which Financial income: +€7,766
- Financial charges -€8,167
down €8,167 (-6.6%), from €124,468 to €116,301
- Other operating charges -€7,565
down €7,565 (-72.1%), from €10,489 to €2,923
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 | €3,073,608 | €3,832,883 | +€759,275 | +24.7% |
| Current assets | 29/58 | €3,073,608 | €3,832,883 | +€759,275 | +24.7% |
| Stocks and contracts in progress | 3 | €3,052,323 | €3,064,351 | +€12,028 | +0.4% |
| Stocks | 30/36 | €3,052,323 | €3,064,351 | +€12,028 | +0.4% |
| Amounts receivable within one year | 40/41 | €20,353 | €766,838 | +€746,484 | +3667.6% |
| Trade receivables | 40 | €20,353 | €394,542 | +€374,189 | +1838.5% |
| Other amounts receivable | 41 | - | €372,295 | +€372,295 | |
| Cash at bank and in hand | 54/58 | €98 | €337 | +€238 | +242.5% |
| Deferred charges and accrued income | 490/1 | €833 | €1,358 | +€525 | +63.0% |
| Total equity and liabilities | 10/49 | €3,073,608 | €3,832,883 | +€759,275 | +24.7% |
| Equity | 10/15 | -€52,347 | -€49,992 | +€2,355 | +4.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,347 | -€64,992 | +€2,355 | +3.5% |
| Amounts payable | 17/49 | €3,125,955 | €3,882,875 | +€756,920 | +24.2% |
| Amounts payable after more than one year | 17 | €2,551,801 | €2,799,802 | +€248,001 | +9.7% |
| Financial debts | 170/4 | €2,391,801 | €2,799,802 | +€408,001 | +17.1% |
| Other amounts payable | 178/9 | €160,000 | - | -€160,000 | |
| Amounts payable within one year | 42/48 | €564,234 | €1,065,791 | +€501,557 | +88.9% |
| Financial debts | 43 | €123,142 | €59,463 | -€63,679 | -51.7% |
| Credit institutions | 430/8 | €123,142 | €59,463 | -€63,679 | -51.7% |
| Trade debts | 44 | €10,459 | €53,438 | +€42,980 | +410.9% |
| Suppliers | 440/4 | €10,459 | €53,438 | +€42,980 | +410.9% |
| Taxes, remuneration and social security | 45 | €11,470 | €131,863 | +€120,393 | +1049.6% |
| Taxes | 450/3 | €11,470 | €131,863 | +€120,393 | +1049.6% |
| Other amounts payable | 47/48 | €419,163 | €821,027 | +€401,864 | +95.9% |
| Accrued charges and deferred income | 492/3 | €9,919 | €17,281 | +€7,362 | +74.2% |
| Non-recurring operating income | 76A | - | €21,281 | +€21,281 | |
| Other operating charges | 640/8 | €10,489 | €2,923 | -€7,565 | -72.1% |
| Gross operating margin | 9900 | €55,561 | €110,400 | +€54,840 | +98.7% |
| Operating profit (loss) | 9901 | €45,072 | €107,477 | +€62,405 | +138.5% |
| Financial income | 75/76B | €2,957 | €11,180 | +€8,223 | +278.1% |
| Recurring financial income | 75 | €2,957 | €10,722 | +€7,766 | +262.6% |
| Non-recurring financial income | 76B | - | €458 | +€458 | |
| Financial charges | 65/66B | €124,468 | €116,301 | -€8,167 | -6.6% |
| Recurring financial charges | 65 | €124,468 | €116,301 | -€8,167 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€76,439 | €2,355 | +€78,795 | |
| Profit (loss) for the period | 9904 | -€76,439 | €2,355 | +€78,795 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,439 | €2,355 | +€78,795 |
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 10 October 2026 via checked.be.