BALLADIN: 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.
BALLADIN
Largest movements
- Tangible fixed assets -€38,116
down €38,116 (-9.1%), from €421,071 to €382,954
of which Land and buildings: -€27,953
- Cash -€13,865
down €13,865 (-20.0%), from €69,317 to €55,452
mainly Debts after one year (-€52,457) and Net result for the year (-€39,695)
- Debts after one year -€52,457
down €52,457 (-20.6%), from €255,108 to €202,651
- Profit (loss) carried forward -€39,695
down €39,695, from €21,489 to -€18,206
- Trade debts +€19,534
up €19,534 (+77.1%), from €25,337 to €44,871
- Current portion of long-term debt +€18,256
up €18,256 (+10.9%), from €167,470 to €185,726
- Tax, wage and social debts -€10,693
down €10,693 (-25.9%), from €41,340 to €30,647
of which Remuneration and social security: -€12,869
- Staff costs -€64,374
down €64,374 (-36.9%), from €174,537 to €110,163
- Gross operating margin +€12,457
up €12,457 (+8.5%), from €147,285 to €159,741
- Other operating charges +€8,228
up €8,228 (+86.7%), from €9,485 to €17,713
- Depreciation -€6,472
down €6,472 (-13.1%), from €49,440 to €42,968
- Financial charges -€5,468
down €5,468 (-16.9%), from €32,419 to €26,951
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 | €642,630 | €582,277 | -€60,353 | -9.4% |
| Fixed assets | 21/28 | €443,270 | €399,154 | -€44,115 | -10.0% |
| Intangible fixed assets | 21 | €20,642 | €14,643 | -€5,999 | -29.1% |
| Tangible fixed assets | 22/27 | €421,071 | €382,954 | -€38,116 | -9.1% |
| Land and buildings | 22 | €389,082 | €361,129 | -€27,953 | -7.2% |
| Plant, machinery and equipment | 23 | €800 | €5,221 | +€4,421 | +552.7% |
| Furniture and vehicles | 24 | €5,179 | €3,242 | -€1,937 | -37.4% |
| Other tangible fixed assets | 26 | €26,010 | €13,362 | -€12,648 | -48.6% |
| Financial fixed assets | 28 | €1,557 | €1,557 | = | 0.0% |
| Current assets | 29/58 | €199,360 | €183,123 | -€16,237 | -8.1% |
| Stocks and contracts in progress | 3 | €56,350 | €56,350 | = | 0.0% |
| Stocks | 30/36 | €56,350 | €56,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €69,750 | €66,085 | -€3,666 | -5.3% |
| Trade receivables | 40 | €34,131 | €32,198 | -€1,933 | -5.7% |
| Other amounts receivable | 41 | €35,619 | €33,887 | -€1,732 | -4.9% |
| Cash at bank and in hand | 54/58 | €69,317 | €55,452 | -€13,865 | -20.0% |
| Deferred charges and accrued income | 490/1 | €3,943 | €5,236 | +€1,294 | +32.8% |
| Total equity and liabilities | 10/49 | €642,630 | €582,277 | -€60,353 | -9.4% |
| Equity | 10/15 | €151,941 | €112,246 | -€39,695 | -26.1% |
| Contributions | 10/11 | €118,592 | €118,592 | = | 0.0% |
| Reserves | 13 | €11,859 | €11,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,859 | €11,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,859 | €11,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,489 | -€18,206 | -€39,695 | |
| Amounts payable | 17/49 | €490,689 | €470,032 | -€20,658 | -4.2% |
| Amounts payable after more than one year | 17 | €255,108 | €202,651 | -€52,457 | -20.6% |
| Financial debts | 170/4 | €255,108 | €202,651 | -€52,457 | -20.6% |
| Amounts payable within one year | 42/48 | €235,011 | €267,381 | +€32,370 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €167,470 | €185,726 | +€18,256 | +10.9% |
| Trade debts | 44 | €25,337 | €44,871 | +€19,534 | +77.1% |
| Suppliers | 440/4 | €25,337 | €44,871 | +€19,534 | +77.1% |
| Taxes, remuneration and social security | 45 | €41,340 | €30,647 | -€10,693 | -25.9% |
| Taxes | 450/3 | €12,046 | €14,222 | +€2,176 | +18.1% |
| Remuneration and social security | 454/9 | €29,295 | €16,426 | -€12,869 | -43.9% |
| Other amounts payable | 47/48 | €864 | €6,136 | +€5,272 | +609.8% |
| Accrued charges and deferred income | 492/3 | €570 | €0 | -€570 | -100.0% |
| Remuneration, social security and pensions | 62 | €174,537 | €110,163 | -€64,374 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,440 | €42,968 | -€6,472 | -13.1% |
| Other operating charges | 640/8 | €9,485 | €17,713 | +€8,228 | +86.7% |
| Non-recurring operating charges | 66A | - | €1,498 | +€1,498 | |
| Gross operating margin | 9900 | €147,285 | €159,741 | +€12,457 | +8.5% |
| Operating profit (loss) | 9901 | -€86,178 | -€12,600 | +€73,578 | +85.4% |
| Financial income | 75/76B | €390 | €301 | -€89 | -22.8% |
| Recurring financial income | 75 | €390 | €301 | -€89 | -22.8% |
| Financial charges | 65/66B | €32,419 | €26,951 | -€5,468 | -16.9% |
| Recurring financial charges | 65 | €32,419 | €26,951 | -€5,468 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€118,206 | -€39,250 | +€78,956 | +66.8% |
| Income taxes | 67/77 | €163 | €445 | +€282 | +173.6% |
| Profit (loss) for the period | 9904 | -€118,369 | -€39,695 | +€78,674 | +66.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€118,369 | -€39,695 | +€78,674 | +66.5% |
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.