BTN: what changed
Two fiscal 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.
What changed
BTN
NACE 28.250, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €439,982+€1.2m
Equity
€7.3m
2024 · €6.0m+€1.3m
Cash
€2.1m
2024 · €1.0m+€1.0m
Balance sheet total
€17.0m
2024 · €14.9m+€2.1m
Largest movements
Assets
- Cash +€1.0m
up €1.0m (+101.5%), from €1.0m to €2.1m
mainly Net result for the year (+€1.6m) and Depreciation (+€931,253)
- Current investments +€339,386
new in 2025: €339,386
- Stocks and contracts +€312,322
up €312,322 (+5.3%), from €5.9m to €6.2m
of which Contracts in progress: +€367,565
- Receivables within one year +€226,720
up €226,720 (+12.0%), from €1.9m to €2.1m
of which Other amounts receivable: +€355,449
Equity and liabilities
- Short-term financial debts +€750,445
up €750,445, from €0 to €750,445
- Profit (loss) carried forward +€633,401
up €633,401 (+13.0%), from €4.9m to €5.5m
- Other debts +€597,043
up €597,043 (+2318.3%), from €25,753 to €622,796
- Current portion of long-term debt -€580,220
down €580,220 (-45.9%), from €1.3m to €682,969
- Trade debts -€539,877
down €539,877 (-18.3%), from €2.9m to €2.4m
Income statement
- Turnover +€2.0m
up €2.0m (+6.7%), from €29.2m to €31.1m
- Staff costs +€471,592
up €471,592 (+5.7%), from €8.2m to €8.7m
- Taxes +€433,613
up €433,613 (+256.8%), from €168,875 to €602,488
of which Taxes: +€433,488
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.
Result 2024
€439,982
Turnover
+€2.0m
Other operating income
-€55,252
Goods and materials
-€214,618
Services and other goods
-€304,922
Staff costs
-€471,592
Depreciation
-€65,964
Write-downs
-€3,112
Provisions
-€220,000
Other operating charges
+€87
Other operating items
+€902,362
Financial income
+€34,784
Financial charges
+€86,060
Taxes
-€433,613
Result 2025
€1.6m
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.
From operations
+€2.6m
Investment
-€1.4m
Financing
-€159,089
Cash 2024
€1.0m
From operations (derived)
+€2.6m
Net result for the year
+€1.6m
Depreciation
+€931,253
Stocks and contracts
-€312,322
Receivables within one year
-€226,720
Deferred charges and accrued income
+€24,268
Provisions
+€220,000
Trade debts
-€539,877
Tax, wage and social debts
+€341,811
Other debts
+€597,043
Accrued charges and deferred income
-€46,306
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.1m
Current investments
-€339,386
Financing
-€159,089
Debts after one year
-€18,539
Current portion of long-term debt
-€580,220
Short-term financial debts
+€750,445
Contributions, distributions and other
-€310,776
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,939,134 | €16,998,954 | +€2.1m | +13.8% |
| Fixed assets | 21/28 | €6,031,554 | €6,199,373 | +€167,819 | +2.8% |
| Intangible fixed assets | 21 | €2,217 | €1,517 | -€700 | -31.6% |
| Tangible fixed assets | 22/27 | €6,019,337 | €6,187,856 | +€168,519 | +2.8% |
| Land and buildings | 22 | €2,452,504 | €2,377,823 | -€74,681 | -3.0% |
| Plant, machinery and equipment | 23 | €612,958 | €493,625 | -€119,333 | -19.5% |
| Furniture and vehicles | 24 | €25,507 | €55,253 | +€29,746 | +116.6% |
| Leasing and similar rights | 25 | €2,928,368 | €2,542,158 | -€386,210 | -13.2% |
| Assets under construction and advance payments | 27 | €0 | €718,997 | +€718,997 | |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €10,000 | €10,000 | = | 0.0% |
| Shares | 284 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €8,907,581 | €10,799,581 | +€1.9m | +21.2% |
| Stocks and contracts in progress | 3 | €5,934,158 | €6,246,480 | +€312,322 | +5.3% |
| Stocks | 30/36 | €5,592,930 | €5,537,686 | -€55,244 | -1.0% |
| Raw materials and consumables | 30/31 | €5,592,930 | €5,537,686 | -€55,244 | -1.0% |
| Contracts in progress | 37 | €341,228 | €708,793 | +€367,565 | +107.7% |
| Amounts receivable within one year | 40/41 | €1,885,422 | €2,112,142 | +€226,720 | +12.0% |
| Trade receivables | 40 | €1,435,283 | €1,306,554 | -€128,729 | -9.0% |
| Other amounts receivable | 41 | €450,139 | €805,588 | +€355,449 | +79.0% |
| Current investments | 50/53 | - | €339,386 | +€339,386 | |
| Other investments | 51/53 | - | €339,386 | +€339,386 | |
| Cash at bank and in hand | 54/58 | €1,022,169 | €2,060,011 | +€1.0m | +101.5% |
| Deferred charges and accrued income | 490/1 | €65,832 | €41,563 | -€24,268 | -36.9% |
| Total equity and liabilities | 10/49 | €14,939,134 | €16,998,954 | +€2.1m | +13.8% |
| Equity | 10/15 | €5,989,542 | €7,325,004 | +€1.3m | +22.3% |
| Contributions | 10/11 | €148,800 | €148,800 | = | 0.0% |
| Capital | 10 | €148,800 | €148,800 | = | 0.0% |
| Issued capital | 100 | €148,800 | €148,800 | = | 0.0% |
