BLANC NUAGE: 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.
BLANC NUAGE
Largest movements
- Stocks and contracts +€104,677
up €104,677 (+23.9%), from €438,835 to €543,512
- Tangible fixed assets -€90,847
down €90,847 (-25.6%), from €355,086 to €264,239
of which Leasing and similar rights: -€53,131
- Receivables within one year +€86,171
up €86,171 (+5.4%), from €1.6m to €1.7m
of which Trade receivables: +€119,445
- Cash +€52,169
up €52,169 (+31.6%), from €164,972 to €217,141
mainly Debts after one year (+€219,457) and Depreciation (+€133,990)
- Debts after one year +€219,457
up €219,457 (+34.4%), from €638,374 to €857,831
- Short-term financial debts -€152,378
down €152,378 (-33.7%), from €452,378 to €300,000
- Tax, wage and social debts +€47,681
up €47,681 (+76.6%), from €62,279 to €109,960
of which Remuneration and social security: +€30,540
- Trade debts -€43,241
down €43,241 (-6.8%), from €634,080 to €590,839
- Reserves +€36,638
up €36,638 (+10.7%), from €342,672 to €379,310
of which Distributable reserves: +€36,638
- Gross operating margin +€163,702
up €163,702 (+26.3%), from €623,292 to €786,994
- Staff costs +€162,387
up €162,387 (+78.7%), from €206,429 to €368,816
- Other operating charges -€24,448
down €24,448 (-47.5%), from €51,518 to €27,070
- Financial charges -€16,361
down €16,361 (-12.4%), from €131,691 to €115,330
- Taxes +€14,998
up €14,998 (+34.8%), from €43,037 to €58,035
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 | €2,618,493 | €2,752,919 | +€134,426 | +5.1% |
| Fixed assets | 21/28 | €401,183 | €310,336 | -€90,847 | -22.6% |
| Tangible fixed assets | 22/27 | €355,086 | €264,239 | -€90,847 | -25.6% |
| Plant, machinery and equipment | 23 | €59,477 | €43,331 | -€16,146 | -27.1% |
| Furniture and vehicles | 24 | €85,215 | €63,645 | -€21,570 | -25.3% |
| Leasing and similar rights | 25 | €210,394 | €157,263 | -€53,131 | -25.3% |
| Financial fixed assets | 28 | €46,097 | €46,097 | = | 0.0% |
| Current assets | 29/58 | €2,217,310 | €2,442,583 | +€225,273 | +10.2% |
| Stocks and contracts in progress | 3 | €438,835 | €543,512 | +€104,677 | +23.9% |
| Stocks | 30/36 | €438,835 | €543,512 | +€104,677 | +23.9% |
| Amounts receivable within one year | 40/41 | €1,588,659 | €1,674,830 | +€86,171 | +5.4% |
| Trade receivables | 40 | €1,524,445 | €1,643,890 | +€119,445 | +7.8% |
| Other amounts receivable | 41 | €64,214 | €30,940 | -€33,274 | -51.8% |
| Cash at bank and in hand | 54/58 | €164,972 | €217,141 | +€52,169 | +31.6% |
| Deferred charges and accrued income | 490/1 | €24,844 | €7,100 | -€17,744 | -71.4% |
| Total equity and liabilities | 10/49 | €2,618,493 | €2,752,919 | +€134,426 | +5.1% |
| Equity | 10/15 | €637,127 | €673,765 | +€36,638 | +5.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €342,672 | €379,310 | +€36,638 | +10.7% |
| Tax-exempt reserves | 132 | €8,334 | €8,334 | = | 0.0% |
| Distributable reserves | 133 | €334,338 | €370,976 | +€36,638 | +11.0% |
| Profit (loss) carried forward | 14 | €254,455 | €254,455 | = | 0.0% |
| Amounts payable | 17/49 | €1,981,366 | €2,079,154 | +€97,788 | +4.9% |
| Amounts payable after more than one year | 17 | €638,374 | €857,831 | +€219,457 | +34.4% |
| Financial debts | 170/4 | €638,374 | €857,831 | +€219,457 | +34.4% |
| Amounts payable within one year | 42/48 | €1,340,434 | €1,217,954 | -€122,480 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €129,587 | €146,324 | +€16,737 | +12.9% |
| Financial debts | 43 | €452,378 | €300,000 | -€152,378 | -33.7% |
| Credit institutions | 430/8 | €452,378 | €300,000 | -€152,378 | -33.7% |
| Trade debts | 44 | €634,080 | €590,839 | -€43,241 | -6.8% |
| Suppliers | 440/4 | €634,080 | €590,839 | -€43,241 | -6.8% |
| Taxes, remuneration and social security | 45 | €62,279 | €109,960 | +€47,681 | +76.6% |
| Taxes | 450/3 | €27,910 | €45,051 | +€17,141 | +61.4% |
| Remuneration and social security | 454/9 | €34,369 | €64,909 | +€30,540 | +88.9% |
| Other amounts payable | 47/48 | €62,110 | €70,831 | +€8,721 | +14.0% |
| Accrued charges and deferred income | 492/3 | €2,558 | €3,369 | +€811 | +31.7% |
| Remuneration, social security and pensions | 62 | €206,429 | €368,816 | +€162,387 | +78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,402 | €133,990 | +€7,588 | +6.0% |
| Other operating charges | 640/8 | €51,518 | €27,070 | -€24,448 | -47.5% |
| Gross operating margin | 9900 | €623,292 | €786,994 | +€163,702 | +26.3% |
| Operating profit (loss) | 9901 | €238,943 | €257,118 | +€18,175 | +7.6% |
| Financial income | 75/76B | €1,623 | €2,885 | +€1,262 | +77.8% |
| Recurring financial income | 75 | €1,623 | €2,885 | +€1,262 | +77.8% |
| Financial charges | 65/66B | €131,691 | €115,330 | -€16,361 | -12.4% |
| Recurring financial charges | 65 | €131,691 | €115,330 | -€16,361 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €108,875 | €144,673 | +€35,798 | +32.9% |
| Income taxes | 67/77 | €43,037 | €58,035 | +€14,998 | +34.8% |
| Profit (loss) for the period | 9904 | €65,838 | €86,638 | +€20,800 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,838 | €86,638 | +€20,800 | +31.6% |
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 23 October 2026 via checked.be.