BLAZE: 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.
BLAZE
Largest movements
- Tangible fixed assets +€10,446
up €10,446 (+23.0%), from €45,487 to €55,934
of which Plant, machinery and equipment: +€6,682
- Cash -€4,829
down €4,829 (-53.0%), from €9,113 to €4,284
mainly Investment in fixed assets (net) (-€22,798) and Trade debts (-€18,203)
- Receivables within one year +€4,518
up €4,518 (+8.0%), from €56,744 to €61,263
of which Other amounts receivable: +€3,303
- Deferred charges and accrued income -€3,343
down €3,343 (-100.0%), from €3,343 to €0
- Trade debts -€18,203
down €18,203 (-100.0%), from €18,203 to €0
- Other debts +€11,916
up €11,916 (+95.0%), from €12,545 to €24,461
- Tax, wage and social debts +€8,410
up €8,410 (+46.1%), from €18,263 to €26,674
of which Taxes: +€8,185
- Reserves +€4,640
up €4,640 (+8.6%), from €54,235 to €58,876
of which Distributable reserves: +€4,640
- Current portion of long-term debt +€3,066
up €3,066 (+105.6%), from €2,904 to €5,970
- Gross operating margin -€13,052
down €13,052 (-16.4%), from €79,531 to €66,479
- Depreciation +€8,359
up €8,359 (+209.4%), from €3,993 to €12,352
- Taxes -€6,320
down €6,320 (-68.8%), from €9,187 to €2,867
- Staff costs +€2,133
up €2,133 (+5.4%), from €39,477 to €41,610
- Financial charges -€1,450
down €1,450 (-55.7%), from €2,602 to €1,152
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 | €115,388 | €122,180 | +€6,792 | +5.9% |
| Fixed assets | 21/28 | €46,187 | €56,634 | +€10,446 | +22.6% |
| Tangible fixed assets | 22/27 | €45,487 | €55,934 | +€10,446 | +23.0% |
| Land and buildings | 22 | €9,807 | €11,859 | +€2,052 | +20.9% |
| Plant, machinery and equipment | 23 | €5,660 | €12,342 | +€6,682 | +118.1% |
| Furniture and vehicles | 24 | €30,020 | €31,732 | +€1,712 | +5.7% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €69,201 | €65,547 | -€3,654 | -5.3% |
| Amounts receivable within one year | 40/41 | €56,744 | €61,263 | +€4,518 | +8.0% |
| Trade receivables | 40 | €56,744 | €57,959 | +€1,215 | +2.1% |
| Other amounts receivable | 41 | €0 | €3,303 | +€3,303 | |
| Cash at bank and in hand | 54/58 | €9,113 | €4,284 | -€4,829 | -53.0% |
| Deferred charges and accrued income | 490/1 | €3,343 | €0 | -€3,343 | -100.0% |
| Total equity and liabilities | 10/49 | €115,388 | €122,180 | +€6,792 | +5.9% |
| Equity | 10/15 | €60,435 | €65,076 | +€4,640 | +7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,235 | €58,876 | +€4,640 | +8.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €52,375 | €57,016 | +€4,640 | +8.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €54,953 | €57,105 | +€2,152 | +3.9% |
| Amounts payable after more than one year | 17 | €3,038 | €0 | -€3,038 | -100.0% |
| Financial debts | 170/4 | €3,038 | €0 | -€3,038 | -100.0% |
| Amounts payable within one year | 42/48 | €51,915 | €57,105 | +€5,190 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €2,904 | €5,970 | +€3,066 | +105.6% |
| Trade debts | 44 | €18,203 | €0 | -€18,203 | -100.0% |
| Suppliers | 440/4 | €18,203 | €0 | -€18,203 | -100.0% |
| Taxes, remuneration and social security | 45 | €18,263 | €26,674 | +€8,410 | +46.1% |
| Taxes | 450/3 | €9,484 | €17,669 | +€8,185 | +86.3% |
| Remuneration and social security | 454/9 | €8,779 | €9,005 | +€226 | +2.6% |
| Other amounts payable | 47/48 | €12,545 | €24,461 | +€11,916 | +95.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €39,477 | €41,610 | +€2,133 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,993 | €12,352 | +€8,359 | +209.4% |
| Other operating charges | 640/8 | €2,401 | €1,104 | -€1,297 | -54.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €79,531 | €66,479 | -€13,052 | -16.4% |
| Operating profit (loss) | 9901 | €33,661 | €11,413 | -€22,248 | -66.1% |
| Financial income | 75/76B | €0 | €164 | +€164 | +1640500.0% |
| Recurring financial income | 75 | €0 | €164 | +€164 | +1640500.0% |
| Financial charges | 65/66B | €2,602 | €1,152 | -€1,450 | -55.7% |
| Recurring financial charges | 65 | €2,602 | €1,152 | -€1,450 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €31,058 | €10,425 | -€20,634 | -66.4% |
| Income taxes | 67/77 | €9,187 | €2,867 | -€6,320 | -68.8% |
| Profit (loss) for the period | 9904 | €21,871 | €7,558 | -€14,314 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,871 | €7,558 | -€14,314 | -65.4% |
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 4 October 2026 via checked.be.