Balu: 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
Balu
NACE 73.200, Market research and public opinion polling
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10,176
2024 · -€36,071+€25,894
Equity
€916,524
2024 · €926,700-€10,176
Cash
€7,251
2024 · €10,980-€3,729
Balance sheet total
€3.3m
2024 · €3.4m-€106,746
Largest movements
Assets
- Tangible fixed assets -€91,180
down €91,180 (-2.7%), from €3.3m to €3.2m
of which Land and buildings: -€141,620
Equity and liabilities
- Debts after one year -€81,809
down €81,809 (-5.7%), from €1.4m to €1.3m
Income statement
- Gross operating margin +€44,008
up €44,008 (+18.2%), from €242,430 to €286,438
- Depreciation +€16,693
up €16,693 (+8.1%), from €204,874 to €221,567
- Financial charges +€12,772
up €12,772 (+29.0%), from €44,022 to €56,794
- Staff costs -€10,000
down €10,000 (-49.6%), from €20,158 to €10,158
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
-€36,071
Gross operating margin
+€44,008
Staff costs
+€10,000
Depreciation
-€16,693
Other operating charges
+€1,343
Financial charges
-€12,772
Taxes
+€9
Result 2025
-€10,176
raises the resultlowers the result
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
+€205,994
Investment
-€130,387
Financing
-€79,336
Cash 2024
€10,980
From operations (derived)
+€205,994
Net result for the year
-€10,176
Depreciation
+€221,567
Receivables within one year
+€11,716
Smaller working-capital items
+€141
Trade debts
+€13,493
Other debts
-€30,746
Investment (derived)
-€130,387
Investment in fixed assets (net)
-€130,387
Financing
-€79,336
Debts after one year
-€81,809
Current portion of long-term debt
+€2,473
Cash 2025
€7,251
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,423,070 | €3,316,325 | -€106,746 | -3.1% |
| Fixed assets | 21/28 | €3,327,094 | €3,235,915 | -€91,180 | -2.7% |
| Tangible fixed assets | 22/27 | €3,327,094 | €3,235,915 | -€91,180 | -2.7% |
| Land and buildings | 22 | €3,255,598 | €3,113,977 | -€141,620 | -4.4% |
| Plant, machinery and equipment | 23 | €47,957 | €106,717 | +€58,760 | +123% |
| Furniture and vehicles | 24 | €23,539 | €15,220 | -€8,319 | -35.3% |
| Current assets | 29/58 | €95,976 | €80,410 | -€15,566 | -16.2% |
| Amounts receivable within one year | 40/41 | €74,028 | €62,312 | -€11,716 | -15.8% |
| Trade receivables | 40 | €33,197 | €22,015 | -€11,182 | -33.7% |
| Other amounts receivable | 41 | €40,832 | €40,297 | -€534 | -1.3% |
| Cash at bank and in hand | 54/58 | €10,980 | €7,251 | -€3,729 | -34.0% |
| Deferred charges and accrued income | 490/1 | €10,968 | €10,847 | -€121 | -1.1% |
| Total equity and liabilities | 10/49 | €3,423,070 | €3,316,325 | -€106,746 | -3.1% |
| Equity | 10/15 | €926,700 | €916,524 | -€10,176 | -1.1% |
| Contributions | 10/11 | €598,600 | €598,600 | = | 0.0% |
| Reserves | 13 | €378,721 | €378,721 | = | 0.0% |
| Non-distributable reserves | 130/1 | €59,860 | €59,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €59,860 | €59,860 | = | 0.0% |
| Distributable reserves | 133 | €318,861 | €318,861 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,621 | -€60,797 | -€10,176 | -20.1% |
| Amounts payable | 17/49 | €2,496,370 | €2,399,801 | -€96,569 | -3.9% |
| Amounts payable after more than one year | 17 | €1,431,788 | €1,349,979 | -€81,809 | -5.7% |
| Financial debts | 170/4 | €1,431,788 | €1,349,979 | -€81,809 | -5.7% |
| Amounts payable within one year | 42/48 | €1,064,582 | €1,049,822 | -€14,760 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €111,500 | €113,973 | +€2,473 | +2.2% |
| Trade debts | 44 | €50,821 | €64,313 | +€13,493 | +26.5% |
| Suppliers | 440/4 | €50,821 | €64,313 | +€13,493 | +26.5% |
| Taxes, remuneration and social security | 45 | €2,071 | €2,091 | +€20 | +1.0% |
| Taxes | 450/3 | €1,200 | €1,191 | -€9 | -0.7% |
| Remuneration and social security | 454/9 | €871 | €900 | +€29 | +3.3% |
| Other amounts payable | 47/48 | €900,191 | €869,444 | -€30,746 | -3.4% |
| Remuneration, social security and pensions | 62 | €20,158 | €10,158 | -€10,000 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,874 | €221,567 | +€16,693 | +8.1% |
| Other operating charges | 640/8 | €9,237 | €7,894 | -€1,343 | -14.5% |
| Gross operating margin | 9900 | €242,430 | €286,438 | +€44,008 | +18.2% |
| Operating profit (loss) | 9901 | €8,161 | €46,819 | +€38,658 | +474% |
| Financial charges | 65/66B | €44,022 | €56,794 | +€12,772 | +29.0% |
| Recurring financial charges | 65 | €44,022 | €56,794 | +€12,772 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,861 | -€9,975 | +€25,886 | +72.2% |
| Income taxes | 67/77 | €210 | €201 | -€9 | -4.2% |
| Profit (loss) for the period | 9904 | -€36,071 | -€10,176 | +€25,894 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,071 | -€10,176 | +€25,894 | +71.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.