BLACKSTONE MANAGEMENT: 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.
BLACKSTONE MANAGEMENT
Largest movements
- Receivables within one year +€11,547
up €11,547 (+23.5%), from €49,123 to €60,670
of which Other amounts receivable: +€13,053
- Tangible fixed assets -€11,444
down €11,444 (-31.1%), from €36,774 to €25,330
- Cash -€8,926
down €8,926 (-58.2%), from €15,344 to €6,418
mainly Contributions, distributions and other (-€20,000) and Receivables within one year (-€11,547)
- Deferred charges and accrued income -€1,496
down €1,496 (-32.9%), from €4,543 to €3,047
- Debts after one year -€10,788
down €10,788 (-41.3%), from €26,099 to €15,311
- Gross operating margin -€2,995
down €2,995 (-7.2%), from €41,547 to €38,553
- Depreciation +€779
up €779 (+7.3%), from €10,665 to €11,444
- Financial charges -€528
down €528 (-21.3%), from €2,479 to €1,951
- Taxes -€420
down €420 (-6.0%), from €7,044 to €6,624
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 | €105,784 | €95,465 | -€10,318 | -9.8% |
| Fixed assets | 21/28 | €36,774 | €25,330 | -€11,444 | -31.1% |
| Tangible fixed assets | 22/27 | €36,774 | €25,330 | -€11,444 | -31.1% |
| Furniture and vehicles | 24 | €36,774 | €25,330 | -€11,444 | -31.1% |
| Current assets | 29/58 | €69,010 | €70,135 | +€1,125 | +1.6% |
| Amounts receivable within one year | 40/41 | €49,123 | €60,670 | +€11,547 | +23.5% |
| Trade receivables | 40 | €3,670 | €2,164 | -€1,506 | -41.0% |
| Other amounts receivable | 41 | €45,452 | €58,506 | +€13,053 | +28.7% |
| Cash at bank and in hand | 54/58 | €15,344 | €6,418 | -€8,926 | -58.2% |
| Deferred charges and accrued income | 490/1 | €4,543 | €3,047 | -€1,496 | -32.9% |
| Total equity and liabilities | 10/49 | €105,784 | €95,465 | -€10,318 | -9.8% |
| Equity | 10/15 | €30,114 | €30,279 | +€165 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,654 | €9,819 | +€165 | +1.7% |
| Amounts payable | 17/49 | €75,670 | €65,187 | -€10,483 | -13.9% |
| Amounts payable after more than one year | 17 | €26,099 | €15,311 | -€10,788 | -41.3% |
| Financial debts | 170/4 | €26,099 | €15,311 | -€10,788 | -41.3% |
| Amounts payable within one year | 42/48 | €49,571 | €49,876 | +€305 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €10,227 | €10,788 | +€561 | +5.5% |
| Trade debts | 44 | €3,168 | €2,842 | -€327 | -10.3% |
| Suppliers | 440/4 | €3,168 | €2,842 | -€327 | -10.3% |
| Taxes, remuneration and social security | 45 | €16,176 | €16,246 | +€70 | +0.4% |
| Taxes | 450/3 | €16,176 | €16,246 | +€70 | +0.4% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,665 | €11,444 | +€779 | +7.3% |
| Other operating charges | 640/8 | €1,133 | €1,188 | +€55 | +4.9% |
| Gross operating margin | 9900 | €41,547 | €38,553 | -€2,995 | -7.2% |
| Operating profit (loss) | 9901 | €29,750 | €25,921 | -€3,829 | -12.9% |
| Financial income | 75/76B | €2,618 | €2,820 | +€202 | +7.7% |
| Recurring financial income | 75 | €2,618 | €2,820 | +€202 | +7.7% |
| Financial charges | 65/66B | €2,479 | €1,951 | -€528 | -21.3% |
| Recurring financial charges | 65 | €2,479 | €1,951 | -€528 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €29,889 | €26,789 | -€3,100 | -10.4% |
| Income taxes | 67/77 | €7,044 | €6,624 | -€420 | -6.0% |
| Profit (loss) for the period | 9904 | €22,844 | €20,165 | -€2,680 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,844 | €20,165 | -€2,680 | -11.7% |
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 31 October 2026 via checked.be.