BLAUWVOET: 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.
BLAUWVOET
Largest movements
- Tangible fixed assets -€14,411
down €14,411 (-24.1%), from €59,828 to €45,416
of which Plant, machinery and equipment: -€9,161
- Receivables after one year -€12,723
no longer reported in 2025 (was €12,723)
- Deferred charges and accrued income +€4,805
up €4,805 (+112%), from €4,286 to €9,091
- Cash +€2,369
up €2,369 (+935%), from €253 to €2,622
mainly Depreciation (+€14,411) and Receivables after one year (+€12,723)
- Receivables within one year +€2,040
up €2,040 (+83.9%), from €2,430 to €4,470
of which Trade receivables: +€1,183
- Reserves -€18,815
down €18,815 (-35.5%), from €52,990 to €34,175
- Tax, wage and social debts -€5,967
down €5,967 (-89.1%), from €6,698 to €730
of which Remuneration and social security: -€5,500
- Trade debts +€3,214
up €3,214 (+261%), from €1,232 to €4,447
- Other debts +€2,947
new in 2025: €2,947
- Depreciation -€13,917
down €13,917 (-49.1%), from €28,329 to €14,411
- Gross operating margin -€3,535
down €3,535, from €737 to -€2,798
- Other operating charges -€787
down €787 (-36.1%), from €2,181 to €1,394
- Taxes -€74
down €74 (-21.2%), from €350 to €276
- Financial charges +€67
up €67 (+83.3%), from €80 to €147
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 | €79,520 | €61,599 | -€17,921 | -22.5% |
| Fixed assets | 21/28 | €59,828 | €45,416 | -€14,411 | -24.1% |
| Tangible fixed assets | 22/27 | €59,828 | €45,416 | -€14,411 | -24.1% |
| Plant, machinery and equipment | 23 | €18,230 | €9,069 | -€9,161 | -50.3% |
| Furniture and vehicles | 24 | €41,597 | €36,347 | -€5,250 | -12.6% |
| Current assets | 29/58 | €19,692 | €16,182 | -€3,510 | -17.8% |
| Amounts receivable after more than one year | 29 | €12,723 | - | -€12,723 | |
| Other amounts receivable | 291 | €12,723 | - | -€12,723 | |
| Amounts receivable within one year | 40/41 | €2,430 | €4,470 | +€2,040 | +83.9% |
| Trade receivables | 40 | €2,350 | €3,533 | +€1,183 | +50.4% |
| Other amounts receivable | 41 | €80 | €937 | +€856 | +1,066% |
| Cash at bank and in hand | 54/58 | €253 | €2,622 | +€2,369 | +935% |
| Deferred charges and accrued income | 490/1 | €4,286 | €9,091 | +€4,805 | +112% |
| Total equity and liabilities | 10/49 | €79,520 | €61,599 | -€17,921 | -22.5% |
| Equity | 10/15 | €71,590 | €52,775 | -€18,815 | -26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,990 | €34,175 | -€18,815 | -35.5% |
| Distributable reserves | 133 | €52,990 | €34,175 | -€18,815 | -35.5% |
| Amounts payable | 17/49 | €7,930 | €8,824 | +€893 | +11.3% |
| Amounts payable within one year | 42/48 | €7,930 | €8,824 | +€893 | +11.3% |
| Trade debts | 44 | €1,232 | €4,447 | +€3,214 | +261% |
| Suppliers | 440/4 | €1,232 | €4,447 | +€3,214 | +261% |
| Advances received on contracts in progress | 46 | - | €700 | +€700 | |
| Taxes, remuneration and social security | 45 | €6,698 | €730 | -€5,967 | -89.1% |
| Taxes | 450/3 | €1,198 | €730 | -€467 | -39.0% |
| Remuneration and social security | 454/9 | €5,500 | - | -€5,500 | |
| Other amounts payable | 47/48 | - | €2,947 | +€2,947 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,329 | €14,411 | -€13,917 | -49.1% |
| Other operating charges | 640/8 | €2,181 | €1,394 | -€787 | -36.1% |
| Gross operating margin | 9900 | €737 | -€2,798 | -€3,535 | |
| Operating profit (loss) | 9901 | -€29,772 | -€18,603 | +€11,169 | +37.5% |
| Financial income | 75/76B | €208 | €211 | +€2 | +1.2% |
| Recurring financial income | 75 | €208 | €211 | +€2 | +1.2% |
| Financial charges | 65/66B | €80 | €147 | +€67 | +83.3% |
| Recurring financial charges | 65 | €80 | €147 | +€67 | +83.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,644 | -€18,539 | +€11,105 | +37.5% |
| Income taxes | 67/77 | €350 | €276 | -€74 | -21.2% |
| Profit (loss) for the period | 9904 | -€29,994 | -€18,815 | +€11,180 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,994 | -€18,815 | +€11,180 | +37.3% |
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 17 October 2026 via checked.be.