BLEU CATAMARAN: 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 CATAMARAN
Largest movements
- Receivables after one year -€61,300
down €61,300 (-25.0%), from €245,128 to €183,828
- Current investments -€47,367
no longer reported in 2025 (was €47,367)
- Cash +€27,664
new in 2025: €27,664
mainly Net result for the year (+€99,272) and Receivables after one year (+€61,300)
- Receivables within one year -€24,538
down €24,538 (-20.7%), from €118,349 to €93,811
of which Trade receivables: -€12,932
- Reserves -€73,999
down €73,999 (-59.8%), from €123,788 to €49,789
- Tax, wage and social debts -€16,189
down €16,189 (-14.7%), from €109,973 to €93,784
- Other debts -€16,146
down €16,146 (-8.5%), from €189,417 to €173,271
- Gross operating margin -€42,991
down €42,991 (-24.1%), from €178,485 to €135,494
- Taxes -€12,017
down €12,017 (-24.1%), from €49,827 to €37,810
- Write-downs -€3,443
down €3,443 (-43.2%), from €7,973 to €4,530
- Financial income -€2,118
down €2,118 (-17.0%), from €12,438 to €10,320
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 | €428,566 | €320,952 | -€107,614 | -25.1% |
| Fixed assets | 21/28 | €4,188 | €3,102 | -€1,086 | -25.9% |
| Tangible fixed assets | 22/27 | €4,188 | €3,102 | -€1,086 | -25.9% |
| Furniture and vehicles | 24 | €4,188 | €3,102 | -€1,086 | -25.9% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €424,378 | €317,851 | -€106,528 | -25.1% |
| Amounts receivable after more than one year | 29 | €245,128 | €183,828 | -€61,300 | -25.0% |
| Other amounts receivable | 291 | €245,128 | €183,828 | -€61,300 | -25.0% |
| Amounts receivable within one year | 40/41 | €118,349 | €93,811 | -€24,538 | -20.7% |
| Trade receivables | 40 | €31,082 | €18,150 | -€12,932 | -41.6% |
| Other amounts receivable | 41 | €87,267 | €75,661 | -€11,606 | -13.3% |
| Current investments | 50/53 | €47,367 | - | -€47,367 | |
| Cash at bank and in hand | 54/58 | - | €27,664 | +€27,664 | |
| Deferred charges and accrued income | 490/1 | €13,533 | €12,547 | -€986 | -7.3% |
| Total equity and liabilities | 10/49 | €428,566 | €320,952 | -€107,614 | -25.1% |
| Equity | 10/15 | €123,788 | €49,789 | -€73,999 | -59.8% |
| Reserves | 13 | €123,788 | €49,789 | -€73,999 | -59.8% |
| Distributable reserves | 133 | €123,788 | €49,789 | -€73,999 | -59.8% |
| Amounts payable | 17/49 | €304,778 | €271,163 | -€33,615 | -11.0% |
| Amounts payable within one year | 42/48 | €304,778 | €271,163 | -€33,615 | -11.0% |
| Trade debts | 44 | €5,388 | €4,108 | -€1,280 | -23.8% |
| Suppliers | 440/4 | €5,388 | €4,108 | -€1,280 | -23.8% |
| Taxes, remuneration and social security | 45 | €109,973 | €93,784 | -€16,189 | -14.7% |
| Taxes | 450/3 | €109,973 | €93,784 | -€16,189 | -14.7% |
| Other amounts payable | 47/48 | €189,417 | €173,271 | -€16,146 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €828 | €1,086 | +€258 | +31.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,973 | €4,530 | -€3,443 | -43.2% |
| Other operating charges | 640/8 | €539 | €556 | +€17 | +3.2% |
| Gross operating margin | 9900 | €178,485 | €135,494 | -€42,991 | -24.1% |
| Operating profit (loss) | 9901 | €169,145 | €129,322 | -€39,824 | -23.5% |
| Financial income | 75/76B | €12,438 | €10,320 | -€2,118 | -17.0% |
| Recurring financial income | 75 | €12,438 | €10,320 | -€2,118 | -17.0% |
| Financial charges | 65/66B | €2,761 | €2,559 | -€202 | -7.3% |
| Recurring financial charges | 65 | €2,761 | €2,559 | -€202 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €178,822 | €137,082 | -€41,740 | -23.3% |
| Income taxes | 67/77 | €49,827 | €37,810 | -€12,017 | -24.1% |
| Profit (loss) for the period | 9904 | €128,995 | €99,272 | -€29,723 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,995 | €99,272 | -€29,723 | -23.0% |
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 15 October 2026 via checked.be.