BALTUS MARC: 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.
What changed
BALTUS MARC
NACE 47.221, Retail sale of meat and meat products, excluding game and poultry
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€207,053
2024 · -€25,947-€181,106
Equity
€2.5m
2024 · €2.7m-€214,945
Cash
€151,052
2024 · €98,775+€52,277
Balance sheet total
€9.0m
2024 · €9.1m-€155,890
Largest movements
Assets
- Tangible fixed assets -€228,268
down €228,268 (-3.3%), from €7.0m to €6.8m
of which Plant, machinery and equipment: -€205,928
Equity and liabilities
- Short-term financial debts +€357,906
up €357,906 (+588%), from €60,825 to €418,731
- Debts after one year -€340,595
down €340,595 (-7.8%), from €4.4m to €4.0m
- Profit (loss) carried forward -€205,107
down €205,107 (-8.9%), from €2.3m to €2.1m
- Trade debts +€110,908
up €110,908 (+13.9%), from €799,697 to €910,605
- Current portion of long-term debt -€108,414
down €108,414 (-12.5%), from €865,708 to €757,294
Income statement
- Gross operating margin -€450,229
down €450,229 (-20.2%), from €2.2m to €1.8m
- Staff costs -€259,375
down €259,375 (-17.7%), from €1.5m to €1.2m
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.
Result 2024
-€25,947
Gross operating margin
-€450,229
Staff costs
+€259,375
Depreciation
+€11,884
Write-downs
-€3,183
Other operating charges
+€7,766
Other operating items
+€3,706
Financial income
+€28
Financial charges
-€11,025
Taxes
+€574
Result 2025
-€207,053
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€487,025
Investment
-€335,754
Financing
-€98,994
Cash 2024
€98,775
From operations (derived)
+€487,025
Net result for the year
-€207,053
Depreciation
+€574,720
Stocks and contracts
-€71,287
Receivables within one year
+€53,605
Deferred charges and accrued income
-€13,117
Provisions
-€487
Trade debts
+€110,908
Tax, wage and social debts
+€16,420
Other debts
+€78,700
Accrued charges and deferred income
-€55,385
Investment (derived)
-€335,754
Investment in fixed assets (net)
-€335,754
Financing
-€98,994
Debts after one year
-€340,595
Current portion of long-term debt
-€108,414
Short-term financial debts
+€357,906
Contributions, distributions and other
-€7,892
Cash 2025
€151,052
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,126,991 | €8,971,101 | -€155,890 | -1.7% |
| Formation expenses | 20 | €10,660 | €5,698 | -€4,962 | -46.5% |
| Fixed assets | 21/28 | €8,292,906 | €8,058,902 | -€234,004 | -2.8% |
| Intangible fixed assets | 21 | €97,667 | €91,931 | -€5,736 | -5.9% |
| Tangible fixed assets | 22/27 | €7,010,574 | €6,782,306 | -€228,268 | -3.3% |
| Land and buildings | 22 | €3,926,633 | €3,756,307 | -€170,326 | -4.3% |
| Plant, machinery and equipment | 23 | €2,811,640 | €2,605,712 | -€205,928 | -7.3% |
| Furniture and vehicles | 24 | €137,291 | €121,485 | -€15,806 | -11.5% |
| Leasing and similar rights | 25 | €16,871 | €14,883 | -€1,988 | -11.8% |
| Other tangible fixed assets | 26 | €118,139 | €283,919 | +€165,780 | +140% |
| Financial fixed assets | 28 | €1,184,665 | €1,184,665 | = | 0.0% |
| Current assets | 29/58 | €823,425 | €906,501 | +€83,075 | +10.1% |
| Stocks and contracts in progress | 3 | €409,114 | €480,401 | +€71,287 | +17.4% |
| Stocks | 30/36 | €409,114 | €480,401 | +€71,287 | +17.4% |
| Amounts receivable within one year | 40/41 | €310,276 | €256,671 | -€53,605 | -17.3% |
| Trade receivables | 40 | €167,168 | €123,853 | -€43,315 | -25.9% |
| Other amounts receivable | 41 | €143,108 | €132,818 | -€10,290 | -7.2% |
