BLEUS FRERES: 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.
BLEUS FRERES
Largest movements
- Receivables within one year +€82,966
up €82,966 (+371%), from €22,361 to €105,326
of which Trade receivables: +€51,320
- Tangible fixed assets +€8,818
up €8,818 (+2.4%), from €363,909 to €372,727
of which Plant, machinery and equipment: +€39,566
- Cash -€6,630
down €6,630 (-3.7%), from €179,448 to €172,817
mainly Investment in fixed assets (net) (-€147,734) and Receivables within one year (-€82,966)
- Profit (loss) carried forward +€103,457
up €103,457 (+155%), from €66,854 to €170,311
- Other debts -€66,732
down €66,732 (-30.8%), from €216,950 to €150,219
- Debts after one year +€50,129
up €50,129 (+30.0%), from €167,159 to €217,288
- Current portion of long-term debt +€28,049
up €28,049 (+79.7%), from €35,184 to €63,233
- Trade debts -€27,589
down €27,589 (-40.8%), from €67,655 to €40,066
- Gross operating margin +€57,600
up €57,600 (+22.6%), from €254,852 to €312,452
- Staff costs +€34,891
new in 2025: €34,891
- Depreciation -€25,730
down €25,730 (-15.6%), from €164,646 to €138,916
- Taxes +€11,026
up €11,026 (+85.2%), from €12,941 to €23,968
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 | €569,225 | €658,485 | +€89,260 | +15.7% |
| Fixed assets | 21/28 | €363,909 | €372,727 | +€8,818 | +2.4% |
| Tangible fixed assets | 22/27 | €363,909 | €372,727 | +€8,818 | +2.4% |
| Plant, machinery and equipment | 23 | €284,914 | €324,481 | +€39,566 | +13.9% |
| Furniture and vehicles | 24 | €78,995 | €48,246 | -€30,749 | -38.9% |
| Current assets | 29/58 | €205,316 | €285,758 | +€80,442 | +39.2% |
| Amounts receivable within one year | 40/41 | €22,361 | €105,326 | +€82,966 | +371% |
| Trade receivables | 40 | €20,301 | €71,621 | +€51,320 | +253% |
| Other amounts receivable | 41 | €2,059 | €33,705 | +€31,646 | +1,537% |
| Cash at bank and in hand | 54/58 | €179,448 | €172,817 | -€6,630 | -3.7% |
| Deferred charges and accrued income | 490/1 | €3,508 | €7,614 | +€4,106 | +117% |
| Total equity and liabilities | 10/49 | €569,225 | €658,485 | +€89,260 | +15.7% |
| Equity | 10/15 | €69,254 | €172,711 | +€103,457 | +149% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,854 | €170,311 | +€103,457 | +155% |
| Amounts payable | 17/49 | €499,971 | €485,774 | -€14,197 | -2.8% |
| Amounts payable after more than one year | 17 | €167,159 | €217,288 | +€50,129 | +30.0% |
| Financial debts | 170/4 | €167,159 | €217,288 | +€50,129 | +30.0% |
| Amounts payable within one year | 42/48 | €332,812 | €259,166 | -€73,646 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €35,184 | €63,233 | +€28,049 | +79.7% |
| Trade debts | 44 | €67,655 | €40,066 | -€27,589 | -40.8% |
| Suppliers | 440/4 | €67,655 | €40,066 | -€27,589 | -40.8% |
| Taxes, remuneration and social security | 45 | €13,023 | €5,648 | -€7,375 | -56.6% |
| Taxes | 450/3 | €11,523 | €1,169 | -€10,354 | -89.9% |
| Remuneration and social security | 454/9 | €1,500 | €4,479 | +€2,979 | +199% |
| Other amounts payable | 47/48 | €216,950 | €150,219 | -€66,732 | -30.8% |
| Accrued charges and deferred income | 492/3 | - | €9,320 | +€9,320 | |
| Remuneration, social security and pensions | 62 | - | €34,891 | +€34,891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,646 | €138,916 | -€25,730 | -15.6% |
| Other operating charges | 640/8 | €2,437 | €2,208 | -€230 | -9.4% |
| Gross operating margin | 9900 | €254,852 | €312,452 | +€57,600 | +22.6% |
| Operating profit (loss) | 9901 | €87,768 | €136,437 | +€48,669 | +55.5% |
| Financial income | 75/76B | €306 | €237 | -€69 | -22.5% |
| Recurring financial income | 75 | €306 | €237 | -€69 | -22.5% |
| Financial charges | 65/66B | €8,278 | €9,249 | +€971 | +11.7% |
| Recurring financial charges | 65 | €8,278 | €9,249 | +€971 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €79,796 | €127,425 | +€47,629 | +59.7% |
| Income taxes | 67/77 | €12,941 | €23,968 | +€11,026 | +85.2% |
| Profit (loss) for the period | 9904 | €66,854 | €103,457 | +€36,603 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,854 | €103,457 | +€36,603 | +54.8% |
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 18 October 2026 via checked.be.