Isabelle BALDO: 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.
Isabelle BALDO
Largest movements
- Tangible fixed assets -€14,736
down €14,736 (-4.5%), from €326,991 to €312,255
of which Land and buildings: -€14,138
- Cash -€10,760
down €10,760 (-10.6%), from €101,520 to €90,760
mainly Debts after one year (-€16,975) and Contributions, distributions and other (-€16,200)
- Receivables within one year +€7,051
up €7,051 (+23.3%), from €30,244 to €37,295
of which Trade receivables: +€5,649
- Other debts +€17,542
up €17,542 (+104%), from €16,867 to €34,409
- Debts after one year -€16,975
down €16,975 (-6.4%), from €267,210 to €250,235
- Reserves -€16,200
down €16,200 (-26.5%), from €61,215 to €45,015
of which Distributable reserves: -€16,200
- Tax, wage and social debts -€5,892
down €5,892 (-19.1%), from €30,894 to €25,002
of which Taxes: -€7,733
- Current portion of long-term debt +€4,704
up €4,704 (+23.2%), from €20,272 to €24,975
- Gross operating margin -€47,662
down €47,662 (-28.0%), from €170,279 to €122,616
- Staff costs -€4,951
down €4,951 (-5.1%), from €97,703 to €92,753
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 | €461,273 | €443,018 | -€18,255 | -4.0% |
| Fixed assets | 21/28 | €326,991 | €312,255 | -€14,736 | -4.5% |
| Tangible fixed assets | 22/27 | €326,991 | €312,255 | -€14,736 | -4.5% |
| Land and buildings | 22 | €319,524 | €305,386 | -€14,138 | -4.4% |
| Plant, machinery and equipment | 23 | €937 | €492 | -€445 | -47.5% |
| Furniture and vehicles | 24 | €6,531 | €6,377 | -€154 | -2.4% |
| Current assets | 29/58 | €134,282 | €130,763 | -€3,519 | -2.6% |
| Amounts receivable within one year | 40/41 | €30,244 | €37,295 | +€7,051 | +23.3% |
| Trade receivables | 40 | €16,974 | €22,623 | +€5,649 | +33.3% |
| Other amounts receivable | 41 | €13,270 | €14,673 | +€1,403 | +10.6% |
| Cash at bank and in hand | 54/58 | €101,520 | €90,760 | -€10,760 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,518 | €2,708 | +€190 | +7.6% |
| Total equity and liabilities | 10/49 | €461,273 | €443,018 | -€18,255 | -4.0% |
| Equity | 10/15 | €98,351 | €78,635 | -€19,716 | -20.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,215 | €45,015 | -€16,200 | -26.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €59,355 | €43,155 | -€16,200 | -27.3% |
| Profit (loss) carried forward | 14 | €18,536 | €15,020 | -€3,516 | -19.0% |
| Amounts payable | 17/49 | €362,922 | €364,383 | +€1,461 | +0.4% |
| Amounts payable after more than one year | 17 | €267,210 | €250,235 | -€16,975 | -6.4% |
| Financial debts | 170/4 | €267,210 | €250,235 | -€16,975 | -6.4% |
| Amounts payable within one year | 42/48 | €95,712 | €113,769 | +€18,057 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €20,272 | €24,975 | +€4,704 | +23.2% |
| Trade debts | 44 | €27,679 | €29,383 | +€1,704 | +6.2% |
| Suppliers | 440/4 | €27,679 | €29,383 | +€1,704 | +6.2% |
| Taxes, remuneration and social security | 45 | €30,894 | €25,002 | -€5,892 | -19.1% |
| Taxes | 450/3 | €16,431 | €8,698 | -€7,733 | -47.1% |
| Remuneration and social security | 454/9 | €14,463 | €16,304 | +€1,842 | +12.7% |
| Other amounts payable | 47/48 | €16,867 | €34,409 | +€17,542 | +104% |
| Accrued charges and deferred income | 492/3 | - | €379 | +€379 | |
| Remuneration, social security and pensions | 62 | €97,703 | €92,753 | -€4,951 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,894 | €16,866 | -€28 | -0.2% |
| Other operating charges | 640/8 | €5,467 | €4,306 | -€1,161 | -21.2% |
| Gross operating margin | 9900 | €170,279 | €122,616 | -€47,662 | -28.0% |
| Operating profit (loss) | 9901 | €50,214 | €8,691 | -€41,523 | -82.7% |
| Financial income | 75/76B | €176 | €1 | -€175 | -99.4% |
| Recurring financial income | 75 | €176 | €1 | -€175 | -99.4% |
| Financial charges | 65/66B | €12,379 | €11,095 | -€1,284 | -10.4% |
| Recurring financial charges | 65 | €12,379 | €11,095 | -€1,284 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €38,012 | -€2,403 | -€40,414 | |
| Income taxes | 67/77 | €1,889 | €1,113 | -€776 | -41.1% |
| Profit (loss) for the period | 9904 | €36,123 | -€3,516 | -€39,639 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,123 | -€3,516 | -€39,639 |
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 25 October 2026 via checked.be.