BELLE BLEUE: 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.
BELLE BLEUE
Largest movements
- Cash +€181,081
up €181,081 (+261%), from €69,444 to €250,525
mainly Net result for the year (+€202,284) and Trade debts (+€137,428)
- Stocks and contracts +€112,753
up €112,753 (+221%), from €51,128 to €163,881
- Tangible fixed assets +€14,493
up €14,493 (+36.6%), from €39,585 to €54,078
of which Plant, machinery and equipment: +€25,431
- Trade debts +€137,428
up €137,428 (+178%), from €77,014 to €214,442
- Profit (loss) carried forward +€132,284
up €132,284, from €0 to €132,284
- Accrued charges and deferred income -€79,947
down €79,947 (-100%), from €79,947 to €0
- Reserves +€70,000
up €70,000 (+123%), from €57,111 to €127,111
- Tax, wage and social debts +€26,246
up €26,246 (+79.0%), from €33,229 to €59,475
- Gross operating margin +€194,118
up €194,118 (+185%), from €105,199 to €299,317
- Taxes +€50,679
up €50,679 (+180%), from €28,185 to €78,864
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 | €317,791 | €625,782 | +€307,991 | +96.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €39,585 | €54,078 | +€14,493 | +36.6% |
| Tangible fixed assets | 22/27 | €39,585 | €54,078 | +€14,493 | +36.6% |
| Plant, machinery and equipment | 23 | - | €25,431 | +€25,431 | |
| Furniture and vehicles | 24 | €39,585 | €28,647 | -€10,938 | -27.6% |
| Current assets | 29/58 | €278,206 | €571,705 | +€293,499 | +105% |
| Stocks and contracts in progress | 3 | €51,128 | €163,881 | +€112,753 | +221% |
| Stocks | 30/36 | €51,128 | €163,881 | +€112,753 | +221% |
| Amounts receivable within one year | 40/41 | €127,661 | €126,416 | -€1,245 | -1.0% |
| Trade receivables | 40 | €127,661 | €126,416 | -€1,245 | -1.0% |
| Cash at bank and in hand | 54/58 | €69,444 | €250,525 | +€181,081 | +261% |
| Deferred charges and accrued income | 490/1 | €29,974 | €30,884 | +€909 | +3.0% |
| Total equity and liabilities | 10/49 | €317,791 | €625,782 | +€307,991 | +96.9% |
| Equity | 10/15 | €75,711 | €277,995 | +€202,284 | +267% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,111 | €127,111 | +€70,000 | +123% |
| Distributable reserves | 133 | €57,111 | €127,111 | +€70,000 | +123% |
| Profit (loss) carried forward | 14 | €0 | €132,284 | +€132,284 | |
| Amounts payable | 17/49 | €242,080 | €347,788 | +€105,708 | +43.7% |
| Amounts payable within one year | 42/48 | €162,133 | €347,788 | +€185,654 | +115% |
| Trade debts | 44 | €77,014 | €214,442 | +€137,428 | +178% |
| Suppliers | 440/4 | €77,014 | €214,442 | +€137,428 | +178% |
| Taxes, remuneration and social security | 45 | €33,229 | €59,475 | +€26,246 | +79.0% |
| Taxes | 450/3 | €33,229 | €59,475 | +€26,246 | +79.0% |
| Other amounts payable | 47/48 | €51,890 | €73,871 | +€21,980 | +42.4% |
| Accrued charges and deferred income | 492/3 | €79,947 | €0 | -€79,947 | -100% |
| Remuneration, social security and pensions | 62 | €106 | - | -€106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,950 | €11,163 | +€213 | +1.9% |
| Other operating charges | 640/8 | €2,351 | €2,790 | +€440 | +18.7% |
| Gross operating margin | 9900 | €105,199 | €299,317 | +€194,118 | +185% |
| Operating profit (loss) | 9901 | €91,793 | €285,364 | +€193,571 | +211% |
| Financial charges | 65/66B | €4,577 | €4,216 | -€361 | -7.9% |
| Recurring financial charges | 65 | €4,577 | €4,216 | -€361 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €87,216 | €281,148 | +€193,932 | +222% |
| Income taxes | 67/77 | €28,185 | €78,864 | +€50,679 | +180% |
| Profit (loss) for the period | 9904 | €59,030 | €202,284 | +€143,253 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €59,030 | €202,284 | +€143,253 | +243% |
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 27 October 2026 via checked.be.