BLANCHE: 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.
BLANCHE
Largest movements
- Receivables after one year -€44,143
down €44,143 (-42.6%), from €103,525 to €59,382
- Tangible fixed assets -€11,771
down €11,771 (-1.9%), from €634,135 to €622,364
of which Land and buildings: -€35,186
- Cash -€11,716
down €11,716 (-95.5%), from €12,274 to €557
mainly Debts after one year (-€72,939) and Investment in fixed assets (net) (-€29,125)
- Current investments +€9,431
new in 2025: €9,431
- Debts after one year -€72,939
down €72,939 (-29.3%), from €248,840 to €175,901
of which Other amounts payable: -€48,150
- Profit (loss) carried forward +€15,329
up €15,329 (+5.9%), from €259,808 to €275,137
- Gross operating margin -€18,152
down €18,152 (-21.6%), from €84,153 to €66,001
- Depreciation +€5,711
up €5,711 (+16.2%), from €35,186 to €40,896
- Taxes +€1,000
new in 2025: €1,000
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 | €751,916 | €695,532 | -€56,384 | -7.5% |
| Fixed assets | 21/28 | €635,385 | €623,614 | -€11,771 | -1.9% |
| Tangible fixed assets | 22/27 | €634,135 | €622,364 | -€11,771 | -1.9% |
| Land and buildings | 22 | €634,135 | €598,949 | -€35,186 | -5.5% |
| Furniture and vehicles | 24 | - | €23,415 | +€23,415 | |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €116,532 | €71,918 | -€44,613 | -38.3% |
| Amounts receivable after more than one year | 29 | €103,525 | €59,382 | -€44,143 | -42.6% |
| Other amounts receivable | 291 | €103,525 | €59,382 | -€44,143 | -42.6% |
| Current investments | 50/53 | - | €9,431 | +€9,431 | |
| Cash at bank and in hand | 54/58 | €12,274 | €557 | -€11,716 | -95.5% |
| Deferred charges and accrued income | 490/1 | €733 | €2,548 | +€1,816 | +248% |
| Total equity and liabilities | 10/49 | €751,916 | €695,532 | -€56,384 | -7.5% |
| Equity | 10/15 | €476,540 | €491,869 | +€15,329 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €198,140 | €198,140 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €160,640 | €160,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | €259,808 | €275,137 | +€15,329 | +5.9% |
| Amounts payable | 17/49 | €275,376 | €203,663 | -€71,713 | -26.0% |
| Amounts payable after more than one year | 17 | €248,840 | €175,901 | -€72,939 | -29.3% |
| Financial debts | 170/4 | €155,111 | €130,321 | -€24,789 | -16.0% |
| Other amounts payable | 178/9 | €93,729 | €45,580 | -€48,150 | -51.4% |
| Amounts payable within one year | 42/48 | €26,536 | €27,762 | +€1,225 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €24,263 | €24,762 | +€499 | +2.1% |
| Trade debts | 44 | €2,000 | €2,000 | = | 0.0% |
| Suppliers | 440/4 | €2,000 | €2,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €273 | €1,000 | +€727 | +266% |
| Taxes | 450/3 | €273 | €1,000 | +€727 | +266% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,186 | €40,896 | +€5,711 | +16.2% |
| Other operating charges | 640/8 | €5,961 | €6,528 | +€567 | +9.5% |
| Gross operating margin | 9900 | €84,153 | €66,001 | -€18,152 | -21.6% |
| Operating profit (loss) | 9901 | €43,007 | €18,577 | -€24,430 | -56.8% |
| Financial income | 75/76B | €1,461 | €1,598 | +€137 | +9.4% |
| Recurring financial income | 75 | €1,461 | €1,598 | +€137 | +9.4% |
| Financial charges | 65/66B | €4,014 | €3,846 | -€168 | -4.2% |
| Recurring financial charges | 65 | €4,014 | €3,846 | -€168 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €40,454 | €16,329 | -€24,125 | -59.6% |
| Income taxes | 67/77 | - | €1,000 | +€1,000 | |
| Profit (loss) for the period | 9904 | €40,454 | €15,329 | -€25,125 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,454 | €15,329 | -€25,125 | -62.1% |
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 14 October 2026 via checked.be.