BTFM: 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.
BTFM
Largest movements
- Cash +€373,433
up €373,433 (+268%), from €139,141 to €512,574
mainly Net result for the year (+€405,442) and Other debts (+€388,396)
- Receivables within one year +€178,350
up €178,350 (+198%), from €90,233 to €268,583
of which Trade receivables: +€194,500
- Other debts +€388,396
up €388,396 (+250%), from €155,664 to €544,061
- Tax, wage and social debts +€172,934
up €172,934 (+1,285%), from €13,458 to €186,392
- Profit (loss) carried forward -€23,258
down €23,258 (-99.8%), from €23,295 to €37
- Trade debts +€14,976
up €14,976 (+93.7%), from €15,987 to €30,963
- Gross operating margin +€509,536
up €509,536 (+1,048%), from €48,616 to €558,152
- Taxes +€137,006
up €137,006 (+1,115%), from €12,293 to €149,299
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 | €254,965 | €808,412 | +€553,448 | +217% |
| Fixed assets | 21/28 | €25,592 | €27,256 | +€1,664 | +6.5% |
| Tangible fixed assets | 22/27 | €592 | €2,256 | +€1,664 | +281% |
| Furniture and vehicles | 24 | €592 | €2,256 | +€1,664 | +281% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €229,373 | €781,156 | +€551,783 | +241% |
| Amounts receivable within one year | 40/41 | €90,233 | €268,583 | +€178,350 | +198% |
| Trade receivables | 40 | €71,919 | €266,419 | +€194,500 | +270% |
| Other amounts receivable | 41 | €18,314 | €2,164 | -€16,150 | -88.2% |
| Cash at bank and in hand | 54/58 | €139,141 | €512,574 | +€373,433 | +268% |
| Total equity and liabilities | 10/49 | €254,965 | €808,412 | +€553,448 | +217% |
| Equity | 10/15 | €25,795 | €2,537 | -€23,258 | -90.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,295 | €37 | -€23,258 | -99.8% |
| Amounts payable | 17/49 | €229,170 | €805,875 | +€576,705 | +252% |
| Amounts payable within one year | 42/48 | €229,170 | €805,475 | +€576,305 | +251% |
| Trade debts | 44 | €15,987 | €30,963 | +€14,976 | +93.7% |
| Suppliers | 440/4 | €15,987 | €30,963 | +€14,976 | +93.7% |
| Advances received on contracts in progress | 46 | €44,061 | €44,061 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €13,458 | €186,392 | +€172,934 | +1,285% |
| Taxes | 450/3 | €13,458 | €186,392 | +€172,934 | +1,285% |
| Other amounts payable | 47/48 | €155,664 | €544,061 | +€388,396 | +250% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395 | €639 | +€244 | +61.6% |
| Other operating charges | 640/8 | €92 | €50 | -€42 | -45.4% |
| Gross operating margin | 9900 | €48,616 | €558,152 | +€509,536 | +1,048% |
| Operating profit (loss) | 9901 | €48,129 | €557,463 | +€509,334 | +1,058% |
| Financial income | 75/76B | €4,035 | - | -€4,035 | |
| Recurring financial income | 75 | €4,035 | - | -€4,035 | |
| Financial charges | 65/66B | €555 | €2,721 | +€2,167 | +391% |
| Recurring financial charges | 65 | €555 | €2,721 | +€2,167 | +391% |
| Profit (loss) for the period before taxes | 9903 | €51,609 | €554,742 | +€503,132 | +975% |
| Income taxes | 67/77 | €12,293 | €149,299 | +€137,006 | +1,115% |
| Profit (loss) for the period | 9904 | €39,316 | €405,442 | +€366,126 | +931% |
| Profit (loss) for the period to be appropriated | 9905 | €39,316 | €405,442 | +€366,126 | +931% |
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 18 October 2026 via checked.be.