BLANCHE II: 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.
BLANCHE II
Largest movements
- Tangible fixed assets +€3.7m
up €3.7m (+82.2%), from €4.5m to €8.2m
of which Assets under construction and advance payments: +€3.7m
- Current portion of long-term debt +€8.4m
new in 2025: €8.4m
- Debts after one year -€4.6m
no longer reported in 2025 (was €4.6m)
- Profit (loss) carried forward -€297,170
down €297,170 (-9.2%), from -€3.2m to -€3.5m
- Trade debts +€205,654
up €205,654 (+24.5%), from €838,266 to €1.0m
- Financial charges +€122,190
up €122,190 (+92.4%), from €132,211 to €254,401
- Other operating charges -€12,802
down €12,802 (-44.9%), from €28,518 to €15,716
- Gross operating margin -€11,735
down €11,735 (-91.4%), from -€12,835 to -€24,570
- Purchases and services +€11,735
up €11,735 (+91.4%), from €12,835 to €24,570
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 | €4,532,391 | €8,245,276 | +€3.7m | +81.9% |
| Fixed assets | 21/28 | €4,522,592 | €8,217,340 | +€3.7m | +81.7% |
| Tangible fixed assets | 22/27 | €4,495,793 | €8,190,541 | +€3.7m | +82.2% |
| Land and buildings | 22 | €750,997 | €749,230 | -€1,768 | -0.2% |
| Assets under construction and advance payments | 27 | €3,744,796 | €7,441,311 | +€3.7m | +98.7% |
| Financial fixed assets | 28 | €26,799 | €26,799 | = | 0.0% |
| Current assets | 29/58 | €9,799 | €27,936 | +€18,137 | +185.1% |
| Cash at bank and in hand | 54/58 | €7,711 | €22,199 | +€14,488 | +187.9% |
| Deferred charges and accrued income | 490/1 | €2,088 | €5,737 | +€3,649 | +174.8% |
| Total equity and liabilities | 10/49 | €4,532,391 | €8,245,276 | +€3.7m | +81.9% |
| Equity | 10/15 | -€857,386 | -€1,154,556 | -€297,170 | -34.7% |
| Contributions | 10/11 | €2,370,228 | €2,370,228 | = | 0.0% |
| Capital | 10 | €2,370,228 | €2,370,228 | = | 0.0% |
| Issued capital | 100 | €2,370,228 | €2,370,228 | = | 0.0% |
| Reserves | 13 | €7,367 | €7,367 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,367 | €7,367 | = | 0.0% |
| Legal reserve | 130 | €7,367 | €7,367 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,234,982 | -€3,532,152 | -€297,170 | -9.2% |
| Amounts payable | 17/49 | €5,389,777 | €9,399,832 | +€4.0m | +74.4% |
| Amounts payable after more than one year | 17 | €4,551,511 | - | -€4.6m | |
| Financial debts | 170/4 | €4,551,511 | - | -€4.6m | |
| Amounts payable within one year | 42/48 | €838,266 | €9,399,832 | +€8.6m | +1021.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,355,912 | +€8.4m | |
| Trade debts | 44 | €838,266 | €1,043,920 | +€205,654 | +24.5% |
| Suppliers | 440/4 | €838,266 | €1,043,920 | +€205,654 | +24.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €12,835 | €24,570 | +€11,735 | +91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,483 | €2,483 | = | 0.0% |
| Other operating charges | 640/8 | €28,518 | €15,716 | -€12,802 | -44.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€12,835 | -€24,570 | -€11,735 | -91.4% |
| Operating profit (loss) | 9901 | -€43,836 | -€42,769 | +€1,067 | +2.4% |
| Financial charges | 65/66B | €132,211 | €254,401 | +€122,190 | +92.4% |
| Recurring financial charges | 65 | €132,211 | €254,401 | +€122,190 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | -€176,047 | -€297,170 | -€121,123 | -68.8% |
| Profit (loss) for the period | 9904 | -€176,047 | -€297,170 | -€121,123 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€176,047 | -€297,170 | -€121,123 | -68.8% |
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 4 October 2026 via checked.be.