BLEUX STABLES: 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.
BLEUX STABLES
Largest movements
- Stocks and contracts -€272,500
down €272,500 (-37.5%), from €727,021 to €454,521
- Tangible fixed assets -€18,114
down €18,114 (-3.6%), from €498,579 to €480,465
of which Land and buildings: -€24,149
- Other debts -€211,635
down €211,635 (-57.6%), from €367,506 to €155,872
- Debts after one year -€44,389
down €44,389 (-10.3%), from €430,080 to €385,691
- Trade debts -€21,431
down €21,431 (-61.9%), from €34,644 to €13,213
- Depreciation -€7,256
down €7,256 (-9.9%), from €73,634 to €66,377
- Financial charges -€4,973
down €4,973 (-20.5%), from €24,267 to €19,294
- Gross operating margin -€3,428
down €3,428 (-2.8%), from €122,853 to €119,426
- Other operating charges +€2,520
up €2,520 (+91.0%), from €2,768 to €5,288
- Taxes +€1,663
new in 2025: €1,663
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 | €1,288,367 | €1,011,001 | -€277,366 | -21.5% |
| Fixed assets | 21/28 | €498,579 | €480,465 | -€18,114 | -3.6% |
| Tangible fixed assets | 22/27 | €498,579 | €480,465 | -€18,114 | -3.6% |
| Land and buildings | 22 | €377,034 | €352,885 | -€24,149 | -6.4% |
| Plant, machinery and equipment | 23 | €13,880 | €14,460 | +€580 | +4.2% |
| Furniture and vehicles | 24 | €107,665 | €113,120 | +€5,455 | +5.1% |
| Current assets | 29/58 | €789,788 | €530,536 | -€259,252 | -32.8% |
| Stocks and contracts in progress | 3 | €727,021 | €454,521 | -€272,500 | -37.5% |
| Stocks | 30/36 | €727,021 | €454,521 | -€272,500 | -37.5% |
| Amounts receivable within one year | 40/41 | €31,826 | €39,969 | +€8,143 | +25.6% |
| Trade receivables | 40 | €6,200 | €19,044 | +€12,844 | +207% |
| Other amounts receivable | 41 | €25,626 | €20,925 | -€4,701 | -18.3% |
| Cash at bank and in hand | 54/58 | €30,927 | €36,046 | +€5,120 | +16.6% |
| Deferred charges and accrued income | 490/1 | €15 | - | -€15 | |
| Total equity and liabilities | 10/49 | €1,288,367 | €1,011,001 | -€277,366 | -21.5% |
| Equity | 10/15 | €198,954 | €208,784 | +€9,830 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €178,924 | €188,754 | +€9,830 | +5.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €177,064 | €186,894 | +€9,830 | +5.6% |
| Profit (loss) carried forward | 14 | -€88,570 | -€88,570 | = | 0.0% |
| Amounts payable | 17/49 | €1,089,413 | €802,217 | -€287,196 | -26.4% |
| Amounts payable after more than one year | 17 | €430,080 | €385,691 | -€44,389 | -10.3% |
| Financial debts | 170/4 | €430,080 | €385,691 | -€44,389 | -10.3% |
| Amounts payable within one year | 42/48 | €659,333 | €416,526 | -€242,807 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €55,308 | €43,401 | -€11,907 | -21.5% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €34,644 | €13,213 | -€21,431 | -61.9% |
| Suppliers | 440/4 | €34,644 | €13,213 | -€21,431 | -61.9% |
| Taxes, remuneration and social security | 45 | €1,875 | €4,041 | +€2,166 | +116% |
| Taxes | 450/3 | - | €1,663 | +€1,663 | |
| Remuneration and social security | 454/9 | €1,875 | €2,378 | +€503 | +26.8% |
| Other amounts payable | 47/48 | €367,506 | €155,872 | -€211,635 | -57.6% |
| Remuneration, social security and pensions | 62 | €18,409 | €16,980 | -€1,430 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,634 | €66,377 | -€7,256 | -9.9% |
| Other operating charges | 640/8 | €2,768 | €5,288 | +€2,520 | +91.0% |
| Gross operating margin | 9900 | €122,853 | €119,426 | -€3,428 | -2.8% |
| Operating profit (loss) | 9901 | €28,042 | €30,780 | +€2,738 | +9.8% |
| Financial income | 75/76B | €1 | €7 | +€6 | +1,116% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +1,116% |
| Financial charges | 65/66B | €24,267 | €19,294 | -€4,973 | -20.5% |
| Recurring financial charges | 65 | €24,267 | €19,294 | -€4,973 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €3,775 | €11,493 | +€7,718 | +204% |
| Income taxes | 67/77 | - | €1,663 | +€1,663 | |
| Profit (loss) for the period | 9904 | €3,775 | €9,830 | +€6,055 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €3,775 | €9,830 | +€6,055 | +160% |
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 14 October 2026 via checked.be.