BLEU ET OR: 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 ET OR
Largest movements
- Current investments -€157,979
down €157,979 (-49.3%), from €320,300 to €162,322
- Cash +€59,372
up €59,372 (+465%), from €12,759 to €72,130
mainly Current investments (+€157,979) and Depreciation (+€46,016)
- Tangible fixed assets -€44,767
down €44,767 (-3.3%), from €1.4m to €1.3m
of which Land and buildings: -€27,280
- Other debts -€103,845
down €103,845 (-15.0%), from €692,287 to €588,443
- Profit (loss) carried forward -€39,820
down €39,820 (-10.5%), from -€378,232 to -€418,052
- Financial income -€15,316
down €15,316 (-54.7%), from €27,976 to €12,660
of which Non-recurring financial income: -€9,997
- Gross operating margin -€5,353
down €5,353 (-40.2%), from €13,306 to €7,952
- Other operating charges +€2,978
up €2,978 (+65.7%), from €4,530 to €7,508
- Financial charges -€2,689
down €2,689 (-28.1%), from €9,584 to €6,896
of which Non-recurring financial charges: -€7,357
- Taxes +€690
up €690, from -€677 to €13
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 | €1,688,739 | €1,545,137 | -€143,603 | -8.5% |
| Fixed assets | 21/28 | €1,351,416 | €1,306,650 | -€44,767 | -3.3% |
| Tangible fixed assets | 22/27 | €1,351,381 | €1,306,615 | -€44,767 | -3.3% |
| Land and buildings | 22 | €1,288,207 | €1,260,928 | -€27,280 | -2.1% |
| Plant, machinery and equipment | 23 | €15,817 | €13,482 | -€2,335 | -14.8% |
| Furniture and vehicles | 24 | €47,357 | €32,205 | -€15,152 | -32.0% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €337,323 | €238,487 | -€98,836 | -29.3% |
| Amounts receivable within one year | 40/41 | €2,023 | €1,400 | -€624 | -30.8% |
| Other amounts receivable | 41 | €2,023 | €1,400 | -€624 | -30.8% |
| Current investments | 50/53 | €320,300 | €162,322 | -€157,979 | -49.3% |
| Cash at bank and in hand | 54/58 | €12,759 | €72,130 | +€59,372 | +465% |
| Deferred charges and accrued income | 490/1 | €2,241 | €2,635 | +€394 | +17.6% |
| Total equity and liabilities | 10/49 | €1,688,739 | €1,545,137 | -€143,603 | -8.5% |
| Equity | 10/15 | €982,921 | €943,101 | -€39,820 | -4.1% |
| Reserves | 13 | €1,361,154 | €1,361,154 | = | 0.0% |
| Distributable reserves | 133 | €1,361,154 | €1,361,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€378,232 | -€418,052 | -€39,820 | -10.5% |
| Amounts payable | 17/49 | €705,818 | €602,035 | -€103,783 | -14.7% |
| Amounts payable after more than one year | 17 | €9,936 | €9,936 | = | 0.0% |
| Trade debts | 175 | €9,936 | €9,936 | = | 0.0% |
| Amounts payable within one year | 42/48 | €694,309 | €590,719 | -€103,590 | -14.9% |
| Trade debts | 44 | €2,021 | €2,276 | +€255 | +12.6% |
| Suppliers | 440/4 | €2,021 | €2,276 | +€255 | +12.6% |
| Other amounts payable | 47/48 | €692,287 | €588,443 | -€103,845 | -15.0% |
| Accrued charges and deferred income | 492/3 | €1,574 | €1,381 | -€193 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,659 | €46,016 | -€644 | -1.4% |
| Other operating charges | 640/8 | €4,530 | €7,508 | +€2,978 | +65.7% |
| Gross operating margin | 9900 | €13,306 | €7,952 | -€5,353 | -40.2% |
| Operating profit (loss) | 9901 | -€37,884 | -€45,571 | -€7,687 | -20.3% |
| Financial income | 75/76B | €27,976 | €12,660 | -€15,316 | -54.7% |
| Recurring financial income | 75 | €17,979 | €12,660 | -€5,319 | -29.6% |
| Non-recurring financial income | 76B | €9,997 | - | -€9,997 | |
| Financial charges | 65/66B | €9,584 | €6,896 | -€2,689 | -28.1% |
| Recurring financial charges | 65 | €2,227 | €6,896 | +€4,668 | +210% |
| Non-recurring financial charges | 66B | €7,357 | - | -€7,357 | |
| Profit (loss) for the period before taxes | 9903 | -€19,492 | -€39,807 | -€20,315 | -104% |
| Income taxes | 67/77 | -€677 | €13 | +€690 | |
| Profit (loss) for the period | 9904 | -€18,815 | -€39,820 | -€21,005 | -112% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,815 | -€39,820 | -€21,005 | -112% |
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.