BALIGARTH: 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.
BALIGARTH
Largest movements
- Cash +€50,224
up €50,224 (+42.2%), from €118,881 to €169,105
mainly Receivables within one year (+€39,255) and Depreciation (+€38,983)
- Receivables within one year -€39,255
down €39,255 (-28.2%), from €139,395 to €100,140
- Intangible fixed assets -€9,956
down €9,956 (-15.2%), from €65,505 to €55,550
- Tangible fixed assets -€6,507
down €6,507 (-15.7%), from €41,376 to €34,868
of which Other tangible fixed assets: -€8,427
- Tax, wage and social debts +€34,372
up €34,372 (+54.0%), from €63,699 to €98,071
of which Remuneration and social security: +€25,991
- Trade debts -€22,629
down €22,629 (-54.5%), from €41,551 to €18,922
- Other debts -€21,232
down €21,232 (-15.3%), from €139,141 to €117,909
- Profit (loss) carried forward +€5,166
up €5,166 (+1.2%), from -€440,040 to -€434,874
- Gross operating margin +€116,360
up €116,360 (+66.7%), from €174,497 to €290,857
- Staff costs +€32,812
up €32,812 (+17.5%), from €187,257 to €220,069
- Other operating charges +€7,075
up €7,075 (+109%), from €6,485 to €13,560
- Depreciation +€5,969
up €5,969 (+18.1%), from €33,014 to €38,983
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 | €383,723 | €378,228 | -€5,494 | -1.4% |
| Fixed assets | 21/28 | €107,934 | €91,471 | -€16,463 | -15.3% |
| Intangible fixed assets | 21 | €65,505 | €55,550 | -€9,956 | -15.2% |
| Tangible fixed assets | 22/27 | €41,376 | €34,868 | -€6,507 | -15.7% |
| Furniture and vehicles | 24 | €1,737 | €3,656 | +€1,920 | +111% |
| Other tangible fixed assets | 26 | €39,639 | €31,212 | -€8,427 | -21.3% |
| Financial fixed assets | 28 | €1,053 | €1,053 | = | 0.0% |
| Current assets | 29/58 | €275,789 | €286,757 | +€10,969 | +4.0% |
| Amounts receivable within one year | 40/41 | €139,395 | €100,140 | -€39,255 | -28.2% |
| Trade receivables | 40 | €139,395 | €100,140 | -€39,255 | -28.2% |
| Current investments | 50/53 | €15,813 | €15,813 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €118,881 | €169,105 | +€50,224 | +42.2% |
| Deferred charges and accrued income | 490/1 | €1,700 | €1,700 | = | 0.0% |
| Total equity and liabilities | 10/49 | €383,723 | €378,228 | -€5,494 | -1.4% |
| Equity | 10/15 | -€401,840 | -€396,674 | +€5,166 | +1.3% |
| Contributions | 10/11 | €38,200 | €38,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€440,040 | -€434,874 | +€5,166 | +1.2% |
| Amounts payable | 17/49 | €785,563 | €774,902 | -€10,660 | -1.4% |
| Amounts payable after more than one year | 17 | €490,000 | €490,000 | = | 0.0% |
| Financial debts | 170/4 | €490,000 | €490,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €295,563 | €284,902 | -€10,660 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €1,171 | - | -€1,171 | |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €41,551 | €18,922 | -€22,629 | -54.5% |
| Suppliers | 440/4 | €41,551 | €18,922 | -€22,629 | -54.5% |
| Taxes, remuneration and social security | 45 | €63,699 | €98,071 | +€34,372 | +54.0% |
| Taxes | 450/3 | €40,992 | €49,373 | +€8,381 | +20.4% |
| Remuneration and social security | 454/9 | €22,708 | €48,698 | +€25,991 | +114% |
| Other amounts payable | 47/48 | €139,141 | €117,909 | -€21,232 | -15.3% |
| Remuneration, social security and pensions | 62 | €187,257 | €220,069 | +€32,812 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,014 | €38,983 | +€5,969 | +18.1% |
| Other operating charges | 640/8 | €6,485 | €13,560 | +€7,075 | +109% |
| Gross operating margin | 9900 | €174,497 | €290,857 | +€116,360 | +66.7% |
| Operating profit (loss) | 9901 | -€52,259 | €18,246 | +€70,505 | |
| Financial income | 75/76B | €2 | €24 | +€22 | +1,130% |
| Recurring financial income | 75 | €2 | €24 | +€22 | +1,130% |
| Financial charges | 65/66B | €13,197 | €12,077 | -€1,120 | -8.5% |
| Recurring financial charges | 65 | €13,197 | €12,077 | -€1,120 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€65,453 | €6,194 | +€71,647 | |
| Income taxes | 67/77 | €2,919 | €1,027 | -€1,892 | -64.8% |
| Profit (loss) for the period | 9904 | -€68,373 | €5,166 | +€73,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,373 | €5,166 | +€73,539 |
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 21 October 2026 via checked.be.