Blauwe Pauw: 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.
Blauwe Pauw
Largest movements
- Cash -€97,622
down €97,622 (-43.2%), from €226,049 to €128,427
mainly Contributions, distributions and other (-€321,344) and Deferred charges and accrued income (-€29,624)
- Deferred charges and accrued income +€29,624
up €29,624 (+71.3%), from €41,550 to €71,174
- Receivables within one year +€29,457
up €29,457 (+152%), from €19,360 to €48,817
- Reserves -€187,893
down €187,893 (-71.2%), from €263,742 to €75,848
- Other debts +€156,901
up €156,901 (+5,246%), from €2,991 to €159,891
- Tax, wage and social debts -€9,742
down €9,742 (-41.3%), from €23,607 to €13,864
of which Taxes: -€9,742
- Gross operating margin -€51,092
down €51,092 (-22.4%), from €228,045 to €176,953
- Taxes -€9,740
down €9,740 (-19.6%), from €49,601 to €39,862
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 | €296,855 | €256,648 | -€40,207 | -13.5% |
| Fixed assets | 21/28 | €9,896 | €8,230 | -€1,666 | -16.8% |
| Tangible fixed assets | 22/27 | €9,896 | €8,230 | -€1,666 | -16.8% |
| Plant, machinery and equipment | 23 | €2,965 | €1,901 | -€1,064 | -35.9% |
| Furniture and vehicles | 24 | €6,931 | €6,329 | -€602 | -8.7% |
| Current assets | 29/58 | €286,959 | €248,418 | -€38,541 | -13.4% |
| Amounts receivable within one year | 40/41 | €19,360 | €48,817 | +€29,457 | +152% |
| Trade receivables | 40 | €19,360 | €48,817 | +€29,457 | +152% |
| Cash at bank and in hand | 54/58 | €226,049 | €128,427 | -€97,622 | -43.2% |
| Deferred charges and accrued income | 490/1 | €41,550 | €71,174 | +€29,624 | +71.3% |
| Total equity and liabilities | 10/49 | €296,855 | €256,648 | -€40,207 | -13.5% |
| Equity | 10/15 | €266,242 | €78,348 | -€187,893 | -70.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €263,742 | €75,848 | -€187,893 | -71.2% |
| Distributable reserves | 133 | €263,742 | €75,848 | -€187,893 | -71.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,613 | €178,300 | +€147,686 | +482% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €28,837 | €176,227 | +€147,390 | +511% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,240 | €2,472 | +€232 | +10.3% |
| Suppliers | 440/4 | €2,240 | €2,472 | +€232 | +10.3% |
| Taxes, remuneration and social security | 45 | €23,607 | €13,864 | -€9,742 | -41.3% |
| Taxes | 450/3 | €23,607 | €13,864 | -€9,742 | -41.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,991 | €159,891 | +€156,901 | +5,246% |
| Accrued charges and deferred income | 492/3 | €1,776 | €2,072 | +€296 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,330 | €3,798 | +€468 | +14.0% |
| Other operating charges | 640/8 | €398 | €572 | +€174 | +43.8% |
| Non-recurring operating charges | 66A | €9,858 | €0 | -€9,858 | -100% |
| Gross operating margin | 9900 | €228,045 | €176,953 | -€51,092 | -22.4% |
| Operating profit (loss) | 9901 | €214,459 | €172,583 | -€41,875 | -19.5% |
| Financial income | 75/76B | €889 | €3,023 | +€2,134 | +240% |
| Recurring financial income | 75 | €889 | €3,023 | +€2,134 | +240% |
| Financial charges | 65/66B | €1,360 | €2,294 | +€933 | +68.6% |
| Recurring financial charges | 65 | €1,360 | €2,294 | +€933 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €213,987 | €173,312 | -€40,675 | -19.0% |
| Income taxes | 67/77 | €49,601 | €39,862 | -€9,740 | -19.6% |
| Profit (loss) for the period | 9904 | €164,386 | €133,451 | -€30,935 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €164,386 | €133,451 | -€30,935 | -18.8% |
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.