BALADINI: 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.
BALADINI
Largest movements
- Stocks and contracts +€373,620
up €373,620 (+14,786%), from €2,527 to €376,146
- Receivables within one year +€62,728
up €62,728 (+305%), from €20,565 to €83,293
of which Trade receivables: +€56,524
- Tangible fixed assets -€24,021
down €24,021 (-24.5%), from €97,868 to €73,847
of which Land and buildings: -€31,495
- Cash -€19,875
down €19,875 (-13.1%), from €152,177 to €132,302
mainly Stocks and contracts (-€373,620) and Receivables within one year (-€62,728)
- Current portion of long-term debt +€285,000
new in 2025: €285,000
- Trade debts +€67,203
up €67,203 (+620%), from €10,835 to €78,038
- Reserves +€42,939
up €42,939 (+16.9%), from €254,556 to €297,496
of which Distributable reserves: +€42,939
- Gross operating margin -€38,164
down €38,164 (-24.9%), from €153,554 to €115,390
- Taxes -€14,690
down €14,690 (-47.6%), from €30,846 to €16,156
- Other operating charges +€6,535
up €6,535 (+388%), from €1,684 to €8,219
- Depreciation +€5,235
up €5,235 (+12.1%), from €43,400 to €48,635
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 | €319,351 | €711,207 | +€391,856 | +123% |
| Fixed assets | 21/28 | €97,868 | €73,847 | -€24,021 | -24.5% |
| Tangible fixed assets | 22/27 | €97,868 | €73,847 | -€24,021 | -24.5% |
| Land and buildings | 22 | €93,317 | €61,822 | -€31,495 | -33.8% |
| Plant, machinery and equipment | 23 | €4,551 | €12,025 | +€7,474 | +164% |
| Current assets | 29/58 | €221,483 | €637,360 | +€415,877 | +188% |
| Stocks and contracts in progress | 3 | €2,527 | €376,146 | +€373,620 | +14,786% |
| Stocks | 30/36 | €2,527 | €376,146 | +€373,620 | +14,786% |
| Amounts receivable within one year | 40/41 | €20,565 | €83,293 | +€62,728 | +305% |
| Trade receivables | 40 | €20,542 | €77,066 | +€56,524 | +275% |
| Other amounts receivable | 41 | €23 | €6,227 | +€6,204 | +27,248% |
| Current investments | 50/53 | €45,600 | €45,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €152,177 | €132,302 | -€19,875 | -13.1% |
| Deferred charges and accrued income | 490/1 | €614 | €18 | -€596 | -97.0% |
| Total equity and liabilities | 10/49 | €319,351 | €711,207 | +€391,856 | +123% |
| Equity | 10/15 | €274,556 | €317,496 | +€42,939 | +15.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €254,556 | €297,496 | +€42,939 | +16.9% |
| Non-distributable reserves | 130/1 | €45,600 | €45,600 | = | 0.0% |
| Own shares acquired | 1312 | €45,600 | €45,600 | = | 0.0% |
| Distributable reserves | 133 | €208,956 | €251,896 | +€42,939 | +20.5% |
| Amounts payable | 17/49 | €44,794 | €393,711 | +€348,917 | +779% |
| Amounts payable within one year | 42/48 | €44,794 | €393,527 | +€348,733 | +779% |
| Current portion of amounts payable after more than one year | 42 | - | €285,000 | +€285,000 | |
| Trade debts | 44 | €10,835 | €78,038 | +€67,203 | +620% |
| Suppliers | 440/4 | €10,835 | €78,038 | +€67,203 | +620% |
| Taxes, remuneration and social security | 45 | €33,959 | €30,489 | -€3,470 | -10.2% |
| Taxes | 450/3 | €33,959 | €30,489 | -€3,470 | -10.2% |
| Accrued charges and deferred income | 492/3 | - | €184 | +€184 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,400 | €48,635 | +€5,235 | +12.1% |
| Other operating charges | 640/8 | €1,684 | €8,219 | +€6,535 | +388% |
| Gross operating margin | 9900 | €153,554 | €115,390 | -€38,164 | -24.9% |
| Operating profit (loss) | 9901 | €108,470 | €58,535 | -€49,935 | -46.0% |
| Financial income | 75/76B | €1,219 | €1,790 | +€571 | +46.9% |
| Recurring financial income | 75 | €1,219 | €1,790 | +€571 | +46.9% |
| Financial charges | 65/66B | €755 | €1,230 | +€475 | +62.9% |
| Recurring financial charges | 65 | €755 | €1,230 | +€475 | +62.9% |
| Profit (loss) for the period before taxes | 9903 | €108,934 | €59,095 | -€49,838 | -45.8% |
| Income taxes | 67/77 | €30,846 | €16,156 | -€14,690 | -47.6% |
| Profit (loss) for the period | 9904 | €78,087 | €42,939 | -€35,148 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,087 | €42,939 | -€35,148 | -45.0% |
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 13 October 2026 via checked.be.