BALAES: 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.
What changed
BALAES
NACE 42.110, Construction of roads and motorways
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€300,716
2024 · €445,577-€144,861
Equity
€1.6m
2024 · €1.4m+€200,716
Cash
€7,496
2024 · €15,434-€7,938
Balance sheet total
€6.5m
2024 · €3.9m+€2.6m
Largest movements
Assets
- Financial fixed assets +€1.7m
up €1.7m (+1,133%), from €146,372 to €1.8m
- Receivables within one year +€1.0m
up €1.0m (+35.7%), from €2.8m to €3.8m
of which Trade receivables: +€1.2m
Equity and liabilities
- Debts after one year +€1.2m
up €1.2m (+234%), from €495,083 to €1.7m
- Other debts +€744,154
up €744,154 (+418%), from €177,984 to €922,137
- Trade debts +€290,529
up €290,529 (+23.2%), from €1.3m to €1.5m
- Profit (loss) carried forward +€218,517
up €218,517 (+19.0%), from €1.2m to €1.4m
- Current portion of long-term debt +€207,267
up €207,267 (+76.8%), from €269,997 to €477,263
Income statement
- Turnover +€1.1m
up €1.1m (+14.0%), from €7.9m to €9.0m
- Purchases and services +€1.1m
up €1.1m (+20.8%), from €5.1m to €6.1m
- Staff costs +€253,321
up €253,321 (+11.8%), from €2.1m to €2.4m
- Gross operating margin +€194,657
up €194,657 (+6.3%), from €3.1m to €3.3m
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.
Result 2024
€445,577
Gross operating margin
+€194,657
Staff costs
-€253,321
Depreciation
-€78,061
Write-downs
-€2,106
Other operating charges
+€6,038
Other operating items
+€893
Financial income
-€50,805
Financial charges
-€5,323
Taxes
+€44,153
Deferred taxes and other
-€987
Result 2025
€300,716
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€686,850
Investment
-€2.0m
Financing
+€1.3m
Cash 2024
€15,434
From operations (derived)
+€686,850
Net result for the year
+€300,716
Depreciation
+€351,937
Smaller working-capital items
-€3,554
Receivables within one year
-€1.0m
Provisions
-€5,934
Trade debts
+€290,529
Tax, wage and social debts
+€10,443
Other debts
+€744,154
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€1.3m
Debts after one year
+€1.2m
Current portion of long-term debt
+€207,267
Contributions, distributions and other
-€100,000
Cash 2025
€7,496
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,914,107 | €6,520,698 | +€2.6m | +66.6% |
| Fixed assets | 21/28 | €1,022,660 | €2,632,193 | +€1.6m | +157% |
| Tangible fixed assets | 22/27 | €876,288 | €828,076 | -€48,211 | -5.5% |
| Plant, machinery and equipment | 23 | €122,045 | €284,208 | +€162,163 | +133% |
| Furniture and vehicles | 24 | €25,057 | €12,623 | -€12,434 | -49.6% |
| Leasing and similar rights | 25 | €729,185 | €531,245 | -€197,941 | -27.1% |
| Financial fixed assets | 28 | €146,372 | €1,804,116 | +€1.7m | +1,133% |
| Current assets | 29/58 | €2,891,448 | €3,888,505 | +€997,058 | +34.5% |
| Stocks and contracts in progress | 3 | €66,971 | €70,458 | +€3,487 | +5.2% |
| Stocks | 30/36 | €66,971 | €70,458 | +€3,487 | +5.2% |
| Amounts receivable within one year | 40/41 | €2,803,638 | €3,805,080 | +€1.0m | +35.7% |
| Trade receivables | 40 | €2,553,228 | €3,796,345 | +€1.2m | +48.7% |
| Other amounts receivable | 41 | €250,411 | €8,735 | -€241,675 | -96.5% |
| Cash at bank and in hand | 54/58 | €15,434 | €7,496 | -€7,938 | -51.4% |
