BLEU: 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.
BLEU
Largest movements
- Receivables within one year -€25,729
down €25,729 (-62.1%), from €41,441 to €15,712
of which Trade receivables: -€25,997
- Tangible fixed assets -€11,217
down €11,217 (-22.0%), from €51,008 to €39,791
of which Plant, machinery and equipment: -€6,814
- Deferred charges and accrued income +€3,520
new in 2025: €3,520
- Profit (loss) carried forward -€19,968
down €19,968 (-405.3%), from -€4,927 to -€24,895
- Trade debts -€17,177
down €17,177 (-49.1%), from €35,017 to €17,839
- Accrued charges and deferred income +€15,849
up €15,849 (+1378.2%), from €1,150 to €16,999
- Other debts -€10,393
down €10,393 (-23.4%), from €44,505 to €34,112
- Tax, wage and social debts -€1,930
no longer reported in 2025 (was €1,930)
- Gross operating margin -€34,660
down €34,660, from €30,623 to -€4,038
- Other operating charges +€1,181
up €1,181 (+227.6%), from €519 to €1,699
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 | €92,675 | €59,055 | -€33,620 | -36.3% |
| Fixed assets | 21/28 | €51,008 | €39,791 | -€11,217 | -22.0% |
| Tangible fixed assets | 22/27 | €51,008 | €39,791 | -€11,217 | -22.0% |
| Land and buildings | 22 | €35,436 | €31,034 | -€4,402 | -12.4% |
| Plant, machinery and equipment | 23 | €15,572 | €8,757 | -€6,814 | -43.8% |
| Current assets | 29/58 | €41,667 | €19,264 | -€22,403 | -53.8% |
| Amounts receivable within one year | 40/41 | €41,441 | €15,712 | -€25,729 | -62.1% |
| Trade receivables | 40 | €38,051 | €12,054 | -€25,997 | -68.3% |
| Other amounts receivable | 41 | €3,390 | €3,658 | +€268 | +7.9% |
| Cash at bank and in hand | 54/58 | €226 | €31 | -€195 | -86.2% |
| Deferred charges and accrued income | 490/1 | - | €3,520 | +€3,520 | |
| Total equity and liabilities | 10/49 | €92,675 | €59,055 | -€33,620 | -36.3% |
| Equity | 10/15 | €10,073 | -€9,895 | -€19,968 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,927 | -€24,895 | -€19,968 | -405.3% |
| Amounts payable | 17/49 | €82,601 | €68,950 | -€13,651 | -16.5% |
| Amounts payable within one year | 42/48 | €81,451 | €51,951 | -€29,500 | -36.2% |
| Trade debts | 44 | €35,017 | €17,839 | -€17,177 | -49.1% |
| Suppliers | 440/4 | €35,017 | €17,839 | -€17,177 | -49.1% |
| Taxes, remuneration and social security | 45 | €1,930 | - | -€1,930 | |
| Taxes | 450/3 | €1,930 | - | -€1,930 | |
| Other amounts payable | 47/48 | €44,505 | €34,112 | -€10,393 | -23.4% |
| Accrued charges and deferred income | 492/3 | €1,150 | €16,999 | +€15,849 | +1378.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,216 | €11,217 | +€0 | 0.0% |
| Other operating charges | 640/8 | €519 | €1,699 | +€1,181 | +227.6% |
| Gross operating margin | 9900 | €30,623 | -€4,038 | -€34,660 | |
| Operating profit (loss) | 9901 | €18,888 | -€16,954 | -€35,841 | |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €306 | €10 | -€296 | -96.8% |
| Recurring financial charges | 65 | €306 | €10 | -€296 | -96.8% |
| Profit (loss) for the period before taxes | 9903 | €18,582 | -€16,943 | -€35,526 | |
| Profit (loss) for the period | 9904 | €18,582 | -€16,943 | -€35,526 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,582 | -€16,943 | -€35,526 |
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 9 October 2026 via checked.be.