BTL: 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.
BTL
Largest movements
- Cash -€72,771
down €72,771 (-85.7%), from €84,869 to €12,098
mainly Trade debts (-€50,978) and Investment in fixed assets (net) (-€21,598)
- Tangible fixed assets +€12,016
up €12,016 (+54.7%), from €21,963 to €33,979
of which Plant, machinery and equipment: +€9,784
- Receivables within one year -€9,745
no longer reported in 2025 (was €9,745)
of which Trade receivables: -€7,254
- Deferred charges and accrued income +€5,455
up €5,455 (+73.6%), from €7,413 to €12,868
- Trade debts -€50,978
down €50,978 (-80.9%), from €63,001 to €12,023
- Tax, wage and social debts -€16,927
down €16,927 (-39.1%), from €43,309 to €26,382
of which Taxes: -€21,539
- Other debts +€4,440
new in 2025: €4,440
- Profit (loss) carried forward -€3,427
down €3,427 (-8.6%), from €40,042 to €36,615
- Taxes -€16,783
down €16,783, from €15,715 to -€1,068
- Financial charges -€7,185
down €7,185 (-66.5%), from €10,800 to €3,615
- Other operating charges +€5,745
up €5,745 (+152.5%), from €3,767 to €9,511
- Depreciation +€4,120
up €4,120 (+63.8%), from €6,462 to €10,582
- Financial income +€3,192
new in 2025: €3,192
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 | €149,352 | €82,461 | -€66,891 | -44.8% |
| Fixed assets | 21/28 | €34,631 | €45,647 | +€11,016 | +31.8% |
| Intangible fixed assets | 21 | €7,496 | €6,496 | -€1,000 | -13.3% |
| Tangible fixed assets | 22/27 | €21,963 | €33,979 | +€12,016 | +54.7% |
| Plant, machinery and equipment | 23 | €21,963 | €31,747 | +€9,784 | +44.5% |
| Furniture and vehicles | 24 | - | €2,232 | +€2,232 | |
| Financial fixed assets | 28 | €5,172 | €5,172 | = | 0.0% |
| Current assets | 29/58 | €114,722 | €36,814 | -€77,907 | -67.9% |
| Stocks and contracts in progress | 3 | €12,694 | €11,848 | -€846 | -6.7% |
| Stocks | 30/36 | €12,694 | €11,848 | -€846 | -6.7% |
| Amounts receivable within one year | 40/41 | €9,745 | - | -€9,745 | |
| Trade receivables | 40 | €7,254 | - | -€7,254 | |
| Other amounts receivable | 41 | €2,491 | - | -€2,491 | |
| Cash at bank and in hand | 54/58 | €84,869 | €12,098 | -€72,771 | -85.7% |
| Deferred charges and accrued income | 490/1 | €7,413 | €12,868 | +€5,455 | +73.6% |
| Total equity and liabilities | 10/49 | €149,352 | €82,461 | -€66,891 | -44.8% |
| Equity | 10/15 | €43,042 | €39,615 | -€3,427 | -8.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | - | €3,000 | +€3,000 | |
| Issued capital | 100 | - | €3,000 | +€3,000 | |
| Profit (loss) carried forward | 14 | €40,042 | €36,615 | -€3,427 | -8.6% |
| Amounts payable | 17/49 | €106,310 | €42,846 | -€63,464 | -59.7% |
| Amounts payable within one year | 42/48 | €106,310 | €42,846 | -€63,464 | -59.7% |
| Trade debts | 44 | €63,001 | €12,023 | -€50,978 | -80.9% |
| Suppliers | 440/4 | €63,001 | €12,023 | -€50,978 | -80.9% |
| Taxes, remuneration and social security | 45 | €43,309 | €26,382 | -€16,927 | -39.1% |
| Taxes | 450/3 | €30,423 | €8,885 | -€21,539 | -70.8% |
| Remuneration and social security | 454/9 | €12,886 | €17,498 | +€4,612 | +35.8% |
| Other amounts payable | 47/48 | - | €4,440 | +€4,440 | |
| Remuneration, social security and pensions | 62 | €100,996 | €103,440 | +€2,443 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,462 | €10,582 | +€4,120 | +63.8% |
| Other operating charges | 640/8 | €3,767 | €9,511 | +€5,745 | +152.5% |
| Non-recurring operating charges | 66A | €2,800 | - | -€2,800 | |
| Gross operating margin | 9900 | €119,678 | €119,461 | -€217 | -0.2% |
| Operating profit (loss) | 9901 | €5,653 | -€4,072 | -€9,725 | |
| Financial income | 75/76B | - | €3,192 | +€3,192 | |
| Recurring financial income | 75 | - | €3,192 | +€3,192 | |
| Financial charges | 65/66B | €10,800 | €3,615 | -€7,185 | -66.5% |
| Recurring financial charges | 65 | €10,800 | €3,615 | -€7,185 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,147 | -€4,495 | +€652 | +12.7% |
| Income taxes | 67/77 | €15,715 | -€1,068 | -€16,783 | |
| Profit (loss) for the period | 9904 | -€20,862 | -€3,427 | +€17,435 | +83.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,862 | -€3,427 | +€17,435 | +83.6% |
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 9 October 2026 via checked.be.