BALDA: 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.
BALDA
Largest movements
- Financial fixed assets +€1.0m
up €1.0m (+13.3%), from €7.6m to €8.6m
- Current investments +€700,000
up €700,000 (+350000.0%), from €200 to €700,200
- Receivables after one year -€270,000
no longer reported in 2025 (was €270,000)
- Tangible fixed assets -€149,134
down €149,134 (-3.1%), from €4.8m to €4.6m
of which Land and buildings: -€145,164
- Other debts +€1.4m
up €1.4m (+22.8%), from €6.2m to €7.6m
- Reserves +€373,985
up €373,985 (+12.8%), from €2.9m to €3.3m
of which Distributable reserves: +€373,985
- Debts after one year -€317,063
down €317,063 (-41.2%), from €769,529 to €452,466
of which Financial debts: -€317,063
- Current portion of long-term debt -€223,059
down €223,059 (-41.3%), from €540,122 to €317,063
- Financial income -€935,554
down €935,554 (-98.0%), from €954,752 to €19,198
- Gross operating margin +€217,276
up €217,276 (+26.2%), from €829,898 to €1.0m
- Financial charges +€111,484
up €111,484 (+40.7%), from €273,930 to €385,414
- Provisions -€44,096
down €44,096 (-171.8%), from -€25,674 to -€69,770
- Taxes +€33,553
up €33,553 (+36.3%), from €92,398 to €125,951
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 | €12,786,406 | €14,072,809 | +€1.3m | +10.1% |
| Fixed assets | 21/28 | €12,354,648 | €13,215,809 | +€861,161 | +7.0% |
| Tangible fixed assets | 22/27 | €4,757,288 | €4,608,154 | -€149,134 | -3.1% |
| Land and buildings | 22 | €4,742,824 | €4,597,660 | -€145,164 | -3.1% |
| Plant, machinery and equipment | 23 | €2,763 | €2,053 | -€710 | -25.7% |
| Furniture and vehicles | 24 | €11,701 | €8,441 | -€3,260 | -27.9% |
| Financial fixed assets | 28 | €7,597,360 | €8,607,655 | +€1.0m | +13.3% |
| Current assets | 29/58 | €431,758 | €857,000 | +€425,242 | +98.5% |
| Amounts receivable after more than one year | 29 | €270,000 | - | -€270,000 | |
| Other amounts receivable | 291 | €270,000 | - | -€270,000 | |
| Amounts receivable within one year | 40/41 | €130,636 | €63,935 | -€66,701 | -51.1% |
| Trade receivables | 40 | €65,316 | €39,789 | -€25,527 | -39.1% |
| Other amounts receivable | 41 | €65,320 | €24,146 | -€41,174 | -63.0% |
| Current investments | 50/53 | €200 | €700,200 | +€700,000 | +350000.0% |
| Cash at bank and in hand | 54/58 | €3,868 | €36,094 | +€32,226 | +833.1% |
| Deferred charges and accrued income | 490/1 | €27,054 | €56,771 | +€29,717 | +109.8% |
| Total equity and liabilities | 10/49 | €12,786,406 | €14,072,809 | +€1.3m | +10.1% |
| Equity | 10/15 | €4,966,772 | €5,340,757 | +€373,985 | +7.5% |
| Contributions | 10/11 | €1,500,275 | €1,500,275 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Outside capital | 11 | €275 | €275 | = | 0.0% |
| Share premium | 1100/10 | €275 | €275 | = | 0.0% |
| Revaluation surpluses | 12 | €535,405 | €535,405 | = | 0.0% |
| Reserves | 13 | €2,931,092 | €3,305,077 | +€373,985 | +12.8% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €182,935 | €182,935 | = | 0.0% |
| Distributable reserves | 133 | €2,598,157 | €2,972,142 | +€373,985 | +14.4% |
| Provisions and deferred taxes | 16 | €77,453 | €7,683 | -€69,770 | -90.1% |
| Provisions for liabilities and charges | 160/5 | €77,453 | €7,683 | -€69,770 | -90.1% |
| Other liabilities and charges | 164/5 | €77,453 | €7,683 | -€69,770 | -90.1% |
| Amounts payable | 17/49 | €7,742,181 | €8,724,369 | +€982,188 | +12.7% |
| Amounts payable after more than one year | 17 | €769,529 | €452,466 | -€317,063 | -41.2% |
| Financial debts | 170/4 | €767,063 | €450,000 | -€317,063 | -41.3% |
| Other amounts payable | 178/9 | €2,466 | €2,466 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,739,885 | €7,952,203 | +€1.2m | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €540,122 | €317,063 | -€223,059 | -41.3% |
| Trade debts | 44 | €24,613 | €49,033 | +€24,420 | +99.2% |
| Suppliers | 440/4 | €24,613 | €49,033 | +€24,420 | +99.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,175,150 | €7,586,107 | +€1.4m | +22.8% |
| Accrued charges and deferred income | 492/3 | €232,767 | €319,700 | +€86,933 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,092 | €150,753 | +€2,661 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€26,081 | - | +€26,081 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,674 | -€69,770 | -€44,096 | -171.8% |
| Other operating charges | 640/8 | €104,545 | €100,039 | -€4,506 | -4.3% |
| Gross operating margin | 9900 | €829,898 | €1,047,174 | +€217,276 | +26.2% |
| Operating profit (loss) | 9901 | €629,016 | €866,152 | +€237,136 | +37.7% |
| Financial income | 75/76B | €954,752 | €19,198 | -€935,554 | -98.0% |
| Recurring financial income | 75 | €954,752 | €19,198 | -€935,554 | -98.0% |
| Financial charges | 65/66B | €273,930 | €385,414 | +€111,484 | +40.7% |
| Recurring financial charges | 65 | €273,930 | €385,414 | +€111,484 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €1,309,838 | €499,936 | -€809,902 | -61.8% |
| Income taxes | 67/77 | €92,398 | €125,951 | +€33,553 | +36.3% |
| Profit (loss) for the period | 9904 | €1,217,440 | €373,985 | -€843,455 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,217,440 | €373,985 | -€843,455 | -69.3% |
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 3 October 2026 via checked.be.