BALTHASAR: 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.
BALTHASAR
Largest movements
- Cash -€82,781
down €82,781 (-54.9%), from €150,670 to €67,889
mainly Contributions, distributions and other (-€154,594) and Trade debts (-€39,765)
- Receivables within one year -€46,539
down €46,539 (-79.2%), from €58,770 to €12,232
of which Trade receivables: -€55,491
- Tangible fixed assets -€37,355
down €37,355 (-92.0%), from €40,623 to €3,268
of which Furniture and vehicles: -€26,157
- Deferred charges and accrued income +€17,089
new in 2025: €17,089
- Intangible fixed assets -€12,862
down €12,862 (-30.8%), from €41,742 to €28,880
- Reserves -€134,270
down €134,270 (-74.0%), from €181,333 to €47,063
- Trade debts -€39,765
down €39,765 (-66.1%), from €60,150 to €20,385
- Tax, wage and social debts +€28,093
up €28,093 (+89.7%), from €31,321 to €59,414
of which Taxes: +€15,929
- Other debts -€16,423
down €16,423 (-91.7%), from €17,919 to €1,496
- Gross operating margin -€270,543
down €270,543 (-60.9%), from €444,552 to €174,009
- Taxes -€47,332
down €47,332 (-81.1%), from €58,340 to €11,008
- Staff costs -€44,284
down €44,284 (-30.8%), from €143,985 to €99,700
- Depreciation -€23,674
down €23,674 (-50.4%), from €46,986 to €23,312
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 | €291,805 | €129,357 | -€162,448 | -55.7% |
| Fixed assets | 21/28 | €82,365 | €32,147 | -€50,217 | -61.0% |
| Intangible fixed assets | 21 | €41,742 | €28,880 | -€12,862 | -30.8% |
| Tangible fixed assets | 22/27 | €40,623 | €3,268 | -€37,355 | -92.0% |
| Plant, machinery and equipment | 23 | €13,641 | €2,443 | -€11,199 | -82.1% |
| Furniture and vehicles | 24 | €26,982 | €825 | -€26,157 | -96.9% |
| Current assets | 29/58 | €209,441 | €97,210 | -€112,231 | -53.6% |
| Amounts receivable within one year | 40/41 | €58,770 | €12,232 | -€46,539 | -79.2% |
| Trade receivables | 40 | €58,148 | €2,657 | -€55,491 | -95.4% |
| Other amounts receivable | 41 | €623 | €9,575 | +€8,952 | +1,437% |
| Cash at bank and in hand | 54/58 | €150,670 | €67,889 | -€82,781 | -54.9% |
| Deferred charges and accrued income | 490/1 | - | €17,089 | +€17,089 | |
| Total equity and liabilities | 10/49 | €291,805 | €129,357 | -€162,448 | -55.7% |
| Equity | 10/15 | €182,333 | €48,063 | -€134,270 | -73.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €181,333 | €47,063 | -€134,270 | -74.0% |
| Distributable reserves | 133 | €181,333 | €47,063 | -€134,270 | -74.0% |
| Amounts payable | 17/49 | €109,473 | €81,294 | -€28,178 | -25.7% |
| Amounts payable within one year | 42/48 | €109,473 | €81,294 | -€28,178 | -25.7% |
| Trade debts | 44 | €60,150 | €20,385 | -€39,765 | -66.1% |
| Suppliers | 440/4 | €60,150 | €20,385 | -€39,765 | -66.1% |
| Advances received on contracts in progress | 46 | €83 | - | -€83 | |
| Taxes, remuneration and social security | 45 | €31,321 | €59,414 | +€28,093 | +89.7% |
| Taxes | 450/3 | €24,917 | €40,846 | +€15,929 | +63.9% |
| Remuneration and social security | 454/9 | €6,404 | €18,568 | +€12,164 | +190% |
| Other amounts payable | 47/48 | €17,919 | €1,496 | -€16,423 | -91.7% |
| Remuneration, social security and pensions | 62 | €143,985 | €99,700 | -€44,284 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,986 | €23,312 | -€23,674 | -50.4% |
| Other operating charges | 640/8 | €3,189 | €3,015 | -€174 | -5.5% |
| Non-recurring operating charges | 66A | - | €11,461 | +€11,461 | |
| Gross operating margin | 9900 | €444,552 | €174,009 | -€270,543 | -60.9% |
| Operating profit (loss) | 9901 | €250,392 | €36,520 | -€213,872 | -85.4% |
| Financial income | 75/76B | €136 | €1,538 | +€1,402 | +1,032% |
| Recurring financial income | 75 | €136 | €1,538 | +€1,402 | +1,032% |
| Financial charges | 65/66B | €10,855 | €6,726 | -€4,130 | -38.0% |
| Recurring financial charges | 65 | €10,855 | €6,726 | -€4,130 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €239,672 | €31,332 | -€208,341 | -86.9% |
| Income taxes | 67/77 | €58,340 | €11,008 | -€47,332 | -81.1% |
| Profit (loss) for the period | 9904 | €181,333 | €20,324 | -€161,008 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,333 | €20,324 | -€161,008 | -88.8% |
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 23 October 2026 via checked.be.