Bleu Noir: 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 Noir
Largest movements
- Receivables within one year +€55,612
up €55,612 (+109%), from €51,098 to €106,710
of which Trade receivables: +€44,924
- Cash -€28,509
down €28,509 (-54.9%), from €51,899 to €23,391
mainly Receivables within one year (-€55,612) and Other debts (-€42,230)
- Tangible fixed assets +€12,747
up €12,747 (+254%), from €5,009 to €17,756
of which Plant, machinery and equipment: +€11,921
- Reserves +€60,000
new in 2025: €60,000
- Other debts -€42,230
down €42,230 (-78.3%), from €53,948 to €11,718
- Tax, wage and social debts +€25,563
up €25,563 (+228%), from €11,214 to €36,777
of which Taxes: +€25,586
- Trade debts -€4,381
down €4,381 (-26.3%), from €16,652 to €12,271
- Taxes +€18,019
up €18,019 (+292%), from €6,162 to €24,182
- Gross operating margin +€5,884
up €5,884 (+7.3%), from €80,896 to €86,780
- Depreciation +€1,865
new in 2025: €1,865
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 | €108,006 | €147,857 | +€39,850 | +36.9% |
| Fixed assets | 21/28 | €5,009 | €17,756 | +€12,747 | +254% |
| Tangible fixed assets | 22/27 | €5,009 | €17,756 | +€12,747 | +254% |
| Plant, machinery and equipment | 23 | - | €11,921 | +€11,921 | |
| Other tangible fixed assets | 26 | €5,009 | €5,835 | +€826 | +16.5% |
| Current assets | 29/58 | €102,997 | €130,101 | +€27,104 | +26.3% |
| Amounts receivable within one year | 40/41 | €51,098 | €106,710 | +€55,612 | +109% |
| Trade receivables | 40 | €44,361 | €89,285 | +€44,924 | +101% |
| Other amounts receivable | 41 | €6,737 | €17,425 | +€10,689 | +159% |
| Cash at bank and in hand | 54/58 | €51,899 | €23,391 | -€28,509 | -54.9% |
| Total equity and liabilities | 10/49 | €108,006 | €147,857 | +€39,850 | +36.9% |
| Equity | 10/15 | €26,193 | €87,092 | +€60,898 | +232% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Contributions outside capital | 11 | €1,500 | €1,500 | = | 0.0% |
| Other | 1109/19 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €60,000 | +€60,000 | |
| Distributable reserves | 133 | - | €60,000 | +€60,000 | |
| Profit (loss) carried forward | 14 | €24,693 | €25,592 | +€898 | +3.6% |
| Amounts payable | 17/49 | €81,813 | €60,765 | -€21,048 | -25.7% |
| Amounts payable within one year | 42/48 | €81,813 | €60,765 | -€21,048 | -25.7% |
| Trade debts | 44 | €16,652 | €12,271 | -€4,381 | -26.3% |
| Suppliers | 440/4 | €16,652 | €12,271 | -€4,381 | -26.3% |
| Taxes, remuneration and social security | 45 | €11,214 | €36,777 | +€25,563 | +228% |
| Taxes | 450/3 | €11,191 | €36,777 | +€25,586 | +229% |
| Remuneration and social security | 454/9 | €23 | - | -€23 | |
| Other amounts payable | 47/48 | €53,948 | €11,718 | -€42,230 | -78.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,865 | +€1,865 | |
| Gross operating margin | 9900 | €80,896 | €86,780 | +€5,884 | +7.3% |
| Operating profit (loss) | 9901 | €80,896 | €84,915 | +€4,020 | +5.0% |
| Financial income | 75/76B | €113 | €337 | +€224 | +198% |
| Recurring financial income | 75 | €113 | €337 | +€224 | +198% |
| Financial charges | 65/66B | €153 | €172 | +€19 | +12.5% |
| Recurring financial charges | 65 | €153 | €172 | +€19 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €80,856 | €85,080 | +€4,224 | +5.2% |
| Income taxes | 67/77 | €6,162 | €24,182 | +€18,019 | +292% |
| Profit (loss) for the period | 9904 | €74,693 | €60,898 | -€13,795 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,693 | €60,898 | -€13,795 | -18.5% |
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 23 October 2026 via checked.be.