Balaena Works: 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.
Balaena Works
Largest movements
- Receivables within one year +€32,055
up €32,055 (+5,048%), from €635 to €32,690
of which Trade receivables: +€28,153
- Deferred charges and accrued income -€28,970
down €28,970 (-89.5%), from €32,371 to €3,402
- Tangible fixed assets +€24,219
new in 2025: €24,219
- Cash +€1,934
up €1,934 (+26.6%), from €7,269 to €9,202
mainly Deferred charges and accrued income (+€28,970) and Net result for the year (+€28,415)
- Reserves +€26,749
up €26,749 (+136%), from €19,740 to €46,489
- Tax, wage and social debts +€1,261
up €1,261 (+17.4%), from €7,255 to €8,516
of which Remuneration and social security: +€1,465
- Trade debts +€1,208
up €1,208 (+36.8%), from €3,280 to €4,489
- Gross operating margin +€11,984
up €11,984 (+39.4%), from €30,381 to €42,365
- Depreciation +€3,407
up €3,407 (+145%), from €2,351 to €5,758
- Taxes +€785
up €785 (+11.2%), from €6,997 to €7,781
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 | €40,275 | €69,512 | +€29,237 | +72.6% |
| Fixed assets | 21/28 | - | €24,219 | +€24,219 | |
| Tangible fixed assets | 22/27 | - | €24,219 | +€24,219 | |
| Furniture and vehicles | 24 | - | €24,219 | +€24,219 | |
| Current assets | 29/58 | €40,275 | €45,294 | +€5,018 | +12.5% |
| Amounts receivable within one year | 40/41 | €635 | €32,690 | +€32,055 | +5,048% |
| Trade receivables | 40 | - | €28,153 | +€28,153 | |
| Other amounts receivable | 41 | €635 | €4,537 | +€3,902 | +615% |
| Cash at bank and in hand | 54/58 | €7,269 | €9,202 | +€1,934 | +26.6% |
| Deferred charges and accrued income | 490/1 | €32,371 | €3,402 | -€28,970 | -89.5% |
| Total equity and liabilities | 10/49 | €40,275 | €69,512 | +€29,237 | +72.6% |
| Equity | 10/15 | €29,740 | €56,489 | +€26,749 | +89.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €19,740 | €46,489 | +€26,749 | +136% |
| Distributable reserves | 133 | €19,740 | €46,489 | +€26,749 | +136% |
| Amounts payable | 17/49 | €10,535 | €13,023 | +€2,488 | +23.6% |
| Amounts payable within one year | 42/48 | €10,535 | €13,023 | +€2,488 | +23.6% |
| Financial debts | 43 | - | €19 | +€19 | |
| Credit institutions | 430/8 | - | €19 | +€19 | |
| Trade debts | 44 | €3,280 | €4,489 | +€1,208 | +36.8% |
| Suppliers | 440/4 | €3,280 | €4,489 | +€1,208 | +36.8% |
| Taxes, remuneration and social security | 45 | €7,255 | €8,516 | +€1,261 | +17.4% |
| Taxes | 450/3 | €7,255 | €7,051 | -€204 | -2.8% |
| Remuneration and social security | 454/9 | - | €1,465 | +€1,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,351 | €5,758 | +€3,407 | +145% |
| Other operating charges | 640/8 | €434 | €570 | +€136 | +31.3% |
| Gross operating margin | 9900 | €30,381 | €42,365 | +€11,984 | +39.4% |
| Operating profit (loss) | 9901 | €27,596 | €36,037 | +€8,441 | +30.6% |
| Financial income | 75/76B | - | €321 | +€321 | |
| Recurring financial income | 75 | - | €321 | +€321 | |
| Financial charges | 65/66B | €0 | €162 | +€162 | +107,900% |
| Recurring financial charges | 65 | €0 | €162 | +€162 | +107,900% |
| Profit (loss) for the period before taxes | 9903 | €27,596 | €36,196 | +€8,600 | +31.2% |
| Income taxes | 67/77 | €6,997 | €7,781 | +€785 | +11.2% |
| Profit (loss) for the period | 9904 | €20,599 | €28,415 | +€7,816 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,599 | €28,415 | +€7,816 | +37.9% |
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 16 October 2026 via checked.be.