| Cash at bank and in hand | 54/58 | €98,775 | €151,052 | +€52,277 | +52.9% |
| Deferred charges and accrued income | 490/1 | €5,259 | €18,376 | +€13,117 | +249% |
| Total equity and liabilities | 10/49 | €9,126,991 | €8,971,101 | -€155,890 | -1.7% |
| Equity | 10/15 | €2,736,617 | €2,521,672 | -€214,945 | -7.9% |
| Contributions | 10/11 | €195,000 | €195,000 | = | 0.0% |
| Capital | 10 | €195,000 | €195,000 | = | 0.0% |
| Issued capital | 100 | €195,000 | €195,000 | = | 0.0% |
| Reserves | 13 | €62,740 | €60,794 | -€1,946 | -3.1% |
| Non-distributable reserves | 130/1 | €19,500 | €19,500 | = | 0.0% |
| Legal reserve | 130 | €19,500 | €19,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,240 | €41,294 | -€1,946 | -4.5% |
| Profit (loss) carried forward | 14 | €2,311,479 | €2,106,372 | -€205,107 | -8.9% |
| Investment grants | 15 | €167,398 | €159,506 | -€7,892 | -4.7% |
| Provisions and deferred taxes | 16 | €10,810 | €10,324 | -€487 | -4.5% |
| Deferred taxes | 168 | €10,810 | €10,324 | -€487 | -4.5% |
| Amounts payable | 17/49 | €6,379,564 | €6,439,105 | +€59,541 | +0.9% |
| Amounts payable after more than one year | 17 | €4,378,214 | €4,037,620 | -€340,595 | -7.8% |
| Financial debts | 170/4 | €4,378,214 | €4,037,620 | -€340,595 | -7.8% |
| Amounts payable within one year | 42/48 | €1,890,387 | €2,345,908 | +€455,521 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €865,708 | €757,294 | -€108,414 | -12.5% |
| Financial debts | 43 | €60,825 | €418,731 | +€357,906 | +588% |
| Credit institutions | 430/8 | €60,825 | €418,731 | +€357,906 | +588% |
| Trade debts | 44 | €799,697 | €910,605 | +€110,908 | +13.9% |
| Suppliers | 440/4 | €799,697 | €910,605 | +€110,908 | +13.9% |
| Taxes, remuneration and social security | 45 | €160,157 | €176,577 | +€16,420 | +10.3% |
| Taxes | 450/3 | €11,783 | €30,733 | +€18,950 | +161% |
| Remuneration and social security | 454/9 | €148,374 | €145,844 | -€2,530 | -1.7% |
| Other amounts payable | 47/48 | €4,000 | €82,700 | +€78,700 | +1,968% |
| Accrued charges and deferred income | 492/3 | €110,962 | €55,578 | -€55,385 | -49.9% |
| Non-recurring operating income | 76A | €120,464 | €28,139 | -€92,325 | -76.6% |
| Remuneration, social security and pensions | 62 | €1,463,424 | €1,204,049 | -€259,375 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €586,604 | €574,720 | -€11,884 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,183 | +€3,183 | |
| Other operating charges | 640/8 | €53,165 | €45,399 | -€7,766 | -14.6% |
| Non-recurring operating charges | 66A | €699 | -€3,007 | -€3,706 | |
| Gross operating margin | 9900 | €2,232,599 | €1,782,370 | -€450,229 | -20.2% |
| Operating profit (loss) | 9901 | €128,708 | -€41,974 | -€170,683 | |
| Financial income | 75/76B | €8,636 | €8,663 | +€28 | +0.3% |
| Recurring financial income | 75 | €8,636 | €8,663 | +€28 | +0.3% |
| Financial charges | 65/66B | €162,115 | €173,140 | +€11,025 | +6.8% |
| Recurring financial charges | 65 | €162,115 | €173,140 | +€11,025 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€24,771 | -€206,451 | -€181,680 | -733% |
| Transfer from deferred taxes | 780 | €487 | €487 | = | 0.0% |
| Income taxes | 67/77 | €1,663 | €1,088 | -€574 | -34.5% |
| Profit (loss) for the period | 9904 | -€25,947 | -€207,053 | -€181,106 | -698% |
| Transfer from tax-exempt reserves | 789 | €1,946 | €1,946 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,001 | -€205,107 | -€181,106 | -755% |
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 14 October 2026 via checked.be.