Blue Canvas: 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.
Blue Canvas
Largest movements
- Cash -€120,903
down €120,903 (-83.0%), from €145,630 to €24,727
mainly Contributions, distributions and other (-€182,913) and Debts after one year (-€12,021)
- Tangible fixed assets -€14,911
down €14,911 (-26.3%), from €56,684 to €41,773
of which Furniture and vehicles: -€14,593
- Receivables within one year -€11,808
down €11,808 (-19.0%), from €62,054 to €50,247
of which Trade receivables: -€18,150
- Reserves -€164,608
down €164,608 (-90.0%), from €182,913 to €18,305
of which Distributable reserves: -€164,608
- Trade debts +€26,459
up €26,459 (+1,005%), from €2,633 to €29,092
- Debts after one year -€12,021
down €12,021 (-33.0%), from €36,438 to €24,417
- Tax, wage and social debts +€8,971
up €8,971 (+283%), from €3,173 to €12,144
- Other debts -€8,403
down €8,403 (-79.1%), from €10,629 to €2,226
- Gross operating margin -€35,690
down €35,690 (-46.6%), from €76,665 to €40,975
- Taxes +€1,096
up €1,096 (+28.8%), from €3,810 to €4,905
- Financial charges -€836
down €836 (-28.2%), from €2,968 to €2,131
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 | €265,939 | €118,491 | -€147,448 | -55.4% |
| Fixed assets | 21/28 | €56,684 | €41,773 | -€14,911 | -26.3% |
| Tangible fixed assets | 22/27 | €56,684 | €41,773 | -€14,911 | -26.3% |
| Plant, machinery and equipment | 23 | €2,819 | €2,501 | -€318 | -11.3% |
| Furniture and vehicles | 24 | €53,865 | €39,272 | -€14,593 | -27.1% |
| Current assets | 29/58 | €209,255 | €76,718 | -€132,537 | -63.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €62,054 | €50,247 | -€11,808 | -19.0% |
| Trade receivables | 40 | €36,300 | €18,150 | -€18,150 | -50.0% |
| Other amounts receivable | 41 | €25,754 | €32,097 | +€6,342 | +24.6% |
| Cash at bank and in hand | 54/58 | €145,630 | €24,727 | -€120,903 | -83.0% |
| Deferred charges and accrued income | 490/1 | €1,571 | €1,745 | +€173 | +11.0% |
| Total equity and liabilities | 10/49 | €265,939 | €118,491 | -€147,448 | -55.4% |
| Equity | 10/15 | €201,513 | €36,905 | -€164,608 | -81.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €182,913 | €18,305 | -€164,608 | -90.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €182,913 | €18,305 | -€164,608 | -90.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €64,426 | €81,586 | +€17,160 | +26.6% |
| Amounts payable after more than one year | 17 | €36,438 | €24,417 | -€12,021 | -33.0% |
| Financial debts | 170/4 | €36,438 | €24,417 | -€12,021 | -33.0% |
| Amounts payable within one year | 42/48 | €27,989 | €57,169 | +€29,181 | +104% |
| Current portion of amounts payable after more than one year | 42 | €11,553 | €12,021 | +€468 | +4.0% |
| Financial debts | 43 | €0 | €1,687 | +€1,687 | |
| Credit institutions | 430/8 | €0 | €1,687 | +€1,687 | |
| Trade debts | 44 | €2,633 | €29,092 | +€26,459 | +1,005% |
| Suppliers | 440/4 | €2,633 | €29,092 | +€26,459 | +1,005% |
| Taxes, remuneration and social security | 45 | €3,173 | €12,144 | +€8,971 | +283% |
| Taxes | 450/3 | €3,173 | €12,144 | +€8,971 | +283% |
| Other amounts payable | 47/48 | €10,629 | €2,226 | -€8,403 | -79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,910 | €14,911 | +€1 | 0.0% |
| Other operating charges | 640/8 | €505 | €722 | +€217 | +43.0% |
| Non-recurring operating charges | 66A | €40,547 | €0 | -€40,547 | -100% |
| Gross operating margin | 9900 | €76,665 | €40,975 | -€35,690 | -46.6% |
| Operating profit (loss) | 9901 | €20,703 | €25,342 | +€4,639 | +22.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €2,968 | €2,131 | -€836 | -28.2% |
| Recurring financial charges | 65 | €2,968 | €2,131 | -€836 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €17,735 | €23,211 | +€5,475 | +30.9% |
| Income taxes | 67/77 | €3,810 | €4,905 | +€1,096 | +28.8% |
| Profit (loss) for the period | 9904 | €13,925 | €18,305 | +€4,380 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,925 | €18,305 | +€4,380 | +31.5% |
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 19 October 2026 via checked.be.