BALTAIR: 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.
BALTAIR
Largest movements
- Current investments +€1.8m
new in 2025: €1.8m
- Receivables within one year -€790,193
down €790,193 (-46.4%), from €1.7m to €913,420
of which Trade receivables: -€782,946
- Cash +€88,231
up €88,231 (+278%), from €31,717 to €119,948
mainly Trade debts (+€1.0m) and Receivables within one year (+€790,193)
- Trade debts +€1.0m
up €1.0m (+68.1%), from €1.5m to €2.6m
- Financial income -€5,433
down €5,433 (-42.5%), from €12,791 to €7,358
- Gross operating margin -€826
down €826 (-12.0%), from €6,855 to €6,029
- Financial charges +€168
up €168 (+66.4%), from €253 to €422
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 | €1,849,167 | €2,898,075 | +€1.0m | +56.7% |
| Fixed assets | 21/28 | €65,000 | €65,000 | = | 0.0% |
| Financial fixed assets | 28 | €65,000 | €65,000 | = | 0.0% |
| Current assets | 29/58 | €1,784,167 | €2,833,075 | +€1.0m | +58.8% |
| Amounts receivable within one year | 40/41 | €1,703,613 | €913,420 | -€790,193 | -46.4% |
| Trade receivables | 40 | €1,653,938 | €870,992 | -€782,946 | -47.3% |
| Other amounts receivable | 41 | €49,675 | €42,428 | -€7,246 | -14.6% |
| Current investments | 50/53 | - | €1,750,000 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €31,717 | €119,948 | +€88,231 | +278% |
| Deferred charges and accrued income | 490/1 | €48,837 | €49,706 | +€869 | +1.8% |
| Total equity and liabilities | 10/49 | €1,849,167 | €2,898,075 | +€1.0m | +56.7% |
| Equity | 10/15 | €321,437 | €332,317 | +€10,880 | +3.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,427 | €1,971 | +€544 | +38.1% |
| Non-distributable reserves | 130/1 | €1,427 | €1,971 | +€544 | +38.1% |
| Legal reserve | 130 | €1,427 | €1,971 | +€544 | +38.1% |
| Profit (loss) carried forward | 14 | €20,010 | €30,346 | +€10,336 | +51.7% |
| Amounts payable | 17/49 | €1,527,730 | €2,565,758 | +€1.0m | +67.9% |
| Amounts payable within one year | 42/48 | €1,527,730 | €2,565,758 | +€1.0m | +67.9% |
| Trade debts | 44 | €1,525,646 | €2,563,858 | +€1.0m | +68.1% |
| Suppliers | 440/4 | €1,525,646 | €2,563,858 | +€1.0m | +68.1% |
| Taxes, remuneration and social security | 45 | €2,084 | €1,900 | -€184 | -8.8% |
| Taxes | 450/3 | €2,084 | €1,900 | -€184 | -8.8% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €6,855 | €6,029 | -€826 | -12.0% |
| Operating profit (loss) | 9901 | €5,747 | €4,886 | -€860 | -15.0% |
| Financial income | 75/76B | €12,791 | €7,358 | -€5,433 | -42.5% |
| Recurring financial income | 75 | €12,791 | €7,358 | -€5,433 | -42.5% |
| Financial charges | 65/66B | €253 | €422 | +€168 | +66.4% |
| Recurring financial charges | 65 | €253 | €422 | +€168 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | €18,284 | €11,823 | -€6,461 | -35.3% |
| Income taxes | 67/77 | €957 | €943 | -€15 | -1.5% |
| Profit (loss) for the period | 9904 | €17,327 | €10,880 | -€6,447 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,327 | €10,880 | -€6,447 | -37.2% |
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 20 October 2026 via checked.be.