BALTHAZAR & Co: 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 & Co
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€41,349
up €41,349 (+228%), from €18,136 to €59,485
of which Trade receivables: +€38,476
- Tangible fixed assets -€29,473
down €29,473 (-38.6%), from €76,399 to €46,926
of which Furniture and vehicles: -€19,717
- Cash +€24,640
up €24,640 (+100%), from €24,599 to €49,238
mainly Net result for the year (+€127,314) and Accrued charges and deferred income (+€46,906)
- Receivables after one year +€8,388
up €8,388 (+11.2%), from €74,576 to €82,964
- Profit (loss) carried forward +€97,314
up €97,314, from -€94,860 to €2,454
- Debts after one year -€58,088
down €58,088 (-31.1%), from €186,859 to €128,771
- Accrued charges and deferred income +€46,906
up €46,906 (+8,555%), from €548 to €47,455
- Tax, wage and social debts +€31,585
up €31,585 (+277%), from €11,403 to €42,988
of which Taxes: +€31,585
- Reserves +€30,000
up €30,000 (+1,500%), from €2,000 to €32,000
of which Distributable reserves: +€30,000
- Gross operating margin +€223,025
up €223,025, from -€27,875 to €195,149
- Taxes +€42,661
up €42,661 (+8,954%), from €476 to €43,137
- Staff costs -€3,440
down €3,440 (-89.1%), from €3,862 to €422
- Other operating charges +€2,033
up €2,033 (+104%), from €1,949 to €3,983
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 | €198,054 | €340,660 | +€142,606 | +72.0% |
| Fixed assets | 21/28 | €76,399 | €46,926 | -€29,473 | -38.6% |
| Tangible fixed assets | 22/27 | €76,399 | €46,926 | -€29,473 | -38.6% |
| Plant, machinery and equipment | 23 | €13,524 | €8,778 | -€4,746 | -35.1% |
| Furniture and vehicles | 24 | €33,395 | €13,678 | -€19,717 | -59.0% |
| Other tangible fixed assets | 26 | €29,480 | €24,470 | -€5,011 | -17.0% |
| Current assets | 29/58 | €121,655 | €293,735 | +€172,079 | +141% |
| Amounts receivable after more than one year | 29 | €74,576 | €82,964 | +€8,388 | +11.2% |
| Other amounts receivable | 291 | €74,576 | €82,964 | +€8,388 | +11.2% |
| Amounts receivable within one year | 40/41 | €18,136 | €59,485 | +€41,349 | +228% |
| Trade receivables | 40 | €18,136 | €56,611 | +€38,476 | +212% |
| Other amounts receivable | 41 | €0 | €2,874 | +€2,874 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €24,599 | €49,238 | +€24,640 | +100% |
| Deferred charges and accrued income | 490/1 | €4,344 | €2,047 | -€2,297 | -52.9% |
| Total equity and liabilities | 10/49 | €198,054 | €340,660 | +€142,606 | +72.0% |
| Equity | 10/15 | -€72,860 | €54,454 | +€127,314 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €32,000 | +€30,000 | +1,500% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | - | €30,000 | +€30,000 | |
| Profit (loss) carried forward | 14 | -€94,860 | €2,454 | +€97,314 | |
| Amounts payable | 17/49 | €270,915 | €286,206 | +€15,292 | +5.6% |
| Amounts payable after more than one year | 17 | €186,859 | €128,771 | -€58,088 | -31.1% |
| Financial debts | 170/4 | €186,859 | €128,771 | -€58,088 | -31.1% |
| Amounts payable within one year | 42/48 | €83,507 | €109,981 | +€26,474 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €61,934 | €57,136 | -€4,798 | -7.7% |
| Trade debts | 44 | €10,170 | €9,857 | -€313 | -3.1% |
| Suppliers | 440/4 | €10,170 | €9,857 | -€313 | -3.1% |
| Taxes, remuneration and social security | 45 | €11,403 | €42,988 | +€31,585 | +277% |
| Taxes | 450/3 | €11,403 | €42,988 | +€31,585 | +277% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €548 | €47,455 | +€46,906 | +8,555% |
| Remuneration, social security and pensions | 62 | €3,862 | €422 | -€3,440 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,888 | €18,596 | +€708 | +4.0% |
| Other operating charges | 640/8 | €1,949 | €3,983 | +€2,033 | +104% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€27,875 | €195,149 | +€223,025 | |
| Operating profit (loss) | 9901 | -€51,575 | €172,149 | +€223,724 | |
| Financial income | 75/76B | €5,638 | €6,302 | +€664 | +11.8% |
| Recurring financial income | 75 | €5,638 | €6,302 | +€664 | +11.8% |
| Financial charges | 65/66B | €7,806 | €7,999 | +€193 | +2.5% |
| Recurring financial charges | 65 | €7,806 | €7,999 | +€193 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€53,743 | €170,451 | +€224,194 | |
| Income taxes | 67/77 | €476 | €43,137 | +€42,661 | +8,954% |
| Profit (loss) for the period | 9904 | -€54,219 | €127,314 | +€181,534 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,219 | €127,314 | +€181,534 |
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 28 October 2026 via checked.be.