BTS BELGIUM: 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.
BTS BELGIUM
Largest movements
- Receivables within one year -€129,616
down €129,616 (-57.4%), from €225,930 to €96,315
of which Trade receivables: -€127,275
- Cash +€28,303
up €28,303 (+388%), from €7,286 to €35,588
mainly Receivables within one year (+€129,616) and Advances received (+€33,243)
- Trade debts -€73,164
down €73,164 (-60.4%), from €121,070 to €47,906
- Other debts -€70,155
down €70,155 (-87.0%), from €80,607 to €10,452
- Advances received +€33,243
new in 2025: €33,243
- Tax, wage and social debts +€6,206
new in 2025: €6,206
of which Remuneration and social security: +€4,660
- Gross operating margin +€45,953
up €45,953 (+545%), from €8,439 to €54,392
- Staff costs +€30,390
up €30,390 (+594%), from €5,116 to €35,506
- Taxes -€6,214
down €6,214 (-81.0%), from €7,675 to €1,461
- Other operating charges +€4,251
up €4,251 (+292%), from €1,455 to €5,706
- Depreciation +€879
up €879 (+18.3%), from €4,798 to €5,677
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 | €251,018 | €149,604 | -€101,414 | -40.4% |
| Fixed assets | 21/28 | €15,955 | €17,266 | +€1,311 | +8.2% |
| Intangible fixed assets | 21 | €149 | - | -€149 | |
| Tangible fixed assets | 22/27 | €4,629 | €6,089 | +€1,460 | +31.5% |
| Plant, machinery and equipment | 23 | €1,365 | €1,978 | +€613 | +44.9% |
| Furniture and vehicles | 24 | €3,264 | €4,111 | +€847 | +26.0% |
| Financial fixed assets | 28 | €11,177 | €11,177 | = | 0.0% |
| Current assets | 29/58 | €235,063 | €132,338 | -€102,725 | -43.7% |
| Amounts receivable within one year | 40/41 | €225,930 | €96,315 | -€129,616 | -57.4% |
| Trade receivables | 40 | €215,911 | €88,635 | -€127,275 | -58.9% |
| Other amounts receivable | 41 | €10,020 | €7,679 | -€2,340 | -23.4% |
| Cash at bank and in hand | 54/58 | €7,286 | €35,588 | +€28,303 | +388% |
| Deferred charges and accrued income | 490/1 | €1,847 | €436 | -€1,412 | -76.4% |
| Total equity and liabilities | 10/49 | €251,018 | €149,604 | -€101,414 | -40.4% |
| Equity | 10/15 | €31,934 | €34,358 | +€2,424 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,474 | €13,898 | +€2,424 | +21.1% |
| Amounts payable | 17/49 | €219,084 | €115,247 | -€103,837 | -47.4% |
| Amounts payable within one year | 42/48 | €219,084 | €115,247 | -€103,837 | -47.4% |
| Financial debts | 43 | €17,407 | €17,440 | +€33 | +0.2% |
| Credit institutions | 430/8 | €17,407 | €17,440 | +€33 | +0.2% |
| Trade debts | 44 | €121,070 | €47,906 | -€73,164 | -60.4% |
| Suppliers | 440/4 | €121,070 | €47,906 | -€73,164 | -60.4% |
| Advances received on contracts in progress | 46 | - | €33,243 | +€33,243 | |
| Taxes, remuneration and social security | 45 | - | €6,206 | +€6,206 | |
| Taxes | 450/3 | - | €1,546 | +€1,546 | |
| Remuneration and social security | 454/9 | - | €4,660 | +€4,660 | |
| Other amounts payable | 47/48 | €80,607 | €10,452 | -€70,155 | -87.0% |
| Remuneration, social security and pensions | 62 | €5,116 | €35,506 | +€30,390 | +594% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,798 | €5,677 | +€879 | +18.3% |
| Other operating charges | 640/8 | €1,455 | €5,706 | +€4,251 | +292% |
| Non-recurring operating charges | 66A | €915 | - | -€915 | |
| Gross operating margin | 9900 | €8,439 | €54,392 | +€45,953 | +545% |
| Operating profit (loss) | 9901 | -€3,844 | €7,503 | +€11,347 | |
| Financial income | 75/76B | €13 | €632 | +€619 | +4,688% |
| Recurring financial income | 75 | €13 | €632 | +€619 | +4,688% |
| Financial charges | 65/66B | €4,458 | €4,250 | -€208 | -4.7% |
| Recurring financial charges | 65 | €4,458 | €4,250 | -€208 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,289 | €3,885 | +€12,174 | |
| Income taxes | 67/77 | €7,675 | €1,461 | -€6,214 | -81.0% |
| Profit (loss) for the period | 9904 | -€15,964 | €2,424 | +€18,388 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,964 | €2,424 | +€18,388 |
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 26 October 2026 via checked.be.