BALCO BELGIUM: what changed
BALCO BELGIUM
Largest movements
- Receivables within one year -€82,998
down €82,998 (-26.7%), from €311,042 to €228,044
of which Trade receivables: -€85,775
- Cash -€23,465
down €23,465 (-58.3%), from €40,261 to €16,796
mainly Accrued charges and deferred income (-€77,910) and Other debts (-€47,000)
- Tangible fixed assets +€21,804
up €21,804 (+293%), from €7,452 to €29,256
- Stocks and contracts +€17,277
up €17,277 (+704%), from €2,455 to €19,732
- Deferred charges and accrued income +€5,000
new in 2025: €5,000
- Trade debts +€84,366
up €84,366 (+143%), from €59,133 to €143,498
- Accrued charges and deferred income -€77,910
down €77,910 (-100%), from €77,910 to €0
- Other debts -€47,000
down €47,000 (-47.0%), from €100,000 to €53,000
- Tax, wage and social debts -€18,620
down €18,620 (-48.0%), from €38,775 to €20,155
of which Taxes: -€17,997
- Gross operating margin -€32,261
down €32,261 (-27.0%), from €119,651 to €87,389
- Staff costs +€18,864
up €18,864 (+25.8%), from €73,058 to €91,922
- Financial income +€13,801
up €13,801 (+32,389%), from €43 to €13,843
- Taxes -€9,867
down €9,867 (-98.4%), from €10,032 to €165
- Depreciation +€3,831
up €3,831 (+65.1%), from €5,888 to €9,719
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €364,903 | €302,508 | -€62,395 | -17.1% |
| Fixed assets | 21/28 | €11,145 | €32,936 | +€21,791 | +196% |
| Tangible fixed assets | 22/27 | €7,452 | €29,256 | +€21,804 | +293% |
| Furniture and vehicles | 24 | €7,452 | €29,256 | +€21,804 | +293% |
| Financial fixed assets | 28 | €3,692 | €3,680 | -€12 | -0.3% |
| Current assets | 29/58 | €353,758 | €269,572 | -€84,186 | -23.8% |
| Stocks and contracts in progress | 3 | €2,455 | €19,732 | +€17,277 | +704% |
| Stocks | 30/36 | €2,455 | €19,732 | +€17,277 | +704% |
| Amounts receivable within one year | 40/41 | €311,042 | €228,044 | -€82,998 | -26.7% |
| Trade receivables | 40 | €281,505 | €195,730 | -€85,775 | -30.5% |
| Other amounts receivable | 41 | €29,538 | €32,314 | +€2,776 | +9.4% |
| Cash at bank and in hand | 54/58 | €40,261 | €16,796 | -€23,465 | -58.3% |
| Deferred charges and accrued income | 490/1 | - | €5,000 | +€5,000 | |
| Total equity and liabilities | 10/49 | €364,903 | €302,508 | -€62,395 | -17.1% |
| Equity | 10/15 | €87,380 | €85,855 | -€1,524 | -1.7% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,314 | €77,790 | -€1,524 | -1.9% |
| Amounts payable | 17/49 | €277,523 | €216,653 | -€60,870 | -21.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €199,613 | €216,653 | +€17,040 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €1,706 | €0 | -€1,706 | -100% |
| Trade debts | 44 | €59,133 | €143,498 | +€84,366 | +143% |
| Suppliers | 440/4 | €59,133 | €143,498 | +€84,366 | +143% |
| Taxes, remuneration and social security | 45 | €38,775 | €20,155 | -€18,620 | -48.0% |
| Taxes | 450/3 | €29,917 | €11,920 | -€17,997 | -60.2% |
| Remuneration and social security | 454/9 | €8,858 | €8,235 | -€623 | -7.0% |
| Other amounts payable | 47/48 | €100,000 | €53,000 | -€47,000 | -47.0% |
| Accrued charges and deferred income | 492/3 | €77,910 | €0 | -€77,910 | -100% |
| Remuneration, social security and pensions | 62 | €73,058 | €91,922 | +€18,864 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,888 | €9,719 | +€3,831 | +65.1% |
| Other operating charges | 640/8 | €708 | €695 | -€13 | -1.8% |
| Gross operating margin | 9900 | €119,651 | €87,389 | -€32,261 | -27.0% |
| Operating profit (loss) | 9901 | €39,997 | -€14,946 | -€54,943 | |
| Financial income | 75/76B | €43 | €13,843 | +€13,801 | +32,389% |
| Recurring financial income | 75 | €43 | €13,843 | +€13,801 | +32,389% |
| Financial charges | 65/66B | €1,053 | €257 | -€796 | -75.6% |
| Recurring financial charges | 65 | €1,053 | €257 | -€796 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €38,987 | -€1,359 | -€40,346 | |
| Income taxes | 67/77 | €10,032 | €165 | -€9,867 | -98.4% |
| Profit (loss) for the period | 9904 | €28,955 | -€1,524 | -€30,480 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,955 | -€1,524 | -€30,480 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.