BTS EXPRESS: 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 EXPRESS
Largest movements
- Receivables within one year +€259,338
up €259,338 (+119,543%), from €217 to €259,555
of which Trade receivables: +€258,800
- Stocks and contracts +€7,200
new in 2025: €7,200
- Cash +€5,847
new in 2025: €5,847
mainly Trade debts (+€201,011) and Net result for the year (+€57,492)
- Trade debts +€201,011
up €201,011 (+16,081%), from €1,250 to €202,261
- Profit (loss) carried forward +€57,837
up €57,837, from -€344 to €57,492
- Contributions +€10,000
new in 2025: €10,000
- Other debts +€2,849
new in 2025: €2,849
- Gross operating margin +€59,193
new in 2025: €59,193
- Depreciation +€689
up €689 (+200%), from €344 to €1,033
- Financial charges +€668
new in 2025: €668
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 | €906 | €272,602 | +€271,696 | +30,000% |
| Fixed assets | 21/28 | €689 | - | -€689 | |
| Intangible fixed assets | 21 | €689 | - | -€689 | |
| Current assets | 29/58 | €217 | €272,602 | +€272,385 | +125,558% |
| Stocks and contracts in progress | 3 | - | €7,200 | +€7,200 | |
| Stocks | 30/36 | - | €7,200 | +€7,200 | |
| Amounts receivable within one year | 40/41 | €217 | €259,555 | +€259,338 | +119,543% |
| Trade receivables | 40 | - | €258,800 | +€258,800 | |
| Other amounts receivable | 41 | €217 | €755 | +€538 | +248% |
| Cash at bank and in hand | 54/58 | - | €5,847 | +€5,847 | |
| Total equity and liabilities | 10/49 | €906 | €272,602 | +€271,696 | +30,000% |
| Equity | 10/15 | -€344 | €67,492 | +€67,837 | |
| Contributions | 10/11 | - | €10,000 | +€10,000 | |
| Contributions outside capital | 11 | - | €10,000 | +€10,000 | |
| Other | 1109/19 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | -€344 | €57,492 | +€57,837 | |
| Amounts payable | 17/49 | €1,250 | €205,109 | +€203,859 | +16,309% |
| Amounts payable within one year | 42/48 | €1,250 | €205,109 | +€203,859 | +16,309% |
| Trade debts | 44 | €1,250 | €202,261 | +€201,011 | +16,081% |
| Suppliers | 440/4 | €1,250 | €202,261 | +€201,011 | +16,081% |
| Other amounts payable | 47/48 | - | €2,849 | +€2,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344 | €1,033 | +€689 | +200% |
| Gross operating margin | 9900 | - | €59,193 | +€59,193 | |
| Operating profit (loss) | 9901 | -€344 | €58,160 | +€58,504 | |
| Financial charges | 65/66B | - | €668 | +€668 | |
| Recurring financial charges | 65 | - | €668 | +€668 | |
| Profit (loss) for the period before taxes | 9903 | -€344 | €57,492 | +€57,837 | |
| Profit (loss) for the period | 9904 | -€344 | €57,492 | +€57,837 | |
| Profit (loss) for the period to be appropriated | 9905 | -€344 | €57,492 | +€57,837 |
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 14 October 2026 via checked.be.