BALT: 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.
BALT
Largest movements
- Cash -€24,799
down €24,799 (-44.3%), from €56,003 to €31,204
mainly Accrued charges and deferred income (-€23,033) and Debts after one year (-€17,087)
- Tangible fixed assets -€23,012
down €23,012 (-6.8%), from €339,410 to €316,398
of which Leasing and similar rights: -€24,224
- Receivables within one year -€21,587
down €21,587 (-61.5%), from €35,085 to €13,499
of which Trade receivables: -€22,358
- Accrued charges and deferred income -€23,033
down €23,033 (-67.9%), from €33,906 to €10,873
- Debts after one year -€17,087
down €17,087 (-8.7%), from €196,348 to €179,261
- Profit (loss) carried forward -€13,496
down €13,496 (-80.5%), from -€16,765 to -€30,261
- Other debts -€10,547
down €10,547 (-58.0%), from €18,193 to €7,646
- Tax, wage and social debts -€4,849
down €4,849 (-50.3%), from €9,632 to €4,783
- Gross operating margin -€16,249
down €16,249 (-33.5%), from €48,457 to €32,208
- Financial charges -€1,743
down €1,743 (-15.2%), from €11,484 to €9,741
- Taxes +€1,137
up €1,137 (+533.9%), from €213 to €1,350
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 | €437,756 | €365,637 | -€72,120 | -16.5% |
| Fixed assets | 21/28 | €339,410 | €316,398 | -€23,012 | -6.8% |
| Tangible fixed assets | 22/27 | €339,410 | €316,398 | -€23,012 | -6.8% |
| Plant, machinery and equipment | 23 | €4,756 | €4,570 | -€186 | -3.9% |
| Furniture and vehicles | 24 | €7,125 | €8,505 | +€1,380 | +19.4% |
| Leasing and similar rights | 25 | €320,364 | €296,140 | -€24,224 | -7.6% |
| Other tangible fixed assets | 26 | €7,164 | €7,182 | +€18 | +0.2% |
| Current assets | 29/58 | €98,347 | €49,239 | -€49,108 | -49.9% |
| Amounts receivable within one year | 40/41 | €35,085 | €13,499 | -€21,587 | -61.5% |
| Trade receivables | 40 | €35,085 | €12,728 | -€22,358 | -63.7% |
| Other amounts receivable | 41 | - | €771 | +€771 | |
| Cash at bank and in hand | 54/58 | €56,003 | €31,204 | -€24,799 | -44.3% |
| Deferred charges and accrued income | 490/1 | €7,259 | €4,536 | -€2,722 | -37.5% |
| Total equity and liabilities | 10/49 | €437,756 | €365,637 | -€72,120 | -16.5% |
| Equity | 10/15 | €153,744 | €140,247 | -€13,496 | -8.8% |
| Contributions | 10/11 | €33,850 | €33,850 | = | 0.0% |
| Reserves | 13 | €136,658 | €136,658 | = | 0.0% |
| Distributable reserves | 133 | €136,658 | €136,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,765 | -€30,261 | -€13,496 | -80.5% |
| Amounts payable | 17/49 | €284,013 | €225,389 | -€58,623 | -20.6% |
| Amounts payable after more than one year | 17 | €196,348 | €179,261 | -€17,087 | -8.7% |
| Financial debts | 170/4 | €196,348 | €179,261 | -€17,087 | -8.7% |
| Amounts payable within one year | 42/48 | €53,759 | €35,255 | -€18,503 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €17,854 | €19,307 | +€1,453 | +8.1% |
| Trade debts | 44 | €8,079 | €3,519 | -€4,560 | -56.4% |
| Suppliers | 440/4 | €8,079 | €3,519 | -€4,560 | -56.4% |
| Taxes, remuneration and social security | 45 | €9,632 | €4,783 | -€4,849 | -50.3% |
| Taxes | 450/3 | €9,632 | €4,783 | -€4,849 | -50.3% |
| Other amounts payable | 47/48 | €18,193 | €7,646 | -€10,547 | -58.0% |
| Accrued charges and deferred income | 492/3 | €33,906 | €10,873 | -€23,033 | -67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,461 | €30,797 | +€336 | +1.1% |
| Other operating charges | 640/8 | €3,712 | €4,108 | +€395 | +10.6% |
| Gross operating margin | 9900 | €48,457 | €32,208 | -€16,249 | -33.5% |
| Operating profit (loss) | 9901 | €14,284 | -€2,696 | -€16,980 | |
| Financial income | 75/76B | €126 | €291 | +€165 | +131.0% |
| Recurring financial income | 75 | €126 | €291 | +€165 | +131.0% |
| Financial charges | 65/66B | €11,484 | €9,741 | -€1,743 | -15.2% |
| Recurring financial charges | 65 | €11,484 | €9,741 | -€1,743 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €2,926 | -€12,146 | -€15,072 | |
| Income taxes | 67/77 | €213 | €1,350 | +€1,137 | +533.9% |
| Profit (loss) for the period | 9904 | €2,713 | -€13,496 | -€16,209 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,713 | -€13,496 | -€16,209 |
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 5 October 2026 via checked.be.