| Deferred charges and accrued income | 490/1 | €5,403 | €5,470 | +€67 | +1.2% |
| Total equity and liabilities | 10/49 | €3,914,107 | €6,520,698 | +€2.6m | +66.6% |
| Equity | 10/15 | €1,380,728 | €1,581,444 | +€200,716 | +14.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €166,564 | €148,763 | -€17,801 | -10.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,859 | €98,058 | -€17,801 | -15.4% |
| Distributable reserves | 133 | €44,555 | €44,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,152,663 | €1,371,180 | +€218,517 | +19.0% |
| Provisions and deferred taxes | 16 | €38,407 | €32,473 | -€5,934 | -15.4% |
| Deferred taxes | 168 | €38,407 | €32,473 | -€5,934 | -15.4% |
| Amounts payable | 17/49 | €2,494,973 | €4,906,781 | +€2.4m | +96.7% |
| Amounts payable after more than one year | 17 | €495,083 | €1,654,498 | +€1.2m | +234% |
| Financial debts | 170/4 | €495,083 | €1,654,498 | +€1.2m | +234% |
| Amounts payable within one year | 42/48 | €1,999,890 | €3,252,283 | +€1.3m | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €269,997 | €477,263 | +€207,267 | +76.8% |
| Trade debts | 44 | €1,254,702 | €1,545,232 | +€290,529 | +23.2% |
| Suppliers | 440/4 | €1,254,702 | €1,545,232 | +€290,529 | +23.2% |
| Taxes, remuneration and social security | 45 | €297,207 | €307,650 | +€10,443 | +3.5% |
| Taxes | 450/3 | €167,286 | €154,673 | -€12,613 | -7.5% |
| Remuneration and social security | 454/9 | €129,921 | €152,977 | +€23,057 | +17.7% |
| Other amounts payable | 47/48 | €177,984 | €922,137 | +€744,154 | +418% |
| Turnover | 70 | €7,866,953 | €8,966,612 | +€1.1m | +14.0% |
| Non-recurring operating income | 76A | €67,019 | €98,306 | +€31,287 | +46.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €5,070,312 | €6,127,206 | +€1.1m | +20.8% |
| Remuneration, social security and pensions | 62 | €2,147,233 | €2,400,554 | +€253,321 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,876 | €351,937 | +€78,061 | +28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,106 | +€2,106 | |
| Other operating charges | 640/8 | €29,619 | €23,582 | -€6,038 | -20.4% |
| Non-recurring operating charges | 66A | €1,019 | €126 | -€893 | -87.6% |
| Gross operating margin | 9900 | €3,065,953 | €3,260,610 | +€194,657 | +6.3% |
| Operating profit (loss) | 9901 | €614,205 | €482,306 | -€131,900 | -21.5% |
| Financial income | 75/76B | €52,951 | €2,146 | -€50,805 | -95.9% |
| Recurring financial income | 75 | €52,951 | €2,146 | -€50,805 | -95.9% |
| Financial charges | 65/66B | €68,062 | €73,385 | +€5,323 | +7.8% |
| Recurring financial charges | 65 | €68,062 | €73,385 | +€5,323 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €599,094 | €411,067 | -€188,027 | -31.4% |
| Transfer from deferred taxes | 780 | €16,295 | €17,434 | +€1,138 | +7.0% |
| Transfer to deferred taxes | 680 | €9,375 | €11,500 | +€2,125 | +22.7% |
| Income taxes | 67/77 | €160,437 | €116,284 | -€44,153 | -27.5% |
| Profit (loss) for the period | 9904 | €445,577 | €300,716 | -€144,861 | -32.5% |
| Transfer from tax-exempt reserves | 789 | €48,886 | €52,301 | +€3,415 | +7.0% |
| Transfer to tax-exempt reserves | 689 | €28,125 | €34,500 | +€6,375 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €466,338 | €318,517 | -€147,821 | -31.7% |
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.