BALD: 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.
BALD
Largest movements
- Cash +€183,050
up €183,050 (+179.2%), from €102,168 to €285,218
mainly Net result for the year (+€177,108) and Investment in fixed assets (net) (+€134,862)
- Tangible fixed assets -€151,260
down €151,260 (-71.1%), from €212,697 to €61,437
of which Land and buildings: -€198,973
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Accrued charges and deferred income -€54,849
down €54,849 (-99.7%), from €55,029 to €180
- Tax, wage and social debts +€53,065
up €53,065 (+106.9%), from €49,627 to €102,693
of which Taxes: +€44,431
- Reserves -€31,865
down €31,865 (-6.1%), from €523,959 to €492,094
- Trade debts +€24,923
up €24,923 (+46.9%), from €53,129 to €78,052
- Other debts +€12,764
up €12,764 (+1029.4%), from €1,240 to €14,004
- Gross operating margin +€137,884
up €137,884 (+39.4%), from €349,995 to €487,879
- Staff costs +€58,772
up €58,772 (+41.5%), from €141,652 to €200,424
- Taxes +€26,263
up €26,263 (+43.7%), from €60,035 to €86,298
- Other operating charges +€11,398
up €11,398 (+451.7%), from €2,523 to €13,921
- Depreciation -€5,786
down €5,786 (-38.0%), from €15,243 to €9,457
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 | €697,645 | €691,544 | -€6,101 | -0.9% |
| Fixed assets | 21/28 | €221,797 | €77,477 | -€144,320 | -65.1% |
| Tangible fixed assets | 22/27 | €212,697 | €61,437 | -€151,260 | -71.1% |
| Land and buildings | 22 | €198,973 | €0 | -€198,973 | -100.0% |
| Plant, machinery and equipment | 23 | €1,146 | €3,062 | +€1,916 | +167.1% |
| Furniture and vehicles | 24 | €7,001 | €5,152 | -€1,849 | -26.4% |
| Leasing and similar rights | 25 | €5,578 | €0 | -€5,578 | -100.0% |
| Other tangible fixed assets | 26 | - | €53,223 | +€53,223 | |
| Financial fixed assets | 28 | €9,100 | €16,040 | +€6,940 | +76.3% |
| Current assets | 29/58 | €475,848 | €614,067 | +€138,219 | +29.0% |
| Amounts receivable within one year | 40/41 | €313,209 | €319,274 | +€6,065 | +1.9% |
| Trade receivables | 40 | €255,125 | €290,081 | +€34,956 | +13.7% |
| Other amounts receivable | 41 | €58,084 | €29,193 | -€28,891 | -49.7% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €102,168 | €285,218 | +€183,050 | +179.2% |
| Deferred charges and accrued income | 490/1 | €10,471 | €9,575 | -€896 | -8.6% |
| Total equity and liabilities | 10/49 | €697,645 | €691,544 | -€6,101 | -0.9% |
| Equity | 10/15 | €530,159 | €496,615 | -€33,544 | -6.3% |
| Contributions | 10/11 | €6,200 | €4,521 | -€1,679 | -27.1% |
| Reserves | 13 | €523,959 | €492,094 | -€31,865 | -6.1% |
| Distributable reserves | 133 | €523,959 | €492,094 | -€31,865 | -6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €167,486 | €194,929 | +€27,443 | +16.4% |
| Amounts payable after more than one year | 17 | €2,041 | €0 | -€2,041 | -100.0% |
| Financial debts | 170/4 | €2,041 | €0 | -€2,041 | -100.0% |
| Amounts payable within one year | 42/48 | €110,416 | €194,748 | +€84,333 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €6,419 | €0 | -€6,419 | -100.0% |
| Trade debts | 44 | €53,129 | €78,052 | +€24,923 | +46.9% |
| Suppliers | 440/4 | €53,129 | €78,052 | +€24,923 | +46.9% |
| Taxes, remuneration and social security | 45 | €49,627 | €102,693 | +€53,065 | +106.9% |
| Taxes | 450/3 | €41,061 | €85,491 | +€44,431 | +108.2% |
| Remuneration and social security | 454/9 | €8,567 | €17,201 | +€8,635 | +100.8% |
| Other amounts payable | 47/48 | €1,240 | €14,004 | +€12,764 | +1029.4% |
| Accrued charges and deferred income | 492/3 | €55,029 | €180 | -€54,849 | -99.7% |
| Remuneration, social security and pensions | 62 | €141,652 | €200,424 | +€58,772 | +41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,243 | €9,457 | -€5,786 | -38.0% |
| Other operating charges | 640/8 | €2,523 | €13,921 | +€11,398 | +451.7% |
| Non-recurring operating charges | 66A | €1,099 | €0 | -€1,099 | -100.0% |
| Gross operating margin | 9900 | €349,995 | €487,879 | +€137,884 | +39.4% |
| Operating profit (loss) | 9901 | €189,478 | €264,078 | +€74,600 | +39.4% |
| Financial income | 75/76B | €2,378 | €1,636 | -€742 | -31.2% |
| Recurring financial income | 75 | €2,378 | €1,636 | -€742 | -31.2% |
| Financial charges | 65/66B | €2,562 | €2,307 | -€255 | -9.9% |
| Recurring financial charges | 65 | €2,562 | €2,307 | -€255 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €189,294 | €263,406 | +€74,112 | +39.2% |
| Income taxes | 67/77 | €60,035 | €86,298 | +€26,263 | +43.7% |
| Profit (loss) for the period | 9904 | €129,259 | €177,108 | +€47,849 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,259 | €177,108 | +€47,849 | +37.0% |
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 10 October 2026 via checked.be.