T-BXL: 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.
T-BXL
Largest movements
- Receivables within one year +€28,206
up €28,206 (+28.6%), from €98,687 to €126,893
of which Trade receivables: +€41,437
- Cash +€19,888
up €19,888 (+172%), from €11,539 to €31,428
mainly Trade debts (+€70,787) and Depreciation (+€8,935)
- Stocks and contracts +€16,501
new in 2025: €16,501
- Tangible fixed assets -€4,657
down €4,657 (-14.1%), from €33,033 to €28,375
of which Furniture and vehicles: -€6,677
- Trade debts +€70,787
up €70,787 (+119%), from €59,508 to €130,295
- Tax, wage and social debts -€14,792
down €14,792 (-54.7%), from €27,064 to €12,273
of which Taxes: -€16,028
- Reserves +€6,148
up €6,148 (+63.1%), from €9,737 to €15,885
- Other debts -€3,232
down €3,232 (-25.9%), from €12,500 to €9,268
- Debts after one year +€2,189
up €2,189 (+10.4%), from €21,100 to €23,289
- Staff costs +€19,108
up €19,108 (+20.8%), from €91,934 to €111,042
- Gross operating margin +€5,774
up €5,774 (+4.5%), from €128,411 to €134,186
- Taxes -€3,239
down €3,239 (-46.9%), from €6,912 to €3,674
- Depreciation +€2,928
up €2,928 (+48.7%), from €6,007 to €8,935
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 | €145,703 | €206,747 | +€61,044 | +41.9% |
| Fixed assets | 21/28 | €33,508 | €30,550 | -€2,957 | -8.8% |
| Tangible fixed assets | 22/27 | €33,033 | €28,375 | -€4,657 | -14.1% |
| Plant, machinery and equipment | 23 | €6,580 | €8,600 | +€2,020 | +30.7% |
| Furniture and vehicles | 24 | €26,452 | €19,776 | -€6,677 | -25.2% |
| Financial fixed assets | 28 | €475 | €2,175 | +€1,700 | +358% |
| Current assets | 29/58 | €112,196 | €176,197 | +€64,001 | +57.0% |
| Stocks and contracts in progress | 3 | - | €16,501 | +€16,501 | |
| Stocks | 30/36 | - | €16,501 | +€16,501 | |
| Amounts receivable within one year | 40/41 | €98,687 | €126,893 | +€28,206 | +28.6% |
| Trade receivables | 40 | €65,286 | €106,723 | +€41,437 | +63.5% |
| Other amounts receivable | 41 | €33,401 | €20,170 | -€13,231 | -39.6% |
| Cash at bank and in hand | 54/58 | €11,539 | €31,428 | +€19,888 | +172% |
| Deferred charges and accrued income | 490/1 | €1,969 | €1,375 | -€594 | -30.2% |
| Total equity and liabilities | 10/49 | €145,703 | €206,747 | +€61,044 | +41.9% |
| Equity | 10/15 | €17,237 | €23,385 | +€6,148 | +35.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €9,737 | €15,885 | +€6,148 | +63.1% |
| Distributable reserves | 133 | €9,737 | €15,885 | +€6,148 | +63.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €128,466 | €183,362 | +€54,896 | +42.7% |
| Amounts payable after more than one year | 17 | €21,100 | €23,289 | +€2,189 | +10.4% |
| Financial debts | 170/4 | €21,100 | €23,289 | +€2,189 | +10.4% |
| Amounts payable within one year | 42/48 | €104,771 | €157,873 | +€53,102 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €5,699 | €6,037 | +€338 | +5.9% |
| Trade debts | 44 | €59,508 | €130,295 | +€70,787 | +119% |
| Suppliers | 440/4 | €59,508 | €130,295 | +€70,787 | +119% |
| Taxes, remuneration and social security | 45 | €27,064 | €12,273 | -€14,792 | -54.7% |
| Taxes | 450/3 | €25,313 | €9,285 | -€16,028 | -63.3% |
| Remuneration and social security | 454/9 | €1,752 | €2,988 | +€1,236 | +70.5% |
| Other amounts payable | 47/48 | €12,500 | €9,268 | -€3,232 | -25.9% |
| Accrued charges and deferred income | 492/3 | €2,595 | €2,200 | -€395 | -15.2% |
| Remuneration, social security and pensions | 62 | €91,934 | €111,042 | +€19,108 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,007 | €8,935 | +€2,928 | +48.7% |
| Other operating charges | 640/8 | €3,192 | €3,250 | +€58 | +1.8% |
| Gross operating margin | 9900 | €128,411 | €134,186 | +€5,774 | +4.5% |
| Operating profit (loss) | 9901 | €27,278 | €10,959 | -€16,319 | -59.8% |
| Financial income | 75/76B | €991 | €1,561 | +€570 | +57.5% |
| Recurring financial income | 75 | €991 | €1,561 | +€570 | +57.5% |
| Financial charges | 65/66B | €2,226 | €2,698 | +€472 | +21.2% |
| Recurring financial charges | 65 | €2,226 | €2,698 | +€472 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €26,043 | €9,822 | -€16,221 | -62.3% |
| Income taxes | 67/77 | €6,912 | €3,674 | -€3,239 | -46.9% |
| Profit (loss) for the period | 9904 | €19,131 | €6,148 | -€12,983 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,131 | €6,148 | -€12,983 | -67.9% |
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 23 October 2026 via checked.be.