BLC10: 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.
BLC10
Largest movements
- Receivables after one year +€500,000
new in 2025: €500,000
- Receivables within one year -€445,675
down €445,675 (-61.9%), from €720,540 to €274,865
of which Other amounts receivable: -€525,628
- Tangible fixed assets -€207,756
down €207,756 (-37.2%), from €557,944 to €350,188
of which Plant, machinery and equipment: -€161,932
- Cash -€38,624
down €38,624 (-5.0%), from €778,323 to €739,700
mainly Receivables after one year (-€500,000) and Trade debts (-€157,140)
- Trade debts -€157,140
down €157,140 (-15.5%), from €1.0m to €856,334
- Debts after one year -€139,683
down €139,683 (-75.4%), from €185,242 to €45,559
- Reserves +€124,354
up €124,354 (+15.0%), from €831,112 to €955,467
of which Tax-exempt reserves: +€63,150
- Current portion of long-term debt -€76,796
down €76,796 (-34.2%), from €224,812 to €148,016
- Short-term financial debts +€70,381
new in 2025: €70,381
- Gross operating margin +€249,739
up €249,739 (+14.5%), from €1.7m to €2.0m
- Other operating charges +€52,928
up €52,928 (+79.5%), from €66,554 to €119,482
- Taxes +€51,412
up €51,412 (+1007.5%), from €5,103 to €56,515
- Depreciation -€26,539
down €26,539 (-10.4%), from €254,060 to €227,521
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 | €2,753,061 | €2,599,295 | -€153,766 | -5.6% |
| Fixed assets | 21/28 | €573,842 | €391,754 | -€182,088 | -31.7% |
| Tangible fixed assets | 22/27 | €557,944 | €350,188 | -€207,756 | -37.2% |
| Land and buildings | 22 | €77,788 | €73,377 | -€4,411 | -5.7% |
| Plant, machinery and equipment | 23 | €308,633 | €146,701 | -€161,932 | -52.5% |
| Furniture and vehicles | 24 | €68,946 | €36,977 | -€31,969 | -46.4% |
| Leasing and similar rights | 25 | €102,577 | €93,132 | -€9,444 | -9.2% |
| Financial fixed assets | 28 | €15,898 | €41,566 | +€25,668 | +161.5% |
| Current assets | 29/58 | €2,179,220 | €2,207,541 | +€28,322 | +1.3% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Stocks and contracts in progress | 3 | €635,873 | €630,134 | -€5,739 | -0.9% |
| Stocks | 30/36 | €635,873 | €630,134 | -€5,739 | -0.9% |
| Amounts receivable within one year | 40/41 | €720,540 | €274,865 | -€445,675 | -61.9% |
| Trade receivables | 40 | €118,701 | €198,654 | +€79,953 | +67.4% |
| Other amounts receivable | 41 | €601,839 | €76,211 | -€525,628 | -87.3% |
| Cash at bank and in hand | 54/58 | €778,323 | €739,700 | -€38,624 | -5.0% |
| Deferred charges and accrued income | 490/1 | €44,483 | €62,842 | +€18,359 | +41.3% |
| Total equity and liabilities | 10/49 | €2,753,061 | €2,599,295 | -€153,766 | -5.6% |
| Equity | 10/15 | €1,140,319 | €1,264,673 | +€124,354 | +10.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €831,112 | €955,467 | +€124,354 | +15.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €147,350 | +€63,150 | +75.0% |
| Distributable reserves | 133 | €731,912 | €793,117 | +€61,204 | +8.4% |
| Profit (loss) carried forward | 14 | €159,207 | €159,207 | = | 0.0% |
| Amounts payable | 17/49 | €1,612,742 | €1,334,622 | -€278,121 | -17.2% |
| Amounts payable after more than one year | 17 | €185,242 | €45,559 | -€139,683 | -75.4% |
| Financial debts | 170/4 | €185,242 | €45,559 | -€139,683 | -75.4% |
| Amounts payable within one year | 42/48 | €1,394,936 | €1,243,057 | -€151,879 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €224,812 | €148,016 | -€76,796 | -34.2% |
| Financial debts | 43 | - | €70,381 | +€70,381 | |
| Credit institutions | 430/8 | - | €70,381 | +€70,381 | |
| Trade debts | 44 | €1,013,474 | €856,334 | -€157,140 | -15.5% |
| Suppliers | 440/4 | €1,013,474 | €856,334 | -€157,140 | -15.5% |
| Taxes, remuneration and social security | 45 | €156,505 | €168,182 | +€11,676 | +7.5% |
| Taxes | 450/3 | €5,934 | €6,239 | +€305 | +5.1% |
| Remuneration and social security | 454/9 | €150,571 | €161,943 | +€11,371 | +7.6% |
| Other amounts payable | 47/48 | €144 | €144 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €32,565 | €46,006 | +€13,441 | +41.3% |
| Non-recurring operating income | 76A | - | €14,607 | +€14,607 | |
| Remuneration, social security and pensions | 62 | €1,411,218 | €1,427,209 | +€15,991 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,060 | €227,521 | -€26,539 | -10.4% |
| Other operating charges | 640/8 | €66,554 | €119,482 | +€52,928 | +79.5% |
| Non-recurring operating charges | 66A | - | €10,774 | +€10,774 | |
| Gross operating margin | 9900 | €1,720,697 | €1,970,436 | +€249,739 | +14.5% |
| Operating profit (loss) | 9901 | -€11,134 | €185,451 | +€196,585 | |
| Financial income | 75/76B | €57,210 | €44,291 | -€12,918 | -22.6% |
| Recurring financial income | 75 | €39,912 | €44,291 | +€4,379 | +11.0% |
| Non-recurring financial income | 76B | €17,297 | - | -€17,297 | |
| Financial charges | 65/66B | €59,258 | €48,873 | -€10,385 | -17.5% |
| Recurring financial charges | 65 | €52,809 | €48,873 | -€3,936 | -7.5% |
| Non-recurring financial charges | 66B | €6,449 | - | -€6,449 | |
| Profit (loss) for the period before taxes | 9903 | -€13,182 | €180,869 | +€194,051 | |
| Income taxes | 67/77 | €5,103 | €56,515 | +€51,412 | +1007.5% |
| Profit (loss) for the period | 9904 | -€18,285 | €124,354 | +€142,640 | |
| Transfer from tax-exempt reserves | 789 | €168,400 | €84,200 | -€84,200 | -50.0% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €150,115 | €61,204 | -€88,910 | -59.2% |
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 5 October 2026 via checked.be.