BLS GESTION: 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.
BLS GESTION
Largest movements
- Financial fixed assets -€80.1m
down €80.1m (-59.4%), from €135.0m to €54.9m
- Current investments -€6.5m
down €6.5m (-72.2%), from €9.0m to €2.5m
- Profit (loss) carried forward -€65.8m
down €65.8m, from €63.1m to -€2.6m
- Other debts -€21.9m
no longer reported in 2025 (was €21.9m)
- Financial income -€69.1m
down €69.1m (-99.4%), from €69.5m to €447,987
- Financial charges +€62.7m
up €62.7m (+1,788%), from €3.5m to €66.2m
of which Non-recurring financial charges: +€63.7m
- Gross operating margin -€2,756
down €2,756 (-3,242%), from -€85 to -€2,841
- Other operating charges +€30
up €30 (+3.1%), from €968 to €998
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 | €163,363,122 | €75,739,302 | -€87.6m | -53.6% |
| Formation expenses | 20 | €14,931 | €10,810 | -€4,121 | -27.6% |
| Fixed assets | 21/28 | €135,030,831 | €54,881,291 | -€80.1m | -59.4% |
| Financial fixed assets | 28 | €135,030,831 | €54,881,291 | -€80.1m | -59.4% |
| Current assets | 29/58 | €28,317,360 | €20,847,201 | -€7.5m | -26.4% |
| Amounts receivable within one year | 40/41 | €18,833,372 | €18,089,928 | -€743,444 | -3.9% |
| Other amounts receivable | 41 | €18,833,372 | €18,089,928 | -€743,444 | -3.9% |
| Current investments | 50/53 | €9,000,000 | €2,500,000 | -€6.5m | -72.2% |
| Cash at bank and in hand | 54/58 | €483,988 | €257,273 | -€226,715 | -46.8% |
| Total equity and liabilities | 10/49 | €163,363,122 | €75,739,302 | -€87.6m | -53.6% |
| Equity | 10/15 | €141,495,415 | €75,739,302 | -€65.8m | -46.5% |
| Contributions | 10/11 | €78,350,000 | €78,350,000 | = | 0.0% |
| Capital | 10 | €78,350,000 | €78,350,000 | = | 0.0% |
| Issued capital | 100 | €78,350,000 | €78,350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,145,415 | -€2,610,698 | -€65.8m | |
| Amounts payable | 17/49 | €21,867,707 | - | -€21.9m | |
| Amounts payable within one year | 42/48 | €21,867,707 | - | -€21.9m | |
| Other amounts payable | 47/48 | €21,867,707 | - | -€21.9m | |
| Non-recurring operating income | 76A | - | €1,438 | +€1,438 | |
| Other operating charges | 640/8 | €968 | €998 | +€30 | +3.1% |
| Non-recurring operating charges | 66A | €1,401 | €4,121 | +€2,720 | +194% |
| Gross operating margin | 9900 | -€85 | -€2,841 | -€2,756 | -3,242% |
| Operating profit (loss) | 9901 | -€2,454 | -€7,960 | -€5,506 | -224% |
| Financial income | 75/76B | €69,525,260 | €447,987 | -€69.1m | -99.4% |
| Recurring financial income | 75 | €69,525,260 | €447,987 | -€69.1m | -99.4% |
| Financial charges | 65/66B | €3,505,446 | €66,196,140 | +€62.7m | +1,788% |
| Recurring financial charges | 65 | €1,350,420 | €332,135 | -€1.0m | -75.4% |
| Non-recurring financial charges | 66B | €2,155,026 | €65,864,005 | +€63.7m | +2,956% |
| Profit (loss) for the period before taxes | 9903 | €66,017,360 | -€65,756,113 | -€131.8m | |
| Profit (loss) for the period | 9904 | €66,017,360 | -€65,756,113 | -€131.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €66,017,360 | -€65,756,113 | -€131.8m |
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 27 October 2026 via checked.be.