BALDUCK: 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.
BALDUCK
Largest movements
- Current investments -€41,271
down €41,271 (-11.7%), from €351,271 to €310,000
- Tangible fixed assets -€17,666
down €17,666 (-19.6%), from €90,050 to €72,384
- Deferred charges and accrued income +€9,840
up €9,840 (+7093.4%), from €139 to €9,979
- Tax, wage and social debts -€37,557
down €37,557 (-97.5%), from €38,523 to €966
of which Taxes: -€34,540
- Other debts +€16,049
up €16,049 (+660.2%), from €2,431 to €18,480
- Reserves -€14,626
down €14,626 (-2.8%), from €523,563 to €508,936
- Debts after one year -€11,252
down €11,252 (-24.1%), from €46,605 to €35,353
- Gross operating margin -€534,089
down €534,089 (-97.2%), from €549,419 to €15,329
- Taxes -€162,433
down €162,433 (-98.7%), from €164,655 to €2,222
- Financial income +€8,414
up €8,414 (+653.5%), from €1,288 to €9,702
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 | €628,225 | €577,468 | -€50,757 | -8.1% |
| Fixed assets | 21/28 | €92,550 | €74,884 | -€17,666 | -19.1% |
| Tangible fixed assets | 22/27 | €90,050 | €72,384 | -€17,666 | -19.6% |
| Land and buildings | 22 | €78,086 | €69,410 | -€8,676 | -11.1% |
| Plant, machinery and equipment | 23 | €1,097 | €721 | -€376 | -34.3% |
| Furniture and vehicles | 24 | €4,739 | €1,174 | -€3,565 | -75.2% |
| Leasing and similar rights | 25 | €6,127 | €1,079 | -€5,048 | -82.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €535,675 | €502,585 | -€33,091 | -6.2% |
| Amounts receivable after more than one year | 29 | €161,370 | €161,370 | = | 0.0% |
| Trade receivables | 290 | €161,370 | €161,370 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €1,278 | +€1,278 | |
| Other amounts receivable | 41 | - | €1,278 | +€1,278 | |
| Current investments | 50/53 | €351,271 | €310,000 | -€41,271 | -11.7% |
| Cash at bank and in hand | 54/58 | €22,895 | €19,958 | -€2,937 | -12.8% |
| Deferred charges and accrued income | 490/1 | €139 | €9,979 | +€9,840 | +7093.4% |
| Total equity and liabilities | 10/49 | €628,225 | €577,468 | -€50,757 | -8.1% |
| Equity | 10/15 | €524,563 | €509,936 | -€14,626 | -2.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €523,563 | €508,936 | -€14,626 | -2.8% |
| Distributable reserves | 133 | €523,563 | €508,936 | -€14,626 | -2.8% |
| Amounts payable | 17/49 | €103,662 | €67,532 | -€36,130 | -34.9% |
| Amounts payable after more than one year | 17 | €46,605 | €35,353 | -€11,252 | -24.1% |
| Financial debts | 170/4 | €46,605 | €35,353 | -€11,252 | -24.1% |
| Amounts payable within one year | 42/48 | €57,057 | €32,179 | -€24,878 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €14,768 | €12,187 | -€2,581 | -17.5% |
| Trade debts | 44 | €1,336 | €546 | -€790 | -59.1% |
| Suppliers | 440/4 | €1,336 | €546 | -€790 | -59.1% |
| Taxes, remuneration and social security | 45 | €38,523 | €966 | -€37,557 | -97.5% |
| Taxes | 450/3 | €35,505 | €965 | -€34,540 | -97.3% |
| Remuneration and social security | 454/9 | €3,018 | €1 | -€3,017 | -100.0% |
| Other amounts payable | 47/48 | €2,431 | €18,480 | +€16,049 | +660.2% |
| Remuneration, social security and pensions | 62 | €335 | - | -€335 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,800 | €14,934 | -€1,867 | -11.1% |
| Other operating charges | 640/8 | €2,091 | €2,001 | -€90 | -4.3% |
| Gross operating margin | 9900 | €549,419 | €15,329 | -€534,089 | -97.2% |
| Operating profit (loss) | 9901 | €530,193 | -€1,605 | -€531,798 | |
| Financial income | 75/76B | €1,288 | €9,702 | +€8,414 | +653.5% |
| Recurring financial income | 75 | €1,288 | €9,702 | +€8,414 | +653.5% |
| Financial charges | 65/66B | €1,429 | €1,201 | -€228 | -16.0% |
| Recurring financial charges | 65 | €1,429 | €1,201 | -€228 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €530,051 | €6,895 | -€523,156 | -98.7% |
| Income taxes | 67/77 | €164,655 | €2,222 | -€162,433 | -98.7% |
| Profit (loss) for the period | 9904 | €365,396 | €4,674 | -€360,723 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €365,396 | €4,674 | -€360,723 | -98.7% |
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 7 October 2026 via checked.be.