BLUCO: 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.
BLUCO
Largest movements
- Receivables within one year +€125,825
up €125,825 (+314.2%), from €40,049 to €165,874
of which Other amounts receivable: +€152,451
- Tangible fixed assets -€35,023
down €35,023 (-30.7%), from €114,176 to €79,153
of which Other tangible fixed assets: -€28,429
- Debts after one year +€35,897
up €35,897 (+291.2%), from €12,326 to €48,223
- Advances received +€25,900
up €25,900 (+431.7%), from €6,000 to €31,900
- Other debts +€14,368
up €14,368 (+126.3%), from €11,379 to €25,746
- Current portion of long-term debt +€13,764
up €13,764 (+99.1%), from €13,886 to €27,650
- Trade debts +€5,780
up €5,780 (+309.5%), from €1,867 to €7,647
- Gross operating margin -€42,931
down €42,931 (-51.0%), from €84,248 to €41,318
- Taxes -€12,742
down €12,742 (-85.9%), from €14,835 to €2,093
- Financial charges +€2,996
up €2,996 (+78.4%), from €3,822 to €6,818
- Depreciation -€1,178
down €1,178 (-3.2%), from €36,416 to €35,238
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 | €155,898 | €245,956 | +€90,057 | +57.8% |
| Fixed assets | 21/28 | €114,391 | €79,153 | -€35,238 | -30.8% |
| Intangible fixed assets | 21 | €215 | €0 | -€215 | -100.0% |
| Tangible fixed assets | 22/27 | €114,176 | €79,153 | -€35,023 | -30.7% |
| Land and buildings | 22 | €18,240 | €15,921 | -€2,320 | -12.7% |
| Plant, machinery and equipment | 23 | €409 | €0 | -€409 | -100.0% |
| Furniture and vehicles | 24 | €9,186 | €5,320 | -€3,865 | -42.1% |
| Other tangible fixed assets | 26 | €86,340 | €57,912 | -€28,429 | -32.9% |
| Current assets | 29/58 | €41,507 | €166,803 | +€125,296 | +301.9% |
| Amounts receivable within one year | 40/41 | €40,049 | €165,874 | +€125,825 | +314.2% |
| Trade receivables | 40 | €40,000 | €13,374 | -€26,626 | -66.6% |
| Other amounts receivable | 41 | €49 | €152,500 | +€152,451 | +308230.5% |
| Cash at bank and in hand | 54/58 | €1,407 | €667 | -€740 | -52.6% |
| Deferred charges and accrued income | 490/1 | €51 | €262 | +€211 | +414.8% |
| Total equity and liabilities | 10/49 | €155,898 | €245,956 | +€90,057 | +57.8% |
| Equity | 10/15 | €84,616 | €80,330 | -€4,286 | -5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €78,416 | €74,130 | -€4,286 | -5.5% |
| Distributable reserves | 133 | €78,416 | €74,130 | -€4,286 | -5.5% |
| Amounts payable | 17/49 | €71,282 | €165,625 | +€94,344 | +132.4% |
| Amounts payable after more than one year | 17 | €12,326 | €48,223 | +€35,897 | +291.2% |
| Financial debts | 170/4 | €12,326 | €48,223 | +€35,897 | +291.2% |
| Amounts payable within one year | 42/48 | €58,956 | €117,403 | +€58,447 | +99.1% |
| Current portion of amounts payable after more than one year | 42 | €13,886 | €27,650 | +€13,764 | +99.1% |
| Financial debts | 43 | €369 | €0 | -€369 | -100.0% |
| Credit institutions | 430/8 | €369 | €0 | -€369 | -100.0% |
| Trade debts | 44 | €1,867 | €7,647 | +€5,780 | +309.5% |
| Suppliers | 440/4 | €1,867 | €7,647 | +€5,780 | +309.5% |
| Advances received on contracts in progress | 46 | €6,000 | €31,900 | +€25,900 | +431.7% |
| Taxes, remuneration and social security | 45 | €25,455 | €24,459 | -€996 | -3.9% |
| Taxes | 450/3 | €23,150 | €24,459 | +€1,309 | +5.7% |
| Remuneration and social security | 454/9 | €2,305 | €0 | -€2,305 | -100.0% |
| Other amounts payable | 47/48 | €11,379 | €25,746 | +€14,368 | +126.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,416 | €35,238 | -€1,178 | -3.2% |
| Other operating charges | 640/8 | €2,734 | €2,000 | -€734 | -26.8% |
| Gross operating margin | 9900 | €84,248 | €41,318 | -€42,931 | -51.0% |
| Operating profit (loss) | 9901 | €45,099 | €4,079 | -€41,020 | -91.0% |
| Financial income | 75/76B | - | €545 | +€545 | |
| Recurring financial income | 75 | - | €545 | +€545 | |
| Financial charges | 65/66B | €3,822 | €6,818 | +€2,996 | +78.4% |
| Recurring financial charges | 65 | €3,822 | €6,818 | +€2,996 | +78.4% |
| Profit (loss) for the period before taxes | 9903 | €41,277 | -€2,193 | -€43,470 | |
| Income taxes | 67/77 | €14,835 | €2,093 | -€12,742 | -85.9% |
| Profit (loss) for the period | 9904 | €26,442 | -€4,286 | -€30,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,442 | -€4,286 | -€30,728 |
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 8 October 2026 via checked.be.