BALTUS VOLET: 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.
BALTUS VOLET
Largest movements
- Tangible fixed assets -€40,905
down €40,905 (-13.7%), from €299,588 to €258,683
of which Land and buildings: -€22,262
- Receivables within one year +€15,358
up €15,358 (+44.1%), from €34,861 to €50,218
of which Trade receivables: +€15,366
- Stocks and contracts -€7,613
down €7,613 (-15.3%), from €49,765 to €42,152
- Cash +€5,894
up €5,894 (+83.4%), from €7,070 to €12,964
mainly Depreciation (+€44,181) and Net result for the year (+€26,221)
- Debts after one year -€52,901
down €52,901 (-34.4%), from €153,907 to €101,006
- Reserves +€26,221
up €26,221 (+35.9%), from €73,020 to €99,241
- Current portion of long-term debt -€7,535
down €7,535 (-11.7%), from €64,379 to €56,844
- Trade debts +€7,514
up €7,514 (+24.7%), from €30,398 to €37,912
- Investment grants -€5,002
down €5,002 (-13.9%), from €35,936 to €30,935
- Gross operating margin +€21,962
up €21,962 (+17.2%), from €127,745 to €149,707
- Staff costs -€12,853
down €12,853 (-18.5%), from €69,575 to €56,722
- Other operating charges +€4,860
up €4,860 (+53.0%), from €9,177 to €14,037
- Taxes +€4,464
up €4,464 (+1,212%), from €368 to €4,832
- Depreciation -€3,584
down €3,584 (-7.5%), from €47,765 to €44,181
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 | €400,580 | €372,909 | -€27,672 | -6.9% |
| Fixed assets | 21/28 | €299,703 | €258,798 | -€40,905 | -13.6% |
| Tangible fixed assets | 22/27 | €299,588 | €258,683 | -€40,905 | -13.7% |
| Land and buildings | 22 | €257,368 | €235,107 | -€22,262 | -8.6% |
| Plant, machinery and equipment | 23 | €9,731 | €8,516 | -€1,215 | -12.5% |
| Furniture and vehicles | 24 | €4,413 | €856 | -€3,558 | -80.6% |
| Leasing and similar rights | 25 | €28,075 | €14,205 | -€13,871 | -49.4% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €100,877 | €114,111 | +€13,234 | +13.1% |
| Stocks and contracts in progress | 3 | €49,765 | €42,152 | -€7,613 | -15.3% |
| Stocks | 30/36 | €49,765 | €42,152 | -€7,613 | -15.3% |
| Amounts receivable within one year | 40/41 | €34,861 | €50,218 | +€15,358 | +44.1% |
| Trade receivables | 40 | €34,831 | €50,197 | +€15,366 | +44.1% |
| Other amounts receivable | 41 | €30 | €22 | -€8 | -26.7% |
| Cash at bank and in hand | 54/58 | €7,070 | €12,964 | +€5,894 | +83.4% |
| Deferred charges and accrued income | 490/1 | €9,181 | €8,775 | -€405 | -4.4% |
| Total equity and liabilities | 10/49 | €400,580 | €372,909 | -€27,672 | -6.9% |
| Equity | 10/15 | €115,956 | €137,175 | +€21,219 | +18.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €73,020 | €99,241 | +€26,221 | +35.9% |
| Distributable reserves | 133 | €73,020 | €99,241 | +€26,221 | +35.9% |
| Profit (loss) carried forward | 14 | €800 | €800 | = | 0.0% |
| Investment grants | 15 | €35,936 | €30,935 | -€5,002 | -13.9% |
| Amounts payable | 17/49 | €284,624 | €235,733 | -€48,891 | -17.2% |
| Amounts payable after more than one year | 17 | €153,907 | €101,006 | -€52,901 | -34.4% |
| Financial debts | 170/4 | €153,907 | €101,006 | -€52,901 | -34.4% |
| Amounts payable within one year | 42/48 | €130,692 | €133,189 | +€2,497 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €64,379 | €56,844 | -€7,535 | -11.7% |
| Trade debts | 44 | €30,398 | €37,912 | +€7,514 | +24.7% |
| Suppliers | 440/4 | €30,398 | €37,912 | +€7,514 | +24.7% |
| Advances received on contracts in progress | 46 | €56 | €2,358 | +€2,303 | +4,137% |
| Taxes, remuneration and social security | 45 | €33,468 | €36,011 | +€2,543 | +7.6% |
| Taxes | 450/3 | €10,143 | €12,169 | +€2,027 | +20.0% |
| Remuneration and social security | 454/9 | €23,325 | €23,841 | +€516 | +2.2% |
| Other amounts payable | 47/48 | €2,391 | €65 | -€2,327 | -97.3% |
| Accrued charges and deferred income | 492/3 | €25 | €1,538 | +€1,513 | +5,990% |
| Remuneration, social security and pensions | 62 | €69,575 | €56,722 | -€12,853 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,765 | €44,181 | -€3,584 | -7.5% |
| Other operating charges | 640/8 | €9,177 | €14,037 | +€4,860 | +53.0% |
| Gross operating margin | 9900 | €127,745 | €149,707 | +€21,962 | +17.2% |
| Operating profit (loss) | 9901 | €1,228 | €34,767 | +€33,539 | +2,730% |
| Financial income | 75/76B | €6,093 | €5,141 | -€952 | -15.6% |
| Recurring financial income | 75 | €6,093 | €5,141 | -€952 | -15.6% |
| Financial charges | 65/66B | €6,839 | €8,855 | +€2,017 | +29.5% |
| Recurring financial charges | 65 | €6,839 | €8,855 | +€2,017 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €483 | €31,053 | +€30,570 | +6,331% |
| Income taxes | 67/77 | €368 | €4,832 | +€4,464 | +1,212% |
| Profit (loss) for the period | 9904 | €115 | €26,221 | +€26,106 | +22,775% |
| Profit (loss) for the period to be appropriated | 9905 | €115 | €26,221 | +€26,106 | +22,775% |
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 28 October 2026 via checked.be.