BLUE BRAIN: 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 BRAIN
Largest movements
- Financial fixed assets -€15.6m
down €15.6m (-57.7%), from €27.0m to €11.4m
- Current investments +€8.7m
up €8.7m (+1745.4%), from €500,000 to €9.2m
- Cash +€1.6m
up €1.6m (+145.1%), from €1.1m to €2.7m
mainly Investment in fixed assets (net) (+€15.6m) and Other debts (+€1.6m)
- Profit (loss) carried forward -€5.5m
down €5.5m (-20.5%), from €27.0m to €21.4m
- Other debts +€1.6m
up €1.6m (+251.9%), from €619,356 to €2.2m
- Reserves -€1.2m
down €1.2m (-99.8%), from €1.2m to €1,860
of which Distributable reserves: -€1.2m
- Financial charges +€5.7m
up €5.7m (+88804.1%), from €6,436 to €5.7m
of which Non-recurring financial charges: +€5.6m
- Financial income +€1.6m
up €1.6m (+2196.9%), from €72,430 to €1.7m
of which Financial income: +€1.6m
- Gross operating margin -€87,544
down €87,544 (-18.9%), from €464,070 to €376,526
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 | €29,018,516 | €23,794,465 | -€5.2m | -18.0% |
| Fixed assets | 21/28 | €27,012,350 | €11,416,350 | -€15.6m | -57.7% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €27,012,350 | €11,416,350 | -€15.6m | -57.7% |
| Current assets | 29/58 | €2,006,166 | €12,378,115 | +€10.4m | +517.0% |
| Amounts receivable within one year | 40/41 | €409,475 | €492,048 | +€82,573 | +20.2% |
| Trade receivables | 40 | €59,475 | €37,662 | -€21,813 | -36.7% |
| Other amounts receivable | 41 | €350,000 | €454,386 | +€104,386 | +29.8% |
| Current investments | 50/53 | €500,000 | €9,227,022 | +€8.7m | +1745.4% |
| Cash at bank and in hand | 54/58 | €1,083,810 | €2,656,354 | +€1.6m | +145.1% |
| Deferred charges and accrued income | 490/1 | €12,881 | €2,692 | -€10,190 | -79.1% |
| Total equity and liabilities | 10/49 | €29,018,516 | €23,794,465 | -€5.2m | -18.0% |
| Equity | 10/15 | €28,227,271 | €21,534,205 | -€6.7m | -23.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,176,860 | €1,860 | -€1.2m | -99.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,175,000 | €0 | -€1.2m | -100.0% |
| Profit (loss) carried forward | 14 | €26,950,411 | €21,432,345 | -€5.5m | -20.5% |
| Amounts payable | 17/49 | €791,245 | €2,260,260 | +€1.5m | +185.7% |
| Amounts payable within one year | 42/48 | €785,449 | €2,246,270 | +€1.5m | +186.0% |
| Trade debts | 44 | €1,981 | €2,900 | +€919 | +46.4% |
| Suppliers | 440/4 | €1,981 | €2,900 | +€919 | +46.4% |
| Taxes, remuneration and social security | 45 | €164,112 | €64,042 | -€100,069 | -61.0% |
| Taxes | 450/3 | €164,112 | €64,042 | -€100,069 | -61.0% |
| Other amounts payable | 47/48 | €619,356 | €2,179,328 | +€1.6m | +251.9% |
| Accrued charges and deferred income | 492/3 | €5,796 | €13,990 | +€8,194 | +141.4% |
| Non-recurring operating income | 76A | €14,968 | €0 | -€14,968 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,879 | €1,535 | -€345 | -18.3% |
| Gross operating margin | 9900 | €464,070 | €376,526 | -€87,544 | -18.9% |
| Operating profit (loss) | 9901 | €462,191 | €374,991 | -€87,199 | -18.9% |
| Financial income | 75/76B | €72,430 | €1,663,621 | +€1.6m | +2196.9% |
| Recurring financial income | 75 | €72,430 | €1,641,553 | +€1.6m | +2166.4% |
| Non-recurring financial income | 76B | - | €22,067 | +€22,067 | |
| Financial charges | 65/66B | €6,436 | €5,721,986 | +€5.7m | +88804.1% |
| Recurring financial charges | 65 | €6,436 | €80,739 | +€74,303 | +1154.5% |
| Non-recurring financial charges | 66B | - | €5,641,247 | +€5.6m | |
| Profit (loss) for the period before taxes | 9903 | €528,185 | -€3,683,374 | -€4.2m | |
| Income taxes | 67/77 | €137,474 | €134,692 | -€2,781 | -2.0% |
| Profit (loss) for the period | 9904 | €390,712 | -€3,818,066 | -€4.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €390,712 | -€3,818,066 | -€4.2m |
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 7 October 2026 via checked.be.