BLAUW: 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.
BLAUW
Largest movements
- Tangible fixed assets -€13,560
down €13,560 (-16.5%), from €82,014 to €68,454
of which Furniture and vehicles: -€10,885
- Intangible fixed assets -€8,665
down €8,665 (-100.0%), from €8,665 to €0
- Receivables within one year -€8,251
down €8,251 (-9.1%), from €90,895 to €82,644
of which Trade receivables: -€26,671
- Cash +€7,940
up €7,940 (+23.8%), from €33,412 to €41,352
mainly Depreciation (+€21,527) and Short-term financial debts (+€8,290)
- Deferred charges and accrued income -€7,464
down €7,464 (-56.5%), from €13,202 to €5,738
- Trade debts -€20,111
down €20,111 (-73.2%), from €27,491 to €7,380
- Short-term financial debts +€8,290
up €8,290 (+110.9%), from €7,474 to €15,764
- Tax, wage and social debts -€7,159
down €7,159 (-56.9%), from €12,583 to €5,424
of which Remuneration and social security: -€3,604
- Profit (loss) carried forward -€6,523
new in 2025: -€6,523
- Gross operating margin -€55,076
down €55,076 (-78.4%), from €70,231 to €15,155
- Staff costs -€32,920
down €32,920 (-91.9%), from €35,814 to €2,894
- Write-downs -€7,572
down €7,572, from €0 to -€7,572
- Other operating charges +€7,405
up €7,405 (+454.5%), from €1,629 to €9,035
- Taxes -€4,587
down €4,587 (-92.6%), from €4,953 to €366
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 | €250,188 | €220,187 | -€30,001 | -12.0% |
| Fixed assets | 21/28 | €90,679 | €68,454 | -€22,225 | -24.5% |
| Intangible fixed assets | 21 | €8,665 | €0 | -€8,665 | -100.0% |
| Tangible fixed assets | 22/27 | €82,014 | €68,454 | -€13,560 | -16.5% |
| Land and buildings | 22 | €54,136 | €46,882 | -€7,254 | -13.4% |
| Plant, machinery and equipment | 23 | €6,467 | €11,046 | +€4,579 | +70.8% |
| Furniture and vehicles | 24 | €21,411 | €10,526 | -€10,885 | -50.8% |
| Current assets | 29/58 | €159,509 | €151,733 | -€7,776 | -4.9% |
| Amounts receivable after more than one year | 29 | €22,000 | €22,000 | = | 0.0% |
| Other amounts receivable | 291 | €22,000 | €22,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €90,895 | €82,644 | -€8,251 | -9.1% |
| Trade receivables | 40 | €33,976 | €7,305 | -€26,671 | -78.5% |
| Other amounts receivable | 41 | €56,919 | €75,339 | +€18,420 | +32.4% |
| Cash at bank and in hand | 54/58 | €33,412 | €41,352 | +€7,940 | +23.8% |
| Deferred charges and accrued income | 490/1 | €13,202 | €5,738 | -€7,464 | -56.5% |
| Total equity and liabilities | 10/49 | €250,188 | €220,187 | -€30,001 | -12.0% |
| Equity | 10/15 | €181,640 | €173,070 | -€8,571 | -4.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €163,048 | €161,001 | -€2,047 | -1.3% |
| Tax-exempt reserves | 132 | €11,584 | €10,222 | -€1,362 | -11.8% |
| Distributable reserves | 133 | €151,464 | €150,779 | -€685 | -0.5% |
| Profit (loss) carried forward | 14 | - | -€6,523 | -€6,523 | |
| Provisions and deferred taxes | 16 | €13,797 | €13,457 | -€341 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €10,901 | €10,901 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,901 | €10,901 | = | 0.0% |
| Deferred taxes | 168 | €2,896 | €2,556 | -€341 | -11.8% |
| Amounts payable | 17/49 | €54,750 | €33,661 | -€21,089 | -38.5% |
| Amounts payable after more than one year | 17 | €4,709 | €2,290 | -€2,418 | -51.4% |
| Financial debts | 170/4 | €4,709 | €2,290 | -€2,418 | -51.4% |
| Amounts payable within one year | 42/48 | €49,886 | €30,987 | -€18,899 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €2,337 | €2,418 | +€81 | +3.5% |
| Financial debts | 43 | €7,474 | €15,764 | +€8,290 | +110.9% |
| Credit institutions | 430/8 | €7,474 | €15,764 | +€8,290 | +110.9% |
| Trade debts | 44 | €27,491 | €7,380 | -€20,111 | -73.2% |
| Suppliers | 440/4 | €27,491 | €7,380 | -€20,111 | -73.2% |
| Taxes, remuneration and social security | 45 | €12,583 | €5,424 | -€7,159 | -56.9% |
| Taxes | 450/3 | €8,638 | €5,083 | -€3,555 | -41.2% |
| Remuneration and social security | 454/9 | €3,945 | €342 | -€3,604 | -91.3% |
| Accrued charges and deferred income | 492/3 | €156 | €384 | +€228 | +146.2% |
| Remuneration, social security and pensions | 62 | €35,814 | €2,894 | -€32,920 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,891 | €21,527 | -€1,364 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€7,572 | -€7,572 | |
| Other operating charges | 640/8 | €1,629 | €9,035 | +€7,405 | +454.5% |
| Gross operating margin | 9900 | €70,231 | €15,155 | -€55,076 | -78.4% |
| Operating profit (loss) | 9901 | €9,896 | -€10,728 | -€20,624 | |
| Financial income | 75/76B | €4,091 | €4,949 | +€858 | +21.0% |
| Recurring financial income | 75 | €4,091 | €4,949 | +€858 | +21.0% |
| Financial charges | 65/66B | €2,175 | €2,766 | +€591 | +27.2% |
| Recurring financial charges | 65 | €2,175 | €2,766 | +€591 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €11,812 | -€8,545 | -€20,357 | |
| Transfer from deferred taxes | 780 | €341 | €341 | = | 0.0% |
| Income taxes | 67/77 | €4,953 | €366 | -€4,587 | -92.6% |
| Profit (loss) for the period | 9904 | €7,200 | -€8,571 | -€15,770 | |
| Transfer from tax-exempt reserves | 789 | €1,362 | €1,362 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,562 | -€7,208 | -€15,770 |
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 3 October 2026 via checked.be.