BALMAR: 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.
BALMAR
Largest movements
- Current investments -€27,988
down €27,988 (-9.9%), from €283,574 to €255,586
- Receivables within one year -€22,001
down €22,001 (-6.7%), from €326,050 to €304,049
of which Trade receivables: -€25,840
- Tangible fixed assets +€12,604
up €12,604 (+2.3%), from €548,835 to €561,440
of which Land and buildings: +€8,443
- Profit (loss) carried forward -€35,563
down €35,563 (-16.9%), from -€210,304 to -€245,867
- Financial charges +€12,849
up €12,849 (+294.7%), from €4,359 to €17,209
of which Non-recurring financial charges: +€12,357
- Gross operating margin +€6,828
up €6,828 (+35.9%), from -€19,041 to -€12,213
- Depreciation +€1,406
up €1,406 (+19.9%), from €7,074 to €8,480
- Financial income -€414
down €414 (-4.6%), from €9,033 to €8,619
of which Financial income: -€2,419
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 | €1,166,289 | €1,127,874 | -€38,415 | -3.3% |
| Fixed assets | 21/28 | €548,835 | €561,440 | +€12,604 | +2.3% |
| Tangible fixed assets | 22/27 | €548,835 | €561,440 | +€12,604 | +2.3% |
| Land and buildings | 22 | €86,077 | €94,520 | +€8,443 | +9.8% |
| Plant, machinery and equipment | 23 | €461,998 | €466,312 | +€4,313 | +0.9% |
| Furniture and vehicles | 24 | €760 | €608 | -€152 | -20.0% |
| Current assets | 29/58 | €617,454 | €566,435 | -€51,019 | -8.3% |
| Amounts receivable within one year | 40/41 | €326,050 | €304,049 | -€22,001 | -6.7% |
| Trade receivables | 40 | €52,030 | €26,190 | -€25,840 | -49.7% |
| Other amounts receivable | 41 | €274,020 | €277,859 | +€3,839 | +1.4% |
| Current investments | 50/53 | €283,574 | €255,586 | -€27,988 | -9.9% |
| Cash at bank and in hand | 54/58 | €4,689 | €3,962 | -€727 | -15.5% |
| Deferred charges and accrued income | 490/1 | €3,140 | €2,837 | -€302 | -9.6% |
| Total equity and liabilities | 10/49 | €1,166,289 | €1,127,874 | -€38,415 | -3.3% |
| Equity | 10/15 | €1,154,088 | €1,118,525 | -€35,563 | -3.1% |
| Contributions | 10/11 | €1,342,543 | €1,342,543 | = | 0.0% |
| Reserves | 13 | €21,849 | €21,849 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,304 | -€245,867 | -€35,563 | -16.9% |
| Amounts payable | 17/49 | €12,201 | €9,349 | -€2,852 | -23.4% |
| Amounts payable within one year | 42/48 | €11,701 | €8,849 | -€2,852 | -24.4% |
| Trade debts | 44 | €8,670 | €5,646 | -€3,024 | -34.9% |
| Suppliers | 440/4 | €8,670 | €5,646 | -€3,024 | -34.9% |
| Taxes, remuneration and social security | 45 | €3,031 | €3,203 | +€172 | +5.7% |
| Taxes | 450/3 | €2,817 | €3,090 | +€273 | +9.7% |
| Remuneration and social security | 454/9 | €214 | €113 | -€101 | -47.2% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,074 | €8,480 | +€1,406 | +19.9% |
| Other operating charges | 640/8 | €6,516 | €6,379 | -€137 | -2.1% |
| Gross operating margin | 9900 | -€19,041 | -€12,213 | +€6,828 | +35.9% |
| Operating profit (loss) | 9901 | -€32,631 | -€27,072 | +€5,559 | +17.0% |
| Financial income | 75/76B | €9,033 | €8,619 | -€414 | -4.6% |
| Recurring financial income | 75 | €4,623 | €2,204 | -€2,419 | -52.3% |
| Non-recurring financial income | 76B | €4,410 | €6,415 | +€2,005 | +45.5% |
| Financial charges | 65/66B | €4,359 | €17,209 | +€12,849 | +294.7% |
| Recurring financial charges | 65 | €3,391 | €3,883 | +€492 | +14.5% |
| Non-recurring financial charges | 66B | €968 | €13,326 | +€12,357 | +1276.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,957 | -€35,661 | -€7,704 | -27.6% |
| Income taxes | 67/77 | -€200 | -€98 | +€102 | +50.8% |
| Profit (loss) for the period | 9904 | -€27,757 | -€35,563 | -€7,806 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,757 | -€35,563 | -€7,806 | -28.1% |
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 30 September 2026 via checked.be.