BLUE TREE
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 24-12-2025.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
21 d late
2025
56 d early
2024
103 d early
2023
35 d early
2022
116 d early
2021
45 d early
2020
128 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 66 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Which other companies belong to the same group?PANDO HOLDING · 15 companies
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€2,978▼ 45.5%
2025 · €5,463
Working capital
€123,730▲ 2.1%
2025 · €121,151
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252025
Operating result€25,671▲ 23.7%€19,962▼ 22.2%€17,540▼ 12.1%€7,539▼ 57.0%€4,082-
Net result€15,530▲ 50.1%€13,265▼ 14.6%€12,752▼ 3.9%€5,463▼ 57.2%€2,978-
Equity€95,071▲ 19.5%€108,336▲ 14.0%€121,088▲ 11.8%€126,551▲ 4.5%€129,530-
Total assets€176,073▼ 32.9%€126,477▼ 28.2%€151,592▲ 19.9%€136,791▼ 9.8%€138,869-
Debt€81,002▼ 55.7%€18,141▼ 77.6%€30,504▲ 68.1%€10,239▼ 66.4%€9,340-
Working capital€26,188▲ 129%€72,231▲ 176%€114,476▲ 58.5%€121,151▲ 5.8%€123,730-
Staff (FTE)0000-
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2025 as the grey bar beneath
Assets €138,869
Fixed assets
€5,800 =
Current assets
€133,069 ▲ 1.6%
Equity and liabilities €138,869
Equity
€129,530 ▲ 2.4%
Debt
€9,340 ▼ 8.8%
Debt's share of the balance-sheet total falls from 7.5% to 6.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4,082▼
2025 · €8,739
Cash flow
€2,978▼
2025 · €6,663
Current ratio
14.25▲
2025 · 13.31
Debt to equity
0.07▼
2025 · 0.08
ROE
2.3%▼
2025 · 4.3%
ROA
2.1%▼
2025 · 4.0%
Interest coverage
81.41▼
2025 · 291.30
Debt ≤ 1 year
€9,340▼
2025 · €9,840
Income taxes
€1,053▼
2025 · €2,046
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,635 | €43,635 | €29,490 | €1,200 | €0 | - |
| Other operating charges640/8 | €405 | €448 | €472 | €487 | €89 | - |
| Gross operating margin9900 | €69,711 | €64,045 | €47,502 | €9,226 | €4,171 | - |
| Operating profit (loss)9901 | €25,671 | €19,962 | €17,540 | €7,539 | €4,082 | - |
| Financial income75/76B | - | - | €416 | €0 | - | - |
| Recurring financial income75 | - | - | €416 | €0 | - | - |
| Financial charges65/66B | €4,965 | €2,223 | €562 | €30 | €50 | - |
| Recurring financial charges65 | €4,965 | €2,223 | €562 | €30 | €50 | - |
| Profit (loss) for the period before taxes9903 | €20,706 | €17,739 | €17,394 | €7,509 | €4,032 | - |
| Income taxes67/77 | €5,177 | €4,474 | €4,642 | €2,046 | €1,053 | - |
| Profit (loss) for the period9904 | €15,530 | €13,265 | €12,752 | €5,463 | €2,978 | - |
| Profit (loss) for the period to be appropriated9905 | €15,530 | €13,265 | €12,752 | €5,463 | €2,978 | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €176,073 | €126,477 | €151,592 | €136,791 | €138,869 | - |
| Fixed assets21/28 | €80,124 | €36,490 | €7,000 | €5,800 | €5,800 | - |
| Tangible fixed assets22/27 | €74,324 | €30,690 | €1,200 | €0 | - | - |
| Plant, machinery and equipment23 | €11,586 | €5,595 | €1,200 | €0 | - | - |
| Leasing and similar rights25 | €62,738 | €25,095 | €0 | - | - | - |
| Financial fixed assets28 | €5,800 | €5,800 | €5,800 | €5,800 | €5,800 | - |
| Current assets29/58 | €95,949 | €89,987 | €144,592 | €130,991 | €133,069 | - |
| Amounts receivable within one year40/41 | €94,809 | €89,649 | €140,828 | €101,366 | €67,358 | - |
| Trade receivables40 | €90,949 | €84,409 | €140,759 | €101,190 | €67,358 | - |
| Other amounts receivable41 | €3,860 | €5,240 | €69 | €175 | €0 | - |
| Cash at bank and in hand54/58 | €841 | €338 | €3,763 | €29,625 | €65,711 | - |
| Deferred charges and accrued income490/1 | €299 | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €176,073 | €126,477 | €151,592 | €136,791 | €138,869 | - |
