Balaena: 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.
Balaena
Largest movements
- Tangible fixed assets +€65,799
up €65,799 (+297.8%), from €22,095 to €87,894
- Financial fixed assets -€36,500
no longer reported in 2025 (was €36,500)
- Cash +€34,020
up €34,020 (+550.5%), from €6,179 to €40,200
mainly Net result for the year (+€89,843) and Tax, wage and social debts (+€31,469)
- Receivables within one year +€8,040
up €8,040 (+370.9%), from €2,168 to €10,207
- Tax, wage and social debts +€31,469
up €31,469 (+1168.3%), from €2,694 to €34,163
- Reserves +€16,160
up €16,160 (+21.6%), from €74,802 to €90,963
of which Distributable reserves: +€16,160
- Profit (loss) carried forward +€12,923
no longer reported in 2025 (was -€12,923)
- Other debts +€10,000
new in 2025: €10,000
- Gross operating margin +€130,428
up €130,428 (+2003.5%), from €6,510 to €136,938
- Taxes +€29,322
up €29,322 (+1454.6%), from €2,016 to €31,338
- Depreciation +€4,062
up €4,062 (+54.2%), from €7,488 to €11,549
- Financial charges -€3,959
down €3,959 (-52.4%), from €7,551 to €3,592
of which Non-recurring financial charges: -€4,518
- Financial income -€1,460
down €1,460 (-87.1%), from €1,676 to €216
of which Financial income: -€1,244
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 | €71,602 | €142,961 | +€71,359 | +99.7% |
| Fixed assets | 21/28 | €58,595 | €87,894 | +€29,299 | +50.0% |
| Tangible fixed assets | 22/27 | €22,095 | €87,894 | +€65,799 | +297.8% |
| Furniture and vehicles | 24 | €22,095 | €87,894 | +€65,799 | +297.8% |
| Financial fixed assets | 28 | €36,500 | - | -€36,500 | |
| Current assets | 29/58 | €13,007 | €55,067 | +€42,060 | +323.4% |
| Amounts receivable within one year | 40/41 | €2,168 | €10,207 | +€8,040 | +370.9% |
| Other amounts receivable | 41 | €2,168 | €10,207 | +€8,040 | +370.9% |
| Cash at bank and in hand | 54/58 | €6,179 | €40,200 | +€34,020 | +550.5% |
| Deferred charges and accrued income | 490/1 | €4,660 | €4,660 | = | 0.0% |
| Total equity and liabilities | 10/49 | €71,602 | €142,961 | +€71,359 | +99.7% |
| Equity | 10/15 | €68,080 | €97,163 | +€29,083 | +42.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €74,802 | €90,963 | +€16,160 | +21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €72,942 | €89,103 | +€16,160 | +22.2% |
| Profit (loss) carried forward | 14 | -€12,923 | - | +€12,923 | |
| Amounts payable | 17/49 | €3,522 | €45,798 | +€42,276 | +1200.2% |
| Amounts payable within one year | 42/48 | €3,522 | €45,798 | +€42,276 | +1200.2% |
| Trade debts | 44 | €829 | €1,635 | +€806 | +97.3% |
| Suppliers | 440/4 | €829 | €1,635 | +€806 | +97.3% |
| Taxes, remuneration and social security | 45 | €2,694 | €34,163 | +€31,469 | +1168.3% |
| Taxes | 450/3 | €2,694 | €34,163 | +€31,469 | +1168.3% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,488 | €11,549 | +€4,062 | +54.2% |
| Other operating charges | 640/8 | €731 | €831 | +€100 | +13.7% |
| Gross operating margin | 9900 | €6,510 | €136,938 | +€130,428 | +2003.5% |
| Operating profit (loss) | 9901 | -€1,709 | €124,557 | +€126,266 | |
| Financial income | 75/76B | €1,676 | €216 | -€1,460 | -87.1% |
| Recurring financial income | 75 | €1,460 | €216 | -€1,244 | -85.2% |
| Non-recurring financial income | 76B | €216 | €216 | = | 0.0% |
| Financial charges | 65/66B | €7,551 | €3,592 | -€3,959 | -52.4% |
| Recurring financial charges | 65 | €3,033 | €3,592 | +€560 | +18.5% |
| Non-recurring financial charges | 66B | €4,518 | - | -€4,518 | |
| Profit (loss) for the period before taxes | 9903 | -€7,584 | €121,181 | +€128,765 | |
| Income taxes | 67/77 | €2,016 | €31,338 | +€29,322 | +1454.6% |
| Profit (loss) for the period | 9904 | -€9,600 | €89,843 | +€99,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,600 | €89,843 | +€99,443 |
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 3 October 2026 via checked.be.