BLU ESTATE: 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.
BLU ESTATE
Largest movements
- Tangible fixed assets -€1.3m
down €1.3m (-59.7%), from €2.1m to €857,638
of which Land and buildings: -€1.3m
- Contributions -€2.2m
down €2.2m (-74.1%), from €2.9m to €750,000
- Profit (loss) carried forward +€579,728
up €579,728, from -€579,728 to €0
- Reserves +€212,591
up €212,591 (+7,671%), from €2,772 to €215,363
of which Distributable reserves: +€212,591
- Tax, wage and social debts +€112,127
up €112,127 (+44,851%), from €250 to €112,377
- Gross operating margin +€939,868
up €939,868 (+3,725%), from €25,233 to €965,102
- Taxes +€112,127
new in 2025: €112,127
- Depreciation -€57,866
down €57,866 (-60.1%), from €96,289 to €38,423
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 | €2,326,334 | €1,077,740 | -€1.2m | -53.7% |
| Fixed assets | 21/28 | €2,130,186 | €857,638 | -€1.3m | -59.7% |
| Tangible fixed assets | 22/27 | €2,130,186 | €857,638 | -€1.3m | -59.7% |
| Land and buildings | 22 | €2,130,054 | €857,638 | -€1.3m | -59.7% |
| Furniture and vehicles | 24 | €131 | €0 | -€131 | -100% |
| Current assets | 29/58 | €196,148 | €220,102 | +€23,954 | +12.2% |
| Amounts receivable within one year | 40/41 | €1,859 | €6,851 | +€4,992 | +269% |
| Trade receivables | 40 | €1,859 | €1,858 | -€1 | 0.0% |
| Other amounts receivable | 41 | €0 | €4,993 | +€4,993 | |
| Cash at bank and in hand | 54/58 | €193,660 | €213,251 | +€19,592 | +10.1% |
| Deferred charges and accrued income | 490/1 | €630 | €0 | -€630 | -100% |
| Total equity and liabilities | 10/49 | €2,326,334 | €1,077,740 | -€1.2m | -53.7% |
| Equity | 10/15 | €2,323,043 | €965,363 | -€1.4m | -58.4% |
| Contributions | 10/11 | €2,900,000 | €750,000 | -€2.2m | -74.1% |
| Capital | 10 | €2,900,000 | €750,000 | -€2.2m | -74.1% |
| Issued capital | 100 | €2,900,000 | €750,000 | -€2.2m | -74.1% |
| Reserves | 13 | €2,772 | €215,363 | +€212,591 | +7,671% |
| Non-distributable reserves | 130/1 | €2,772 | €2,772 | = | 0.0% |
| Legal reserve | 130 | €2,772 | €2,772 | = | 0.0% |
| Distributable reserves | 133 | - | €212,591 | +€212,591 | |
| Profit (loss) carried forward | 14 | -€579,728 | €0 | +€579,728 | |
| Amounts payable | 17/49 | €3,291 | €112,377 | +€109,087 | +3,315% |
| Amounts payable within one year | 42/48 | €2,081 | €112,377 | +€110,296 | +5,300% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €250 | €112,377 | +€112,127 | +44,851% |
| Taxes | 450/3 | €250 | €112,377 | +€112,127 | +44,851% |
| Other amounts payable | 47/48 | €1,831 | €0 | -€1,831 | -100% |
| Accrued charges and deferred income | 492/3 | €1,210 | €0 | -€1,210 | -100% |
| Non-recurring operating income | 76A | - | €923,256 | +€923,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,289 | €38,423 | -€57,866 | -60.1% |
| Other operating charges | 640/8 | €27,467 | €22,123 | -€5,344 | -19.5% |
| Gross operating margin | 9900 | €25,233 | €965,102 | +€939,868 | +3,725% |
| Operating profit (loss) | 9901 | -€98,523 | €904,556 | +€1.0m | |
| Financial income | 75/76B | €0 | €74 | +€74 | |
| Recurring financial income | 75 | €0 | €74 | +€74 | |
| Financial charges | 65/66B | €1,392 | €183 | -€1,209 | -86.8% |
| Recurring financial charges | 65 | €182 | €183 | +€2 | +0.8% |
| Non-recurring financial charges | 66B | €1,210 | €0 | -€1,210 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€99,914 | €904,447 | +€1.0m | |
| Income taxes | 67/77 | - | €112,127 | +€112,127 | |
| Profit (loss) for the period | 9904 | -€99,914 | €792,319 | +€892,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€99,914 | €792,319 | +€892,234 |
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 25 October 2026 via checked.be.