Baltec: 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.
Baltec
Largest movements
- Tangible fixed assets +€13,547
up €13,547 (+39.7%), from €34,152 to €47,699
of which Leasing and similar rights: +€25,518
- Cash -€13,480
down €13,480 (-14.5%), from €92,762 to €79,282
mainly Trade debts (-€23,299) and Investment in fixed assets (net) (-€21,383)
- Receivables within one year +€2,740
up €2,740 (+20.1%), from €13,647 to €16,387
of which Trade receivables: +€5,555
- Stocks and contracts +€1,475
up €1,475 (+93.3%), from €1,580 to €3,055
- Trade debts -€23,299
down €23,299 (-91.2%), from €25,553 to €2,255
- Reserves +€14,083
up €14,083 (+16.2%), from €86,759 to €100,842
- Current portion of long-term debt +€7,261
up €7,261 (+145%), from €4,994 to €12,255
- Debts after one year +€3,905
up €3,905 (+49.4%), from €7,912 to €11,817
- Tax, wage and social debts +€2,705
up €2,705 (+17.6%), from €15,377 to €18,082
of which Taxes: +€2,705
- Gross operating margin -€22,289
down €22,289 (-36.2%), from €61,630 to €39,341
- Taxes -€8,469
down €8,469 (-73.4%), from €11,536 to €3,068
- Depreciation +€3,152
up €3,152 (+67.3%), from €4,684 to €7,836
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 | €142,670 | €147,326 | +€4,656 | +3.3% |
| Fixed assets | 21/28 | €34,152 | €47,699 | +€13,547 | +39.7% |
| Tangible fixed assets | 22/27 | €34,152 | €47,699 | +€13,547 | +39.7% |
| Plant, machinery and equipment | 23 | €461 | €4,795 | +€4,334 | +941% |
| Furniture and vehicles | 24 | €14,357 | €0 | -€14,357 | -100% |
| Leasing and similar rights | 25 | - | €25,518 | +€25,518 | |
| Other tangible fixed assets | 26 | €19,334 | €17,386 | -€1,948 | -10.1% |
| Current assets | 29/58 | €108,518 | €99,627 | -€8,891 | -8.2% |
| Stocks and contracts in progress | 3 | €1,580 | €3,055 | +€1,475 | +93.3% |
| Stocks | 30/36 | €1,580 | €3,055 | +€1,475 | +93.3% |
| Amounts receivable within one year | 40/41 | €13,647 | €16,387 | +€2,740 | +20.1% |
| Trade receivables | 40 | €7,590 | €13,145 | +€5,555 | +73.2% |
| Other amounts receivable | 41 | €6,058 | €3,243 | -€2,815 | -46.5% |
| Cash at bank and in hand | 54/58 | €92,762 | €79,282 | -€13,480 | -14.5% |
| Deferred charges and accrued income | 490/1 | €528 | €903 | +€375 | +71.0% |
| Total equity and liabilities | 10/49 | €142,670 | €147,326 | +€4,656 | +3.3% |
| Equity | 10/15 | €88,759 | €102,842 | +€14,083 | +15.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €86,759 | €100,842 | +€14,083 | +16.2% |
| Distributable reserves | 133 | €86,759 | €100,842 | +€14,083 | +16.2% |
| Amounts payable | 17/49 | €53,911 | €44,484 | -€9,427 | -17.5% |
| Amounts payable after more than one year | 17 | €7,912 | €11,817 | +€3,905 | +49.4% |
| Financial debts | 170/4 | €7,912 | €11,817 | +€3,905 | +49.4% |
| Amounts payable within one year | 42/48 | €45,924 | €32,592 | -€13,332 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €4,994 | €12,255 | +€7,261 | +145% |
| Trade debts | 44 | €25,553 | €2,255 | -€23,299 | -91.2% |
| Suppliers | 440/4 | €25,553 | €2,255 | -€23,299 | -91.2% |
| Taxes, remuneration and social security | 45 | €15,377 | €18,082 | +€2,705 | +17.6% |
| Taxes | 450/3 | €13,099 | €15,804 | +€2,705 | +20.7% |
| Remuneration and social security | 454/9 | €2,278 | €2,278 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €75 | €75 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,684 | €7,836 | +€3,152 | +67.3% |
| Other operating charges | 640/8 | €421 | €638 | +€217 | +51.6% |
| Non-recurring operating charges | 66A | - | €12,557 | +€12,557 | |
| Gross operating margin | 9900 | €61,630 | €39,341 | -€22,289 | -36.2% |
| Operating profit (loss) | 9901 | €56,525 | €18,309 | -€38,216 | -67.6% |
| Financial income | 75/76B | €20 | €43 | +€22 | +110% |
| Recurring financial income | 75 | €20 | €43 | +€22 | +110% |
| Financial charges | 65/66B | €818 | €1,201 | +€383 | +46.9% |
| Recurring financial charges | 65 | €818 | €1,201 | +€383 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €55,728 | €17,151 | -€38,577 | -69.2% |
| Income taxes | 67/77 | €11,536 | €3,068 | -€8,469 | -73.4% |
| Profit (loss) for the period | 9904 | €44,191 | €14,083 | -€30,108 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,191 | €14,083 | -€30,108 | -68.1% |
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 15 October 2026 via checked.be.