BALO: 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.
BALO
Largest movements
- Tangible fixed assets +€48,458
up €48,458 (+103%), from €47,154 to €95,612
of which Plant, machinery and equipment: +€47,374
- Cash -€30,047
down €30,047 (-52.7%), from €57,051 to €27,004
mainly Investment in fixed assets (net) (-€68,898) and Contributions, distributions and other (-€18,975)
- Intangible fixed assets -€29,998
down €29,998 (-35.7%), from €84,003 to €54,005
- Receivables within one year -€8,037
down €8,037 (-10.4%), from €77,205 to €69,168
of which Trade receivables: -€14,860
- Tax, wage and social debts -€18,816
down €18,816 (-33.0%), from €57,043 to €38,227
of which Taxes: -€18,713
- Other debts -€16,853
down €16,853 (-41.8%), from €40,276 to €23,423
- Current portion of long-term debt +€9,241
up €9,241 (+37.4%), from €24,716 to €33,957
- Trade debts +€6,833
up €6,833 (+36.3%), from €18,847 to €25,680
- Debts after one year +€5,650
up €5,650 (+5.9%), from €95,335 to €100,986
- Gross operating margin -€10,033
down €10,033 (-2.5%), from €398,677 to €388,644
- Other operating charges -€5,870
down €5,870 (-33.0%), from €17,795 to €11,924
- Taxes -€4,708
down €4,708 (-34.9%), from €13,476 to €8,768
- Staff costs +€4,086
up €4,086 (+1.4%), from €285,528 to €289,614
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 | €290,666 | €272,151 | -€18,515 | -6.4% |
| Fixed assets | 21/28 | €134,757 | €153,217 | +€18,460 | +13.7% |
| Intangible fixed assets | 21 | €84,003 | €54,005 | -€29,998 | -35.7% |
| Tangible fixed assets | 22/27 | €47,154 | €95,612 | +€48,458 | +103% |
| Plant, machinery and equipment | 23 | €37,020 | €84,394 | +€47,374 | +128% |
| Furniture and vehicles | 24 | €10,134 | €1,695 | -€8,438 | -83.3% |
| Other tangible fixed assets | 26 | - | €9,523 | +€9,523 | |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €155,909 | €118,934 | -€36,975 | -23.7% |
| Amounts receivable within one year | 40/41 | €77,205 | €69,168 | -€8,037 | -10.4% |
| Trade receivables | 40 | €51,023 | €36,163 | -€14,860 | -29.1% |
| Other amounts receivable | 41 | €26,181 | €33,004 | +€6,823 | +26.1% |
| Cash at bank and in hand | 54/58 | €57,051 | €27,004 | -€30,047 | -52.7% |
| Deferred charges and accrued income | 490/1 | €21,653 | €22,762 | +€1,109 | +5.1% |
| Total equity and liabilities | 10/49 | €290,666 | €272,151 | -€18,515 | -6.4% |
| Equity | 10/15 | €42,669 | €42,669 | = | 0.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €24,077 | €24,077 | = | 0.0% |
| Distributable reserves | 133 | €24,077 | €24,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,997 | €229,482 | -€18,515 | -7.5% |
| Amounts payable after more than one year | 17 | €95,335 | €100,986 | +€5,650 | +5.9% |
| Financial debts | 170/4 | €95,335 | €100,986 | +€5,650 | +5.9% |
| Amounts payable within one year | 42/48 | €152,662 | €128,268 | -€24,394 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €24,716 | €33,957 | +€9,241 | +37.4% |
| Financial debts | 43 | €11,780 | €6,981 | -€4,799 | -40.7% |
| Credit institutions | 430/8 | €5,929 | €0 | -€5,929 | -100% |
| Other loans | 439 | €5,851 | €6,981 | +€1,130 | +19.3% |
| Trade debts | 44 | €18,847 | €25,680 | +€6,833 | +36.3% |
| Suppliers | 440/4 | €18,847 | €25,680 | +€6,833 | +36.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €57,043 | €38,227 | -€18,816 | -33.0% |
| Taxes | 450/3 | €33,269 | €14,556 | -€18,713 | -56.2% |
| Remuneration and social security | 454/9 | €23,775 | €23,671 | -€104 | -0.4% |
| Other amounts payable | 47/48 | €40,276 | €23,423 | -€16,853 | -41.8% |
| Accrued charges and deferred income | 492/3 | €0 | €229 | +€229 | |
| Non-recurring operating income | 76A | - | €5,607 | +€5,607 | |
| Remuneration, social security and pensions | 62 | €285,528 | €289,614 | +€4,086 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,909 | €50,438 | +€1,529 | +3.1% |
| Other operating charges | 640/8 | €17,795 | €11,924 | -€5,870 | -33.0% |
| Gross operating margin | 9900 | €398,677 | €388,644 | -€10,033 | -2.5% |
| Operating profit (loss) | 9901 | €46,445 | €36,668 | -€9,778 | -21.1% |
| Financial income | 75/76B | €836 | €419 | -€417 | -49.8% |
| Recurring financial income | 75 | €836 | €419 | -€417 | -49.8% |
| Financial charges | 65/66B | €9,730 | €9,344 | -€385 | -4.0% |
| Recurring financial charges | 65 | €9,730 | €9,344 | -€385 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €37,552 | €27,743 | -€9,809 | -26.1% |
| Income taxes | 67/77 | €13,476 | €8,768 | -€4,708 | -34.9% |
| Profit (loss) for the period | 9904 | €24,077 | €18,975 | -€5,102 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,077 | €18,975 | -€5,102 | -21.2% |
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 14 October 2026 via checked.be.