| Reserves | 13 | €726,410 | €1,248,909 | +€522,499 | +71.9% |
| Non-distributable reserves | 130/1 | €14,880 | €14,880 | = | 0.0% |
| Legal reserve | 130 | €14,880 | €14,880 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,080 | €547,300 | +€418,220 | +324.0% |
| Distributable reserves | 133 | €582,450 | €686,729 | +€104,279 | +17.9% |
| Profit (loss) carried forward | 14 | €4,858,219 | €5,491,620 | +€633,401 | +13.0% |
| Investment grants | 15 | €256,113 | €435,675 | +€179,562 | +70.1% |
| Provisions and deferred taxes | 16 | €250,000 | €470,000 | +€220,000 | +88.0% |
| Provisions for liabilities and charges | 160/5 | €250,000 | €470,000 | +€220,000 | +88.0% |
| Other liabilities and charges | 164/5 | €250,000 | €470,000 | +€220,000 | +88.0% |
| Amounts payable | 17/49 | €8,699,592 | €9,203,950 | +€504,358 | +5.8% |
| Amounts payable after more than one year | 17 | €3,243,687 | €3,225,148 | -€18,539 | -0.6% |
| Financial debts | 170/4 | €3,243,687 | €3,225,148 | -€18,539 | -0.6% |
| Leasing and similar obligations | 172 | €2,303,388 | €1,941,430 | -€361,958 | -15.7% |
| Credit institutions | 173 | €940,298 | €1,283,718 | +€343,420 | +36.5% |
| Amounts payable within one year | 42/48 | €5,409,599 | €5,978,802 | +€569,203 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €1,263,189 | €682,969 | -€580,220 | -45.9% |
| Financial debts | 43 | €0 | €750,445 | +€750,445 | |
| Credit institutions | 430/8 | €0 | €750,445 | +€750,445 | |
| Trade debts | 44 | €2,948,590 | €2,408,714 | -€539,877 | -18.3% |
| Suppliers | 440/4 | €2,948,590 | €2,408,714 | -€539,877 | -18.3% |
| Taxes, remuneration and social security | 45 | €1,172,067 | €1,513,878 | +€341,811 | +29.2% |
| Taxes | 450/3 | €5,140 | €173,205 | +€168,066 | +3269.9% |
| Remuneration and social security | 454/9 | €1,166,927 | €1,340,673 | +€173,746 | +14.9% |
| Other amounts payable | 47/48 | €25,753 | €622,796 | +€597,043 | +2318.3% |
| Accrued charges and deferred income | 492/3 | €46,306 | €0 | -€46,306 | -100.0% |
| Operating income | 70/76A | €29,650,151 | €32,217,839 | +€2.6m | +8.7% |
| Turnover | 70 | €29,156,275 | €31,108,310 | +€2.0m | +6.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€32,566 | €367,565 | +€400,131 | |
| Other operating income | 74 | €516,901 | €461,649 | -€55,252 | -10.7% |
| Non-recurring operating income | 76A | €9,541 | €280,315 | +€270,774 | +2838.0% |
| Operating charges | 60/66A | €28,540,405 | €29,589,069 | +€1.0m | +3.7% |
| Goods for resale, raw materials and consumables | 60 | €16,678,280 | €16,892,897 | +€214,618 | +1.3% |
| Purchases | 600/8 | €17,239,219 | €16,837,654 | -€401,565 | -2.3% |
| Change in stocks: decrease (increase) | 609 | -€560,939 | €55,244 | +€616,183 | |
| Services and other goods | 61 | €2,454,773 | €2,759,695 | +€304,922 | +12.4% |
| Remuneration, social security and pensions | 62 | €8,242,369 | €8,713,961 | +€471,592 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €865,289 | €931,253 | +€65,964 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,112 | +€3,112 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €220,000 | +€220,000 | |
| Other operating charges | 640/8 | €51,413 | €51,326 | -€87 | -0.2% |
| Non-recurring operating charges | 66A | €248,281 | €16,825 | -€231,457 | -93.2% |
| Operating profit (loss) | 9901 | €1,109,746 | €2,628,771 | +€1.5m | +136.9% |
| Financial income | 75/76B | €96,385 | €131,169 | +€34,784 | +36.1% |
| Recurring financial income | 75 | €96,385 | €131,169 | +€34,784 | +36.1% |
| Income from financial fixed assets | 750 | €0 | €2 | +€2 | |
| Income from current assets | 751 | €0 | €207 | +€207 | |
| Other financial income | 752/9 | €96,385 | €130,961 | +€34,576 | +35.9% |
| Financial charges | 65/66B | €597,274 | €511,213 | -€86,060 | -14.4% |
| Recurring financial charges | 65 | €597,274 | €511,213 | -€86,060 | -14.4% |
| Debt charges | 650 | €169,827 | €160,176 | -€9,651 | -5.7% |
| Other financial charges | 652/9 | €427,447 | €351,037 | -€76,409 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €608,857 | €2,248,727 | +€1.6m | +269.3% |
| Income taxes | 67/77 | €168,875 | €602,488 | +€433,613 | +256.8% |
| Taxes | 670/3 | €169,000 | €602,488 | +€433,488 | +256.5% |
| Tax adjustments and reversals of tax provisions | 77 | €125 | €0 | -€125 | -100.0% |
| Profit (loss) for the period | 9904 | €439,982 | €1,646,238 | +€1.2m | +274.2% |
| Transfer from tax-exempt reserves | 789 | €144,570 | €129,080 | -€15,490 | -10.7% |
| Transfer to tax-exempt reserves | 689 | - | €547,300 | +€547,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €584,552 | €1,228,018 | +€643,466 | +110.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.