BALDES: 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.
BALDES
Largest movements
- Receivables within one year +€18,453
up €18,453 (+37.8%), from €48,851 to €67,303
of which Trade receivables: +€18,259
- Tangible fixed assets -€5,351
down €5,351 (-27.1%), from €19,763 to €14,412
- Cash -€5,005
down €5,005 (-19.5%), from €25,601 to €20,596
mainly Receivables within one year (-€18,453) and Other debts (-€2,654)
- Trade debts +€13,497
up €13,497 (+4,619%), from €292 to €13,790
- Other debts -€2,654
down €2,654 (-33.4%), from €7,939 to €5,285
- Tax, wage and social debts -€1,454
down €1,454 (-100%), from €1,454 to €0
- Profit (loss) carried forward -€1,293
down €1,293 (-10.5%), from -€12,269 to -€13,562
- Financial charges -€14,806
down €14,806 (-99.8%), from €14,836 to €30
of which Non-recurring financial charges: -€14,808
- Gross operating margin -€4,865
down €4,865 (-45.6%), from €10,661 to €5,796
- Other operating charges -€1,199
down €1,199 (-63.3%), from €1,894 to €695
- Financial income -€139
down €139 (-65.4%), from €212 to €73
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 | €94,214 | €102,311 | +€8,097 | +8.6% |
| Fixed assets | 21/28 | €19,763 | €14,412 | -€5,351 | -27.1% |
| Tangible fixed assets | 22/27 | €19,763 | €14,412 | -€5,351 | -27.1% |
| Furniture and vehicles | 24 | €19,763 | €14,412 | -€5,351 | -27.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €74,452 | €87,899 | +€13,448 | +18.1% |
| Amounts receivable within one year | 40/41 | €48,851 | €67,303 | +€18,453 | +37.8% |
| Trade receivables | 40 | €45,375 | €63,634 | +€18,259 | +40.2% |
| Other amounts receivable | 41 | €3,476 | €3,670 | +€194 | +5.6% |
| Cash at bank and in hand | 54/58 | €25,601 | €20,596 | -€5,005 | -19.5% |
| Total equity and liabilities | 10/49 | €94,214 | €102,311 | +€8,097 | +8.6% |
| Equity | 10/15 | €84,529 | €83,236 | -€1,293 | -1.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €34,825 | €34,825 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €28,628 | €28,628 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,269 | -€13,562 | -€1,293 | -10.5% |
| Amounts payable | 17/49 | €9,685 | €19,075 | +€9,390 | +97.0% |
| Amounts payable within one year | 42/48 | €9,685 | €19,075 | +€9,390 | +97.0% |
| Trade debts | 44 | €292 | €13,790 | +€13,497 | +4,619% |
| Suppliers | 440/4 | €292 | €13,790 | +€13,497 | +4,619% |
| Taxes, remuneration and social security | 45 | €1,454 | €0 | -€1,454 | -100% |
| Taxes | 450/3 | €1,454 | €0 | -€1,454 | -100% |
| Other amounts payable | 47/48 | €7,939 | €5,285 | -€2,654 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,294 | €6,320 | +€26 | +0.4% |
| Other operating charges | 640/8 | €1,894 | €695 | -€1,199 | -63.3% |
| Gross operating margin | 9900 | €10,661 | €5,796 | -€4,865 | -45.6% |
| Operating profit (loss) | 9901 | €2,473 | -€1,219 | -€3,692 | |
| Financial income | 75/76B | €212 | €73 | -€139 | -65.4% |
| Recurring financial income | 75 | €212 | €73 | -€139 | -65.4% |
| Financial charges | 65/66B | €14,836 | €30 | -€14,806 | -99.8% |
| Recurring financial charges | 65 | €28 | €30 | +€2 | +7.6% |
| Non-recurring financial charges | 66B | €14,808 | €0 | -€14,808 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€12,152 | -€1,175 | +€10,976 | +90.3% |
| Income taxes | 67/77 | €117 | €118 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€12,269 | -€1,293 | +€10,975 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,269 | -€1,293 | +€10,975 | +89.5% |
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.