BTG: 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.
BTG
Largest movements
- Receivables within one year -€251,561
down €251,561 (-29.2%), from €860,564 to €609,002
of which Other amounts receivable: -€238,776
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash +€39,127
up €39,127 (+13.1%), from €297,872 to €336,999
mainly Receivables within one year (+€251,561) and Net result for the year (+€242,754)
- Stocks and contracts -€38,991
down €38,991 (-15.7%), from €247,705 to €208,715
of which Contracts in progress: -€26,533
- Trade debts -€206,133
down €206,133 (-64.5%), from €319,384 to €113,251
- Short-term financial debts -€125,000
down €125,000 (-50.0%), from €250,000 to €125,000
- Advances received +€70,992
up €70,992 (+19.7%), from €361,113 to €432,105
- Profit (loss) carried forward +€33,004
up €33,004 (+61.4%), from €53,763 to €86,767
- Tax, wage and social debts +€29,256
up €29,256 (+29.4%), from €99,508 to €128,764
of which Taxes: +€17,944
- Gross operating margin +€180,931
up €180,931 (+19.5%), from €928,945 to €1.1m
- Taxes +€45,699
up €45,699 (+112.6%), from €40,572 to €86,271
- Staff costs +€36,725
up €36,725 (+5.4%), from €684,997 to €721,722
- Other operating charges -€16,805
down €16,805 (-45.2%), from €37,212 to €20,406
- Financial charges -€12,176
down €12,176 (-32.5%), from €37,437 to €25,260
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 | €1,565,758 | €1,371,588 | -€194,171 | -12.4% |
| Formation expenses | 20 | €1,496 | €4,351 | +€2,855 | +190.8% |
| Fixed assets | 21/28 | €140,589 | €138,796 | -€1,793 | -1.3% |
| Intangible fixed assets | 21 | €116 | €10,836 | +€10,721 | +9255.5% |
| Tangible fixed assets | 22/27 | €140,053 | €127,540 | -€12,513 | -8.9% |
| Land and buildings | 22 | €82,802 | €81,962 | -€839 | -1.0% |
| Plant, machinery and equipment | 23 | €8,620 | €14,136 | +€5,515 | +64.0% |
| Furniture and vehicles | 24 | €20,493 | €13,223 | -€7,269 | -35.5% |
| Leasing and similar rights | 25 | €21,435 | €14,574 | -€6,861 | -32.0% |
| Other tangible fixed assets | 26 | €6,703 | €3,644 | -€3,059 | -45.6% |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €1,423,673 | €1,228,440 | -€195,233 | -13.7% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Stocks and contracts in progress | 3 | €247,705 | €208,715 | -€38,991 | -15.7% |
| Stocks | 30/36 | €120,791 | €108,333 | -€12,458 | -10.3% |
| Contracts in progress | 37 | €126,915 | €100,381 | -€26,533 | -20.9% |
| Amounts receivable within one year | 40/41 | €860,564 | €609,002 | -€251,561 | -29.2% |
| Trade receivables | 40 | €585,083 | €572,298 | -€12,785 | -2.2% |
| Other amounts receivable | 41 | €275,480 | €36,705 | -€238,776 | -86.7% |
| Cash at bank and in hand | 54/58 | €297,872 | €336,999 | +€39,127 | +13.1% |
| Deferred charges and accrued income | 490/1 | €17,532 | €23,724 | +€6,192 | +35.3% |
| Total equity and liabilities | 10/49 | €1,565,758 | €1,371,588 | -€194,171 | -12.4% |
| Equity | 10/15 | €228,788 | €261,792 | +€33,004 | +14.4% |
| Contributions | 10/11 | €175,025 | €175,025 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,763 | €86,767 | +€33,004 | +61.4% |
| Amounts payable | 17/49 | €1,336,971 | €1,109,796 | -€227,175 | -17.0% |
| Amounts payable after more than one year | 17 | €80,027 | €62,803 | -€17,224 | -21.5% |
| Financial debts | 170/4 | €80,027 | €62,803 | -€17,224 | -21.5% |
| Amounts payable within one year | 42/48 | €1,255,889 | €1,034,631 | -€221,258 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €16,908 | €20,763 | +€3,855 | +22.8% |
| Financial debts | 43 | €250,000 | €125,000 | -€125,000 | -50.0% |
| Credit institutions | 430/8 | €250,000 | €125,000 | -€125,000 | -50.0% |
| Trade debts | 44 | €319,384 | €113,251 | -€206,133 | -64.5% |
| Suppliers | 440/4 | €319,384 | €113,251 | -€206,133 | -64.5% |
| Advances received on contracts in progress | 46 | €361,113 | €432,105 | +€70,992 | +19.7% |
| Taxes, remuneration and social security | 45 | €99,508 | €128,764 | +€29,256 | +29.4% |
| Taxes | 450/3 | €38,111 | €56,054 | +€17,944 | +47.1% |
| Remuneration and social security | 454/9 | €61,397 | €72,710 | +€11,312 | +18.4% |
| Other amounts payable | 47/48 | €208,976 | €214,748 | +€5,772 | +2.8% |
| Accrued charges and deferred income | 492/3 | €1,055 | €12,362 | +€11,307 | +1071.8% |
| Remuneration, social security and pensions | 62 | €684,997 | €721,722 | +€36,725 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,628 | €37,121 | +€2,493 | +7.2% |
| Other operating charges | 640/8 | €37,212 | €20,406 | -€16,805 | -45.2% |
| Gross operating margin | 9900 | €928,945 | €1,109,876 | +€180,931 | +19.5% |
| Operating profit (loss) | 9901 | €172,108 | €330,626 | +€158,518 | +92.1% |
| Financial income | 75/76B | €12,322 | €23,660 | +€11,337 | +92.0% |
| Recurring financial income | 75 | €12,322 | €23,660 | +€11,337 | +92.0% |
| Financial charges | 65/66B | €37,437 | €25,260 | -€12,176 | -32.5% |
| Recurring financial charges | 65 | €37,437 | €25,260 | -€12,176 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €146,993 | €329,026 | +€182,032 | +123.8% |
| Income taxes | 67/77 | €40,572 | €86,271 | +€45,699 | +112.6% |
| Profit (loss) for the period | 9904 | €106,421 | €242,754 | +€136,333 | +128.1% |
| Profit (loss) for the period to be appropriated | 9905 | €106,421 | €242,754 | +€136,333 | +128.1% |
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 12 October 2026 via checked.be.