BALTIMMORE: 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.
BALTIMMORE
Largest movements
- Tangible fixed assets +€538,524
up €538,524 (+32.5%), from €1.7m to €2.2m
of which Land and buildings: +€541,161
- Stocks and contracts -€315,829
down €315,829 (-93.2%), from €338,927 to €23,099
- Deferred charges and accrued income +€122,369
up €122,369, from €0 to €122,369
- Debts after one year +€413,262
up €413,262 (+32.9%), from €1.3m to €1.7m
- Profit (loss) carried forward +€255,612
up €255,612 (+21.6%), from €1.2m to €1.4m
- Short-term financial debts -€225,035
down €225,035 (-95.8%), from €235,000 to €9,965
- Current portion of long-term debt -€115,130
down €115,130 (-45.8%), from €251,169 to €136,039
- Financial income -€198,242
down €198,242 (-48.6%), from €408,280 to €210,037
- Gross operating margin +€50,214
up €50,214 (+34.7%), from €144,532 to €194,747
- Depreciation +€17,510
up €17,510 (+32.0%), from €54,738 to €72,248
- Financial charges +€10,145
up €10,145 (+26.8%), from €37,877 to €48,022
- Taxes +€6,670
up €6,670 (+44.3%), from €15,049 to €21,720
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 | €2,956,075 | €3,305,087 | +€349,012 | +11.8% |
| Fixed assets | 21/28 | €2,339,433 | €2,877,958 | +€538,524 | +23.0% |
| Tangible fixed assets | 22/27 | €1,659,433 | €2,197,958 | +€538,524 | +32.5% |
| Land and buildings | 22 | €1,649,942 | €2,191,104 | +€541,161 | +32.8% |
| Plant, machinery and equipment | 23 | €412 | €0 | -€412 | -100% |
| Furniture and vehicles | 24 | €9,079 | €6,854 | -€2,225 | -24.5% |
| Financial fixed assets | 28 | €680,000 | €680,000 | = | 0.0% |
| Current assets | 29/58 | €616,642 | €427,129 | -€189,512 | -30.7% |
| Stocks and contracts in progress | 3 | €338,927 | €23,099 | -€315,829 | -93.2% |
| Stocks | 30/36 | €338,927 | €23,099 | -€315,829 | -93.2% |
| Amounts receivable within one year | 40/41 | €232,275 | €221,508 | -€10,766 | -4.6% |
| Trade receivables | 40 | €4,235 | €18,917 | +€14,682 | +347% |
| Other amounts receivable | 41 | €228,040 | €202,592 | -€25,448 | -11.2% |
| Current investments | 50/53 | €40,084 | €55,084 | +€15,000 | +37.4% |
| Cash at bank and in hand | 54/58 | €5,356 | €5,070 | -€286 | -5.3% |
| Deferred charges and accrued income | 490/1 | €0 | €122,369 | +€122,369 | |
| Total equity and liabilities | 10/49 | €2,956,075 | €3,305,087 | +€349,012 | +11.8% |
| Equity | 10/15 | €1,194,986 | €1,450,598 | +€255,612 | +21.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,180,726 | €1,436,338 | +€255,612 | +21.6% |
| Amounts payable | 17/49 | €1,761,089 | €1,854,489 | +€93,400 | +5.3% |
| Amounts payable after more than one year | 17 | €1,257,180 | €1,670,442 | +€413,262 | +32.9% |
| Financial debts | 170/4 | €1,257,180 | €1,670,442 | +€413,262 | +32.9% |
| Amounts payable within one year | 42/48 | €503,619 | €184,047 | -€319,572 | -63.5% |
| Current portion of amounts payable after more than one year | 42 | €251,169 | €136,039 | -€115,130 | -45.8% |
| Financial debts | 43 | €235,000 | €9,965 | -€225,035 | -95.8% |
| Credit institutions | 430/8 | €235,000 | €9,965 | -€225,035 | -95.8% |
| Trade debts | 44 | €3,925 | €16,756 | +€12,831 | +327% |
| Suppliers | 440/4 | €3,925 | €16,756 | +€12,831 | +327% |
| Taxes, remuneration and social security | 45 | €12,625 | €20,037 | +€7,412 | +58.7% |
| Taxes | 450/3 | €12,625 | €20,037 | +€7,412 | +58.7% |
| Other amounts payable | 47/48 | €900 | €1,250 | +€350 | +38.9% |
| Accrued charges and deferred income | 492/3 | €290 | €0 | -€290 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,738 | €72,248 | +€17,510 | +32.0% |
| Other operating charges | 640/8 | €7,976 | €7,181 | -€795 | -10.0% |
| Gross operating margin | 9900 | €144,532 | €194,747 | +€50,214 | +34.7% |
| Operating profit (loss) | 9901 | €81,818 | €115,317 | +€33,499 | +40.9% |
| Financial income | 75/76B | €408,280 | €210,037 | -€198,242 | -48.6% |
| Recurring financial income | 75 | €408,280 | €210,037 | -€198,242 | -48.6% |
| Financial charges | 65/66B | €37,877 | €48,022 | +€10,145 | +26.8% |
| Recurring financial charges | 65 | €37,877 | €48,022 | +€10,145 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €452,220 | €277,332 | -€174,888 | -38.7% |
| Income taxes | 67/77 | €15,049 | €21,720 | +€6,670 | +44.3% |
| Profit (loss) for the period | 9904 | €437,171 | €255,612 | -€181,558 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €437,171 | €255,612 | -€181,558 | -41.5% |
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 18 October 2026 via checked.be.