Blue Arrow: 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.
Blue Arrow
Largest movements
- Tangible fixed assets +€37,656
up €37,656 (+302.9%), from €12,433 to €50,089
of which Leasing and similar rights: +€39,303
- Receivables within one year +€18,170
up €18,170 (+64.6%), from €28,134 to €46,304
- Cash +€4,303
up €4,303 (+8.8%), from €48,750 to €53,053
mainly Debts after one year (+€31,759) and Net result for the year (+€20,460)
- Debts after one year +€31,759
new in 2025: €31,759
- Reserves +€15,000
new in 2025: €15,000
- Trade debts +€12,161
up €12,161 (+77.9%), from €15,611 to €27,772
- Other debts -€11,906
down €11,906 (-67.8%), from €17,558 to €5,652
- Current portion of long-term debt +€7,301
new in 2025: €7,301
- Gross operating margin +€21,143
up €21,143 (+80.4%), from €26,294 to €47,437
- Taxes +€17,014
up €17,014 (+2485.3%), from €685 to €17,699
- Depreciation +€3,629
up €3,629 (+228.3%), from €1,590 to €5,218
- Financial charges +€914
up €914 (+446.1%), from €205 to €1,119
- Other operating charges +€805
up €805 (+37.0%), from €2,173 to €2,978
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 | €94,810 | €154,175 | +€59,365 | +62.6% |
| Fixed assets | 21/28 | €14,430 | €52,086 | +€37,656 | +261.0% |
| Tangible fixed assets | 22/27 | €12,433 | €50,089 | +€37,656 | +302.9% |
| Plant, machinery and equipment | 23 | €10,848 | €10,786 | -€62 | -0.6% |
| Furniture and vehicles | 24 | €1,585 | - | -€1,585 | |
| Leasing and similar rights | 25 | - | €39,303 | +€39,303 | |
| Financial fixed assets | 28 | €1,997 | €1,997 | = | 0.0% |
| Current assets | 29/58 | €80,381 | €102,090 | +€21,709 | +27.0% |
| Amounts receivable after more than one year | 29 | €764 | - | -€764 | |
| Trade receivables | 290 | €764 | - | -€764 | |
| Stocks and contracts in progress | 3 | €2,733 | €2,733 | = | 0.0% |
| Stocks | 30/36 | €2,733 | €2,733 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,134 | €46,304 | +€18,170 | +64.6% |
| Trade receivables | 40 | €28,134 | €46,304 | +€18,170 | +64.6% |
| Cash at bank and in hand | 54/58 | €48,750 | €53,053 | +€4,303 | +8.8% |
| Total equity and liabilities | 10/49 | €94,810 | €154,175 | +€59,365 | +62.6% |
| Equity | 10/15 | €50,778 | €71,239 | +€20,460 | +40.3% |
| Contributions | 10/11 | €21,815 | €21,815 | = | 0.0% |
| Reserves | 13 | - | €15,000 | +€15,000 | |
| Distributable reserves | 133 | - | €15,000 | +€15,000 | |
| Profit (loss) carried forward | 14 | €28,964 | €34,424 | +€5,460 | +18.9% |
| Amounts payable | 17/49 | €44,032 | €82,936 | +€38,905 | +88.4% |
| Amounts payable after more than one year | 17 | - | €31,759 | +€31,759 | |
| Financial debts | 170/4 | - | €31,759 | +€31,759 | |
| Amounts payable within one year | 42/48 | €44,032 | €51,178 | +€7,146 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | - | €7,301 | +€7,301 | |
| Trade debts | 44 | €15,611 | €27,772 | +€12,161 | +77.9% |
| Suppliers | 440/4 | €15,611 | €27,772 | +€12,161 | +77.9% |
| Taxes, remuneration and social security | 45 | €10,863 | €10,453 | -€410 | -3.8% |
| Taxes | 450/3 | €10,863 | €10,453 | -€410 | -3.8% |
| Other amounts payable | 47/48 | €17,558 | €5,652 | -€11,906 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,590 | €5,218 | +€3,629 | +228.3% |
| Other operating charges | 640/8 | €2,173 | €2,978 | +€805 | +37.0% |
| Gross operating margin | 9900 | €26,294 | €47,437 | +€21,143 | +80.4% |
| Operating profit (loss) | 9901 | €22,532 | €39,241 | +€16,709 | +74.2% |
| Financial income | 75/76B | €84 | €37 | -€47 | -55.9% |
| Recurring financial income | 75 | €84 | €37 | -€47 | -55.9% |
| Financial charges | 65/66B | €205 | €1,119 | +€914 | +446.1% |
| Recurring financial charges | 65 | €205 | €1,119 | +€914 | +446.1% |
| Profit (loss) for the period before taxes | 9903 | €22,411 | €38,159 | +€15,748 | +70.3% |
| Income taxes | 67/77 | €685 | €17,699 | +€17,014 | +2485.3% |
| Profit (loss) for the period | 9904 | €21,726 | €20,460 | -€1,266 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,726 | €20,460 | -€1,266 | -5.8% |
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 5 October 2026 via checked.be.