BALTORO: 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.
BALTORO
Largest movements
- Tangible fixed assets -€69,983
down €69,983 (-94.2%), from €74,256 to €4,273
of which Furniture and vehicles: -€69,163
- Cash +€32,830
up €32,830 (+51.1%), from €64,268 to €97,098
mainly Investment in fixed assets (net) (+€58,539) and Depreciation (+€11,445)
- Tax, wage and social debts -€22,981
down €22,981 (-54.6%), from €42,126 to €19,145
of which Taxes: -€20,684
- Debts after one year -€15,735
down €15,735 (-32.8%), from €47,997 to €32,261
- Profit (loss) carried forward +€8,456
up €8,456 (+37.6%), from €22,483 to €30,940
- Current portion of long-term debt -€7,042
down €7,042 (-23.4%), from €30,057 to €23,016
- Depreciation -€21,242
down €21,242 (-65.0%), from €32,686 to €11,445
- Financial charges +€3,214
up €3,214 (+42.7%), from €7,524 to €10,737
of which Non-recurring financial charges: +€4,719
- Taxes +€2,816
up €2,816 (+108.4%), from €2,598 to €5,414
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 | €157,123 | €119,822 | -€37,301 | -23.7% |
| Fixed assets | 21/28 | €74,256 | €4,273 | -€69,983 | -94.2% |
| Tangible fixed assets | 22/27 | €74,256 | €4,273 | -€69,983 | -94.2% |
| Plant, machinery and equipment | 23 | €2,836 | €2,015 | -€820 | -28.9% |
| Furniture and vehicles | 24 | €71,421 | €2,258 | -€69,163 | -96.8% |
| Current assets | 29/58 | €82,867 | €115,549 | +€32,682 | +39.4% |
| Amounts receivable within one year | 40/41 | €18,599 | €18,279 | -€320 | -1.7% |
| Trade receivables | 40 | €18,197 | €17,877 | -€320 | -1.8% |
| Other amounts receivable | 41 | €402 | €402 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €64,268 | €97,098 | +€32,830 | +51.1% |
| Deferred charges and accrued income | 490/1 | - | €172 | +€172 | |
| Total equity and liabilities | 10/49 | €157,123 | €119,822 | -€37,301 | -23.7% |
| Equity | 10/15 | €36,943 | €45,400 | +€8,456 | +22.9% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,483 | €30,940 | +€8,456 | +37.6% |
| Amounts payable | 17/49 | €120,180 | €74,422 | -€45,758 | -38.1% |
| Amounts payable after more than one year | 17 | €47,997 | €32,261 | -€15,735 | -32.8% |
| Financial debts | 170/4 | €47,997 | €32,261 | -€15,735 | -32.8% |
| Amounts payable within one year | 42/48 | €72,183 | €42,161 | -€30,022 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €30,057 | €23,016 | -€7,042 | -23.4% |
| Taxes, remuneration and social security | 45 | €42,126 | €19,145 | -€22,981 | -54.6% |
| Taxes | 450/3 | €27,622 | €6,938 | -€20,684 | -74.9% |
| Remuneration and social security | 454/9 | €14,504 | €12,207 | -€2,297 | -15.8% |
| Remuneration, social security and pensions | 62 | €67,562 | €68,143 | +€581 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,686 | €11,445 | -€21,242 | -65.0% |
| Other operating charges | 640/8 | €2,012 | €1,585 | -€426 | -21.2% |
| Gross operating margin | 9900 | €106,759 | €105,780 | -€978 | -0.9% |
| Operating profit (loss) | 9901 | €4,498 | €24,607 | +€20,109 | +447.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,524 | €10,737 | +€3,214 | +42.7% |
| Recurring financial charges | 65 | €7,524 | €6,018 | -€1,506 | -20.0% |
| Non-recurring financial charges | 66B | - | €4,719 | +€4,719 | |
| Profit (loss) for the period before taxes | 9903 | -€3,025 | €13,870 | +€16,895 | |
| Income taxes | 67/77 | €2,598 | €5,414 | +€2,816 | +108.4% |
| Profit (loss) for the period | 9904 | -€5,623 | €8,456 | +€14,079 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,623 | €8,456 | +€14,079 |
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.