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
- Receivables within one year -€23,751
down €23,751 (-73.7%), from €32,234 to €8,483
of which Other amounts receivable: -€22,810
- Receivables after one year +€17,000
up €17,000 (+73.9%), from €23,000 to €40,000
- Stocks and contracts +€13,728
up €13,728 (+14.7%), from €93,522 to €107,249
- Cash +€9,937
up €9,937 (+47.2%), from €21,069 to €31,006
mainly Net result for the year (+€61,930) and Receivables within one year (+€23,751)
- Tangible fixed assets -€8,180
down €8,180 (-6.6%), from €123,342 to €115,162
of which Plant, machinery and equipment: -€4,457
- Reserves +€61,930
up €61,930 (+96.9%), from €63,902 to €125,833
- Debts after one year -€52,987
down €52,987 (-70.4%), from €75,235 to €22,248
- Current portion of long-term debt -€14,884
down €14,884 (-20.7%), from €72,065 to €57,181
- Trade debts +€11,348
up €11,348, from €0 to €11,348
- Tax, wage and social debts +€10,077
up €10,077 (+45.0%), from €22,390 to €32,467
of which Taxes: +€14,758
- Gross operating margin -€43,189
down €43,189 (-17.2%), from €251,487 to €208,297
- Staff costs -€31,950
down €31,950 (-25.3%), from €126,455 to €94,505
- Financial charges -€4,883
down €4,883 (-42.6%), from €11,465 to €6,582
- Taxes -€2,839
down €2,839 (-11.3%), from €25,156 to €22,316
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 | €298,401 | €306,205 | +€7,804 | +2.6% |
| Fixed assets | 21/28 | €123,342 | €115,162 | -€8,180 | -6.6% |
| Tangible fixed assets | 22/27 | €123,342 | €115,162 | -€8,180 | -6.6% |
| Land and buildings | 22 | €19,663 | €17,415 | -€2,248 | -11.4% |
| Plant, machinery and equipment | 23 | €75,047 | €70,590 | -€4,457 | -5.9% |
| Furniture and vehicles | 24 | €8,276 | €9,127 | +€851 | +10.3% |
| Other tangible fixed assets | 26 | €20,356 | €18,029 | -€2,327 | -11.4% |
| Current assets | 29/58 | €175,059 | €191,043 | +€15,985 | +9.1% |
| Amounts receivable after more than one year | 29 | €23,000 | €40,000 | +€17,000 | +73.9% |
| Trade receivables | 290 | €23,000 | €40,000 | +€17,000 | +73.9% |
| Stocks and contracts in progress | 3 | €93,522 | €107,249 | +€13,728 | +14.7% |
| Stocks | 30/36 | €93,522 | €107,249 | +€13,728 | +14.7% |
| Amounts receivable within one year | 40/41 | €32,234 | €8,483 | -€23,751 | -73.7% |
| Trade receivables | 40 | €8,242 | €7,301 | -€941 | -11.4% |
| Other amounts receivable | 41 | €23,992 | €1,182 | -€22,810 | -95.1% |
| Cash at bank and in hand | 54/58 | €21,069 | €31,006 | +€9,937 | +47.2% |
| Deferred charges and accrued income | 490/1 | €5,234 | €4,306 | -€929 | -17.7% |
| Total equity and liabilities | 10/49 | €298,401 | €306,205 | +€7,804 | +2.6% |
| Equity | 10/15 | €73,902 | €135,833 | +€61,930 | +83.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €63,902 | €125,833 | +€61,930 | +96.9% |
| Distributable reserves | 133 | €63,902 | €125,833 | +€61,930 | +96.9% |
| Amounts payable | 17/49 | €224,499 | €170,373 | -€54,126 | -24.1% |
| Amounts payable after more than one year | 17 | €75,235 | €22,248 | -€52,987 | -70.4% |
| Financial debts | 170/4 | €75,235 | €22,248 | -€52,987 | -70.4% |
| Amounts payable within one year | 42/48 | €94,455 | €100,995 | +€6,540 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €72,065 | €57,181 | -€14,884 | -20.7% |
| Trade debts | 44 | €0 | €11,348 | +€11,348 | |
| Suppliers | 440/4 | €0 | €11,348 | +€11,348 | |
| Taxes, remuneration and social security | 45 | €22,390 | €32,467 | +€10,077 | +45.0% |
| Taxes | 450/3 | €7,437 | €22,194 | +€14,758 | +198.4% |
| Remuneration and social security | 454/9 | €14,953 | €10,273 | -€4,681 | -31.3% |
| Accrued charges and deferred income | 492/3 | €54,808 | €47,130 | -€7,679 | -14.0% |
| Remuneration, social security and pensions | 62 | €126,455 | €94,505 | -€31,950 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,534 | €22,398 | -€137 | -0.6% |
| Other operating charges | 640/8 | €2,243 | €1,193 | -€1,050 | -46.8% |
| Gross operating margin | 9900 | €251,487 | €208,297 | -€43,189 | -17.2% |
| Operating profit (loss) | 9901 | €100,254 | €90,202 | -€10,052 | -10.0% |
| Financial income | 75/76B | €269 | €627 | +€358 | +133.2% |
| Recurring financial income | 75 | €73 | €24 | -€49 | -67.1% |
| Non-recurring financial income | 76B | €195 | €603 | +€407 | +208.5% |
| Financial charges | 65/66B | €11,465 | €6,582 | -€4,883 | -42.6% |
| Recurring financial charges | 65 | €11,465 | €6,582 | -€4,883 | -42.6% |
| Profit (loss) for the period before taxes | 9903 | €89,058 | €84,247 | -€4,811 | -5.4% |
| Income taxes | 67/77 | €25,156 | €22,316 | -€2,839 | -11.3% |
| Profit (loss) for the period | 9904 | €63,902 | €61,930 | -€1,972 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,902 | €61,930 | -€1,972 | -3.1% |
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 3 October 2026 via checked.be.