BALA: 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.
BALA
Largest movements
- Tangible fixed assets +€227,756
up €227,756 (+41.2%), from €552,784 to €780,540
of which Land and buildings: +€228,096
- Debts after one year +€147,151
up €147,151 (+33.7%), from €436,680 to €583,832
- Reserves +€31,690
up €31,690 (+56.5%), from €56,101 to €87,791
- Trade debts +€24,264
up €24,264 (+98.4%), from €24,670 to €48,933
- Tax, wage and social debts +€15,242
up €15,242 (+303%), from €5,030 to €20,272
of which Taxes: +€13,742
- Gross operating margin +€44,842
up €44,842 (+83.8%), from €53,535 to €98,377
- Depreciation +€7,913
up €7,913 (+31.1%), from €25,465 to €33,378
- Financial charges +€3,342
up €3,342 (+20.7%), from €16,125 to €19,467
- Taxes +€2,949
up €2,949 (+145%), from €2,034 to €4,983
- Other operating charges +€2,434
up €2,434 (+37.5%), from €6,483 to €8,917
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 | €587,076 | €812,068 | +€224,992 | +38.3% |
| Fixed assets | 21/28 | €552,784 | €780,540 | +€227,756 | +41.2% |
| Tangible fixed assets | 22/27 | €552,784 | €780,540 | +€227,756 | +41.2% |
| Land and buildings | 22 | €552,444 | €780,540 | +€228,096 | +41.3% |
| Plant, machinery and equipment | 23 | €134 | - | -€134 | |
| Furniture and vehicles | 24 | €206 | - | -€206 | |
| Current assets | 29/58 | €34,292 | €31,528 | -€2,764 | -8.1% |
| Stocks and contracts in progress | 3 | €29,110 | €26,063 | -€3,047 | -10.5% |
| Stocks | 30/36 | €29,110 | €26,063 | -€3,047 | -10.5% |
| Amounts receivable within one year | 40/41 | €4,223 | €4,736 | +€513 | +12.1% |
| Trade receivables | 40 | €600 | €378 | -€222 | -37.1% |
| Other amounts receivable | 41 | €3,623 | €4,358 | +€735 | +20.3% |
| Cash at bank and in hand | 54/58 | €237 | €126 | -€111 | -46.8% |
| Deferred charges and accrued income | 490/1 | €722 | €604 | -€119 | -16.4% |
| Total equity and liabilities | 10/49 | €587,076 | €812,068 | +€224,992 | +38.3% |
| Equity | 10/15 | €76,101 | €107,791 | +€31,690 | +41.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €56,101 | €87,791 | +€31,690 | +56.5% |
| Distributable reserves | 133 | €56,101 | €87,791 | +€31,690 | +56.5% |
| Amounts payable | 17/49 | €510,975 | €704,277 | +€193,302 | +37.8% |
| Amounts payable after more than one year | 17 | €436,680 | €583,832 | +€147,151 | +33.7% |
| Financial debts | 170/4 | €436,680 | €583,832 | +€147,151 | +33.7% |
| Amounts payable within one year | 42/48 | €74,295 | €120,445 | +€46,151 | +62.1% |
| Current portion of amounts payable after more than one year | 42 | €33,692 | €34,866 | +€1,174 | +3.5% |
| Financial debts | 43 | €5,925 | €5,132 | -€793 | -13.4% |
| Credit institutions | 430/8 | €5,925 | €5,132 | -€793 | -13.4% |
| Trade debts | 44 | €24,670 | €48,933 | +€24,264 | +98.4% |
| Suppliers | 440/4 | €24,670 | €48,933 | +€24,264 | +98.4% |
| Taxes, remuneration and social security | 45 | €5,030 | €20,272 | +€15,242 | +303% |
| Taxes | 450/3 | €5,030 | €18,772 | +€13,742 | +273% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €4,978 | €11,243 | +€6,265 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,465 | €33,378 | +€7,913 | +31.1% |
| Other operating charges | 640/8 | €6,483 | €8,917 | +€2,434 | +37.5% |
| Non-recurring operating charges | 66A | €5 | - | -€5 | |
| Gross operating margin | 9900 | €53,535 | €98,377 | +€44,842 | +83.8% |
| Operating profit (loss) | 9901 | €21,582 | €56,083 | +€34,501 | +160% |
| Financial income | 75/76B | €23 | €58 | +€35 | +150% |
| Recurring financial income | 75 | €23 | €58 | +€35 | +150% |
| Financial charges | 65/66B | €16,125 | €19,467 | +€3,342 | +20.7% |
| Recurring financial charges | 65 | €16,125 | €19,467 | +€3,342 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €5,480 | €36,673 | +€31,194 | +569% |
| Income taxes | 67/77 | €2,034 | €4,983 | +€2,949 | +145% |
| Profit (loss) for the period | 9904 | €3,446 | €31,690 | +€28,245 | +820% |
| Profit (loss) for the period to be appropriated | 9905 | €3,446 | €31,690 | +€28,245 | +820% |
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 26 October 2026 via checked.be.