BLUE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 32 filings
Turnover
≈ €520,000
Estimated: probably between €320,000 and €980,000
Total assets
€2.9m▲ 18.3%
2024 · €2.4m
Net result
€9,019▼ 70.9%
2024 · €30,948
Working capital
€109,688▼ 68.9%
2024 · €353,006
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€75,532
▼ 15.0%
2025
20182025
Net result
€9,019
▼ 70.9%
2025
20182025
Equity
€1.3m
▲ 0.7%
2025
20182025
Total assets
€2.9m
▲ 18.3%
2025
20182025
Debt
€1.5m
▲ 40.7%
2025
20182025
Working capital
€109,688
▼ 68.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.007m-€0.04m▲ 469%€0.06m▲ 49.0%€0.06m▲ 6.2%€0.07m▲ 6.2%€0.4m▲ 436%€0.09m▼ 74.9%€0.08m▼ 15.0%
Net result-€0.1m-€0.004m€0.01m▲ 229%€0.02m▲ 104%€0.02m▼ 15.7%€0.3m▲ 15×€0.03m▼ 89.8%€0.009m▼ 70.9%
Equity€1.0m-€1.0m▲ 0.4%€1.0m▲ 1.2%€1.0m▲ 2.5%€1.0m▲ 2.1%€1.3m▲ 22.5%€1.3m▲ 2.5%€1.3m▲ 0.7%
Total assets€2.4m-€2.4m▼ 1.8%€2.3m▼ 1.7%€2.2m▼ 5.3%€2.2m▲ 1.1%€2.4m▲ 7.6%€2.4m▲ 0.9%€2.9m▲ 18.3%
Debt€1.5m-€1.4m▼ 3.2%€1.4m▼ 3.7%€1.2m▼ 11.0%€1.2m▲ 0.3%€1.1m▼ 11.0%€1.1m▼ 0.8%€1.5m▲ 40.7%
Working capital€0.09m-€0.1m▲ 43.7%€0.1m▼ 11.6%€0.2m▲ 42.2%€0.2m▲ 41.8%€0.7m▲ 185%€0.4m▼ 46.2%€0.1m▼ 68.9%
The operating result for 2025 is 15% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€2.6m ▲ 31.9%
Current assets
€301,419 ▼ 37.4%
Equity and liabilities €2.9m
Equity
€1.3m ▲ 0.7%
Provisions
€72,646 ▼ 0.7%
Debt
€1.5m ▲ 40.7%
Debt's share of the balance-sheet total rises from 44.0% to 52.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€161,881▼
2024 · €167,373
Cash flow
€95,369▼
2024 · €109,498
Current ratio
1.57▼
2024 · 3.75
Debt to equity
1.16▲
2024 · 0.83
ROE
0.7%▼
2024 · 2.4%
ROA
0.3%▼
2024 · 1.3%
Interest coverage
2.33▼
2024 · 2.41
Debt ≤ 1 year
€191,731▲
2024 · €128,189
Debt > 1 year
€1.3m▲
2024 · €941,810
Income taxes
€3,000▼
2024 · €10,982
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €15,658 | €267,364 | €383,997 | €712,404 |
| Depreciation and write-downs of the year | €100,890 | €100,365 | €84,421 | €78,550 | €86,349 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,806 | €2,124 | €292,663 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €180,629 | €125,235 | €118,513 | €100,890 | €100,365 | €84,421 | €78,550 | €86,349 | ▲ 9.9% |
| Other operating charges640/8 | - | - | - | €891 | €41,379 | €40,397 | €43,320 | €44,360 | ▲ 2.4% |
| Non-recurring operating charges66A | - | - | - | - | €10,513 | €0 | - | - | - |
| Gross operating margin9900 | €252,814 | €231,145 | €190,841 | €164,026 | €218,382 | €479,162 | €210,693 | €206,242 | ▼ 2.1% |
| Operating profit (loss)9901 | €6,911 | €39,341 | €58,615 | €62,245 | €66,124 | €354,344 | €88,823 | €75,532 | ▼ 15.0% |
| Financial income75/76B | - | - | - | €1 | €24 | €3,368 | €22,656 | €5,328 | ▼ 76.5% |
| Recurring financial income75 | €46 | €210 | €48 | €1 | €24 | €3,368 | €22,656 | €5,328 | ▼ 76.5% |
| Financial charges65/66B | - | - | - | €35,202 | €35,189 | €49,164 | €69,551 | €69,361 | ▼ 0.3% |
| Recurring financial charges65 | €132,171 | €35,389 | €32,474 | €35,202 | €35,189 | €49,164 | €69,551 | €69,361 | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | -€125,214 | €4,162 | €26,190 | €27,044 | €30,959 | €308,548 | €41,929 | €11,500 | ▼ 72.6% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €520 | - |
| Income taxes67/77 | €511 | €483 | €14,070 | €2,357 | €10,139 | €3,695 | €10,982 | €3,000 | ▼ 72.7% |
| Profit (loss) for the period9904 | -€125,725 | €3,679 | €12,120 | €24,687 | €20,820 | €304,853 | €30,948 | €9,019 | ▼ 70.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €1,560 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €292,663 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€125,725 | €3,679 | €12,120 | €24,687 | €20,820 | €12,189 | €30,948 | €10,579 | ▼ 65.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.4m | €2.4m | €2.3m | €2.2m | €2.2m | €2.4m | €2.4m | €2.9m | ▲ 18.3% |
