BTM: 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.
BTM
Largest movements
- Stocks and contracts -€73,225
down €73,225 (-10.3%), from €708,683 to €635,458
- Other debts -€129,127
down €129,127 (-21.1%), from €612,247 to €483,120
- Profit (loss) carried forward +€38,716
up €38,716 (+43.7%), from -€88,521 to -€49,805
- Trade debts +€16,417
up €16,417 (+5,641%), from €291 to €16,708
- Gross operating margin +€55,850
up €55,850, from -€12,534 to €43,317
- Depreciation -€1,771
no longer reported in 2025 (was €1,771)
- Other operating charges +€1,396
up €1,396 (+54.0%), from €2,586 to €3,981
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 | €779,086 | €705,623 | -€73,463 | -9.4% |
| Fixed assets | 21/28 | €65,000 | €65,000 | = | 0.0% |
| Financial fixed assets | 28 | €65,000 | €65,000 | = | 0.0% |
| Current assets | 29/58 | €714,086 | €640,623 | -€73,463 | -10.3% |
| Stocks and contracts in progress | 3 | €708,683 | €635,458 | -€73,225 | -10.3% |
| Stocks | 30/36 | €708,683 | €635,458 | -€73,225 | -10.3% |
| Amounts receivable within one year | 40/41 | €1,993 | €403 | -€1,590 | -79.8% |
| Other amounts receivable | 41 | €1,993 | €403 | -€1,590 | -79.8% |
| Cash at bank and in hand | 54/58 | €1,590 | €2,855 | +€1,264 | +79.5% |
| Deferred charges and accrued income | 490/1 | €1,821 | €1,908 | +€88 | +4.8% |
| Total equity and liabilities | 10/49 | €779,086 | €705,623 | -€73,463 | -9.4% |
| Equity | 10/15 | €164,879 | €203,595 | +€38,716 | +23.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,400 | €3,400 | = | 0.0% |
| Distributable reserves | 133 | €3,400 | €3,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,521 | -€49,805 | +€38,716 | +43.7% |
| Amounts payable | 17/49 | €614,207 | €502,028 | -€112,179 | -18.3% |
| Amounts payable within one year | 42/48 | €614,207 | €502,028 | -€112,179 | -18.3% |
| Trade debts | 44 | €291 | €16,708 | +€16,417 | +5,641% |
| Suppliers | 440/4 | €291 | €16,708 | +€16,417 | +5,641% |
| Taxes, remuneration and social security | 45 | €1,669 | €2,200 | +€531 | +31.8% |
| Taxes | 450/3 | €1,669 | €2,200 | +€531 | +31.8% |
| Other amounts payable | 47/48 | €612,247 | €483,120 | -€129,127 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,771 | - | -€1,771 | |
| Other operating charges | 640/8 | €2,586 | €3,981 | +€1,396 | +54.0% |
| Gross operating margin | 9900 | -€12,534 | €43,317 | +€55,850 | |
| Operating profit (loss) | 9901 | -€16,890 | €39,335 | +€56,226 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €207 | €320 | +€113 | +54.8% |
| Recurring financial charges | 65 | €207 | €320 | +€113 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | -€17,097 | €39,017 | +€56,114 | |
| Income taxes | 67/77 | €292 | €301 | +€9 | +3.0% |
| Profit (loss) for the period | 9904 | -€17,389 | €38,716 | +€56,106 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,389 | €38,716 | +€56,106 |
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 17 October 2026 via checked.be.