BLAUWE TOREN: 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.
What changed
BLAUWE TOREN
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €2.0m-€272,750
Equity
€61.3m
2024 · €5.8m+€55.5m
Cash
€1.8m
2024 · €3.9m-€2.1m
Balance sheet total
€101.2m
2024 · €40.4m+€60.8m
Largest movements
Assets
- Tangible fixed assets +€58.7m
up €58.7m (+248%), from €23.7m to €82.4m
of which Land and buildings: +€58.7m
- Receivables within one year +€5.2m
up €5.2m (+282%), from €1.8m to €7.0m
of which Other amounts receivable: +€5.3m
- Cash -€2.1m
down €2.1m (-54.1%), from €3.9m to €1.8m
mainly Investment in fixed assets (net) (-€59.5m) and Receivables within one year (-€5.2m)
Equity and liabilities
- Revaluation surpluses +€59.4m
new in 2025: €59.4m
- Other debts +€5.6m
new in 2025: €5.6m
- Profit (loss) carried forward -€3.9m
down €3.9m (-98.4%), from €3.9m to €64,489
Income statement
- Turnover -€3.2m
no longer reported in 2025 (was €3.2m)
- Gross operating margin +€3.1m
new in 2025: €3.1m
- Services and other goods -€570,537
no longer reported in 2025 (was €570,537)
- Other operating income -€375,405
no longer reported in 2025 (was €375,405)
- Financial charges +€368,226
up €368,226 (+51.1%), from €720,281 to €1.1m
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.
Result 2024
€2.0m
Turnover
-€3.2m
Other operating income
-€375,405
Services and other goods
+€570,537
Depreciation
+€27,867
Write-downs
-€16,434
Other operating charges
-€4,422
Other operating items
+€3.0m
Financial income
-€6,746
Financial charges
-€368,226
Taxes
+€91,000
Result 2025
€1.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.6m
Investment
-€59.5m
Financing
+€53.8m
Cash 2024
€3.9m
From operations (derived)
+€3.6m
Net result for the year
+€1.7m
Depreciation
+€815,967
Receivables after one year
+€951,951
Receivables within one year
-€5.2m
Smaller working-capital items
-€64,282
Other debts
+€5.6m
Accrued charges and deferred income
-€271,860
Investment (derived)
-€59.5m
Investment in fixed assets (net)
-€59.5m
Financing
+€53.8m
Contributions, distributions and other
+€53.8m
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,386,007 | €101,162,239 | +€60.8m | +150% |
| Fixed assets | 21/28 | €23,688,566 | €82,371,620 | +€58.7m | +248% |
| Tangible fixed assets | 22/27 | €23,688,566 | €82,371,620 | +€58.7m | +248% |
| Land and buildings | 22 | €23,688,566 | €82,361,550 | +€58.7m | +248% |
| Plant, machinery and equipment | 23 | - | €10,070 | +€10,070 | |
| Current assets | 29/58 | €16,697,442 | €18,790,619 | +€2.1m | +12.5% |
| Amounts receivable after more than one year | 29 | €10,910,099 | €9,958,148 | -€951,951 | -8.7% |
| Other amounts receivable | 291 | €10,910,099 | €9,958,148 | -€951,951 | -8.7% |
| Amounts receivable within one year | 40/41 | €1,841,485 | €7,030,489 | +€5.2m | +282% |
| Trade receivables | 40 | €1,482,464 | €1,380,869 | -€101,595 | -6.9% |
| Other amounts receivable | 41 | €359,022 | €5,649,621 | +€5.3m | +1,474% |
| Cash at bank and in hand | 54/58 | €3,898,856 | €1,787,872 | -€2.1m | -54.1% |
| Deferred charges and accrued income | 490/1 | €47,001 | €14,109 | -€32,892 | -70.0% |
| Total equity and liabilities | 10/49 | €40,386,007 | €101,162,239 | +€60.8m | +150% |
| Equity | 10/15 | €5,789,224 | €61,334,489 | +€55.5m | +959% |
| Contributions | 10/11 | €1,700,000 | €1,700,000 | = | 0.0% |
| Capital | 10 | €1,700,000 | €1,700,000 | = | 0.0% |
| Issued capital | 100 | €1,700,000 | €1,700,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €59,400,000 | +€59.4m | |
| Reserves | 13 | €170,000 | €170,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170,000 | €170,000 | = | 0.0% |
| Legal reserve | 130 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,919,224 | €64,489 | -€3.9m | -98.4% |
| Amounts payable | 17/49 | €34,596,784 | €39,827,749 | +€5.2m | +15.1% |
| Amounts payable after more than one year | 17 | €33,000,000 | €33,000,000 | = | 0.0% |
| Financial debts | 170/4 | €33,000,000 | €33,000,000 | = | 0.0% |
| Other loans | 174 | €33,000,000 | - | -€33.0m | |
| Amounts payable within one year | 42/48 | €339,457 | €5,842,283 | +€5.5m | +1,621% |
| Trade debts | 44 | €153,665 | €82,681 | -€70,984 | -46.2% |
| Suppliers | 440/4 | €153,665 | €82,681 | -€70,984 | -46.2% |
| Taxes, remuneration and social security | 45 | €185,792 | €159,602 | -€26,190 | -14.1% |
| Taxes | 450/3 | €185,792 | €159,602 | -€26,190 | -14.1% |
| Other amounts payable | 47/48 | - | €5,600,000 | +€5.6m | |
| Accrued charges and deferred income | 492/3 | €1,257,327 | €985,467 | -€271,860 | -21.6% |
| Operating income | 70/76A | €3,695,759 | - | -€3.7m | |
| Turnover | 70 | €3,231,644 | - | -€3.2m | |
| Other operating income | 74 | €375,405 | - | -€375,405 | |
| Non-recurring operating income | 76A | €88,710 | €118,901 | +€30,191 | +34.0% |
| Operating charges | 60/66A | €1,688,623 | - | -€1.7m | |
| Services and other goods | 61 | €570,537 | - | -€570,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €843,834 | €815,967 | -€27,867 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,434 | +€16,434 | |
| Other operating charges | 640/8 | €274,251 | €278,673 | +€4,422 | +1.6% |
| Gross operating margin | 9900 | - | €3,129,433 | +€3.1m | |
| Operating profit (loss) | 9901 | €2,007,137 | €2,018,359 | +€11,222 | +0.6% |
| Financial income | 75/76B | €1,403,915 | €1,397,169 | -€6,746 | -0.5% |
| Recurring financial income | 75 | €1,403,915 | €1,397,169 | -€6,746 | -0.5% |
| Income from current assets | 751 | €1,305,903 | - | -€1.3m | |
| Other financial income | 752/9 | €98,012 | - | -€98,012 | |
| Financial charges | 65/66B | €720,281 | €1,088,507 | +€368,226 | +51.1% |
| Recurring financial charges | 65 | €720,281 | €1,088,507 | +€368,226 | +51.1% |
| Debt charges | 650 | €719,509 | - | -€719,509 | |
| Other financial charges | 652/9 | €772 | - | -€772 | |
| Profit (loss) for the period before taxes | 9903 | €2,690,771 | €2,327,021 | -€363,750 | -13.5% |
| Income taxes | 67/77 | €672,755 | €581,755 | -€91,000 | -13.5% |
| Taxes | 670/3 | €672,755 | - | -€672,755 | |
| Profit (loss) for the period | 9904 | €2,018,016 | €1,745,266 | -€272,750 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,018,016 | €1,745,266 | -€272,750 | -13.5% |
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 28 October 2026 via checked.be.