BLANCO PROJECTS: 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.
BLANCO PROJECTS
Largest movements
- Receivables within one year +€53,600
up €53,600 (+480.6%), from €11,153 to €64,753
of which Trade receivables: +€28,265
- Cash -€21,959
down €21,959 (-76.1%), from €28,859 to €6,901
mainly Receivables within one year (-€53,600) and Investment in fixed assets (net) (-€9,458)
- Current investments +€6,000
new in 2025: €6,000
- Tangible fixed assets -€1,649
down €1,649 (-4.0%), from €41,576 to €39,926
of which Furniture and vehicles: -€8,994
- Reserves +€40,388
up €40,388 (+139.8%), from €28,897 to €69,285
- Debts after one year -€8,608
down €8,608 (-31.1%), from €27,705 to €19,097
- Tax, wage and social debts +€6,232
up €6,232 (+40.2%), from €15,503 to €21,735
of which Taxes: +€6,832
- Other debts -€2,088
down €2,088 (-100.0%), from €2,088 to €0
- Gross operating margin +€12,397
up €12,397 (+23.5%), from €52,640 to €65,037
- Taxes +€3,476
up €3,476 (+41.2%), from €8,431 to €11,907
- Depreciation -€989
down €989 (-8.2%), from €12,096 to €11,108
- Financial charges -€696
down €696 (-29.4%), from €2,365 to €1,669
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 | €84,055 | €120,165 | +€36,109 | +43.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €41,576 | €39,926 | -€1,649 | -4.0% |
| Tangible fixed assets | 22/27 | €41,576 | €39,926 | -€1,649 | -4.0% |
| Furniture and vehicles | 24 | €41,576 | €32,582 | -€8,994 | -21.6% |
| Other tangible fixed assets | 26 | - | €7,345 | +€7,345 | |
| Current assets | 29/58 | €42,480 | €80,238 | +€37,759 | +88.9% |
| Amounts receivable within one year | 40/41 | €11,153 | €64,753 | +€53,600 | +480.6% |
| Trade receivables | 40 | €11,153 | €39,418 | +€28,265 | +253.4% |
| Other amounts receivable | 41 | €0 | €25,335 | +€25,335 | |
| Current investments | 50/53 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €28,859 | €6,901 | -€21,959 | -76.1% |
| Deferred charges and accrued income | 490/1 | €2,468 | €2,585 | +€118 | +4.8% |
| Total equity and liabilities | 10/49 | €84,055 | €120,165 | +€36,109 | +43.0% |
| Equity | 10/15 | €29,897 | €70,285 | +€40,388 | +135.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €28,897 | €69,285 | +€40,388 | +139.8% |
| Distributable reserves | 133 | €28,897 | €69,285 | +€40,388 | +139.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €54,158 | €49,880 | -€4,278 | -7.9% |
| Amounts payable after more than one year | 17 | €27,705 | €19,097 | -€8,608 | -31.1% |
| Financial debts | 170/4 | €27,705 | €19,097 | -€8,608 | -31.1% |
| Amounts payable within one year | 42/48 | €26,453 | €30,783 | +€4,330 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €8,265 | €8,608 | +€343 | +4.2% |
| Trade debts | 44 | €597 | €440 | -€157 | -26.2% |
| Suppliers | 440/4 | €597 | €440 | -€157 | -26.2% |
| Taxes, remuneration and social security | 45 | €15,503 | €21,735 | +€6,232 | +40.2% |
| Taxes | 450/3 | €14,903 | €21,735 | +€6,832 | +45.8% |
| Remuneration and social security | 454/9 | €600 | €0 | -€600 | -100.0% |
| Other amounts payable | 47/48 | €2,088 | €0 | -€2,088 | -100.0% |
| Remuneration, social security and pensions | 62 | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,096 | €11,108 | -€989 | -8.2% |
| Other operating charges | 640/8 | €514 | €459 | -€55 | -10.7% |
| Gross operating margin | 9900 | €52,640 | €65,037 | +€12,397 | +23.5% |
| Operating profit (loss) | 9901 | €39,780 | €53,470 | +€13,690 | +34.4% |
| Financial income | 75/76B | €37 | €494 | +€456 | +1220.0% |
| Recurring financial income | 75 | €37 | €494 | +€456 | +1220.0% |
| Financial charges | 65/66B | €2,365 | €1,669 | -€696 | -29.4% |
| Recurring financial charges | 65 | €2,365 | €1,669 | -€696 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €37,452 | €52,295 | +€14,843 | +39.6% |
| Income taxes | 67/77 | €8,431 | €11,907 | +€3,476 | +41.2% |
| Profit (loss) for the period | 9904 | €29,021 | €40,388 | +€11,367 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,021 | €40,388 | +€11,367 | +39.2% |
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 9 October 2026 via checked.be.