BLAD: what changed
Two fiscal 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.
BLAD
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+64.4%), from €1.6m to €2.6m
of which Land and buildings: +€1.0m
- Current investments -€865,619
down €865,619 (-71.2%), from €1.2m to €349,785
- Cash -€75,518
down €75,518 (-51.5%), from €146,547 to €71,028
mainly Investment in fixed assets (net) (-€1.1m) and Provisions (-€10,556)
- Reserves +€76,971
up €76,971 (+3.7%), from €2.1m to €2.2m
of which Distributable reserves: +€109,277
- Depreciation +€36,623
up €36,623 (+46.4%), from €78,943 to €115,567
- Financial income +€17,525
up €17,525 (+28.2%), from €62,210 to €79,736
of which Financial income: +€17,304
- Gross operating margin +€15,359
up €15,359 (+10.9%), from €141,193 to €156,552
- Financial charges +€10,017
up €10,017 (+1155.4%), from €867 to €10,884
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.
Cash bridge derived
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 | €2,945,982 | €3,016,569 | +€70,587 | +2.4% |
| Fixed assets | 21/28 | €1,579,058 | €2,595,756 | +€1.0m | +64.4% |
| Tangible fixed assets | 22/27 | €1,579,058 | €2,595,756 | +€1.0m | +64.4% |
| Land and buildings | 22 | €1,493,005 | €2,535,398 | +€1.0m | +69.8% |
| Plant, machinery and equipment | 23 | €708 | - | -€708 | |
| Furniture and vehicles | 24 | €85,345 | €60,358 | -€24,987 | -29.3% |
| Current assets | 29/58 | €1,366,924 | €420,813 | -€946,111 | -69.2% |
| Amounts receivable within one year | 40/41 | €4,974 | - | -€4,974 | |
| Trade receivables | 40 | €755 | - | -€755 | |
| Other amounts receivable | 41 | €4,219 | - | -€4,219 | |
| Current investments | 50/53 | €1,215,404 | €349,785 | -€865,619 | -71.2% |
| Cash at bank and in hand | 54/58 | €146,547 | €71,028 | -€75,518 | -51.5% |
| Total equity and liabilities | 10/49 | €2,945,982 | €3,016,569 | +€70,587 | +2.4% |
| Equity | 10/15 | €2,409,162 | €2,486,132 | +€76,971 | +3.2% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €2,089,162 | €2,166,132 | +€76,971 | +3.7% |
| Non-distributable reserves | 130/1 | €32,000 | €32,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,000 | €32,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,509,874 | €1,477,568 | -€32,306 | -2.1% |
| Distributable reserves | 133 | €547,288 | €656,564 | +€109,277 | +20.0% |
| Provisions and deferred taxes | 16 | €503,291 | €492,736 | -€10,556 | -2.1% |
| Deferred taxes | 168 | €503,291 | €492,736 | -€10,556 | -2.1% |
| Amounts payable | 17/49 | €33,529 | €37,701 | +€4,172 | +12.4% |
| Amounts payable within one year | 42/48 | €33,529 | €37,701 | +€4,172 | +12.4% |
| Trade debts | 44 | €1,399 | €21,134 | +€19,735 | +1410.6% |
| Suppliers | 440/4 | €1,399 | €21,134 | +€19,735 | +1410.6% |
| Taxes, remuneration and social security | 45 | €19,059 | €10,094 | -€8,965 | -47.0% |
| Taxes | 450/3 | €19,059 | €7,094 | -€11,965 | -62.8% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €13,072 | €6,473 | -€6,599 | -50.5% |
| Remuneration, social security and pensions | 62 | €133 | - | -€133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,943 | €115,567 | +€36,623 | +46.4% |
| Other operating charges | 640/8 | €1,192 | €1,311 | +€119 | +10.0% |
| Gross operating margin | 9900 | €141,193 | €156,552 | +€15,359 | +10.9% |
| Operating profit (loss) | 9901 | €60,925 | €39,675 | -€21,251 | -34.9% |
| Financial income | 75/76B | €62,210 | €79,736 | +€17,525 | +28.2% |
| Recurring financial income | 75 | €55,512 | €72,816 | +€17,304 | +31.2% |
| Non-recurring financial income | 76B | €6,698 | €6,919 | +€221 | +3.3% |
| Financial charges | 65/66B | €867 | €10,884 | +€10,017 | +1155.4% |
| Recurring financial charges | 65 | €867 | €10,884 | +€10,017 | +1155.4% |
| Profit (loss) for the period before taxes | 9903 | €122,268 | €108,527 | -€13,742 | -11.2% |
| Transfer from deferred taxes | 780 | €9,856 | €12,474 | +€2,618 | +26.6% |
| Income taxes | 67/77 | €42,369 | €42,111 | -€257 | -0.6% |
| Profit (loss) for the period | 9904 | €89,755 | €78,889 | -€10,867 | -12.1% |
| Transfer from tax-exempt reserves | 789 | €29,567 | €30,388 | +€821 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,323 | €109,277 | -€10,046 | -8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.