BALAGAN: 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.
BALAGAN
Largest movements
- Cash +€99,193
up €99,193 (+524.7%), from €18,903 to €118,096
mainly Net result for the year (+€283,126) and Receivables within one year (+€22,403)
- Receivables within one year -€22,403
down €22,403 (-33.5%), from €66,916 to €44,512
of which Other amounts receivable: -€32,083
- Profit (loss) carried forward +€283,126
up €283,126 (+63.9%), from €442,737 to €725,864
- Debts after one year -€131,334
down €131,334 (-16.7%), from €785,908 to €654,574
of which Financial debts: -€131,334
- Other debts -€104,911
down €104,911 (-42.3%), from €248,053 to €143,141
- Tax, wage and social debts +€19,478
up €19,478 (+27.4%), from €70,979 to €90,456
- Gross operating margin +€88,305
up €88,305 (+45.9%), from €192,363 to €280,668
- Financial income -€46,668
down €46,668 (-31.8%), from €146,666 to €99,998
- Taxes +€27,048
up €27,048 (+61.7%), from €43,857 to €70,905
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 | €1,679,466 | €1,755,989 | +€76,523 | +4.6% |
| Fixed assets | 21/28 | €1,585,710 | €1,585,441 | -€269 | 0.0% |
| Tangible fixed assets | 22/27 | €269 | - | -€269 | |
| Furniture and vehicles | 24 | €269 | - | -€269 | |
| Financial fixed assets | 28 | €1,585,441 | €1,585,441 | = | 0.0% |
| Current assets | 29/58 | €93,755 | €170,547 | +€76,792 | +81.9% |
| Stocks and contracts in progress | 3 | €7,882 | €7,882 | = | 0.0% |
| Stocks | 30/36 | €7,882 | €7,882 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,916 | €44,512 | -€22,403 | -33.5% |
| Trade receivables | 40 | €30,250 | €39,930 | +€9,680 | +32.0% |
| Other amounts receivable | 41 | €36,666 | €4,582 | -€32,083 | -87.5% |
| Cash at bank and in hand | 54/58 | €18,903 | €118,096 | +€99,193 | +524.7% |
| Deferred charges and accrued income | 490/1 | €55 | €57 | +€3 | +4.6% |
| Total equity and liabilities | 10/49 | €1,679,466 | €1,755,989 | +€76,523 | +4.6% |
| Equity | 10/15 | €447,737 | €730,864 | +€283,126 | +63.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €442,737 | €725,864 | +€283,126 | +63.9% |
| Amounts payable | 17/49 | €1,231,728 | €1,025,125 | -€206,603 | -16.8% |
| Amounts payable after more than one year | 17 | €785,908 | €654,574 | -€131,334 | -16.7% |
| Financial debts | 170/4 | €745,908 | €614,574 | -€131,334 | -17.6% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €445,820 | €370,551 | -€75,269 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €126,477 | €131,334 | +€4,857 | +3.8% |
| Trade debts | 44 | €312 | €5,619 | +€5,307 | +1701.1% |
| Suppliers | 440/4 | €312 | €5,619 | +€5,307 | +1701.1% |
| Taxes, remuneration and social security | 45 | €70,979 | €90,456 | +€19,478 | +27.4% |
| Taxes | 450/3 | €70,979 | €90,456 | +€19,478 | +27.4% |
| Other amounts payable | 47/48 | €248,053 | €143,141 | -€104,911 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357 | €269 | -€89 | -24.8% |
| Other operating charges | 640/8 | €75 | €1,136 | +€1,062 | +1423.2% |
| Gross operating margin | 9900 | €192,363 | €280,668 | +€88,305 | +45.9% |
| Operating profit (loss) | 9901 | €191,931 | €279,263 | +€87,332 | +45.5% |
| Financial income | 75/76B | €146,666 | €99,998 | -€46,668 | -31.8% |
| Recurring financial income | 75 | €146,666 | €99,998 | -€46,668 | -31.8% |
| Financial charges | 65/66B | €24,522 | €25,229 | +€707 | +2.9% |
| Recurring financial charges | 65 | €24,522 | €25,229 | +€707 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €314,074 | €354,031 | +€39,957 | +12.7% |
| Income taxes | 67/77 | €43,857 | €70,905 | +€27,048 | +61.7% |
| Profit (loss) for the period | 9904 | €270,218 | €283,126 | +€12,909 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €270,218 | €283,126 | +€12,909 | +4.8% |
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 6 October 2026 via checked.be.