BTM - FORTALIS: 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 - FORTALIS
Largest movements
- Tangible fixed assets -€93,489
down €93,489 (-7.5%), from €1.2m to €1.1m
of which Furniture and vehicles: -€51,000
- Intangible fixed assets +€41,092
up €41,092 (+3,300%), from €1,245 to €42,337
- Cash +€23,779
up €23,779 (+12.4%), from €191,201 to €214,980
mainly Depreciation (+€108,673) and Net result for the year (+€72,500)
- Reserves +€50,000
up €50,000 (+12.7%), from €392,859 to €442,859
of which Distributable reserves: +€50,000
- Debts after one year -€49,355
down €49,355 (-8.1%), from €612,581 to €563,226
of which Financial debts: -€49,355
- Other debts -€17,466
down €17,466 (-19.7%), from €88,847 to €71,381
- Trade debts -€16,229
down €16,229 (-19.8%), from €81,883 to €65,653
- Staff costs +€46,253
up €46,253 (+12.2%), from €379,362 to €425,615
- Gross operating margin +€38,317
up €38,317 (+5.8%), from €656,800 to €695,116
- Depreciation +€13,226
up €13,226 (+13.9%), from €95,447 to €108,673
- Write-downs -€10,572
down €10,572, from €8,685 to -€1,887
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,598,690 | €1,564,163 | -€34,527 | -2.2% |
| Fixed assets | 21/28 | €1,240,417 | €1,188,020 | -€52,397 | -4.2% |
| Intangible fixed assets | 21 | €1,245 | €42,337 | +€41,092 | +3,300% |
| Tangible fixed assets | 22/27 | €1,239,172 | €1,145,683 | -€93,489 | -7.5% |
| Land and buildings | 22 | €755,950 | €731,221 | -€24,729 | -3.3% |
| Plant, machinery and equipment | 23 | €274,652 | €260,083 | -€14,569 | -5.3% |
| Furniture and vehicles | 24 | €205,379 | €154,379 | -€51,000 | -24.8% |
| Assets under construction and advance payments | 27 | €3,191 | €0 | -€3,191 | -100% |
| Current assets | 29/58 | €358,273 | €376,144 | +€17,870 | +5.0% |
| Stocks and contracts in progress | 3 | €20,234 | €28,243 | +€8,009 | +39.6% |
| Stocks | 30/36 | €20,234 | €28,243 | +€8,009 | +39.6% |
| Amounts receivable within one year | 40/41 | €130,173 | €129,881 | -€292 | -0.2% |
| Trade receivables | 40 | €92,110 | €105,350 | +€13,239 | +14.4% |
| Other amounts receivable | 41 | €38,062 | €24,531 | -€13,531 | -35.6% |
| Cash at bank and in hand | 54/58 | €191,201 | €214,980 | +€23,779 | +12.4% |
| Deferred charges and accrued income | 490/1 | €16,666 | €3,040 | -€13,626 | -81.8% |
| Total equity and liabilities | 10/49 | €1,598,690 | €1,564,163 | -€34,527 | -2.2% |
| Equity | 10/15 | €656,043 | €708,543 | +€52,500 | +8.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €392,859 | €442,859 | +€50,000 | +12.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €391,000 | €441,000 | +€50,000 | +12.8% |
| Profit (loss) carried forward | 14 | €244,592 | €247,092 | +€2,500 | +1.0% |
| Amounts payable | 17/49 | €942,647 | €855,620 | -€87,026 | -9.2% |
| Amounts payable after more than one year | 17 | €612,581 | €563,226 | -€49,355 | -8.1% |
| Financial debts | 170/4 | €364,736 | €315,381 | -€49,355 | -13.5% |
| Other amounts payable | 178/9 | €247,845 | €247,845 | = | 0.0% |
| Amounts payable within one year | 42/48 | €309,701 | €271,448 | -€38,253 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €69,139 | €79,101 | +€9,961 | +14.4% |
| Trade debts | 44 | €81,883 | €65,653 | -€16,229 | -19.8% |
| Suppliers | 440/4 | €81,883 | €65,653 | -€16,229 | -19.8% |
| Advances received on contracts in progress | 46 | €1,400 | €0 | -€1,400 | -100% |
| Taxes, remuneration and social security | 45 | €68,432 | €55,313 | -€13,118 | -19.2% |
| Taxes | 450/3 | €17,829 | €15,480 | -€2,348 | -13.2% |
| Remuneration and social security | 454/9 | €50,603 | €39,833 | -€10,770 | -21.3% |
| Other amounts payable | 47/48 | €88,847 | €71,381 | -€17,466 | -19.7% |
| Accrued charges and deferred income | 492/3 | €20,365 | €20,946 | +€581 | +2.9% |
| Remuneration, social security and pensions | 62 | €379,362 | €425,615 | +€46,253 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,447 | €108,673 | +€13,226 | +13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,685 | -€1,887 | -€10,572 | |
| Other operating charges | 640/8 | €11,544 | €16,580 | +€5,036 | +43.6% |
| Non-recurring operating charges | 66A | €910 | -€50 | -€960 | |
| Gross operating margin | 9900 | €656,800 | €695,116 | +€38,317 | +5.8% |
| Operating profit (loss) | 9901 | €160,851 | €146,186 | -€14,666 | -9.1% |
| Financial income | 75/76B | €2,406 | €3,105 | +€699 | +29.0% |
| Recurring financial income | 75 | €2,406 | €3,105 | +€699 | +29.0% |
| Financial charges | 65/66B | €29,693 | €27,027 | -€2,666 | -9.0% |
| Recurring financial charges | 65 | €29,693 | €27,027 | -€2,666 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €133,564 | €122,263 | -€11,301 | -8.5% |
| Income taxes | 67/77 | €47,231 | €49,764 | +€2,533 | +5.4% |
| Profit (loss) for the period | 9904 | €86,334 | €72,500 | -€13,834 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,334 | €72,500 | -€13,834 | -16.0% |
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 31 October 2026 via checked.be.