BALDR: 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.
BALDR
Largest movements
- Tangible fixed assets +€40,682
up €40,682 (+853%), from €4,768 to €45,450
of which Land and buildings: +€39,929
- Cash -€15,535
down €15,535 (-40.8%), from €38,107 to €22,572
mainly Contributions, distributions and other (-€113,418) and Investment in fixed assets (net) (-€49,100)
- Deferred charges and accrued income +€1,668
new in 2025: €1,668
- Trade debts +€35,823
up €35,823 (+821%), from €4,364 to €40,187
- Reserves -€21,653
down €21,653 (-34.1%), from €63,418 to €41,765
- Other debts +€17,203
new in 2025: €17,203
- Tax, wage and social debts -€5,094
down €5,094 (-18.6%), from €27,339 to €22,244
- Gross operating margin +€44,478
up €44,478 (+53.4%), from €83,215 to €127,693
- Taxes +€9,988
up €9,988 (+57.8%), from €17,275 to €27,263
- Depreciation +€5,708
up €5,708 (+258%), from €2,210 to €7,918
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 | €98,870 | €125,757 | +€26,887 | +27.2% |
| Fixed assets | 21/28 | €4,768 | €45,950 | +€41,182 | +864% |
| Tangible fixed assets | 22/27 | €4,768 | €45,450 | +€40,682 | +853% |
| Land and buildings | 22 | - | €39,929 | +€39,929 | |
| Plant, machinery and equipment | 23 | €3,051 | €2,141 | -€910 | -29.8% |
| Furniture and vehicles | 24 | €146 | €2,023 | +€1,877 | +1,289% |
| Other tangible fixed assets | 26 | €1,571 | €1,358 | -€214 | -13.6% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €94,102 | €79,807 | -€14,295 | -15.2% |
| Amounts receivable within one year | 40/41 | €55,995 | €55,567 | -€428 | -0.8% |
| Trade receivables | 40 | €32,677 | €55,567 | +€22,890 | +70.0% |
| Other amounts receivable | 41 | €23,318 | - | -€23,318 | |
| Cash at bank and in hand | 54/58 | €38,107 | €22,572 | -€15,535 | -40.8% |
| Deferred charges and accrued income | 490/1 | - | €1,668 | +€1,668 | |
| Total equity and liabilities | 10/49 | €98,870 | €125,757 | +€26,887 | +27.2% |
| Equity | 10/15 | €67,168 | €45,515 | -€21,653 | -32.2% |
| Contributions | 10/11 | €3,750 | €3,750 | = | 0.0% |
| Reserves | 13 | €63,418 | €41,765 | -€21,653 | -34.1% |
| Distributable reserves | 133 | €63,418 | €41,765 | -€21,653 | -34.1% |
| Amounts payable | 17/49 | €31,702 | €80,242 | +€48,540 | +153% |
| Amounts payable within one year | 42/48 | €31,702 | €79,634 | +€47,932 | +151% |
| Trade debts | 44 | €4,364 | €40,187 | +€35,823 | +821% |
| Suppliers | 440/4 | €4,364 | €40,187 | +€35,823 | +821% |
| Taxes, remuneration and social security | 45 | €27,339 | €22,244 | -€5,094 | -18.6% |
| Taxes | 450/3 | €27,339 | €22,244 | -€5,094 | -18.6% |
| Other amounts payable | 47/48 | - | €17,203 | +€17,203 | |
| Accrued charges and deferred income | 492/3 | - | €608 | +€608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,210 | €7,918 | +€5,708 | +258% |
| Other operating charges | 640/8 | €1,855 | €938 | -€916 | -49.4% |
| Gross operating margin | 9900 | €83,215 | €127,693 | +€44,478 | +53.4% |
| Operating profit (loss) | 9901 | €79,151 | €118,837 | +€39,686 | +50.1% |
| Financial income | 75/76B | €1,632 | €1,313 | -€320 | -19.6% |
| Recurring financial income | 75 | €1,632 | €1,313 | -€320 | -19.6% |
| Financial charges | 65/66B | €1,208 | €1,122 | -€86 | -7.1% |
| Recurring financial charges | 65 | €1,208 | €1,122 | -€86 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €79,575 | €119,027 | +€39,452 | +49.6% |
| Income taxes | 67/77 | €17,275 | €27,263 | +€9,988 | +57.8% |
| Profit (loss) for the period | 9904 | €62,301 | €91,765 | +€29,464 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,301 | €91,765 | +€29,464 | +47.3% |
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 26 October 2026 via checked.be.