BALTHAZAR EVENTS: 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 EVENTS
Largest movements
- Cash -€483,801
down €483,801 (-74.6%), from €648,240 to €164,439
mainly Trade debts (-€331,963) and Receivables within one year (-€317,373)
- Deferred charges and accrued income -€377,775
down €377,775 (-87.9%), from €429,679 to €51,904
- Receivables within one year +€317,373
up €317,373 (+35.2%), from €902,817 to €1.2m
of which Trade receivables: +€182,752
- Financial fixed assets +€40,040
up €40,040 (+2,288%), from €1,750 to €41,790
- Trade debts -€331,963
down €331,963 (-40.8%), from €813,283 to €481,320
- Short-term financial debts +€269,159
new in 2025: €269,159
- Other debts -€150,000
down €150,000 (-100%), from €150,000 to €0
- Reserves -€131,092
down €131,092 (-30.9%), from €424,630 to €293,538
- Current portion of long-term debt -€126,033
down €126,033 (-96.2%), from €130,985 to €4,952
- Gross operating margin -€280,233
down €280,233 (-41.1%), from €682,426 to €402,193
- Staff costs +€122,842
up €122,842 (+34.1%), from €359,767 to €482,608
- Taxes -€82,973
down €82,973 (-99.8%), from €83,150 to €177
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 | €2,042,826 | €1,518,592 | -€524,234 | -25.7% |
| Fixed assets | 21/28 | €62,089 | €82,057 | +€19,968 | +32.2% |
| Intangible fixed assets | 21 | €28,261 | €9,275 | -€18,987 | -67.2% |
| Tangible fixed assets | 22/27 | €32,078 | €30,993 | -€1,085 | -3.4% |
| Plant, machinery and equipment | 23 | €24,627 | €26,262 | +€1,635 | +6.6% |
| Furniture and vehicles | 24 | €6,616 | €4,174 | -€2,442 | -36.9% |
| Other tangible fixed assets | 26 | €836 | €557 | -€279 | -33.3% |
| Financial fixed assets | 28 | €1,750 | €41,790 | +€40,040 | +2,288% |
| Current assets | 29/58 | €1,980,736 | €1,436,534 | -€544,202 | -27.5% |
| Amounts receivable within one year | 40/41 | €902,817 | €1,220,190 | +€317,373 | +35.2% |
| Trade receivables | 40 | €712,743 | €895,495 | +€182,752 | +25.6% |
| Other amounts receivable | 41 | €190,075 | €324,695 | +€134,621 | +70.8% |
| Cash at bank and in hand | 54/58 | €648,240 | €164,439 | -€483,801 | -74.6% |
| Deferred charges and accrued income | 490/1 | €429,679 | €51,904 | -€377,775 | -87.9% |
| Total equity and liabilities | 10/49 | €2,042,826 | €1,518,592 | -€524,234 | -25.7% |
| Equity | 10/15 | €445,530 | €314,438 | -€131,092 | -29.4% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Reserves | 13 | €424,630 | €293,538 | -€131,092 | -30.9% |
| Distributable reserves | 133 | €424,630 | €293,538 | -€131,092 | -30.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,597,296 | €1,204,154 | -€393,142 | -24.6% |
| Amounts payable within one year | 42/48 | €1,178,918 | €810,053 | -€368,865 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €130,985 | €4,952 | -€126,033 | -96.2% |
| Financial debts | 43 | - | €269,159 | +€269,159 | |
| Credit institutions | 430/8 | - | €269,159 | +€269,159 | |
| Trade debts | 44 | €813,283 | €481,320 | -€331,963 | -40.8% |
| Suppliers | 440/4 | €813,283 | €481,320 | -€331,963 | -40.8% |
| Advances received on contracts in progress | 46 | €1,500 | €1,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €83,150 | €53,122 | -€30,028 | -36.1% |
| Taxes | 450/3 | €83,150 | €15,538 | -€67,612 | -81.3% |
| Remuneration and social security | 454/9 | €0 | €37,584 | +€37,584 | |
| Other amounts payable | 47/48 | €150,000 | €0 | -€150,000 | -100% |
| Accrued charges and deferred income | 492/3 | €418,378 | €394,101 | -€24,277 | -5.8% |
| Remuneration, social security and pensions | 62 | €359,767 | €482,608 | +€122,842 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,258 | €31,453 | +€1,195 | +3.9% |
| Other operating charges | 640/8 | €4,914 | €7,057 | +€2,144 | +43.6% |
| Gross operating margin | 9900 | €682,426 | €402,193 | -€280,233 | -41.1% |
| Operating profit (loss) | 9901 | €287,488 | -€118,925 | -€406,413 | |
| Financial income | 75/76B | €971 | €40 | -€931 | -95.9% |
| Recurring financial income | 75 | €971 | €40 | -€931 | -95.9% |
| Financial charges | 65/66B | €11,508 | €12,030 | +€522 | +4.5% |
| Recurring financial charges | 65 | €11,508 | €12,030 | +€522 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €276,951 | -€130,915 | -€407,866 | |
| Income taxes | 67/77 | €83,150 | €177 | -€82,973 | -99.8% |
| Profit (loss) for the period | 9904 | €193,801 | -€131,092 | -€324,893 | |
| Profit (loss) for the period to be appropriated | 9905 | €193,801 | -€131,092 | -€324,893 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.