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.
BALU
Largest movements
- Receivables within one year +€87,169
up €87,169 (+59.1%), from €147,490 to €234,659
of which Trade receivables: +€60,805
- Cash -€51,324
down €51,324 (-25.6%), from €200,737 to €149,412
mainly Receivables within one year (-€87,169) and Contributions, distributions and other (-€60,000)
- Tangible fixed assets -€11,825
down €11,825 (-13.9%), from €84,956 to €73,131
of which Furniture and vehicles: -€14,106
- Trade debts +€42,332
up €42,332 (+69.8%), from €60,613 to €102,945
- Reserves -€25,756
down €25,756 (-6.5%), from €396,734 to €370,979
of which Distributable reserves: -€25,756
- Current portion of long-term debt +€21,783
up €21,783 (+1,462%), from €1,490 to €23,272
- Tax, wage and social debts -€12,718
down €12,718 (-33.2%), from €38,332 to €25,614
of which Remuneration and social security: -€20,464
- Staff costs -€67,826
down €67,826 (-17.7%), from €382,822 to €314,996
- Financial income -€24,054
down €24,054 (-74.0%), from €32,505 to €8,452
- Gross operating margin +€22,075
up €22,075 (+5.9%), from €371,838 to €393,913
- Other operating charges -€7,870
down €7,870 (-81.1%), from €9,703 to €1,833
- Depreciation -€6,987
down €6,987 (-25.5%), from €27,356 to €20,370
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 | €517,628 | €543,269 | +€25,641 | +5.0% |
| Fixed assets | 21/28 | €86,027 | €73,702 | -€12,325 | -14.3% |
| Intangible fixed assets | 21 | €750 | €250 | -€500 | -66.7% |
| Tangible fixed assets | 22/27 | €84,956 | €73,131 | -€11,825 | -13.9% |
| Plant, machinery and equipment | 23 | €8,127 | €6,858 | -€1,269 | -15.6% |
| Furniture and vehicles | 24 | €26,422 | €12,316 | -€14,106 | -53.4% |
| Other tangible fixed assets | 26 | €50,408 | €53,958 | +€3,550 | +7.0% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €431,602 | €469,568 | +€37,966 | +8.8% |
| Stocks and contracts in progress | 3 | €83,375 | €84,488 | +€1,113 | +1.3% |
| Stocks | 30/36 | €83,375 | €84,488 | +€1,113 | +1.3% |
| Amounts receivable within one year | 40/41 | €147,490 | €234,659 | +€87,169 | +59.1% |
| Trade receivables | 40 | €147,138 | €207,943 | +€60,805 | +41.3% |
| Other amounts receivable | 41 | €352 | €26,716 | +€26,363 | +7,484% |
| Cash at bank and in hand | 54/58 | €200,737 | €149,412 | -€51,324 | -25.6% |
| Deferred charges and accrued income | 490/1 | - | €1,008 | +€1,008 | |
| Total equity and liabilities | 10/49 | €517,628 | €543,269 | +€25,641 | +5.0% |
| Equity | 10/15 | €417,194 | €391,439 | -€25,756 | -6.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €396,734 | €370,979 | -€25,756 | -6.5% |
| Tax-exempt reserves | 132 | €4,736 | €4,736 | = | 0.0% |
| Distributable reserves | 133 | €391,998 | €366,242 | -€25,756 | -6.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,434 | €151,831 | +€51,397 | +51.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €100,434 | €151,831 | +€51,397 | +51.2% |
| Current portion of amounts payable after more than one year | 42 | €1,490 | €23,272 | +€21,783 | +1,462% |
| Trade debts | 44 | €60,613 | €102,945 | +€42,332 | +69.8% |
| Suppliers | 440/4 | €60,613 | €102,945 | +€42,332 | +69.8% |
| Taxes, remuneration and social security | 45 | €38,332 | €25,614 | -€12,718 | -33.2% |
| Taxes | 450/3 | €7,267 | €15,013 | +€7,746 | +107% |
| Remuneration and social security | 454/9 | €31,064 | €10,601 | -€20,464 | -65.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,306 | €3,611 | -€1,695 | -32.0% |
| Remuneration, social security and pensions | 62 | €382,822 | €314,996 | -€67,826 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,356 | €20,370 | -€6,987 | -25.5% |
| Other operating charges | 640/8 | €9,703 | €1,833 | -€7,870 | -81.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €371,838 | €393,913 | +€22,075 | +5.9% |
| Operating profit (loss) | 9901 | -€48,044 | €56,714 | +€104,758 | |
| Financial income | 75/76B | €32,505 | €8,452 | -€24,054 | -74.0% |
| Recurring financial income | 75 | €32,505 | €8,452 | -€24,054 | -74.0% |
| Financial charges | 65/66B | €29,537 | €30,148 | +€610 | +2.1% |
| Recurring financial charges | 65 | €29,537 | €30,148 | +€610 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,076 | €35,018 | +€80,094 | |
| Income taxes | 67/77 | €1,077 | €774 | -€303 | -28.1% |
| Profit (loss) for the period | 9904 | -€46,153 | €34,245 | +€80,397 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,153 | €34,245 | +€80,397 |
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 24 October 2026 via checked.be.