BALDER: 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.
BALDER
Largest movements
- Cash +€76,934
up €76,934 (+12.2%), from €629,589 to €706,523
mainly Net result for the year (+€71,157) and Accrued charges and deferred income (+€10,590)
- Reserves +€71,157
up €71,157 (+9.4%), from €756,160 to €827,317
of which Distributable reserves: +€71,157
- Accrued charges and deferred income +€10,590
new in 2025: €10,590
- Gross operating margin +€16,167
up €16,167 (+16.0%), from €100,801 to €116,968
- Purchases and services -€9,658
down €9,658 (-17.6%), from €54,725 to €45,067
- Turnover +€5,138
up €5,138 (+3.3%), from €155,526 to €160,664
- Taxes +€4,373
up €4,373 (+14.1%), from €31,041 to €35,414
- Depreciation +€2,345
up €2,345 (+558%), from €420 to €2,765
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €841,632 | €925,902 | +€84,270 | +10.0% |
| Fixed assets | 21/28 | €2,165 | €8,400 | +€6,235 | +288% |
| Tangible fixed assets | 22/27 | €2,165 | €8,400 | +€6,235 | +288% |
| Plant, machinery and equipment | 23 | €2,165 | €8,400 | +€6,235 | +288% |
| Current assets | 29/58 | €839,467 | €917,502 | +€78,035 | +9.3% |
| Amounts receivable within one year | 40/41 | €74 | €1,265 | +€1,191 | +1,607% |
| Trade receivables | 40 | - | €1,265 | +€1,265 | |
| Other amounts receivable | 41 | €74 | €0 | -€74 | -99.9% |
| Current investments | 50/53 | €209,713 | €209,713 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €629,589 | €706,523 | +€76,934 | +12.2% |
| Deferred charges and accrued income | 490/1 | €90 | - | -€90 | |
| Total equity and liabilities | 10/49 | €841,632 | €925,902 | +€84,270 | +10.0% |
| Equity | 10/15 | €813,124 | €884,280 | +€71,157 | +8.8% |
| Contributions | 10/11 | €56,963 | €56,963 | = | 0.0% |
| Reserves | 13 | €756,160 | €827,317 | +€71,157 | +9.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €754,300 | €825,457 | +€71,157 | +9.4% |
| Amounts payable | 17/49 | €28,508 | €41,621 | +€13,113 | +46.0% |
| Amounts payable within one year | 42/48 | €28,508 | €31,032 | +€2,524 | +8.9% |
| Trade debts | 44 | €411 | €1,118 | +€707 | +172% |
| Suppliers | 440/4 | €411 | €1,118 | +€707 | +172% |
| Taxes, remuneration and social security | 45 | €15,228 | €17,390 | +€2,162 | +14.2% |
| Taxes | 450/3 | €15,228 | €17,390 | +€2,162 | +14.2% |
| Other amounts payable | 47/48 | €12,869 | €12,524 | -€345 | -2.7% |
| Accrued charges and deferred income | 492/3 | - | €10,590 | +€10,590 | |
| Turnover | 70 | €155,526 | €160,664 | +€5,138 | +3.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €54,725 | €45,067 | -€9,658 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €420 | €2,765 | +€2,345 | +558% |
| Other operating charges | 640/8 | €965 | €890 | -€75 | -7.7% |
| Gross operating margin | 9900 | €100,801 | €116,968 | +€16,167 | +16.0% |
| Operating profit (loss) | 9901 | €99,416 | €113,313 | +€13,897 | +14.0% |
| Financial charges | 65/66B | €6,734 | €6,742 | +€8 | +0.1% |
| Recurring financial charges | 65 | €6,734 | €6,742 | +€8 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €92,683 | €106,571 | +€13,888 | +15.0% |
| Income taxes | 67/77 | €31,041 | €35,414 | +€4,373 | +14.1% |
| Profit (loss) for the period | 9904 | €61,642 | €71,157 | +€9,515 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,642 | €71,157 | +€9,515 | +15.4% |
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.