BLANCQUAERT: 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.
BLANCQUAERT
Largest movements
- Cash +€110,588
up €110,588 (+94.0%), from €117,688 to €228,276
mainly Net result for the year (+€70,795) and Depreciation (+€33,989)
- Receivables within one year -€19,613
down €19,613 (-50.8%), from €38,587 to €18,974
of which Trade receivables: -€18,150
- Reserves +€67,419
up €67,419 (+4.1%), from €1.6m to €1.7m
of which Distributable reserves: +€75,000
- Financial income +€79,996
new in 2025: €79,996
- Gross operating margin +€5,951
up €5,951 (+23.8%), from €25,021 to €30,972
- Financial charges -€4,210
down €4,210 (-51.4%), from €8,195 to €3,985
- Depreciation +€398
up €398 (+1.2%), from €33,591 to €33,989
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 | €1,822,724 | €1,897,034 | +€74,310 | +4.1% |
| Fixed assets | 21/28 | €1,665,355 | €1,648,493 | -€16,862 | -1.0% |
| Tangible fixed assets | 22/27 | €1,164,458 | €1,147,514 | -€16,943 | -1.5% |
| Land and buildings | 22 | €1,164,372 | €1,147,514 | -€16,857 | -1.4% |
| Furniture and vehicles | 24 | €86 | - | -€86 | |
| Financial fixed assets | 28 | €500,897 | €500,979 | +€82 | 0.0% |
| Current assets | 29/58 | €157,369 | €248,541 | +€91,172 | +57.9% |
| Amounts receivable within one year | 40/41 | €38,587 | €18,974 | -€19,613 | -50.8% |
| Trade receivables | 40 | €36,300 | €18,150 | -€18,150 | -50.0% |
| Other amounts receivable | 41 | €2,287 | €824 | -€1,463 | -64.0% |
| Cash at bank and in hand | 54/58 | €117,688 | €228,276 | +€110,588 | +94.0% |
| Deferred charges and accrued income | 490/1 | €1,094 | €1,291 | +€197 | +18.0% |
| Total equity and liabilities | 10/49 | €1,822,724 | €1,897,034 | +€74,310 | +4.1% |
| Equity | 10/15 | €1,728,028 | €1,798,823 | +€70,795 | +4.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,629,281 | €1,696,700 | +€67,419 | +4.1% |
| Tax-exempt reserves | 132 | €104,281 | €96,700 | -€7,581 | -7.3% |
| Distributable reserves | 133 | €1,525,000 | €1,600,000 | +€75,000 | +4.9% |
| Profit (loss) carried forward | 14 | €79,747 | €83,123 | +€3,376 | +4.2% |
| Provisions and deferred taxes | 16 | €34,760 | €32,233 | -€2,527 | -7.3% |
| Deferred taxes | 168 | €34,760 | €32,233 | -€2,527 | -7.3% |
| Amounts payable | 17/49 | €59,936 | €65,978 | +€6,042 | +10.1% |
| Amounts payable within one year | 42/48 | €55,629 | €59,913 | +€4,284 | +7.7% |
| Trade debts | 44 | €1,103 | €1,743 | +€640 | +58.0% |
| Suppliers | 440/4 | €1,103 | €1,743 | +€640 | +58.0% |
| Taxes, remuneration and social security | 45 | €8,505 | €5,182 | -€3,324 | -39.1% |
| Taxes | 450/3 | €8,505 | €5,182 | -€3,324 | -39.1% |
| Other amounts payable | 47/48 | €46,021 | €52,988 | +€6,967 | +15.1% |
| Accrued charges and deferred income | 492/3 | €4,306 | €6,065 | +€1,759 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,591 | €33,989 | +€398 | +1.2% |
| Other operating charges | 640/8 | €4,124 | €4,272 | +€149 | +3.6% |
| Gross operating margin | 9900 | €25,021 | €30,972 | +€5,951 | +23.8% |
| Operating profit (loss) | 9901 | -€12,694 | -€7,289 | +€5,404 | +42.6% |
| Financial income | 75/76B | - | €79,996 | +€79,996 | |
| Recurring financial income | 75 | - | €79,996 | +€79,996 | |
| Financial charges | 65/66B | €8,195 | €3,985 | -€4,210 | -51.4% |
| Recurring financial charges | 65 | €8,195 | €3,985 | -€4,210 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,889 | €68,721 | +€89,610 | |
| Transfer from deferred taxes | 780 | €2,527 | €2,527 | = | 0.0% |
| Income taxes | 67/77 | €442 | €453 | +€11 | +2.6% |
| Profit (loss) for the period | 9904 | -€18,804 | €70,795 | +€89,599 | |
| Transfer from tax-exempt reserves | 789 | €7,581 | €7,581 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,223 | €78,376 | +€89,599 |
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 5 October 2026 via checked.be.