BALTEAU GROUP: 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.
What changed
BALTEAU GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €2.4m-€420,395
Equity
€15.1m
2024 · €14.4m+€652,755
Cash
€10,844
2024 · €112,776-€101,932
Balance sheet total
€18.2m
2024 · €17.5m+€649,892
Largest movements
Assets
- Receivables within one year +€639,066
up €639,066 (+13.6%), from €4.7m to €5.3m
of which Other amounts receivable: +€586,759
Equity and liabilities
- Profit (loss) carried forward +€555,116
up €555,116 (+8.4%), from €6.6m to €7.2m
Income statement
- Financial income -€433,555
down €433,555 (-12.5%), from €3.5m to €3.0m
- Services and other goods -€166,773
down €166,773 (-13.4%), from €1.2m to €1.1m
- Staff costs +€130,043
up €130,043 (+78.8%), from €165,011 to €295,054
- Turnover -€39,994
down €39,994 (-2.9%), from €1.4m to €1.4m
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.
Result 2024
€2.4m
Turnover
-€39,994
Other operating income
+€11,277
Services and other goods
+€166,773
Staff costs
-€130,043
Depreciation
-€988
Other operating charges
+€44
Financial income
-€433,555
Financial charges
+€6,398
Taxes
-€307
Result 2025
€2.0m
raises the resultlowers the result
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.
From operations
+€1.3m
Investment
-€100,404
Financing
-€1.3m
Cash 2024
€112,776
From operations (derived)
+€1.3m
Net result for the year
+€2.0m
Depreciation
+€8,185
Receivables within one year
-€639,066
Deferred charges and accrued income
-€20,539
Trade debts
-€6,765
Tax, wage and social debts
+€19,462
Other debts
+€5,000
Accrued charges and deferred income
-€8,246
Investment (derived)
-€100,404
Investment in fixed assets (net)
-€100,404
Financing
-€1.3m
Current portion of long-term debt
-€12,314
Contributions, distributions and other
-€1.3m
Cash 2025
€10,844
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,502,550 | €18,152,442 | +€649,892 | +3.7% |
| Fixed assets | 21/28 | €12,608,918 | €12,701,137 | +€92,219 | +0.7% |
| Tangible fixed assets | 22/27 | €22,264 | €15,377 | -€6,887 | -30.9% |
| Furniture and vehicles | 24 | €22,264 | €15,377 | -€6,887 | -30.9% |
| Financial fixed assets | 28 | €12,586,654 | €12,685,760 | +€99,106 | +0.8% |
| Affiliated companies | 280/1 | €12,015,906 | €12,015,906 | = | 0.0% |
| Participating interests | 280 | €12,015,906 | €12,015,906 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €385,000 | €435,100 | +€50,100 | +13.0% |
| Participating interests | 282 | €385,000 | €435,100 | +€50,100 | +13.0% |
| Other financial fixed assets | 284/8 | €185,748 | €234,754 | +€49,006 | +26.4% |
| Shares | 284 | €185,748 | €234,754 | +€49,006 | +26.4% |
| Current assets | 29/58 | €4,893,632 | €5,451,305 | +€557,673 | +11.4% |
| Amounts receivable within one year | 40/41 | €4,708,244 | €5,347,310 | +€639,066 | +13.6% |
| Trade receivables | 40 | €460,287 | €512,594 | +€52,307 | +11.4% |
| Other amounts receivable | 41 | €4,247,957 | €4,834,716 | +€586,759 | +13.8% |
| Cash at bank and in hand | 54/58 | €112,776 | €10,844 | -€101,932 | -90.4% |
| Deferred charges and accrued income | 490/1 | €72,612 | €93,151 | +€20,539 | +28.3% |
| Total equity and liabilities | 10/49 | €17,502,550 | €18,152,442 | +€649,892 | +3.7% |
| Equity | 10/15 | €14,399,135 | €15,051,890 | +€652,755 | +4.5% |
| Contributions | 10/11 | €7,300,000 | €7,300,000 | = | 0.0% |
| Capital | 10 | €7,300,000 | €7,300,000 | = | 0.0% |
| Issued capital | 100 | €7,300,000 | €7,300,000 | = | 0.0% |
| Reserves | 13 | €499,956 | €597,595 | +€97,639 | +19.5% |
| Non-distributable reserves | 130/1 | €499,956 | €597,595 | +€97,639 | +19.5% |
| Legal reserve | 130 | €499,956 | €597,595 | +€97,639 | +19.5% |
| Profit (loss) carried forward | 14 | €6,599,179 | €7,154,295 | +€555,116 | +8.4% |
| Amounts payable | 17/49 | €3,103,415 | €3,100,552 | -€2,863 | -0.1% |
| Amounts payable within one year | 42/48 | €3,025,851 | €3,031,234 | +€5,383 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €12,314 | - | -€12,314 | |
| Trade debts | 44 | €173,333 | €166,568 | -€6,765 | -3.9% |
| Suppliers | 440/4 | €173,333 | €166,568 | -€6,765 | -3.9% |
| Taxes, remuneration and social security | 45 | €25,204 | €44,666 | +€19,462 | +77.2% |
| Taxes | 450/3 | €4,377 | €5,592 | +€1,215 | +27.8% |
| Remuneration and social security | 454/9 | €20,827 | €39,074 | +€18,247 | +87.6% |
| Other amounts payable | 47/48 | €2,815,000 | €2,820,000 | +€5,000 | +0.2% |
| Accrued charges and deferred income | 492/3 | €77,564 | €69,318 | -€8,246 | -10.6% |
| Operating income | 70/76A | €1,403,531 | €1,374,814 | -€28,717 | -2.0% |
| Turnover | 70 | €1,392,611 | €1,352,617 | -€39,994 | -2.9% |
| Other operating income | 74 | €10,920 | €22,197 | +€11,277 | +103% |
| Operating charges | 60/66A | €1,421,952 | €1,386,166 | -€35,786 | -2.5% |
| Services and other goods | 61 | €1,248,701 | €1,081,928 | -€166,773 | -13.4% |
| Remuneration, social security and pensions | 62 | €165,011 | €295,054 | +€130,043 | +78.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,197 | €8,185 | +€988 | +13.7% |
| Other operating charges | 640/8 | €1,043 | €999 | -€44 | -4.2% |
| Operating profit (loss) | 9901 | -€18,421 | -€11,352 | +€7,069 | +38.4% |
| Financial income | 75/76B | €3,478,026 | €3,044,471 | -€433,555 | -12.5% |
| Recurring financial income | 75 | €3,478,026 | €3,044,471 | -€433,555 | -12.5% |
| Income from financial fixed assets | 750 | €3,437,090 | €2,981,621 | -€455,469 | -13.3% |
| Income from current assets | 751 | €40,936 | €62,850 | +€21,914 | +53.5% |
| Financial charges | 65/66B | €1,085,872 | €1,079,474 | -€6,398 | -0.6% |
| Recurring financial charges | 65 | €1,085,872 | €1,079,474 | -€6,398 | -0.6% |
| Debt charges | 650 | €84,038 | €77,619 | -€6,419 | -7.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other financial charges | 652/9 | €1,834 | €1,855 | +€21 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €2,373,733 | €1,953,645 | -€420,088 | -17.7% |
| Income taxes | 67/77 | €584 | €891 | +€307 | +52.6% |
| Taxes | 670/3 | €584 | €891 | +€307 | +52.6% |
| Profit (loss) for the period | 9904 | €2,373,149 | €1,952,754 | -€420,395 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,373,149 | €1,952,754 | -€420,395 | -17.7% |
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.