BTP PARTNERS: 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.
BTP PARTNERS
Largest movements
- Tangible fixed assets -€185,591
down €185,591 (-22.5%), from €825,343 to €639,752
of which Furniture and vehicles: -€109,773
- Stocks and contracts +€47,916
up €47,916 (+15.7%), from €304,962 to €352,878
- Receivables within one year -€22,366
down €22,366 (-6.0%), from €369,945 to €347,579
of which Trade receivables: -€49,101
- Debts after one year -€221,449
down €221,449 (-34.5%), from €642,582 to €421,133
- Trade debts +€57,354
up €57,354 (+18.4%), from €311,239 to €368,593
- Current portion of long-term debt -€15,998
down €15,998 (-6.5%), from €247,331 to €231,333
- Other operating charges +€84,461
up €84,461 (+576%), from €14,653 to €99,114
- Staff costs -€39,005
down €39,005 (-28.9%), from €134,771 to €95,766
- Depreciation -€20,594
down €20,594 (-5.9%), from €348,718 to €328,124
- Gross operating margin +€14,411
up €14,411 (+2.6%), from €555,069 to €569,480
- Financial charges -€7,953
down €7,953 (-19.8%), from €40,093 to €32,140
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 | €1,540,507 | €1,381,724 | -€158,783 | -10.3% |
| Fixed assets | 21/28 | €825,343 | €639,752 | -€185,591 | -22.5% |
| Tangible fixed assets | 22/27 | €825,343 | €639,752 | -€185,591 | -22.5% |
| Land and buildings | 22 | €266,264 | €262,587 | -€3,677 | -1.4% |
| Plant, machinery and equipment | 23 | €5,544 | €9,265 | +€3,721 | +67.1% |
| Furniture and vehicles | 24 | €380,265 | €270,492 | -€109,773 | -28.9% |
| Leasing and similar rights | 25 | €173,270 | €97,408 | -€75,862 | -43.8% |
| Current assets | 29/58 | €715,164 | €741,972 | +€26,808 | +3.7% |
| Stocks and contracts in progress | 3 | €304,962 | €352,878 | +€47,916 | +15.7% |
| Stocks | 30/36 | €304,962 | €352,878 | +€47,916 | +15.7% |
| Amounts receivable within one year | 40/41 | €369,945 | €347,579 | -€22,366 | -6.0% |
| Trade receivables | 40 | €362,403 | €313,302 | -€49,101 | -13.5% |
| Other amounts receivable | 41 | €7,542 | €34,277 | +€26,735 | +354% |
| Cash at bank and in hand | 54/58 | €40,257 | €41,515 | +€1,258 | +3.1% |
| Total equity and liabilities | 10/49 | €1,540,507 | €1,381,724 | -€158,783 | -10.3% |
| Equity | 10/15 | €285,272 | €296,119 | +€10,847 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,436 | €245,185 | +€12,749 | +5.5% |
| Investment grants | 15 | €34,236 | €32,334 | -€1,902 | -5.6% |
| Amounts payable | 17/49 | €1,255,235 | €1,085,605 | -€169,630 | -13.5% |
| Amounts payable after more than one year | 17 | €642,582 | €421,133 | -€221,449 | -34.5% |
| Financial debts | 170/4 | €642,582 | €421,133 | -€221,449 | -34.5% |
| Amounts payable within one year | 42/48 | €612,653 | €664,472 | +€51,819 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €247,331 | €231,333 | -€15,998 | -6.5% |
| Financial debts | 43 | €40,000 | €40,000 | = | 0.0% |
| Credit institutions | 430/8 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €311,239 | €368,593 | +€57,354 | +18.4% |
| Suppliers | 440/4 | €311,239 | €368,593 | +€57,354 | +18.4% |
| Taxes, remuneration and social security | 45 | €13,400 | €24,369 | +€10,969 | +81.9% |
| Taxes | 450/3 | €1,761 | €5,257 | +€3,496 | +199% |
| Remuneration and social security | 454/9 | €11,639 | €19,112 | +€7,473 | +64.2% |
| Other amounts payable | 47/48 | €683 | €177 | -€506 | -74.1% |
| Remuneration, social security and pensions | 62 | €134,771 | €95,766 | -€39,005 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348,718 | €328,124 | -€20,594 | -5.9% |
| Other operating charges | 640/8 | €14,653 | €99,114 | +€84,461 | +576% |
| Gross operating margin | 9900 | €555,069 | €569,480 | +€14,411 | +2.6% |
| Operating profit (loss) | 9901 | €56,927 | €46,476 | -€10,451 | -18.4% |
| Financial income | 75/76B | €1,902 | €1,902 | = | 0.0% |
| Recurring financial income | 75 | €1,902 | €1,902 | = | 0.0% |
| Financial charges | 65/66B | €40,093 | €32,140 | -€7,953 | -19.8% |
| Recurring financial charges | 65 | €40,093 | €32,140 | -€7,953 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €18,736 | €16,238 | -€2,498 | -13.3% |
| Income taxes | 67/77 | €2,048 | €3,489 | +€1,441 | +70.4% |
| Profit (loss) for the period | 9904 | €16,688 | €12,749 | -€3,939 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,688 | €12,749 | -€3,939 | -23.6% |
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 19 October 2026 via checked.be.