BALTIC: 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.
BALTIC
Largest movements
- Tangible fixed assets -€17,908
down €17,908 (-33.7%), from €53,120 to €35,212
- Debts after one year -€33,109
down €33,109 (-3.7%), from €884,824 to €851,714
- Gross operating margin -€27,478
down €27,478 (-35.5%), from €77,407 to €49,929
- Depreciation -€25,787
down €25,787 (-59.0%), from €43,695 to €17,908
- Financial charges -€13,615
down €13,615 (-42.5%), from €32,015 to €18,399
- Other operating charges -€1,465
down €1,465 (-21.1%), from €6,944 to €5,479
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 | €1,073,396 | €1,055,719 | -€17,677 | -1.6% |
| Fixed assets | 21/28 | €1,073,120 | €1,055,212 | -€17,908 | -1.7% |
| Tangible fixed assets | 22/27 | €53,120 | €35,212 | -€17,908 | -33.7% |
| Land and buildings | 22 | €53,120 | €35,212 | -€17,908 | -33.7% |
| Financial fixed assets | 28 | €1,020,000 | €1,020,000 | = | 0.0% |
| Current assets | 29/58 | €276 | €507 | +€231 | +83.6% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €276 | €507 | +€231 | +83.6% |
| Total equity and liabilities | 10/49 | €1,073,396 | €1,055,719 | -€17,677 | -1.6% |
| Equity | 10/15 | €70,284 | €78,426 | +€8,143 | +11.6% |
| Contributions | 10/11 | €66,930 | €66,930 | = | 0.0% |
| Capital | 10 | €66,930 | €66,930 | = | 0.0% |
| Issued capital | 100 | €66,930 | €66,930 | = | 0.0% |
| Reserves | 13 | €6,693 | €11,496 | +€4,803 | +71.8% |
| Non-distributable reserves | 130/1 | €6,693 | €6,693 | = | 0.0% |
| Legal reserve | 130 | €6,693 | €6,693 | = | 0.0% |
| Distributable reserves | 133 | €0 | €4,803 | +€4,803 | |
| Profit (loss) carried forward | 14 | -€3,339 | €0 | +€3,339 | |
| Amounts payable | 17/49 | €1,003,112 | €977,292 | -€25,820 | -2.6% |
| Amounts payable after more than one year | 17 | €884,824 | €851,714 | -€33,109 | -3.7% |
| Financial debts | 170/4 | €884,824 | €851,714 | -€33,109 | -3.7% |
| Amounts payable within one year | 42/48 | €113,338 | €117,228 | +€3,889 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €35,038 | €35,835 | +€797 | +2.3% |
| Financial debts | 43 | €1,886 | €981 | -€906 | -48.0% |
| Credit institutions | 430/8 | €1,886 | €981 | -€906 | -48.0% |
| Trade debts | 44 | €0 | €3,998 | +€3,998 | |
| Suppliers | 440/4 | €0 | €3,998 | +€3,998 | |
| Other amounts payable | 47/48 | €76,414 | €76,414 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,950 | €8,350 | +€3,400 | +68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,695 | €17,908 | -€25,787 | -59.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,944 | €5,479 | -€1,465 | -21.1% |
| Gross operating margin | 9900 | €77,407 | €49,929 | -€27,478 | -35.5% |
| Operating profit (loss) | 9901 | €26,768 | €26,542 | -€226 | -0.8% |
| Financial charges | 65/66B | €32,015 | €18,399 | -€13,615 | -42.5% |
| Recurring financial charges | 65 | €32,015 | €18,399 | -€13,615 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,247 | €8,143 | +€13,389 | |
| Profit (loss) for the period | 9904 | -€5,247 | €8,143 | +€13,389 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,247 | €8,143 | +€13,389 |
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.