BTS-VM: 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-VM
Largest movements
- Tangible fixed assets +€226,592
up €226,592 (+181.9%), from €124,536 to €351,128
of which Furniture and vehicles: +€168,875
- Receivables within one year +€83,105
up €83,105 (+153.2%), from €54,253 to €137,358
of which Trade receivables: +€67,751
- Cash +€33,557
up €33,557 (+23.3%), from €144,250 to €177,806
mainly Debts after one year (+€172,909) and Current portion of long-term debt (+€98,121)
- Debts after one year +€172,909
up €172,909 (+219.7%), from €78,698 to €251,607
- Current portion of long-term debt +€98,121
up €98,121 (+177.1%), from €55,412 to €153,533
- Profit (loss) carried forward +€53,370
up €53,370 (+66.6%), from €80,111 to €133,481
- Trade debts +€24,099
up €24,099 (+25.0%), from €96,445 to €120,544
- Gross operating margin +€52,942
up €52,942 (+20.0%), from €265,220 to €318,163
- Staff costs +€50,642
up €50,642 (+36.2%), from €139,751 to €190,393
- Depreciation +€32,660
up €32,660 (+157.1%), from €20,793 to €53,453
- Taxes -€9,880
down €9,880 (-48.9%), from €20,209 to €10,329
- Financial charges +€5,013
up €5,013 (+128.2%), from €3,909 to €8,922
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 | €325,530 | €671,336 | +€345,806 | +106.2% |
| Fixed assets | 21/28 | €124,536 | €351,128 | +€226,592 | +181.9% |
| Tangible fixed assets | 22/27 | €124,536 | €351,128 | +€226,592 | +181.9% |
| Land and buildings | 22 | - | €61,517 | +€61,517 | |
| Plant, machinery and equipment | 23 | €20,834 | €17,034 | -€3,800 | -18.2% |
| Furniture and vehicles | 24 | €103,703 | €272,578 | +€168,875 | +162.8% |
| Current assets | 29/58 | €200,993 | €320,208 | +€119,214 | +59.3% |
| Amounts receivable within one year | 40/41 | €54,253 | €137,358 | +€83,105 | +153.2% |
| Trade receivables | 40 | €44,182 | €111,933 | +€67,751 | +153.3% |
| Other amounts receivable | 41 | €10,071 | €25,425 | +€15,354 | +152.5% |
| Cash at bank and in hand | 54/58 | €144,250 | €177,806 | +€33,557 | +23.3% |
| Deferred charges and accrued income | 490/1 | €2,491 | €5,044 | +€2,553 | +102.5% |
| Total equity and liabilities | 10/49 | €325,530 | €671,336 | +€345,806 | +106.2% |
| Equity | 10/15 | €90,111 | €143,481 | +€53,370 | +59.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,111 | €133,481 | +€53,370 | +66.6% |
| Amounts payable | 17/49 | €235,419 | €527,855 | +€292,436 | +124.2% |
| Amounts payable after more than one year | 17 | €78,698 | €251,607 | +€172,909 | +219.7% |
| Financial debts | 170/4 | €78,698 | €251,607 | +€172,909 | +219.7% |
| Amounts payable within one year | 42/48 | €156,543 | €276,248 | +€119,706 | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €55,412 | €153,533 | +€98,121 | +177.1% |
| Trade debts | 44 | €96,445 | €120,544 | +€24,099 | +25.0% |
| Suppliers | 440/4 | €96,445 | €120,544 | +€24,099 | +25.0% |
| Taxes, remuneration and social security | 45 | €4,685 | €2,171 | -€2,514 | -53.7% |
| Taxes | 450/3 | €209 | €904 | +€695 | +332.1% |
| Remuneration and social security | 454/9 | €4,476 | €1,267 | -€3,209 | -71.7% |
| Accrued charges and deferred income | 492/3 | €178 | - | -€178 | |
| Remuneration, social security and pensions | 62 | €139,751 | €190,393 | +€50,642 | +36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,793 | €53,453 | +€32,660 | +157.1% |
| Other operating charges | 640/8 | €446 | €1,638 | +€1,191 | +267.0% |
| Non-recurring operating charges | 66A | - | €179 | +€179 | |
| Gross operating margin | 9900 | €265,220 | €318,163 | +€52,942 | +20.0% |
| Operating profit (loss) | 9901 | €104,229 | €72,499 | -€31,730 | -30.4% |
| Financial income | 75/76B | €0 | €122 | +€122 | +1220200.0% |
| Recurring financial income | 75 | €0 | €122 | +€122 | +1220200.0% |
| Financial charges | 65/66B | €3,909 | €8,922 | +€5,013 | +128.2% |
| Recurring financial charges | 65 | €3,909 | €8,922 | +€5,013 | +128.2% |
| Profit (loss) for the period before taxes | 9903 | €100,320 | €63,699 | -€36,621 | -36.5% |
| Income taxes | 67/77 | €20,209 | €10,329 | -€9,880 | -48.9% |
| Profit (loss) for the period | 9904 | €80,111 | €53,370 | -€26,741 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,111 | €53,370 | -€26,741 | -33.4% |
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.