Blending Out: 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.
Blending Out
Largest movements
- Tangible fixed assets -€21,277
down €21,277 (-17.3%), from €122,918 to €101,641
of which Land and buildings: -€12,565
- Receivables within one year +€18,530
up €18,530 (+21.7%), from €85,427 to €103,957
of which Trade receivables: +€13,523
- Cash -€17,821
down €17,821 (-4.8%), from €371,687 to €353,866
mainly Contributions, distributions and other (-€176,000) and Other debts (-€100,000)
- Other debts -€100,000
no longer reported in 2025 (was €100,000)
- Reserves +€84,000
up €84,000 (+9.5%), from €880,000 to €964,000
- Gross operating margin +€37,653
up €37,653 (+12.0%), from €314,806 to €352,459
- Taxes +€10,486
up €10,486 (+11.1%), from €94,676 to €105,162
- Financial income +€5,486
up €5,486 (+18.1%), from €30,238 to €35,724
- Depreciation +€4,740
up €4,740 (+28.7%), from €16,537 to €21,277
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 | €1,023,907 | €1,003,812 | -€20,095 | -2.0% |
| Fixed assets | 21/28 | €414,303 | €393,026 | -€21,277 | -5.1% |
| Tangible fixed assets | 22/27 | €122,918 | €101,641 | -€21,277 | -17.3% |
| Land and buildings | 22 | €103,225 | €90,660 | -€12,565 | -12.2% |
| Plant, machinery and equipment | 23 | €3,356 | €1,946 | -€1,410 | -42.0% |
| Furniture and vehicles | 24 | €16,336 | €9,034 | -€7,301 | -44.7% |
| Financial fixed assets | 28 | €291,385 | €291,385 | = | 0.0% |
| Current assets | 29/58 | €609,604 | €610,785 | +€1,181 | +0.2% |
| Amounts receivable within one year | 40/41 | €85,427 | €103,957 | +€18,530 | +21.7% |
| Trade receivables | 40 | €648 | €14,170 | +€13,523 | +2088.3% |
| Other amounts receivable | 41 | €84,780 | €89,786 | +€5,007 | +5.9% |
| Current investments | 50/53 | €149,980 | €149,980 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €371,687 | €353,866 | -€17,821 | -4.8% |
| Deferred charges and accrued income | 490/1 | €2,510 | €2,983 | +€473 | +18.8% |
| Total equity and liabilities | 10/49 | €1,023,907 | €1,003,812 | -€20,095 | -2.0% |
| Equity | 10/15 | €909,409 | €993,762 | +€84,353 | +9.3% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €880,000 | €964,000 | +€84,000 | +9.5% |
| Distributable reserves | 133 | €880,000 | €964,000 | +€84,000 | +9.5% |
| Profit (loss) carried forward | 14 | €29,209 | €29,562 | +€353 | +1.2% |
| Amounts payable | 17/49 | €114,498 | €10,050 | -€104,448 | -91.2% |
| Amounts payable within one year | 42/48 | €114,498 | €10,050 | -€104,448 | -91.2% |
| Trade debts | 44 | €2,088 | €2,409 | +€321 | +15.4% |
| Suppliers | 440/4 | €2,088 | €2,409 | +€321 | +15.4% |
| Taxes, remuneration and social security | 45 | €12,410 | €7,641 | -€4,769 | -38.4% |
| Taxes | 450/3 | €9,217 | €7,641 | -€1,576 | -17.1% |
| Remuneration and social security | 454/9 | €3,193 | - | -€3,193 | |
| Other amounts payable | 47/48 | €100,000 | - | -€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,537 | €21,277 | +€4,740 | +28.7% |
| Other operating charges | 640/8 | €879 | €908 | +€29 | +3.3% |
| Gross operating margin | 9900 | €314,806 | €352,459 | +€37,653 | +12.0% |
| Operating profit (loss) | 9901 | €297,390 | €330,274 | +€32,885 | +11.1% |
| Financial income | 75/76B | €30,238 | €35,724 | +€5,486 | +18.1% |
| Recurring financial income | 75 | €30,238 | €35,724 | +€5,486 | +18.1% |
| Financial charges | 65/66B | €141 | €483 | +€342 | +242.5% |
| Recurring financial charges | 65 | €141 | €483 | +€342 | +242.5% |
| Profit (loss) for the period before taxes | 9903 | €327,487 | €365,516 | +€38,029 | +11.6% |
| Income taxes | 67/77 | €94,676 | €105,162 | +€10,486 | +11.1% |
| Profit (loss) for the period | 9904 | €232,811 | €260,353 | +€27,542 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €232,811 | €260,353 | +€27,542 | +11.8% |
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 7 October 2026 via checked.be.