BALTO: 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.
BALTO
Largest movements
- Tangible fixed assets +€157,627
up €157,627 (+25.5%), from €618,122 to €775,749
of which Furniture and vehicles: +€190,788
- Cash +€85,362
up €85,362 (+98.2%), from €86,964 to €172,326
mainly Net result for the year (+€294,603) and Depreciation (+€137,264)
- Reserves +€244,603
up €244,603 (+326.9%), from €74,829 to €319,432
of which Distributable reserves: +€244,603
- Debts after one year -€50,000
down €50,000 (-3.0%), from €1.7m to €1.6m
- Other debts +€49,160
up €49,160 (+474.9%), from €10,353 to €59,513
- Gross operating margin +€281,329
up €281,329 (+112.9%), from €249,116 to €530,445
- Other operating charges -€47,711
down €47,711 (-91.3%), from €52,245 to €4,534
- Depreciation +€46,890
up €46,890 (+51.9%), from €90,374 to €137,264
- Taxes +€31,801
up €31,801, from -€5,447 to €26,354
- Provisions +€22,085
up €22,085, from -€22,085 to €0
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 | €3,581,676 | €3,825,248 | +€243,573 | +6.8% |
| Fixed assets | 21/28 | €2,871,734 | €3,029,360 | +€157,627 | +5.5% |
| Tangible fixed assets | 22/27 | €618,122 | €775,749 | +€157,627 | +25.5% |
| Plant, machinery and equipment | 23 | - | €2,206 | +€2,206 | |
| Furniture and vehicles | 24 | €264,695 | €455,483 | +€190,788 | +72.1% |
| Other tangible fixed assets | 26 | €353,428 | €318,060 | -€35,367 | -10.0% |
| Financial fixed assets | 28 | €2,253,611 | €2,253,611 | = | 0.0% |
| Current assets | 29/58 | €709,942 | €795,888 | +€85,946 | +12.1% |
| Stocks and contracts in progress | 3 | €241,655 | €241,655 | = | 0.0% |
| Stocks | 30/36 | €241,655 | €241,655 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,469 | €113,367 | +€19,897 | +21.3% |
| Trade receivables | 40 | €17,535 | €21,707 | +€4,172 | +23.8% |
| Other amounts receivable | 41 | €75,935 | €91,660 | +€15,725 | +20.7% |
| Cash at bank and in hand | 54/58 | €86,964 | €172,326 | +€85,362 | +98.2% |
| Deferred charges and accrued income | 490/1 | €287,853 | €268,540 | -€19,313 | -6.7% |
| Total equity and liabilities | 10/49 | €3,581,676 | €3,825,248 | +€243,573 | +6.8% |
| Equity | 10/15 | €1,843,729 | €2,088,332 | +€244,603 | +13.3% |
| Contributions | 10/11 | €1,768,900 | €1,768,900 | = | 0.0% |
| Reserves | 13 | €74,829 | €319,432 | +€244,603 | +326.9% |
| Tax-exempt reserves | 132 | €52,486 | €52,486 | = | 0.0% |
| Distributable reserves | 133 | €22,343 | €266,947 | +€244,603 | +1094.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €1,737,947 | €1,736,916 | -€1,031 | -0.1% |
| Amounts payable after more than one year | 17 | €1,680,000 | €1,630,000 | -€50,000 | -3.0% |
| Financial debts | 170/4 | €1,680,000 | €1,630,000 | -€50,000 | -3.0% |
| Amounts payable within one year | 42/48 | €33,934 | €82,903 | +€48,969 | +144.3% |
| Trade debts | 44 | €13,090 | €10,566 | -€2,523 | -19.3% |
| Suppliers | 440/4 | €13,090 | €10,566 | -€2,523 | -19.3% |
| Taxes, remuneration and social security | 45 | €10,491 | €12,824 | +€2,333 | +22.2% |
| Taxes | 450/3 | €10,491 | €12,824 | +€2,333 | +22.2% |
| Other amounts payable | 47/48 | €10,353 | €59,513 | +€49,160 | +474.9% |
| Accrued charges and deferred income | 492/3 | €24,013 | €24,013 | = | 0.0% |
| Non-recurring operating income | 76A | €42,986 | €39,367 | -€3,620 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,374 | €137,264 | +€46,890 | +51.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€22,085 | €0 | +€22,085 | |
| Other operating charges | 640/8 | €52,245 | €4,534 | -€47,711 | -91.3% |
| Gross operating margin | 9900 | €249,116 | €530,445 | +€281,329 | +112.9% |
| Operating profit (loss) | 9901 | €128,582 | €388,647 | +€260,065 | +202.3% |
| Financial income | 75/76B | €3,300 | €600 | -€2,700 | -81.8% |
| Recurring financial income | 75 | €3,300 | €600 | -€2,700 | -81.8% |
| Financial charges | 65/66B | €58,960 | €68,289 | +€9,329 | +15.8% |
| Recurring financial charges | 65 | €58,960 | €68,289 | +€9,329 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €72,922 | €320,958 | +€248,036 | +340.1% |
| Income taxes | 67/77 | -€5,447 | €26,354 | +€31,801 | |
| Profit (loss) for the period | 9904 | €78,368 | €294,603 | +€216,235 | +275.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,368 | €294,603 | +€216,235 | +275.9% |
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 7 October 2026 via checked.be.