BLEAU: 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.
BLEAU
Largest movements
- Current investments -€2.7m
down €2.7m (-97.1%), from €2.8m to €80,000
- Receivables after one year +€268,016
new in 2025: €268,016
- Tangible fixed assets -€190,458
down €190,458 (-11.5%), from €1.7m to €1.5m
- Cash -€136,364
down €136,364 (-52.3%), from €260,783 to €124,419
mainly Contributions, distributions and other (-€2.7m) and Other debts (-€700,044)
- Reserves -€2.0m
down €2.0m (-85.6%), from €2.3m to €337,310
of which Distributable reserves: -€2.0m
- Other debts -€700,044
down €700,044 (-99.3%), from €705,252 to €5,208
- Provisions -€117,340
down €117,340 (-31.4%), from €373,832 to €256,492
- Tax, wage and social debts +€62,677
up €62,677 (+58.3%), from €107,508 to €170,185
of which Taxes: +€32,469
- Gross operating margin -€175,429
down €175,429 (-9.1%), from €1.9m to €1.8m
- Taxes -€60,684
down €60,684 (-19.4%), from €312,371 to €251,687
- Financial income -€38,306
down €38,306 (-30.7%), from €124,576 to €86,271
- Staff costs +€33,818
up €33,818 (+5.4%), from €624,416 to €658,234
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 | €4,789,289 | €2,061,199 | -€2.7m | -57.0% |
| Fixed assets | 21/28 | €1,662,719 | €1,471,633 | -€191,086 | -11.5% |
| Intangible fixed assets | 21 | €1,808 | €1,180 | -€628 | -34.7% |
| Tangible fixed assets | 22/27 | €1,660,911 | €1,470,453 | -€190,458 | -11.5% |
| Land and buildings | 22 | €583,838 | €510,332 | -€73,506 | -12.6% |
| Plant, machinery and equipment | 23 | €77,264 | €49,079 | -€28,185 | -36.5% |
| Furniture and vehicles | 24 | €43,249 | €22,809 | -€20,440 | -47.3% |
| Leasing and similar rights | 25 | €956,559 | €888,234 | -€68,326 | -7.1% |
| Current assets | 29/58 | €3,126,570 | €589,566 | -€2.5m | -81.1% |
| Amounts receivable after more than one year | 29 | - | €268,016 | +€268,016 | |
| Other amounts receivable | 291 | - | €268,016 | +€268,016 | |
| Stocks and contracts in progress | 3 | €8,000 | €8,000 | = | 0.0% |
| Stocks | 30/36 | €8,000 | €8,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,421 | €97,290 | +€44,869 | +85.6% |
| Trade receivables | 40 | €45,557 | €53,573 | +€8,016 | +17.6% |
| Other amounts receivable | 41 | €6,864 | €43,717 | +€36,853 | +536.9% |
| Current investments | 50/53 | €2,752,750 | €80,000 | -€2.7m | -97.1% |
| Cash at bank and in hand | 54/58 | €260,783 | €124,419 | -€136,364 | -52.3% |
| Deferred charges and accrued income | 490/1 | €52,616 | €11,840 | -€40,776 | -77.5% |
| Total equity and liabilities | 10/49 | €4,789,289 | €2,061,199 | -€2.7m | -57.0% |
| Equity | 10/15 | €3,107,434 | €1,141,788 | -€2.0m | -63.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €2,341,375 | €337,310 | -€2.0m | -85.6% |
| Tax-exempt reserves | 132 | €337,310 | €337,310 | = | 0.0% |
| Distributable reserves | 133 | €2,004,065 | €0 | -€2.0m | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €731,059 | €769,477 | +€38,419 | +5.3% |
| Provisions and deferred taxes | 16 | €373,832 | €256,492 | -€117,340 | -31.4% |
| Deferred taxes | 168 | €373,832 | €256,492 | -€117,340 | -31.4% |
| Amounts payable | 17/49 | €1,308,023 | €662,919 | -€645,104 | -49.3% |
| Amounts payable after more than one year | 17 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,303,523 | €658,416 | -€645,108 | -49.5% |
| Trade debts | 44 | €490,764 | €483,023 | -€7,741 | -1.6% |
| Suppliers | 440/4 | €449,254 | €482,823 | +€33,568 | +7.5% |
| Bills of exchange payable | 441 | €41,509 | €200 | -€41,309 | -99.5% |
| Taxes, remuneration and social security | 45 | €107,508 | €170,185 | +€62,677 | +58.3% |
| Taxes | 450/3 | €17,536 | €50,005 | +€32,469 | +185.2% |
| Remuneration and social security | 454/9 | €89,972 | €120,179 | +€30,208 | +33.6% |
| Other amounts payable | 47/48 | €705,252 | €5,208 | -€700,044 | -99.3% |
| Accrued charges and deferred income | 492/3 | - | €3 | +€3 | |
| Remuneration, social security and pensions | 62 | €624,416 | €658,234 | +€33,818 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,586 | €210,218 | -€368 | -0.2% |
| Other operating charges | 640/8 | €16,279 | €17,456 | +€1,177 | +7.2% |
| Gross operating margin | 9900 | €1,936,224 | €1,760,795 | -€175,429 | -9.1% |
| Operating profit (loss) | 9901 | €1,084,943 | €874,887 | -€210,056 | -19.4% |
| Financial income | 75/76B | €124,576 | €86,271 | -€38,306 | -30.7% |
| Recurring financial income | 75 | €124,576 | €86,271 | -€38,306 | -30.7% |
| Financial charges | 65/66B | €4,000 | €1,017 | -€2,983 | -74.6% |
| Recurring financial charges | 65 | €4,000 | €1,017 | -€2,983 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €1,205,519 | €960,141 | -€245,379 | -20.4% |
| Transfer from deferred taxes | 780 | €26,702 | €19,730 | -€6,972 | -26.1% |
| Income taxes | 67/77 | €312,371 | €251,687 | -€60,684 | -19.4% |
| Profit (loss) for the period | 9904 | €919,851 | €728,184 | -€191,667 | -20.8% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €919,851 | €728,184 | -€191,667 | -20.8% |
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.