Balthazar: 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.
Balthazar
Largest movements
- Cash -€40,440
down €40,440 (-22.1%), from €183,260 to €142,820
mainly Contributions, distributions and other (-€69,096) and Tax, wage and social debts (-€40,906)
- Deferred charges and accrued income +€14,073
new in 2025: €14,073
- Other debts +€44,553
new in 2025: €44,553
- Tax, wage and social debts -€40,906
down €40,906 (-64.1%), from €63,771 to €22,865
- Reserves -€31,824
down €31,824 (-16.1%), from €197,334 to €165,510
- Debts after one year -€8,139
down €8,139 (-7.3%), from €111,252 to €103,113
- Trade debts +€4,107
up €4,107 (+105%), from €3,912 to €8,018
- Depreciation +€4,936
up €4,936 (+35.9%), from €13,740 to €18,675
- Gross operating margin +€3,700
up €3,700 (+4.9%), from €74,957 to €78,657
- Taxes -€935
down €935 (-5.4%), from €17,297 to €16,362
- Financial charges +€846
up €846 (+22.9%), from €3,703 to €4,549
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 | €402,125 | €369,559 | -€32,566 | -8.1% |
| Fixed assets | 21/28 | €201,212 | €197,934 | -€3,278 | -1.6% |
| Tangible fixed assets | 22/27 | €201,212 | €197,934 | -€3,278 | -1.6% |
| Land and buildings | 22 | €193,919 | €184,439 | -€9,480 | -4.9% |
| Plant, machinery and equipment | 23 | €64 | - | -€64 | |
| Furniture and vehicles | 24 | €7,229 | €13,495 | +€6,267 | +86.7% |
| Current assets | 29/58 | €200,913 | €171,625 | -€29,288 | -14.6% |
| Amounts receivable within one year | 40/41 | €17,654 | €14,733 | -€2,921 | -16.5% |
| Trade receivables | 40 | €14,733 | €14,733 | = | 0.0% |
| Other amounts receivable | 41 | €2,921 | - | -€2,921 | |
| Cash at bank and in hand | 54/58 | €183,260 | €142,820 | -€40,440 | -22.1% |
| Deferred charges and accrued income | 490/1 | - | €14,073 | +€14,073 | |
| Total equity and liabilities | 10/49 | €402,125 | €369,559 | -€32,566 | -8.1% |
| Equity | 10/15 | €206,334 | €174,510 | -€31,824 | -15.4% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €197,334 | €165,510 | -€31,824 | -16.1% |
| Distributable reserves | 133 | €197,334 | €165,510 | -€31,824 | -16.1% |
| Amounts payable | 17/49 | €195,791 | €195,049 | -€741 | -0.4% |
| Amounts payable after more than one year | 17 | €111,252 | €103,113 | -€8,139 | -7.3% |
| Financial debts | 170/4 | €111,252 | €103,113 | -€8,139 | -7.3% |
| Amounts payable within one year | 42/48 | €84,539 | €91,937 | +€7,398 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €16,856 | €16,500 | -€356 | -2.1% |
| Trade debts | 44 | €3,912 | €8,018 | +€4,107 | +105% |
| Suppliers | 440/4 | €3,912 | €8,018 | +€4,107 | +105% |
| Taxes, remuneration and social security | 45 | €63,771 | €22,865 | -€40,906 | -64.1% |
| Taxes | 450/3 | €63,771 | €22,865 | -€40,906 | -64.1% |
| Other amounts payable | 47/48 | - | €44,553 | +€44,553 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,740 | €18,675 | +€4,936 | +35.9% |
| Other operating charges | 640/8 | €1,769 | €1,805 | +€36 | +2.0% |
| Gross operating margin | 9900 | €74,957 | €78,657 | +€3,700 | +4.9% |
| Operating profit (loss) | 9901 | €59,449 | €58,177 | -€1,271 | -2.1% |
| Financial income | 75/76B | €2 | €5 | +€3 | +148% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +148% |
| Financial charges | 65/66B | €3,703 | €4,549 | +€846 | +22.9% |
| Recurring financial charges | 65 | €3,703 | €4,549 | +€846 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | €55,748 | €53,633 | -€2,115 | -3.8% |
| Income taxes | 67/77 | €17,297 | €16,362 | -€935 | -5.4% |
| Profit (loss) for the period | 9904 | €38,451 | €37,271 | -€1,180 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,451 | €37,271 | -€1,180 | -3.1% |
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 21 October 2026 via checked.be.