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
- Cash -€24,949
down €24,949 (-81.4%), from €30,649 to €5,699
mainly Net result for the year (-€24,936) and Other debts (-€11,694)
- Receivables within one year +€7,905
up €7,905 (+109%), from €7,243 to €15,147
of which Trade receivables: +€6,520
- Tangible fixed assets -€1,781
down €1,781 (-83.7%), from €2,128 to €347
- Profit (loss) carried forward -€23,076
down €23,076 (-29.7%), from -€77,819 to -€100,895
- Accrued charges and deferred income +€15,904
new in 2025: €15,904
- Other debts -€11,694
no longer reported in 2025 (was €11,694)
- Reserves -€1,860
down €1,860 (-2.0%), from €95,198 to €93,338
- Trade debts +€1,383
up €1,383 (+143%), from €966 to €2,350
- Gross operating margin -€45,206
down €45,206, from €44,005 to -€1,200
- Staff costs -€23,386
down €23,386 (-54.0%), from €43,284 to €19,898
- Financial charges +€987
up €987 (+261%), from €378 to €1,366
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 | €42,664 | €23,605 | -€19,059 | -44.7% |
| Fixed assets | 21/28 | €4,202 | €2,421 | -€1,781 | -42.4% |
| Tangible fixed assets | 22/27 | €2,128 | €347 | -€1,781 | -83.7% |
| Furniture and vehicles | 24 | €2,128 | €347 | -€1,781 | -83.7% |
| Financial fixed assets | 28 | €2,074 | €2,074 | = | 0.0% |
| Current assets | 29/58 | €38,462 | €21,185 | -€17,277 | -44.9% |
| Amounts receivable within one year | 40/41 | €7,243 | €15,147 | +€7,905 | +109% |
| Trade receivables | 40 | €7,243 | €13,763 | +€6,520 | +90.0% |
| Other amounts receivable | 41 | - | €1,385 | +€1,385 | |
| Cash at bank and in hand | 54/58 | €30,649 | €5,699 | -€24,949 | -81.4% |
| Deferred charges and accrued income | 490/1 | €571 | €338 | -€232 | -40.7% |
| Total equity and liabilities | 10/49 | €42,664 | €23,605 | -€19,059 | -44.7% |
| Equity | 10/15 | €27,379 | €2,443 | -€24,936 | -91.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €95,198 | €93,338 | -€1,860 | -2.0% |
| Distributable reserves | 133 | €95,198 | €93,338 | -€1,860 | -2.0% |
| Profit (loss) carried forward | 14 | -€77,819 | -€100,895 | -€23,076 | -29.7% |
| Amounts payable | 17/49 | €15,285 | €21,162 | +€5,877 | +38.4% |
| Amounts payable within one year | 42/48 | €15,285 | €5,258 | -€10,027 | -65.6% |
| Trade debts | 44 | €966 | €2,350 | +€1,383 | +143% |
| Suppliers | 440/4 | €966 | €2,350 | +€1,383 | +143% |
| Taxes, remuneration and social security | 45 | €2,625 | €2,909 | +€284 | +10.8% |
| Taxes | 450/3 | €1,676 | - | -€1,676 | |
| Remuneration and social security | 454/9 | €948 | €2,909 | +€1,960 | +207% |
| Other amounts payable | 47/48 | €11,694 | - | -€11,694 | |
| Accrued charges and deferred income | 492/3 | - | €15,904 | +€15,904 | |
| Non-recurring operating income | 76A | €14,878 | - | -€14,878 | |
| Remuneration, social security and pensions | 62 | €43,284 | €19,898 | -€23,386 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,781 | €1,781 | = | 0.0% |
| Other operating charges | 640/8 | €570 | €819 | +€249 | +43.7% |
| Gross operating margin | 9900 | €44,005 | -€1,200 | -€45,206 | |
| Operating profit (loss) | 9901 | -€1,630 | -€23,699 | -€22,069 | -1,354% |
| Financial income | 75/76B | €31 | €139 | +€108 | +353% |
| Recurring financial income | 75 | €31 | €139 | +€108 | +353% |
| Financial charges | 65/66B | €378 | €1,366 | +€987 | +261% |
| Recurring financial charges | 65 | €378 | €1,366 | +€987 | +261% |
| Profit (loss) for the period before taxes | 9903 | -€1,978 | -€24,926 | -€22,949 | -1,160% |
| Income taxes | 67/77 | €5 | €9 | +€4 | +78.1% |
| Profit (loss) for the period | 9904 | -€1,983 | -€24,936 | -€22,953 | -1,157% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,983 | -€24,936 | -€22,953 | -1,157% |
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 24 October 2026 via checked.be.