BALTENS: 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.
BALTENS
Largest movements
- Cash +€55,335
up €55,335 (+46.3%), from €119,545 to €174,880
mainly Net result for the year (+€40,321) and Stocks and contracts (+€13,482)
- Stocks and contracts -€13,482
down €13,482 (-19.9%), from €67,621 to €54,139
of which Stocks: -€13,482
- Receivables within one year -€9,964
down €9,964 (-52.0%), from €19,146 to €9,182
of which Other amounts receivable: -€6,951
- Deferred charges and accrued income -€7,358
down €7,358 (-77.1%), from €9,544 to €2,186
- Reserves +€29,399
up €29,399 (+17.9%), from €164,366 to €193,766
- Trade debts -€6,519
down €6,519 (-81.8%), from €7,970 to €1,451
- Gross operating margin +€23,653
up €23,653 (+12.6%), from €187,609 to €211,261
- Staff costs -€12,783
down €12,783 (-8.2%), from €155,101 to €142,318
- Taxes +€10,271
up €10,271 (+182.3%), from €5,633 to €15,904
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 | €263,268 | €286,817 | +€23,549 | +8.9% |
| Fixed assets | 21/28 | €47,412 | €46,431 | -€981 | -2.1% |
| Tangible fixed assets | 22/27 | €47,412 | €46,431 | -€981 | -2.1% |
| Plant, machinery and equipment | 23 | €25,881 | €31,337 | +€5,456 | +21.1% |
| Furniture and vehicles | 24 | €21,531 | €15,094 | -€6,438 | -29.9% |
| Current assets | 29/58 | €215,856 | €240,386 | +€24,530 | +11.4% |
| Stocks and contracts in progress | 3 | €67,621 | €54,139 | -€13,482 | -19.9% |
| Stocks | 30/36 | €67,621 | €54,139 | -€13,482 | -19.9% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €19,146 | €9,182 | -€9,964 | -52.0% |
| Trade receivables | 40 | €6,781 | €3,768 | -€3,013 | -44.4% |
| Other amounts receivable | 41 | €12,366 | €5,414 | -€6,951 | -56.2% |
| Cash at bank and in hand | 54/58 | €119,545 | €174,880 | +€55,335 | +46.3% |
| Deferred charges and accrued income | 490/1 | €9,544 | €2,186 | -€7,358 | -77.1% |
| Total equity and liabilities | 10/49 | €263,268 | €286,817 | +€23,549 | +8.9% |
| Equity | 10/15 | €240,064 | €269,463 | +€29,399 | +12.2% |
| Contributions | 10/11 | €75,697 | €75,697 | = | 0.0% |
| Reserves | 13 | €164,366 | €193,766 | +€29,399 | +17.9% |
| Distributable reserves | 133 | €164,366 | €193,766 | +€29,399 | +17.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,205 | €17,354 | -€5,851 | -25.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,700 | €17,354 | -€5,345 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €2,903 | €2,903 | = | 0.0% |
| Trade debts | 44 | €7,970 | €1,451 | -€6,519 | -81.8% |
| Suppliers | 440/4 | €7,970 | €1,451 | -€6,519 | -81.8% |
| Taxes, remuneration and social security | 45 | €11,826 | €12,428 | +€602 | +5.1% |
| Taxes | 450/3 | €2,456 | €7,585 | +€5,130 | +208.9% |
| Remuneration and social security | 454/9 | €9,371 | €4,842 | -€4,528 | -48.3% |
| Other amounts payable | 47/48 | - | €572 | +€572 | |
| Accrued charges and deferred income | 492/3 | €505 | €0 | -€505 | -100.0% |
| Remuneration, social security and pensions | 62 | €155,101 | €142,318 | -€12,783 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,343 | €12,570 | +€227 | +1.8% |
| Other operating charges | 640/8 | €1,697 | €2,294 | +€597 | +35.2% |
| Gross operating margin | 9900 | €187,609 | €211,261 | +€23,653 | +12.6% |
| Operating profit (loss) | 9901 | €18,468 | €54,080 | +€35,612 | +192.8% |
| Financial income | 75/76B | €2,707 | €2,443 | -€264 | -9.7% |
| Recurring financial income | 75 | €2,707 | €2,443 | -€264 | -9.7% |
| Financial charges | 65/66B | €486 | €298 | -€189 | -38.8% |
| Recurring financial charges | 65 | €486 | €298 | -€189 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €20,688 | €56,225 | +€35,537 | +171.8% |
| Income taxes | 67/77 | €5,633 | €15,904 | +€10,271 | +182.3% |
| Profit (loss) for the period | 9904 | €15,055 | €40,321 | +€25,266 | +167.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,055 | €40,321 | +€25,266 | +167.8% |
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 7 October 2026 via checked.be.