BLEHEN: 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.
BLEHEN
Largest movements
- Cash +€95,151
up €95,151 (+66.8%), from €142,418 to €237,569
mainly Net result for the year (+€208,029) and Depreciation (+€42,459)
- Stocks and contracts +€64,722
up €64,722 (+13.9%), from €465,436 to €530,158
- Tangible fixed assets -€33,231
down €33,231 (-11.6%), from €286,551 to €253,320
of which Plant, machinery and equipment: -€25,547
- Reserves +€100,000
up €100,000 (+9.3%), from €1.1m to €1.2m
of which Distributable reserves: +€66,193
- Gross operating margin +€36,294
up €36,294 (+10.1%), from €361,099 to €397,393
- Financial income -€25,305
down €25,305 (-43.5%), from €58,148 to €32,843
- Taxes +€18,100
up €18,100 (+20.0%), from €90,618 to €108,718
- Financial charges +€6,846
up €6,846 (+276%), from €2,477 to €9,323
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 | €2,679,901 | €2,778,024 | +€98,123 | +3.7% |
| Fixed assets | 21/28 | €287,601 | €254,370 | -€33,231 | -11.6% |
| Intangible fixed assets | 21 | €1,050 | €1,050 | = | 0.0% |
| Tangible fixed assets | 22/27 | €286,551 | €253,320 | -€33,231 | -11.6% |
| Land and buildings | 22 | €107,287 | €102,983 | -€4,304 | -4.0% |
| Plant, machinery and equipment | 23 | €175,298 | €149,751 | -€25,547 | -14.6% |
| Furniture and vehicles | 24 | €3,966 | €586 | -€3,380 | -85.2% |
| Current assets | 29/58 | €2,392,300 | €2,523,654 | +€131,354 | +5.5% |
| Stocks and contracts in progress | 3 | €465,436 | €530,158 | +€64,722 | +13.9% |
| Stocks | 30/36 | €465,436 | €530,158 | +€64,722 | +13.9% |
| Amounts receivable within one year | 40/41 | €157,977 | €132,432 | -€25,545 | -16.2% |
| Trade receivables | 40 | €127,739 | €130,384 | +€2,645 | +2.1% |
| Other amounts receivable | 41 | €30,238 | €2,048 | -€28,190 | -93.2% |
| Current investments | 50/53 | €1,621,478 | €1,617,461 | -€4,017 | -0.2% |
| Cash at bank and in hand | 54/58 | €142,418 | €237,569 | +€95,151 | +66.8% |
| Deferred charges and accrued income | 490/1 | €4,991 | €6,034 | +€1,043 | +20.9% |
| Total equity and liabilities | 10/49 | €2,679,901 | €2,778,024 | +€98,123 | +3.7% |
| Equity | 10/15 | €2,517,250 | €2,625,279 | +€108,029 | +4.3% |
| Contributions | 10/11 | €74,311 | €74,311 | = | 0.0% |
| Reserves | 13 | €1,069,954 | €1,169,954 | +€100,000 | +9.3% |
| Non-distributable reserves | 130/1 | €7,431 | €41,238 | +€33,807 | +455% |
| Reserves not available under the articles | 1311 | €7,431 | €7,431 | = | 0.0% |
| Other | 1319 | - | €33,807 | +€33,807 | |
| Tax-exempt reserves | 132 | €52,216 | €52,216 | = | 0.0% |
| Distributable reserves | 133 | €1,010,307 | €1,076,500 | +€66,193 | +6.6% |
| Profit (loss) carried forward | 14 | €1,372,985 | €1,381,014 | +€8,029 | +0.6% |
| Amounts payable | 17/49 | €162,651 | €152,745 | -€9,906 | -6.1% |
| Amounts payable within one year | 42/48 | €162,651 | €152,745 | -€9,906 | -6.1% |
| Financial debts | 43 | €1,006 | €1,817 | +€811 | +80.6% |
| Other loans | 439 | €1,006 | €1,817 | +€811 | +80.6% |
| Trade debts | 44 | €3,206 | €12,255 | +€9,049 | +282% |
| Suppliers | 440/4 | €3,206 | €12,255 | +€9,049 | +282% |
| Taxes, remuneration and social security | 45 | €63,439 | €43,673 | -€19,766 | -31.2% |
| Taxes | 450/3 | €42,820 | €39,279 | -€3,541 | -8.3% |
| Remuneration and social security | 454/9 | €20,619 | €4,394 | -€16,225 | -78.7% |
| Other amounts payable | 47/48 | €95,000 | €95,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €50,605 | €50,903 | +€298 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,595 | €42,459 | -€2,136 | -4.8% |
| Other operating charges | 640/8 | €7,197 | €7,680 | +€483 | +6.7% |
| Non-recurring operating charges | 66A | €4,410 | €3,124 | -€1,286 | -29.2% |
| Gross operating margin | 9900 | €361,099 | €397,393 | +€36,294 | +10.1% |
| Operating profit (loss) | 9901 | €254,292 | €293,227 | +€38,935 | +15.3% |
| Financial income | 75/76B | €58,148 | €32,843 | -€25,305 | -43.5% |
| Recurring financial income | 75 | €58,148 | €32,843 | -€25,305 | -43.5% |
| Financial charges | 65/66B | €2,477 | €9,323 | +€6,846 | +276% |
| Recurring financial charges | 65 | €2,477 | €9,323 | +€6,846 | +276% |
| Profit (loss) for the period before taxes | 9903 | €309,963 | €316,747 | +€6,784 | +2.2% |
| Income taxes | 67/77 | €90,618 | €108,718 | +€18,100 | +20.0% |
| Profit (loss) for the period | 9904 | €219,345 | €208,029 | -€11,316 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €219,345 | €208,029 | -€11,316 | -5.2% |
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 14 October 2026 via checked.be.