BALENO: 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.
BALENO
Largest movements
- Stocks and contracts -€18,750
down €18,750 (-13.1%), from €142,883 to €124,133
- Cash +€4,617
up €4,617 (+53.1%), from €8,689 to €13,306
mainly Stocks and contracts (+€18,750) and Trade debts (+€11,471)
- Tangible fixed assets -€3,465
down €3,465 (-37.3%), from €9,296 to €5,831
of which Plant, machinery and equipment: -€2,037
- Profit (loss) carried forward -€18,148
down €18,148 (-6.2%), from -€292,587 to -€310,735
- Other debts -€12,141
down €12,141 (-2.9%), from €412,959 to €400,818
- Trade debts +€11,471
up €11,471 (+339%), from €3,387 to €14,858
- Gross operating margin +€24,195
up €24,195, from -€22,000 to €2,195
- Taxes +€1,109
no longer reported in 2025 (was -€1,109)
- Financial income -€634
no longer reported in 2025 (was €634)
- Other operating charges +€609
up €609 (+101%), from €602 to €1,211
- Financial charges +€489
up €489 (+3.2%), from €15,179 to €15,668
of which Financial charges: +€489
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 | €187,146 | €168,268 | -€18,878 | -10.1% |
| Fixed assets | 21/28 | €10,796 | €7,331 | -€3,465 | -32.1% |
| Tangible fixed assets | 22/27 | €9,296 | €5,831 | -€3,465 | -37.3% |
| Land and buildings | 22 | €2,410 | €1,020 | -€1,390 | -57.7% |
| Plant, machinery and equipment | 23 | €6,848 | €4,811 | -€2,037 | -29.7% |
| Furniture and vehicles | 24 | €38 | - | -€38 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €176,350 | €160,937 | -€15,413 | -8.7% |
| Stocks and contracts in progress | 3 | €142,883 | €124,133 | -€18,750 | -13.1% |
| Stocks | 30/36 | €142,883 | €124,133 | -€18,750 | -13.1% |
| Amounts receivable within one year | 40/41 | €24,778 | €23,498 | -€1,280 | -5.2% |
| Trade receivables | 40 | €24,778 | €20,345 | -€4,433 | -17.9% |
| Other amounts receivable | 41 | - | €3,153 | +€3,153 | |
| Cash at bank and in hand | 54/58 | €8,689 | €13,306 | +€4,617 | +53.1% |
| Total equity and liabilities | 10/49 | €187,146 | €168,268 | -€18,878 | -10.1% |
| Equity | 10/15 | -€229,260 | -€247,408 | -€18,148 | -7.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,327 | €1,327 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,327 | €1,327 | = | 0.0% |
| Legal reserve | 130 | €1,327 | €1,327 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,587 | -€310,735 | -€18,148 | -6.2% |
| Amounts payable | 17/49 | €416,406 | €415,676 | -€730 | -0.2% |
| Amounts payable within one year | 42/48 | €416,406 | €415,676 | -€730 | -0.2% |
| Trade debts | 44 | €3,387 | €14,858 | +€11,471 | +339% |
| Suppliers | 440/4 | €3,387 | €14,858 | +€11,471 | +339% |
| Taxes, remuneration and social security | 45 | €60 | - | -€60 | |
| Taxes | 450/3 | €60 | - | -€60 | |
| Other amounts payable | 47/48 | €412,959 | €400,818 | -€12,141 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,747 | €3,464 | -€283 | -7.6% |
| Other operating charges | 640/8 | €602 | €1,211 | +€609 | +101% |
| Gross operating margin | 9900 | -€22,000 | €2,195 | +€24,195 | |
| Operating profit (loss) | 9901 | -€26,349 | -€2,480 | +€23,869 | +90.6% |
| Financial income | 75/76B | €634 | - | -€634 | |
| Recurring financial income | 75 | €634 | - | -€634 | |
| Financial charges | 65/66B | €15,179 | €15,668 | +€489 | +3.2% |
| Recurring financial charges | 65 | €179 | €668 | +€489 | +273% |
| Non-recurring financial charges | 66B | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,894 | -€18,148 | +€22,746 | +55.6% |
| Income taxes | 67/77 | -€1,109 | - | +€1,109 | |
| Profit (loss) for the period | 9904 | -€39,785 | -€18,148 | +€21,637 | +54.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,785 | -€18,148 | +€21,637 | +54.4% |
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 14 October 2026 via checked.be.