BAALSE HEI: 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.
BAALSE HEI
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+134.8%), from €828,258 to €1.9m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets -€364,192
down €364,192 (-9.9%), from €3.7m to €3.3m
- Cash -€263,749
down €263,749 (-87.8%), from €300,487 to €36,738
mainly Receivables within one year (-€1.1m) and Debts after one year (-€226,889)
- Reserves +€546,374
up €546,374 (+23.6%), from €2.3m to €2.9m
of which Distributable reserves: +€546,374
- Debts after one year -€226,889
down €226,889 (-23.0%), from €986,292 to €759,402
- Current portion of long-term debt +€155,506
up €155,506 (+78.4%), from €198,262 to €353,768
- Gross operating margin +€382,241
up €382,241 (+33.9%), from €1.1m to €1.5m
- Turnover +€238,881
up €238,881 (+11.7%), from €2.0m to €2.3m
- Purchases and services -€96,483
down €96,483 (-10.4%), from €928,423 to €831,940
- Taxes +€86,301
up €86,301 (+101.2%), from €85,313 to €171,615
- Staff costs +€35,632
up €35,632 (+14.6%), from €243,406 to €279,037
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 | €5,528,886 | €6,036,494 | +€507,608 | +9.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,690,247 | €3,324,764 | -€365,484 | -9.9% |
| Intangible fixed assets | 21 | €2,583 | €1,291 | -€1,292 | -50.0% |
| Tangible fixed assets | 22/27 | €3,661,009 | €3,296,817 | -€364,192 | -9.9% |
| Land and buildings | 22 | €2,443,087 | €2,296,396 | -€146,690 | -6.0% |
| Plant, machinery and equipment | 23 | €632,880 | €523,464 | -€109,416 | -17.3% |
| Furniture and vehicles | 24 | €585,043 | €476,957 | -€108,086 | -18.5% |
| Financial fixed assets | 28 | €26,655 | €26,655 | = | 0.0% |
| Current assets | 29/58 | €1,838,638 | €2,711,730 | +€873,092 | +47.5% |
| Stocks and contracts in progress | 3 | €228,944 | €209,990 | -€18,954 | -8.3% |
| Stocks | 30/36 | €228,944 | €209,990 | -€18,954 | -8.3% |
| Amounts receivable within one year | 40/41 | €828,258 | €1,945,009 | +€1.1m | +134.8% |
| Trade receivables | 40 | €681,258 | €790,054 | +€108,796 | +16.0% |
| Other amounts receivable | 41 | €147,000 | €1,154,955 | +€1.0m | +685.7% |
| Cash at bank and in hand | 54/58 | €300,487 | €36,738 | -€263,749 | -87.8% |
| Deferred charges and accrued income | 490/1 | €480,950 | €519,993 | +€39,043 | +8.1% |
| Total equity and liabilities | 10/49 | €5,528,886 | €6,036,494 | +€507,608 | +9.2% |
| Equity | 10/15 | €2,587,448 | €3,133,822 | +€546,374 | +21.1% |
| Contributions | 10/11 | €277,125 | €277,125 | = | 0.0% |
| Capital | 10 | €277,125 | €277,125 | = | 0.0% |
| Issued capital | 100 | €277,125 | €277,125 | = | 0.0% |
| Reserves | 13 | €2,310,323 | €2,856,697 | +€546,374 | +23.6% |
| Non-distributable reserves | 130/1 | €27,713 | €27,713 | = | 0.0% |
| Legal reserve | 130 | €27,713 | €27,713 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,946 | €17,946 | = | 0.0% |
| Distributable reserves | 133 | €2,264,665 | €2,811,039 | +€546,374 | +24.1% |
| Amounts payable | 17/49 | €2,941,437 | €2,902,672 | -€38,766 | -1.3% |
| Amounts payable after more than one year | 17 | €986,292 | €759,402 | -€226,889 | -23.0% |
| Financial debts | 170/4 | €986,292 | €759,402 | -€226,889 | -23.0% |
| Amounts payable within one year | 42/48 | €1,955,146 | €2,143,269 | +€188,124 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €198,262 | €353,768 | +€155,506 | +78.4% |
| Trade debts | 44 | €191,768 | €155,164 | -€36,604 | -19.1% |
| Suppliers | 440/4 | €191,768 | €155,164 | -€36,604 | -19.1% |
| Advances received on contracts in progress | 46 | €1,448,302 | €1,494,289 | +€45,987 | +3.2% |
| Taxes, remuneration and social security | 45 | €23,460 | €19,600 | -€3,860 | -16.5% |
| Remuneration and social security | 454/9 | €23,460 | €19,600 | -€3,860 | -16.5% |
| Other amounts payable | 47/48 | €93,353 | €120,447 | +€27,094 | +29.0% |
| Turnover | 70 | €2,043,559 | €2,282,440 | +€238,881 | +11.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €928,423 | €831,940 | -€96,483 | -10.4% |
| Remuneration, social security and pensions | 62 | €243,406 | €279,037 | +€35,632 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €466,312 | €489,079 | +€22,768 | +4.9% |
| Other operating charges | 640/8 | €32,061 | €20,000 | -€12,061 | -37.6% |
| Gross operating margin | 9900 | €1,126,737 | €1,508,978 | +€382,241 | +33.9% |
| Operating profit (loss) | 9901 | €384,959 | €720,862 | +€335,903 | +87.3% |
| Financial income | 75/76B | €5,795 | €23,943 | +€18,148 | +313.2% |
| Recurring financial income | 75 | €5,795 | €23,943 | +€18,148 | +313.2% |
| Financial charges | 65/66B | €31,630 | €26,816 | -€4,813 | -15.2% |
| Recurring financial charges | 65 | €31,630 | €26,816 | -€4,813 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €359,125 | €717,989 | +€358,864 | +99.9% |
| Income taxes | 67/77 | €85,313 | €171,615 | +€86,301 | +101.2% |
| Profit (loss) for the period | 9904 | €273,811 | €546,374 | +€272,563 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €273,811 | €546,374 | +€272,563 | +99.5% |
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 6 October 2026 via checked.be.