DENIS BALTUS: 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.
DENIS BALTUS
Largest movements
- Cash -€376,220
down €376,220 (-71.0%), from €529,864 to €153,644
mainly Trade debts (-€307,198) and Receivables within one year (-€146,660)
- Receivables within one year +€146,660
up €146,660 (+15.1%), from €970,243 to €1.1m
of which Trade receivables: +€147,664
- Tangible fixed assets -€61,240
down €61,240 (-38.9%), from €157,580 to €96,341
of which Furniture and vehicles: -€57,470
- Trade debts -€307,198
down €307,198 (-44.5%), from €690,614 to €383,416
- Profit (loss) carried forward +€181,968
no longer reported in 2025 (was -€181,968)
- Reserves -€147,195
down €147,195 (-14.7%), from €1.0m to €853,519
of which Distributable reserves: -€147,195
- Gross operating margin +€136,583
up €136,583 (+89.2%), from €153,146 to €289,728
- Staff costs -€46,968
down €46,968 (-20.3%), from €231,489 to €184,521
- Depreciation -€36,084
down €36,084 (-37.1%), from €97,324 to €61,240
- Taxes +€4,058
up €4,058 (+655%), from €619 to €4,677
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 | €1,748,104 | €1,474,000 | -€274,103 | -15.7% |
| Fixed assets | 21/28 | €157,590 | €96,351 | -€61,240 | -38.9% |
| Tangible fixed assets | 22/27 | €157,580 | €96,341 | -€61,240 | -38.9% |
| Plant, machinery and equipment | 23 | €29,582 | €25,812 | -€3,770 | -12.7% |
| Furniture and vehicles | 24 | €127,999 | €70,529 | -€57,470 | -44.9% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €1,590,513 | €1,377,649 | -€212,864 | -13.4% |
| Stocks and contracts in progress | 3 | €87,681 | €104,282 | +€16,601 | +18.9% |
| Stocks | 30/36 | €87,681 | €104,282 | +€16,601 | +18.9% |
| Amounts receivable within one year | 40/41 | €970,243 | €1,116,903 | +€146,660 | +15.1% |
| Trade receivables | 40 | €900,455 | €1,048,120 | +€147,664 | +16.4% |
| Other amounts receivable | 41 | €69,788 | €68,783 | -€1,005 | -1.4% |
| Current investments | 50/53 | €845 | €845 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €529,864 | €153,644 | -€376,220 | -71.0% |
| Deferred charges and accrued income | 490/1 | €1,880 | €1,976 | +€96 | +5.1% |
| Total equity and liabilities | 10/49 | €1,748,104 | €1,474,000 | -€274,103 | -15.7% |
| Equity | 10/15 | €831,146 | €865,919 | +€34,773 | +4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,000,714 | €853,519 | -€147,195 | -14.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,460 | €34,460 | = | 0.0% |
| Distributable reserves | 133 | €964,394 | €817,199 | -€147,195 | -15.3% |
| Profit (loss) carried forward | 14 | -€181,968 | - | +€181,968 | |
| Amounts payable | 17/49 | €916,958 | €608,081 | -€308,876 | -33.7% |
| Amounts payable after more than one year | 17 | €142,000 | €142,000 | = | 0.0% |
| Financial debts | 170/4 | €142,000 | €142,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €774,958 | €466,078 | -€308,879 | -39.9% |
| Trade debts | 44 | €690,614 | €383,416 | -€307,198 | -44.5% |
| Suppliers | 440/4 | €690,614 | €383,416 | -€307,198 | -44.5% |
| Taxes, remuneration and social security | 45 | €39,827 | €33,151 | -€6,677 | -16.8% |
| Taxes | 450/3 | €686 | €4,296 | +€3,610 | +526% |
| Remuneration and social security | 454/9 | €39,142 | €28,854 | -€10,287 | -26.3% |
| Other amounts payable | 47/48 | €44,516 | €49,512 | +€4,995 | +11.2% |
| Accrued charges and deferred income | 492/3 | - | €3 | +€3 | |
| Remuneration, social security and pensions | 62 | €231,489 | €184,521 | -€46,968 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,324 | €61,240 | -€36,084 | -37.1% |
| Other operating charges | 640/8 | €11,676 | €10,322 | -€1,354 | -11.6% |
| Gross operating margin | 9900 | €153,146 | €289,728 | +€136,583 | +89.2% |
| Operating profit (loss) | 9901 | -€187,343 | €33,646 | +€220,989 | |
| Financial income | 75/76B | €7,110 | €6,270 | -€840 | -11.8% |
| Recurring financial income | 75 | €1,168 | €1,884 | +€716 | +61.3% |
| Non-recurring financial income | 76B | €5,942 | €4,387 | -€1,555 | -26.2% |
| Financial charges | 65/66B | €1,116 | €466 | -€650 | -58.3% |
| Recurring financial charges | 65 | €1,116 | €466 | -€650 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | -€181,349 | €39,450 | +€220,799 | |
| Income taxes | 67/77 | €619 | €4,677 | +€4,058 | +655% |
| Profit (loss) for the period | 9904 | -€181,968 | €34,773 | +€216,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€181,968 | €34,773 | +€216,741 |
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 15 October 2026 via checked.be.