BALSA: 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.
BALSA
Largest movements
- Stocks and contracts +€32,354
up €32,354 (+64.9%), from €49,883 to €82,237
- Cash -€12,867
down €12,867 (-66.5%), from €19,339 to €6,472
mainly Stocks and contracts (-€32,354) and Investment in fixed assets (net) (-€6,418)
- Tangible fixed assets +€3,571
up €3,571 (+61.4%), from €5,816 to €9,386
- Receivables within one year +€2,053
new in 2025: €2,053
of which Other amounts receivable: +€1,719
- Reserves +€12,128
up €12,128 (+45.0%), from €26,933 to €39,061
- Trade debts +€11,735
up €11,735 (+199.7%), from €5,875 to €17,610
- Tax, wage and social debts +€1,957
up €1,957 (+69.1%), from €2,834 to €4,791
- Turnover +€61,492
new in 2025: €61,492
- Purchases and services +€45,254
new in 2025: €45,254
- Gross operating margin +€10,581
up €10,581 (+100.4%), from €10,535 to €21,115
- Taxes +€2,346
up €2,346 (+96.0%), from €2,445 to €4,791
- Depreciation +€2,223
up €2,223 (+355.9%), from €625 to €2,848
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 | €76,204 | €101,444 | +€25,240 | +33.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,816 | €9,386 | +€3,571 | +61.4% |
| Tangible fixed assets | 22/27 | €5,816 | €9,386 | +€3,571 | +61.4% |
| Furniture and vehicles | 24 | €5,816 | €9,386 | +€3,571 | +61.4% |
| Current assets | 29/58 | €70,388 | €92,057 | +€21,669 | +30.8% |
| Stocks and contracts in progress | 3 | €49,883 | €82,237 | +€32,354 | +64.9% |
| Stocks | 30/36 | €49,883 | €82,237 | +€32,354 | +64.9% |
| Amounts receivable within one year | 40/41 | - | €2,053 | +€2,053 | |
| Trade receivables | 40 | - | €335 | +€335 | |
| Other amounts receivable | 41 | - | €1,719 | +€1,719 | |
| Cash at bank and in hand | 54/58 | €19,339 | €6,472 | -€12,867 | -66.5% |
| Deferred charges and accrued income | 490/1 | €1,166 | €1,294 | +€128 | +11.0% |
| Total equity and liabilities | 10/49 | €76,204 | €101,444 | +€25,240 | +33.1% |
| Equity | 10/15 | €45,533 | €57,661 | +€12,128 | +26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,933 | €39,061 | +€12,128 | +45.0% |
| Distributable reserves | 133 | €26,933 | €39,061 | +€12,128 | +45.0% |
| Amounts payable | 17/49 | €30,671 | €43,783 | +€13,112 | +42.8% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,284 | €23,383 | +€13,100 | +127.4% |
| Trade debts | 44 | €5,875 | €17,610 | +€11,735 | +199.7% |
| Suppliers | 440/4 | €5,875 | €17,610 | +€11,735 | +199.7% |
| Advances received on contracts in progress | 46 | - | €405 | +€405 | |
| Taxes, remuneration and social security | 45 | €2,834 | €4,791 | +€1,957 | +69.1% |
| Taxes | 450/3 | €2,834 | €4,791 | +€1,957 | +69.1% |
| Other amounts payable | 47/48 | €1,575 | €578 | -€997 | -63.3% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Turnover | 70 | - | €61,492 | +€61,492 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €45,254 | +€45,254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €625 | €2,848 | +€2,223 | +355.9% |
| Other operating charges | 640/8 | €1,269 | €1,147 | -€122 | -9.6% |
| Gross operating margin | 9900 | €10,535 | €21,115 | +€10,581 | +100.4% |
| Operating profit (loss) | 9901 | €8,640 | €17,121 | +€8,480 | +98.1% |
| Financial income | 75/76B | €39 | €66 | +€27 | +69.6% |
| Recurring financial income | 75 | €39 | €66 | +€27 | +69.6% |
| Financial charges | 65/66B | €222 | €268 | +€46 | +20.6% |
| Recurring financial charges | 65 | €222 | €268 | +€46 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €8,457 | €16,919 | +€8,461 | +100.1% |
| Income taxes | 67/77 | €2,445 | €4,791 | +€2,346 | +96.0% |
| Profit (loss) for the period | 9904 | €6,012 | €12,128 | +€6,115 | +101.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,012 | €12,128 | +€6,115 | +101.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.