BTS PROJECTS: 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.
BTS PROJECTS
Largest movements
- Cash -€9,984
down €9,984 (-97.6%), from €10,233 to €249
mainly Trade debts (-€41,767) and Investment in fixed assets (net) (-€6,702)
- Receivables within one year -€7,862
down €7,862 (-33.8%), from €23,282 to €15,420
of which Trade receivables: -€7,490
- Tangible fixed assets -€3,300
down €3,300 (-2.8%), from €119,230 to €115,930
of which Furniture and vehicles: -€13,687
- Trade debts -€41,767
down €41,767 (-86.5%), from €48,264 to €6,498
- Debts after one year +€24,927
up €24,927 (+247.5%), from €10,073 to €35,000
- Other debts +€6,818
new in 2025: €6,818
- Reserves -€5,357
down €5,357 (-8.6%), from €62,156 to €56,799
- Tax, wage and social debts -€3,652
down €3,652 (-17.7%), from €20,585 to €16,933
of which Taxes: -€6,652
- Gross operating margin -€44,036
down €44,036 (-83.8%), from €52,563 to €8,527
- Depreciation -€11,596
down €11,596 (-53.7%), from €21,598 to €10,002
- Taxes -€6,158
down €6,158 (-97.9%), from €6,292 to €134
- Financial charges -€955
down €955 (-28.6%), from €3,336 to €2,382
- Financial income -€529
down €529 (-99.7%), from €531 to €2
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,252 | €133,621 | -€20,630 | -13.4% |
| Fixed assets | 21/28 | €119,270 | €115,970 | -€3,300 | -2.8% |
| Tangible fixed assets | 22/27 | €119,230 | €115,930 | -€3,300 | -2.8% |
| Land and buildings | 22 | - | €1,254 | +€1,254 | |
| Plant, machinery and equipment | 23 | €87,956 | €97,088 | +€9,133 | +10.4% |
| Furniture and vehicles | 24 | €31,274 | €17,587 | -€13,687 | -43.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €34,982 | €17,651 | -€17,331 | -49.5% |
| Amounts receivable within one year | 40/41 | €23,282 | €15,420 | -€7,862 | -33.8% |
| Trade receivables | 40 | €18,981 | €11,491 | -€7,490 | -39.5% |
| Other amounts receivable | 41 | €4,301 | €3,929 | -€372 | -8.6% |
| Cash at bank and in hand | 54/58 | €10,233 | €249 | -€9,984 | -97.6% |
| Deferred charges and accrued income | 490/1 | €1,467 | €1,983 | +€515 | +35.1% |
| Total equity and liabilities | 10/49 | €154,252 | €133,621 | -€20,630 | -13.4% |
| Equity | 10/15 | €63,656 | €58,299 | -€5,357 | -8.4% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €62,156 | €56,799 | -€5,357 | -8.6% |
| Distributable reserves | 133 | €62,156 | €56,799 | -€5,357 | -8.6% |
| Amounts payable | 17/49 | €90,595 | €75,322 | -€15,273 | -16.9% |
| Amounts payable after more than one year | 17 | €10,073 | €35,000 | +€24,927 | +247.5% |
| Financial debts | 170/4 | €10,073 | €35,000 | +€24,927 | +247.5% |
| Amounts payable within one year | 42/48 | €80,522 | €40,322 | -€40,200 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €11,673 | €10,073 | -€1,599 | -13.7% |
| Trade debts | 44 | €48,264 | €6,498 | -€41,767 | -86.5% |
| Suppliers | 440/4 | €48,264 | €6,498 | -€41,767 | -86.5% |
| Taxes, remuneration and social security | 45 | €20,585 | €16,933 | -€3,652 | -17.7% |
| Taxes | 450/3 | €18,585 | €11,933 | -€6,652 | -35.8% |
| Remuneration and social security | 454/9 | €2,000 | €5,000 | +€3,000 | +150.0% |
| Other amounts payable | 47/48 | - | €6,818 | +€6,818 | |
| Non-recurring operating income | 76A | - | €929 | +€929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,598 | €10,002 | -€11,596 | -53.7% |
| Other operating charges | 640/8 | €1,067 | €837 | -€230 | -21.5% |
| Non-recurring operating charges | 66A | €0 | €531 | +€531 | |
| Gross operating margin | 9900 | €52,563 | €8,527 | -€44,036 | -83.8% |
| Operating profit (loss) | 9901 | €29,898 | -€2,843 | -€32,741 | |
| Financial income | 75/76B | €531 | €2 | -€529 | -99.7% |
| Recurring financial income | 75 | €531 | €2 | -€529 | -99.7% |
| Financial charges | 65/66B | €3,336 | €2,382 | -€955 | -28.6% |
| Recurring financial charges | 65 | €3,336 | €2,382 | -€955 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €27,092 | -€5,223 | -€32,315 | |
| Income taxes | 67/77 | €6,292 | €134 | -€6,158 | -97.9% |
| Profit (loss) for the period | 9904 | €20,801 | -€5,357 | -€26,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,801 | -€5,357 | -€26,158 |
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 5 October 2026 via checked.be.