| Equity10/15 | €95,071 | €108,336 | €121,088 | €126,551 | €129,530 | - |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | - |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | - |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | - |
| Profit (loss) carried forward14 | €73,071 | €86,336 | €99,088 | €104,551 | €107,530 | - |
| Amounts payable17/49 | €81,002 | €18,141 | €30,504 | €10,239 | €9,340 | - |
| Amounts payable after more than one year17 | €10,894 | €0 | - | - | - | - |
| Financial debts170/4 | €10,894 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €69,761 | €17,756 | €30,116 | €9,840 | €9,340 | - |
| Current portion of amounts payable after more than one year42 | €44,436 | €10,894 | €4,491 | €0 | - | - |
| Trade debts44 | €2,881 | €2,875 | €5,483 | €3,294 | €1,033 | - |
| Suppliers440/4 | €2,881 | €2,875 | €5,483 | €3,294 | €1,033 | - |
| Taxes, remuneration and social security45 | €1,177 | €1,488 | €4,642 | €2,046 | €8,306 | - |
| Taxes450/3 | €1,177 | €1,488 | €4,642 | €2,046 | €8,306 | - |
| Other amounts payable47/48 | €21,268 | €2,500 | €15,500 | €4,500 | €0 | - |
| Accrued charges and deferred income492/3 | €348 | €384 | €387 | €400 | €0 | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,530 | €13,265 | €12,752 | €5,463 | €2,978 | - |
| + Depreciation and write-downs630 | €43,635 | €43,635 | €29,490 | €1,200 | €0 | - |
| Operating cash flow (approximation) | €59,164 | €56,900 | €42,242 | €6,663 | €2,978 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - |
| Change in cash | - | -€503 | €3,425 | €25,861 | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 21 days late
05-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
23-02
State Gazette act
Restructuring · End & cessationMerger · Dissolution · Accounting effect7 facts ▸
State Gazette act
Restructuring · End & cessation
Merger · Dissolution · Accounting effect7 facts ▸
- General meeting, 24-12-2025
- Merger, 05-11-2025
- Dissolution, 24-12-2025
- Accounting effect, 01-01-2026
- Approval, approbation des premiers comptes annuels de la société absorbante valant décharge pour l'organe d'administration de la société absorbée
- Power of attorney, BLUE TREE
- Constatation, PANDO HOLDING est devenue la seule propriétaire de la totalité des actions de BLUE TREE
2025
31-12
Financial
Weakest financial yearnet €2,978 ▼45.5%
Net result drops to €2,978, the lowest in the series.
30-09
Financial
Liquidity triplescurrent ratio 13.31
Current ratio from 4.80 to 13.31; short-term debt falls from €30,116 to €9,840.
17-01
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-09
Financial
Liquidity quadruplescurrent ratio 5.07
Current ratio from 1.38 to 5.07; short-term debt falls from €69,761 to €17,756.
30-09
Financial
Equity above €100,000Eq €108,336 ▲14%
6 profitable years in a row build equity to €108,336.
04-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
16-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
23-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
23-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Highest result since 2018net €27,603 ▲41%
Operating result €40,242, net result €27,603, both a record.
28-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Structure & network
Part of the group
PANDO HOLDING
15 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- PANDO HOLDING
- BLUE TREE
Highest known parent: PANDO HOLDING. The sources do not say who stands above it.
Owners 1
-
100%
Stated earlier (1)
An older source named these owners; newer accounts no longer list them.
-
10%
Holdings 0
The accounts to 30-09-2022 list no holdings, and no other source names one.
According to the annual accounts to 30-09-2022 of BLUE TREE and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTaken over by:PANDO HOLDING