Baladeuze: 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.
Baladeuze
Largest movements
- Receivables within one year -€40,694
down €40,694 (-83.8%), from €48,570 to €7,876
of which Other amounts receivable: -€34,606
- Tangible fixed assets -€34,651
down €34,651 (-8.7%), from €396,546 to €361,895
- Cash +€12,807
up €12,807 (+57.9%), from €22,107 to €34,914
mainly Depreciation (+€41,295) and Receivables within one year (+€40,694)
- Reserves -€42,783
down €42,783 (-53.0%), from €80,715 to €37,932
- Debts after one year -€27,658
down €27,658 (-10.0%), from €275,767 to €248,109
of which Financial debts: -€27,658
- Other debts +€8,889
up €8,889 (+342.7%), from €2,594 to €11,483
- Gross operating margin +€23,411
up €23,411 (+69.6%), from €33,637 to €57,048
- Depreciation -€14,299
down €14,299 (-25.7%), from €55,594 to €41,295
- Financial charges -€1,815
down €1,815 (-24.8%), from €7,312 to €5,497
- Other operating charges +€1,114
up €1,114 (+24.5%), from €4,550 to €5,664
- Financial income -€894
down €894 (-88.9%), from €1,006 to €112
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €472,367 | €409,671 | -€62,696 | -13.3% |
| Fixed assets | 21/28 | €396,596 | €361,895 | -€34,700 | -8.7% |
| Tangible fixed assets | 22/27 | €396,546 | €361,895 | -€34,651 | -8.7% |
| Land and buildings | 22 | €345,786 | €331,376 | -€14,411 | -4.2% |
| Plant, machinery and equipment | 23 | €948 | €486 | -€462 | -48.7% |
| Furniture and vehicles | 24 | €9,995 | €4,524 | -€5,470 | -54.7% |
| Leasing and similar rights | 25 | €39,817 | €25,509 | -€14,308 | -35.9% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €75,772 | €47,776 | -€27,996 | -36.9% |
| Amounts receivable within one year | 40/41 | €48,570 | €7,876 | -€40,694 | -83.8% |
| Trade receivables | 40 | €11,430 | €5,342 | -€6,088 | -53.3% |
| Other amounts receivable | 41 | €37,140 | €2,534 | -€34,606 | -93.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,107 | €34,914 | +€12,807 | +57.9% |
| Deferred charges and accrued income | 490/1 | €5,094 | €4,986 | -€108 | -2.1% |
| Total equity and liabilities | 10/49 | €472,367 | €409,671 | -€62,696 | -13.3% |
| Equity | 10/15 | €149,203 | €106,420 | -€42,783 | -28.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €80,715 | €37,932 | -€42,783 | -53.0% |
| Distributable reserves | 133 | €80,715 | €37,932 | -€42,783 | -53.0% |
| Profit (loss) carried forward | 14 | €49,896 | €49,896 | = | 0.0% |
| Amounts payable | 17/49 | €323,164 | €303,250 | -€19,914 | -6.2% |
| Amounts payable after more than one year | 17 | €275,767 | €248,109 | -€27,658 | -10.0% |
| Financial debts | 170/4 | €274,967 | €247,309 | -€27,658 | -10.1% |
| Other amounts payable | 178/9 | €800 | €800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,370 | €55,142 | +€7,771 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €26,880 | €27,658 | +€778 | +2.9% |
| Trade debts | 44 | €13,495 | €9,296 | -€4,200 | -31.1% |
| Suppliers | 440/4 | €13,495 | €9,296 | -€4,200 | -31.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,401 | €6,705 | +€2,304 | +52.3% |
| Taxes | 450/3 | €4,401 | €6,705 | +€2,304 | +52.3% |
| Other amounts payable | 47/48 | €2,594 | €11,483 | +€8,889 | +342.7% |
| Accrued charges and deferred income | 492/3 | €27 | €0 | -€27 | -100.0% |
| Non-recurring operating income | 76A | €26,185 | €0 | -€26,185 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,594 | €41,295 | -€14,299 | -25.7% |
| Other operating charges | 640/8 | €4,550 | €5,664 | +€1,114 | +24.5% |
| Gross operating margin | 9900 | €33,637 | €57,048 | +€23,411 | +69.6% |
| Operating profit (loss) | 9901 | -€26,507 | €10,090 | +€36,596 | |
| Financial income | 75/76B | €1,006 | €112 | -€894 | -88.9% |
| Recurring financial income | 75 | €1,006 | €112 | -€894 | -88.9% |
| Financial charges | 65/66B | €7,312 | €5,497 | -€1,815 | -24.8% |
| Recurring financial charges | 65 | €7,312 | €5,497 | -€1,815 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€32,812 | €4,705 | +€37,517 | |
| Income taxes | 67/77 | €128 | €498 | +€370 | +288.1% |
| Profit (loss) for the period | 9904 | -€32,940 | €4,207 | +€37,148 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,940 | €4,207 | +€37,148 |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.