Balneo: 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.
Balneo
Largest movements
- Receivables within one year -€180,175
down €180,175 (-83.9%), from €214,723 to €34,548
of which Other amounts receivable: -€160,347
- Tangible fixed assets -€35,700
down €35,700 (-66.2%), from €53,965 to €18,265
of which Furniture and vehicles: -€34,437
- Stocks and contracts +€20,466
up €20,466 (+974%), from €2,102 to €22,568
- Cash +€6,910
new in 2025: €6,910
mainly Receivables within one year (+€180,175) and Depreciation (+€18,285)
- Trade debts -€129,583
down €129,583 (-78.9%), from €164,207 to €34,624
- Other debts -€33,689
down €33,689 (-69.1%), from €48,727 to €15,038
- Debts after one year -€19,273
down €19,273 (-68.7%), from €28,069 to €8,796
- Tax, wage and social debts -€4,925
down €4,925 (-88.9%), from €5,541 to €616
- Short-term financial debts -€2,985
no longer reported in 2025 (was €2,985)
- Financial income -€19,146
down €19,146 (-95.8%), from €19,994 to €848
- Gross operating margin -€14,328
down €14,328 (-20.7%), from €69,234 to €54,906
- Taxes +€12,296
up €12,296 (+222%), from €5,541 to €17,837
- Depreciation -€9,392
down €9,392 (-33.9%), from €27,677 to €18,285
- Staff costs +€8,391
no longer reported in 2025 (was -€8,391)
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 | €283,478 | €94,979 | -€188,499 | -66.5% |
| Fixed assets | 21/28 | €54,283 | €18,583 | -€35,700 | -65.8% |
| Tangible fixed assets | 22/27 | €53,965 | €18,265 | -€35,700 | -66.2% |
| Plant, machinery and equipment | 23 | €4,304 | €3,041 | -€1,263 | -29.3% |
| Furniture and vehicles | 24 | €49,661 | €15,224 | -€34,437 | -69.3% |
| Financial fixed assets | 28 | €318 | €318 | = | 0.0% |
| Current assets | 29/58 | €229,195 | €76,396 | -€152,799 | -66.7% |
| Stocks and contracts in progress | 3 | €2,102 | €22,568 | +€20,466 | +974% |
| Stocks | 30/36 | €2,102 | €22,568 | +€20,466 | +974% |
| Amounts receivable within one year | 40/41 | €214,723 | €34,548 | -€180,175 | -83.9% |
| Trade receivables | 40 | €45,433 | €25,605 | -€19,828 | -43.6% |
| Other amounts receivable | 41 | €169,290 | €8,943 | -€160,347 | -94.7% |
| Current investments | 50/53 | €12,370 | €12,370 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €6,910 | +€6,910 | |
| Total equity and liabilities | 10/49 | €283,478 | €94,979 | -€188,499 | -66.5% |
| Equity | 10/15 | €15,759 | €16,633 | +€874 | +5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,559 | €10,433 | +€874 | +9.1% |
| Tax-exempt reserves | 132 | €2,200 | €2,200 | = | 0.0% |
| Distributable reserves | 133 | €7,359 | €8,233 | +€874 | +11.9% |
| Amounts payable | 17/49 | €267,719 | €78,346 | -€189,373 | -70.7% |
| Amounts payable after more than one year | 17 | €28,069 | €8,796 | -€19,273 | -68.7% |
| Financial debts | 170/4 | €28,069 | €8,796 | -€19,273 | -68.7% |
| Amounts payable within one year | 42/48 | €239,650 | €69,550 | -€170,100 | -71.0% |
| Current portion of amounts payable after more than one year | 42 | €18,190 | €19,272 | +€1,082 | +5.9% |
| Financial debts | 43 | €2,985 | - | -€2,985 | |
| Credit institutions | 430/8 | €2,985 | - | -€2,985 | |
| Trade debts | 44 | €164,207 | €34,624 | -€129,583 | -78.9% |
| Suppliers | 440/4 | €164,207 | €34,624 | -€129,583 | -78.9% |
| Taxes, remuneration and social security | 45 | €5,541 | €616 | -€4,925 | -88.9% |
| Taxes | 450/3 | €5,541 | €616 | -€4,925 | -88.9% |
| Other amounts payable | 47/48 | €48,727 | €15,038 | -€33,689 | -69.1% |
| Remuneration, social security and pensions | 62 | -€8,391 | - | +€8,391 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,677 | €18,285 | -€9,392 | -33.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,893 | - | -€2,893 | |
| Other operating charges | 640/8 | €3,771 | €4,016 | +€245 | +6.5% |
| Non-recurring operating charges | 66A | - | €6,276 | +€6,276 | |
| Gross operating margin | 9900 | €69,234 | €54,906 | -€14,328 | -20.7% |
| Operating profit (loss) | 9901 | €43,284 | €26,329 | -€16,955 | -39.2% |
| Financial income | 75/76B | €19,994 | €848 | -€19,146 | -95.8% |
| Recurring financial income | 75 | €19,994 | €848 | -€19,146 | -95.8% |
| Financial charges | 65/66B | €10,980 | €8,466 | -€2,514 | -22.9% |
| Recurring financial charges | 65 | €10,980 | €8,466 | -€2,514 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €52,298 | €18,711 | -€33,587 | -64.2% |
| Income taxes | 67/77 | €5,541 | €17,837 | +€12,296 | +222% |
| Profit (loss) for the period | 9904 | €46,757 | €874 | -€45,883 | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,757 | €874 | -€45,883 | -98.1% |
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 22 October 2026 via checked.be.