Baltic: 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.
Baltic
Largest movements
- Tangible fixed assets -€16,068
down €16,068 (-11.8%), from €135,672 to €119,604
- Receivables within one year +€11,608
up €11,608 (+127.8%), from €9,081 to €20,690
- Cash -€8,879
down €8,879 (-38.4%), from €23,116 to €14,237
mainly Receivables within one year (-€11,608) and Net result for the year (-€8,709)
- Reserves -€8,015
down €8,015 (-7.2%), from €111,065 to €103,050
of which Tax-exempt reserves: -€8,015
- Financial income -€4,193
down €4,193 (-40.5%), from €10,364 to €6,172
- Gross operating margin -€3,937
down €3,937, from €3,771 to -€167
- Taxes -€1,924
no longer reported in 2025 (was €1,924)
- Depreciation -€143
down €143 (-0.9%), from €16,211 to €16,068
- Other operating charges +€51
up €51 (+3.0%), from €1,685 to €1,736
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 | €522,354 | €509,016 | -€13,338 | -2.6% |
| Fixed assets | 21/28 | €136,702 | €120,634 | -€16,068 | -11.8% |
| Tangible fixed assets | 22/27 | €135,672 | €119,604 | -€16,068 | -11.8% |
| Land and buildings | 22 | €135,672 | €119,604 | -€16,068 | -11.8% |
| Financial fixed assets | 28 | €1,030 | €1,030 | = | 0.0% |
| Current assets | 29/58 | €385,652 | €388,382 | +€2,730 | +0.7% |
| Amounts receivable within one year | 40/41 | €9,081 | €20,690 | +€11,608 | +127.8% |
| Other amounts receivable | 41 | €9,081 | €20,690 | +€11,608 | +127.8% |
| Current investments | 50/53 | €353,455 | €353,455 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,116 | €14,237 | -€8,879 | -38.4% |
| Total equity and liabilities | 10/49 | €522,354 | €509,016 | -€13,338 | -2.6% |
| Equity | 10/15 | €481,185 | €472,476 | -€8,709 | -1.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €111,065 | €103,050 | -€8,015 | -7.2% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,683 | €59,669 | -€8,015 | -11.8% |
| Distributable reserves | 133 | €37,184 | €37,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,147 | €307,452 | -€694 | -0.2% |
| Provisions and deferred taxes | 16 | €40,669 | €36,540 | -€4,129 | -10.2% |
| Deferred taxes | 168 | €40,669 | €36,540 | -€4,129 | -10.2% |
| Amounts payable | 17/49 | €500 | - | -€500 | |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,211 | €16,068 | -€143 | -0.9% |
| Other operating charges | 640/8 | €1,685 | €1,736 | +€51 | +3.0% |
| Gross operating margin | 9900 | €3,771 | -€167 | -€3,937 | |
| Operating profit (loss) | 9901 | -€14,125 | -€17,971 | -€3,845 | -27.2% |
| Financial income | 75/76B | €10,364 | €6,172 | -€4,193 | -40.5% |
| Recurring financial income | 75 | €10,364 | €6,172 | -€4,193 | -40.5% |
| Financial charges | 65/66B | €1,069 | €1,039 | -€30 | -2.8% |
| Recurring financial charges | 65 | €1,069 | €1,039 | -€30 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,830 | -€12,838 | -€8,008 | -165.8% |
| Transfer from deferred taxes | 780 | €4,167 | €4,129 | -€38 | -0.9% |
| Income taxes | 67/77 | €1,924 | - | -€1,924 | |
| Profit (loss) for the period | 9904 | -€2,588 | -€8,709 | -€6,121 | -236.5% |
| Transfer from tax-exempt reserves | 789 | €8,088 | €8,015 | -€73 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,500 | -€694 | -€6,195 |
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 8 October 2026 via checked.be.