I wouldnt call myself and expert but here is my 10 pence worth. By the sound of it you have got a remote i/o module connect via Profibus (purple cable called barny hose I believe in the US)
The BF led is definalty a bus fualt issues (Communications) and if its lit on the ET200M I would say the cpu where ever it is (Another panel maybe) isnt happy. My first port of call would be to check the connects of the purple cable.
I have also had it before where someone has messed around with the EOL resistor of the profibus, but I couldnt comment to much on this as I dont want to give you the incorrect information.
Another thing if you can get online, see the attached PIC and it shows the fault buffer of the CPU and will tell you why its not happy. Missing node x.y.z
You also you may have to reset the Bus Fault externally from a input like a reset button somewhere as I know the systems that we have at work will require a reset after a bus fault has been retified.
Finaly one, the reset on the CPU, but word of warning you may, or someone may have already wipped the program as balash has stated this is done by cycaling the mres swich two in quick succesion. But again is depenant on if you have got a memory card in.
Hope that helps...
Guys correct me if Im wrong