BLOEM: what changed
Two fiscal 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.
BLOEM
Largest movements
- Cash -€37,871
down €37,871 (-56.6%), from €66,902 to €29,031
mainly Current portion of long-term debt (-€139,044) and Trade debts (-€123,969)
- Stocks and contracts -€15,422
down €15,422 (-16.2%), from €95,422 to €80,000
of which Contracts in progress: -€35,070
- Tangible fixed assets +€6,581
up €6,581 (+6.2%), from €105,572 to €112,153
of which Plant, machinery and equipment: +€6,204
- Current portion of long-term debt -€139,044
no longer reported in 2025 (was €139,044)
- Short-term financial debts +€136,010
new in 2025: €136,010
- Trade debts -€123,969
down €123,969 (-51.2%), from €242,007 to €118,038
- Reserves +€56,708
up €56,708 (+73.2%), from €77,515 to €134,222
- Profit (loss) carried forward +€29,528
no longer reported in 2025 (was -€29,528)
- Gross operating margin +€74,786
up €74,786 (+40.5%), from €184,877 to €259,662
- Staff costs -€11,597
down €11,597 (-7.5%), from €154,577 to €142,980
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.
Cash bridge derived
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 | €515,422 | €467,949 | -€47,473 | -9.2% |
| Fixed assets | 21/28 | €105,617 | €112,198 | +€6,581 | +6.2% |
| Tangible fixed assets | 22/27 | €105,572 | €112,153 | +€6,581 | +6.2% |
| Land and buildings | 22 | €33,841 | €32,663 | -€1,178 | -3.5% |
| Plant, machinery and equipment | 23 | €67,404 | €73,608 | +€6,204 | +9.2% |
| Furniture and vehicles | 24 | €4,327 | €5,882 | +€1,554 | +35.9% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €409,805 | €355,751 | -€54,054 | -13.2% |
| Stocks and contracts in progress | 3 | €95,422 | €80,000 | -€15,422 | -16.2% |
| Stocks | 30/36 | €50,352 | €70,000 | +€19,648 | +39.0% |
| Contracts in progress | 37 | €45,070 | €10,000 | -€35,070 | -77.8% |
| Amounts receivable within one year | 40/41 | €233,828 | €234,547 | +€719 | +0.3% |
| Trade receivables | 40 | €225,181 | €234,547 | +€9,366 | +4.2% |
| Other amounts receivable | 41 | €8,647 | - | -€8,647 | |
| Cash at bank and in hand | 54/58 | €66,902 | €29,031 | -€37,871 | -56.6% |
| Deferred charges and accrued income | 490/1 | €13,653 | €12,173 | -€1,480 | -10.8% |
| Total equity and liabilities | 10/49 | €515,422 | €467,949 | -€47,473 | -9.2% |
| Equity | 10/15 | €66,587 | €152,822 | +€86,235 | +129.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,515 | €134,222 | +€56,708 | +73.2% |
| Distributable reserves | 133 | €77,515 | €134,222 | +€56,708 | +73.2% |
| Profit (loss) carried forward | 14 | -€29,528 | - | +€29,528 | |
| Amounts payable | 17/49 | €448,835 | €315,126 | -€133,708 | -29.8% |
| Amounts payable after more than one year | 17 | €23,083 | €12,073 | -€11,010 | -47.7% |
| Financial debts | 170/4 | €23,083 | €12,073 | -€11,010 | -47.7% |
| Amounts payable within one year | 42/48 | €425,752 | €303,053 | -€122,698 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €139,044 | - | -€139,044 | |
| Financial debts | 43 | - | €136,010 | +€136,010 | |
| Credit institutions | 430/8 | - | €136,010 | +€136,010 | |
| Trade debts | 44 | €242,007 | €118,038 | -€123,969 | -51.2% |
| Suppliers | 440/4 | €242,007 | €118,038 | -€123,969 | -51.2% |
| Taxes, remuneration and social security | 45 | €11,750 | €12,655 | +€905 | +7.7% |
| Taxes | 450/3 | €600 | €2,121 | +€1,521 | +253.5% |
| Remuneration and social security | 454/9 | €11,150 | €10,534 | -€616 | -5.5% |
| Other amounts payable | 47/48 | €32,950 | €36,350 | +€3,400 | +10.3% |
| Remuneration, social security and pensions | 62 | €154,577 | €142,980 | -€11,597 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,632 | €20,579 | +€1,947 | +10.5% |
| Other operating charges | 640/8 | €4,899 | €4,516 | -€383 | -7.8% |
| Non-recurring operating charges | 66A | €180 | - | -€180 | |
| Gross operating margin | 9900 | €184,877 | €259,662 | +€74,786 | +40.5% |
| Operating profit (loss) | 9901 | €6,588 | €91,586 | +€84,999 | +1290.2% |
| Financial income | 75/76B | €1,412 | €3,029 | +€1,617 | +114.6% |
| Recurring financial income | 75 | €1,412 | €3,029 | +€1,617 | +114.6% |
| Financial charges | 65/66B | €9,304 | €8,380 | -€924 | -9.9% |
| Recurring financial charges | 65 | €9,304 | €8,380 | -€924 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,304 | €86,235 | +€87,539 | |
| Profit (loss) for the period | 9904 | -€1,304 | €86,235 | +€87,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,304 | €86,235 | +€87,539 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.