BLRCE: 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.
BLRCE
Largest movements
- Tangible fixed assets +€691,709
up €691,709 (+268%), from €258,503 to €950,212
of which Land and buildings: +€447,642
- Receivables within one year +€111,264
up €111,264 (+108%), from €103,308 to €214,572
of which Trade receivables: +€60,901
- Cash -€97,374
down €97,374 (-50.2%), from €193,804 to €96,430
mainly Investment in fixed assets (net) (-€728,281) and Contributions, distributions and other (-€150,000)
- Intangible fixed assets -€48,143
down €48,143 (-55.9%), from €86,186 to €38,043
- Stocks and contracts -€45,436
down €45,436 (-16.3%), from €278,078 to €232,643
- Debts after one year +€572,364
up €572,364 (+252%), from €227,108 to €799,472
- Reserves -€157,484
down €157,484 (-39.3%), from €400,435 to €242,951
- Other debts +€126,822
up €126,822 (+539%), from €23,538 to €150,360
- Current portion of long-term debt +€61,028
up €61,028 (+73.4%), from €83,135 to €144,163
- Staff costs +€36,602
up €36,602 (+38.7%), from €94,506 to €131,109
- Depreciation +€29,403
up €29,403 (+53.2%), from €55,312 to €84,715
- Gross operating margin -€21,991
down €21,991 (-8.5%), from €258,663 to €236,672
- Financial charges +€16,032
up €16,032 (+321%), from €4,998 to €21,030
of which Financial charges: +€16,591
- Taxes -€3,435
down €3,435 (-100%), from €3,435 to €0
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 | €975,660 | €1,590,488 | +€614,828 | +63.0% |
| Fixed assets | 21/28 | €344,689 | €988,255 | +€643,566 | +187% |
| Intangible fixed assets | 21 | €86,186 | €38,043 | -€48,143 | -55.9% |
| Tangible fixed assets | 22/27 | €258,503 | €950,212 | +€691,709 | +268% |
| Land and buildings | 22 | €240,186 | €687,828 | +€447,642 | +186% |
| Plant, machinery and equipment | 23 | - | €140,174 | +€140,174 | |
| Furniture and vehicles | 24 | €16,421 | €21,623 | +€5,202 | +31.7% |
| Leasing and similar rights | 25 | - | €99,060 | +€99,060 | |
| Other tangible fixed assets | 26 | €1,895 | €1,526 | -€369 | -19.5% |
| Current assets | 29/58 | €630,971 | €602,233 | -€28,738 | -4.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €278,078 | €232,643 | -€45,436 | -16.3% |
| Stocks | 30/36 | €278,078 | €232,643 | -€45,436 | -16.3% |
| Amounts receivable within one year | 40/41 | €103,308 | €214,572 | +€111,264 | +108% |
| Trade receivables | 40 | €76,592 | €137,493 | +€60,901 | +79.5% |
| Other amounts receivable | 41 | €26,716 | €77,079 | +€50,363 | +189% |
| Cash at bank and in hand | 54/58 | €193,804 | €96,430 | -€97,374 | -50.2% |
| Deferred charges and accrued income | 490/1 | €5,781 | €8,589 | +€2,807 | +48.6% |
| Total equity and liabilities | 10/49 | €975,660 | €1,590,488 | +€614,828 | +63.0% |
| Equity | 10/15 | €420,435 | €262,951 | -€157,484 | -37.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €400,435 | €242,951 | -€157,484 | -39.3% |
| Distributable reserves | 133 | €400,435 | €242,951 | -€157,484 | -39.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €555,225 | €1,327,537 | +€772,312 | +139% |
| Amounts payable after more than one year | 17 | €227,108 | €799,472 | +€572,364 | +252% |
| Financial debts | 170/4 | €227,108 | €799,472 | +€572,364 | +252% |
| Amounts payable within one year | 42/48 | €328,117 | €528,066 | +€199,948 | +60.9% |
| Current portion of amounts payable after more than one year | 42 | €83,135 | €144,163 | +€61,028 | +73.4% |
| Trade debts | 44 | €193,789 | €208,271 | +€14,482 | +7.5% |
| Suppliers | 440/4 | €192,427 | €207,061 | +€14,633 | +7.6% |
| Bills of exchange payable | 441 | €1,362 | €1,210 | -€152 | -11.1% |
| Taxes, remuneration and social security | 45 | €27,656 | €25,273 | -€2,383 | -8.6% |
| Taxes | 450/3 | €10,142 | €2,539 | -€7,602 | -75.0% |
| Remuneration and social security | 454/9 | €17,514 | €22,733 | +€5,219 | +29.8% |
| Other amounts payable | 47/48 | €23,538 | €150,360 | +€126,822 | +539% |
| Remuneration, social security and pensions | 62 | €94,506 | €131,109 | +€36,602 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,312 | €84,715 | +€29,403 | +53.2% |
| Other operating charges | 640/8 | €6,285 | €8,890 | +€2,605 | +41.4% |
| Non-recurring operating charges | 66A | €72,976 | €0 | -€72,976 | -100% |
| Gross operating margin | 9900 | €258,663 | €236,672 | -€21,991 | -8.5% |
| Operating profit (loss) | 9901 | €29,583 | €11,958 | -€17,625 | -59.6% |
| Financial income | 75/76B | €1,720 | €1,588 | -€132 | -7.7% |
| Recurring financial income | 75 | €1,720 | €1,588 | -€132 | -7.7% |
| Financial charges | 65/66B | €4,998 | €21,030 | +€16,032 | +321% |
| Recurring financial charges | 65 | €4,439 | €21,030 | +€16,591 | +374% |
| Non-recurring financial charges | 66B | €559 | €0 | -€559 | -100% |
| Profit (loss) for the period before taxes | 9903 | €26,305 | -€7,484 | -€33,789 | |
| Income taxes | 67/77 | €3,435 | €0 | -€3,435 | -100% |
| Profit (loss) for the period | 9904 | €22,870 | -€7,484 | -€30,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,870 | -€7,484 | -€30,354 |
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 20 October 2026 via checked.be.