BLAUWVOET 1: what changed
What changed
BLAUWVOET 1
NACE 46.460, Wholesale of pharmaceutical and medical goods
filed annual accounts (NBB)
Net result for the year
€18,740
2024 · €139,501-€120,761
Equity
€139,269
2024 · €144,029-€4,760
Cash
€2,136
2024 · €3,331-€1,196
Balance sheet total
€1.5m
2024 · €1.7m-€197,429
Largest movements
Assets
- Receivables within one year -€189,660
down €189,660 (-57.7%), from €328,948 to €139,287
Equity and liabilities
- Current portion of long-term debt -€159,926
no longer reported in 2025 (was €159,926)
- Other debts -€108,000
down €108,000 (-56.7%), from €190,630 to €82,630
- Debts after one year +€91,404
up €91,404 (+8.0%), from €1.1m to €1.2m
of which Financial debts: +€98,828
Income statement
- Gross operating margin -€184,119
down €184,119 (-74.5%), from €247,158 to €63,040
- Taxes -€33,822
down €33,822 (-87.1%), from €38,828 to €5,006
- Depreciation -€15,489
down €15,489 (-70.2%), from €22,078 to €6,589
- Financial charges -€12,939
down €12,939 (-29.6%), from €43,685 to €30,747
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€139,501
Gross operating margin
-€184,119
Depreciation
+€15,489
Other operating charges
+€1,111
Financial income
-€4
Financial charges
+€12,939
Taxes
+€33,822
Result 2025
€18,740
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€90,827
Investment
€0
Financing
-€92,022
Cash 2024
€3,331
From operations (derived)
+€90,827
Net result for the year
+€18,740
Depreciation
+€6,589
Receivables within one year
+€189,660
Deferred charges and accrued income
-€16
Trade debts
-€3,549
Tax, wage and social debts
-€12,597
Other debts
-€108,000
Financing
-€92,022
Debts after one year
+€91,404
Current portion of long-term debt
-€159,926
Contributions, distributions and other
-€23,500
Cash 2025
€2,136
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,746,087 | €1,548,658 | -€197,429 | -11.3% |
| Fixed assets | 21/28 | €1,413,625 | €1,407,036 | -€6,589 | -0.5% |
| Tangible fixed assets | 22/27 | €13,625 | €7,036 | -€6,589 | -48.4% |
| Plant, machinery and equipment | 23 | €1,721 | €1,198 | -€523 | -30.4% |
| Furniture and vehicles | 24 | €3,472 | €195 | -€3,277 | -94.4% |
| Leasing and similar rights | 25 | €1,189 | - | -€1,189 | |
| Other tangible fixed assets | 26 | €7,244 | €5,644 | -€1,600 | -22.1% |
| Financial fixed assets | 28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Current assets | 29/58 | €332,462 | €141,622 | -€190,840 | -57.4% |
| Amounts receivable within one year | 40/41 | €328,948 | €139,287 | -€189,660 | -57.7% |
| Other amounts receivable | 41 | €328,948 | €139,287 | -€189,660 | -57.7% |
| Cash at bank and in hand | 54/58 | €3,331 | €2,136 | -€1,196 | -35.9% |
| Deferred charges and accrued income | 490/1 | €183 | €199 | +€16 | +8.9% |
| Total equity and liabilities | 10/49 | €1,746,087 | €1,548,658 | -€197,429 | -11.3% |
| Equity | 10/15 | €144,029 | €139,269 | -€4,760 | -3.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €139,029 | €134,269 | -€4,760 | -3.4% |
| Distributable reserves | 133 | €139,029 | €134,269 | -€4,760 | -3.4% |
| Amounts payable | 17/49 | €1,602,057 | €1,409,389 | -€192,669 | -12.0% |
| Amounts payable after more than one year | 17 | €1,146,596 | €1,238,000 | +€91,404 | +8.0% |
| Financial debts | 170/4 | €831,228 | €930,055 | +€98,828 | +11.9% |
| Other amounts payable | 178/9 | €315,368 | €307,944 | -€7,424 | -2.4% |
| Amounts payable within one year | 42/48 | €455,462 | €171,389 | -€284,072 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €159,926 | - | -€159,926 | |
| Trade debts | 44 | €47,043 | €43,494 | -€3,549 | -7.5% |
| Suppliers | 440/4 | €47,043 | €43,494 | -€3,549 | -7.5% |
| Taxes, remuneration and social security | 45 | €57,862 | €45,265 | -€12,597 | -21.8% |
| Taxes | 450/3 | €57,862 | €45,265 | -€12,597 | -21.8% |
| Other amounts payable | 47/48 | €190,630 | €82,630 | -€108,000 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,078 | €6,589 | -€15,489 | -70.2% |
| Other operating charges | 640/8 | €3,070 | €1,959 | -€1,111 | -36.2% |
| Gross operating margin | 9900 | €247,158 | €63,040 | -€184,119 | -74.5% |
| Operating profit (loss) | 9901 | €222,010 | €54,492 | -€167,518 | -75.5% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €43,685 | €30,747 | -€12,939 | -29.6% |
| Recurring financial charges | 65 | €43,685 | €30,747 | -€12,939 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €178,328 | €23,746 | -€154,583 | -86.7% |
| Income taxes | 67/77 | €38,828 | €5,006 | -€33,822 | -87.1% |
| Profit (loss) for the period | 9904 | €139,501 | €18,740 | -€120,761 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,501 | €18,740 | -€120,761 | -86.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.