| Fixed assets21/28 | €2.3m | €2.1m | €2.0m | €1.9m | €1.8m | €1.7m | €2.0m | €2.6m | ▲ 31.9% |
| Tangible fixed assets22/27 | €2.3m | €2.1m | €2.0m | €1.9m | €1.8m | €1.7m | €2.0m | €2.6m | ▲ 31.9% |
| Land and buildings22 | - | - | - | €1.9m | €1.8m | €1.7m | €2.0m | €2.6m | ▲ 31.9% |
| Furniture and vehicles24 | - | - | - | €334 | €0 | - | - | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.8m | €0.5m | €0.3m | ▼ 37.4% |
| Amounts receivable within one year40/41 | €0.02m | €0.01m | €0.01m | €0.001m | €0 | €0.02m | €0 | - | - |
| Trade receivables40 | - | - | - | €0.001m | €0 | €0.02m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.7m | €0.5m | €0.3m | ▼ 37.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.004m | €0.001m | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.4m | €2.4m | €2.3m | €2.2m | €2.2m | €2.4m | €2.4m | €2.9m | ▲ 18.3% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | €1.3m | ▲ 0.7% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | ▼ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | ▼ 0.7% |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 1.4% |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.07m | €0.07m | €0.07m | ▼ 0.7% |
| Deferred taxes168 | - | - | - | - | - | €0.07m | €0.07m | €0.07m | ▼ 0.7% |
| Amounts payable17/49 | €1.5m | €1.4m | €1.4m | €1.2m | €1.2m | €1.1m | €1.1m | €1.5m | ▲ 40.7% |
| Amounts payable after more than one year17 | €1.3m | €1.2m | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | €1.3m | ▲ 39.9% |
| Financial debts170/4 | - | - | - | €1.1m | €1.0m | €1.0m | €0.9m | €1.3m | ▲ 39.9% |
| Amounts payable within one year42/48 | €0.09m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 49.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.1m | ▲ 66.7% |
| Trade debts44 | €89 | €0.004m | €0.01m | €0.03m | €0.03m | €0.01m | €0.03m | €0.03m | ▲ 20.2% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.01m | €0.03m | €0.03m | ▲ 20.2% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.01m | €0.02m | €0.02m | ▲ 1.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.01m | €0.02m | €0.02m | ▲ 6.2% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.004m | €2 | €0.004m | €0.003m | ▼ 24.9% |
| Other amounts payable47/48 | - | - | - | €0 | €0.04m | €0.005m | €0.005m | €0.01m | ▲ 152% |
| Accrued charges and deferred income492/3 | - | - | - | €145 | €0.008m | €0 | €0.005m | €0.004m | ▼ 28.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€125,725 | €3,679 | €12,120 | €24,687 | €20,820 | €304,853 | €30,948 | €9,019 | ▼ 70.9% |
| + Depreciation and write-downs630 | €180,629 | €125,235 | €118,513 | €100,890 | €100,365 | €84,421 | €78,550 | €86,349 | ▲ 9.9% |
| Operating cash flow (approximation) | €54,904 | €128,914 | €130,632 | €125,577 | €121,185 | €389,274 | €109,498 | €95,369 | ▼ 12.9% |
| Investment in fixed assets (approximation) | - | -€21,445 | €0 | -€1,806 | -€2,906 | €94,973 | -€383,997 | -€712,404 | ▼ 85.5% |
| Change in cash | - | €63,712 | €78,657 | -€12,231 | €123,758 | €335,732 | -€264,004 | -€179,776 | ▲ 31.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as BLUE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLUE itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for BLUE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00210652 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00270263 | |
| 31-12-2023 | micro format | 29-05-2024 | 2024-00099393 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00270327 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363829 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60200569 | |
| 31-12-2019 | abbreviated format | 07-10-2020 | 2020-60200272 | |
| 31-12-2018 | abbreviated format | 02-01-2020 | 2020-00400297 | |
| 31-12-2017 | abbreviated format | 22-08-2018 | 2018-48500459 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-56700094 |