BTL Belgium: 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 Belgium
Largest movements
- Cash -€40,331
down €40,331 (-51.6%), from €78,151 to €37,821
mainly Net result for the year (-€137,360) and Stocks and contracts (-€14,010)
- Stocks and contracts +€14,010
up €14,010 (+27.2%), from €51,458 to €65,468
- Receivables within one year -€8,817
down €8,817 (-46.4%), from €19,002 to €10,185
of which Trade receivables: -€7,071
- Tangible fixed assets -€6,873
down €6,873 (-23.1%), from €29,782 to €22,909
- Profit (loss) carried forward -€137,360
down €137,360 (-156%), from -€88,025 to -€225,386
- Other debts +€50,000
up €50,000 (+29.3%), from €170,609 to €220,609
- Trade debts +€36,036
up €36,036 (+47.4%), from €75,948 to €111,985
- Tax, wage and social debts +€8,293
up €8,293 (+81.0%), from €10,236 to €18,530
of which Remuneration and social security: +€11,494
- Staff costs +€35,463
up €35,463 (+67.7%), from €52,391 to €87,854
- Gross operating margin -€11,765
down €11,765 (-41.4%), from -€28,415 to -€40,179
- Depreciation +€2,291
up €2,291 (+50.0%), from €4,582 to €6,873
- Other operating charges -€472
down €472 (-57.9%), from €814 to €342
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 | €178,768 | €136,557 | -€42,211 | -23.6% |
| Fixed assets | 21/28 | €30,156 | €23,084 | -€7,073 | -23.5% |
| Tangible fixed assets | 22/27 | €29,782 | €22,909 | -€6,873 | -23.1% |
| Furniture and vehicles | 24 | €29,782 | €22,909 | -€6,873 | -23.1% |
| Financial fixed assets | 28 | €375 | €175 | -€200 | -53.4% |
| Current assets | 29/58 | €148,612 | €113,474 | -€35,138 | -23.6% |
| Stocks and contracts in progress | 3 | €51,458 | €65,468 | +€14,010 | +27.2% |
| Stocks | 30/36 | €51,458 | €65,468 | +€14,010 | +27.2% |
| Amounts receivable within one year | 40/41 | €19,002 | €10,185 | -€8,817 | -46.4% |
| Trade receivables | 40 | €12,608 | €5,538 | -€7,071 | -56.1% |
| Other amounts receivable | 41 | €6,394 | €4,647 | -€1,747 | -27.3% |
| Cash at bank and in hand | 54/58 | €78,151 | €37,821 | -€40,331 | -51.6% |
| Total equity and liabilities | 10/49 | €178,768 | €136,557 | -€42,211 | -23.6% |
| Equity | 10/15 | -€78,025 | -€215,386 | -€137,360 | -176% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,025 | -€225,386 | -€137,360 | -156% |
| Amounts payable | 17/49 | €256,793 | €351,943 | +€95,150 | +37.1% |
| Amounts payable within one year | 42/48 | €256,793 | €351,943 | +€95,150 | +37.1% |
| Trade debts | 44 | €75,948 | €111,985 | +€36,036 | +47.4% |
| Suppliers | 440/4 | €75,948 | €111,985 | +€36,036 | +47.4% |
| Advances received on contracts in progress | 46 | - | €820 | +€820 | |
| Taxes, remuneration and social security | 45 | €10,236 | €18,530 | +€8,293 | +81.0% |
| Taxes | 450/3 | €3,355 | €154 | -€3,201 | -95.4% |
| Remuneration and social security | 454/9 | €6,881 | €18,375 | +€11,494 | +167% |
| Other amounts payable | 47/48 | €170,609 | €220,609 | +€50,000 | +29.3% |
| Remuneration, social security and pensions | 62 | €52,391 | €87,854 | +€35,463 | +67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,582 | €6,873 | +€2,291 | +50.0% |
| Other operating charges | 640/8 | €814 | €342 | -€472 | -57.9% |
| Gross operating margin | 9900 | -€28,415 | -€40,179 | -€11,765 | -41.4% |
| Operating profit (loss) | 9901 | -€86,201 | -€135,248 | -€49,047 | -56.9% |
| Financial charges | 65/66B | €1,789 | €2,002 | +€213 | +11.9% |
| Recurring financial charges | 65 | €1,789 | €2,002 | +€213 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | -€87,991 | -€137,251 | -€49,260 | -56.0% |
| Income taxes | 67/77 | €35 | €110 | +€75 | +215% |
| Profit (loss) for the period | 9904 | -€88,025 | -€137,360 | -€49,335 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,025 | -€137,360 | -€49,335 | -56.0% |
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 25 October 2026 via checked.be.