BALKAN TRADE: 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.
BALKAN TRADE
Largest movements
- Cash +€43,978
up €43,978 (+57.8%), from €76,097 to €120,075
mainly Other debts (+€30,860) and Net result for the year (+€28,816)
- Tangible fixed assets +€36,128
up €36,128 (+295%), from €12,267 to €48,395
of which Furniture and vehicles: +€37,195
- Receivables within one year -€4,277
down €4,277 (-98.3%), from €4,350 to €73
of which Trade receivables: -€4,350
- Other debts +€30,860
up €30,860 (+165%), from €18,651 to €49,511
- Profit (loss) carried forward +€27,871
no longer reported in 2025 (was -€27,871)
- Tax, wage and social debts +€20,007
up €20,007 (+334%), from €5,989 to €25,996
of which Taxes: +€14,328
- Trade debts -€4,524
down €4,524 (-34.7%), from €13,024 to €8,500
- Staff costs -€24,723
down €24,723 (-18.7%), from €132,098 to €107,374
- Taxes +€11,589
up €11,589 (+960%), from €1,208 to €12,797
- Gross operating margin -€8,760
down €8,760 (-5.0%), from €173,773 to €165,013
- Depreciation +€2,895
up €2,895 (+61.0%), from €4,743 to €7,637
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 | €103,158 | €178,316 | +€75,158 | +72.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €19,211 | €55,137 | +€35,925 | +187% |
| Tangible fixed assets | 22/27 | €12,267 | €48,395 | +€36,128 | +295% |
| Land and buildings | 22 | €543 | €0 | -€543 | -100% |
| Plant, machinery and equipment | 23 | €11,724 | €11,201 | -€524 | -4.5% |
| Furniture and vehicles | 24 | €0 | €37,195 | +€37,195 | |
| Financial fixed assets | 28 | €6,944 | €6,742 | -€203 | -2.9% |
| Current assets | 29/58 | €83,947 | €123,179 | +€39,233 | +46.7% |
| Stocks and contracts in progress | 3 | €1,057 | €975 | -€82 | -7.8% |
| Stocks | 30/36 | €1,057 | €975 | -€82 | -7.8% |
| Amounts receivable within one year | 40/41 | €4,350 | €73 | -€4,277 | -98.3% |
| Trade receivables | 40 | €4,350 | - | -€4,350 | |
| Other amounts receivable | 41 | - | €73 | +€73 | |
| Cash at bank and in hand | 54/58 | €76,097 | €120,075 | +€43,978 | +57.8% |
| Deferred charges and accrued income | 490/1 | €2,443 | €2,056 | -€387 | -15.8% |
| Total equity and liabilities | 10/49 | €103,158 | €178,316 | +€75,158 | +72.9% |
| Equity | 10/15 | €65,494 | €94,309 | +€28,816 | +44.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €74,364 | €75,309 | +€945 | +1.3% |
| Non-distributable reserves | 130/1 | €2,159 | €2,159 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,159 | €2,159 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,404 | €28,404 | = | 0.0% |
| Distributable reserves | 133 | €43,801 | €44,746 | +€945 | +2.2% |
| Profit (loss) carried forward | 14 | -€27,871 | - | +€27,871 | |
| Amounts payable | 17/49 | €37,664 | €84,007 | +€46,342 | +123% |
| Amounts payable within one year | 42/48 | €37,664 | €84,007 | +€46,342 | +123% |
| Trade debts | 44 | €13,024 | €8,500 | -€4,524 | -34.7% |
| Suppliers | 440/4 | €13,024 | €8,500 | -€4,524 | -34.7% |
| Taxes, remuneration and social security | 45 | €5,989 | €25,996 | +€20,007 | +334% |
| Taxes | 450/3 | €4,425 | €18,753 | +€14,328 | +324% |
| Remuneration and social security | 454/9 | €1,565 | €7,243 | +€5,679 | +363% |
| Other amounts payable | 47/48 | €18,651 | €49,511 | +€30,860 | +165% |
| Remuneration, social security and pensions | 62 | €132,098 | €107,374 | -€24,723 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,743 | €7,637 | +€2,895 | +61.0% |
| Other operating charges | 640/8 | €1,189 | €2,172 | +€983 | +82.7% |
| Non-recurring operating charges | 66A | €1,515 | - | -€1,515 | |
| Gross operating margin | 9900 | €173,773 | €165,013 | -€8,760 | -5.0% |
| Operating profit (loss) | 9901 | €34,230 | €47,830 | +€13,600 | +39.7% |
| Financial income | 75/76B | €100 | €685 | +€585 | +587% |
| Recurring financial income | 75 | €100 | €685 | +€585 | +587% |
| Financial charges | 65/66B | €5,909 | €6,902 | +€993 | +16.8% |
| Recurring financial charges | 65 | €5,909 | €6,902 | +€993 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €28,421 | €41,613 | +€13,192 | +46.4% |
| Income taxes | 67/77 | €1,208 | €12,797 | +€11,589 | +960% |
| Profit (loss) for the period | 9904 | €27,213 | €28,816 | +€1,603 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,213 | €28,816 | +€1,603 | +5.9% |
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 28 October 2026 via checked.be.