BLUE CEDAR: 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 CEDAR
Largest movements
- Cash +€286,349
up €286,349 (+409%), from €69,963 to €356,312
mainly Accrued charges and deferred income (+€198,325) and Receivables within one year (+€62,366)
- Receivables within one year -€62,366
down €62,366 (-40.9%), from €152,653 to €90,287
of which Trade receivables: -€77,587
- Stocks and contracts +€31,021
new in 2025: €31,021
of which Contracts in progress: +€28,990
- Deferred charges and accrued income -€10,766
down €10,766 (-87.1%), from €12,356 to €1,590
- Tangible fixed assets +€9,631
up €9,631 (+7.0%), from €137,984 to €147,615
of which Plant, machinery and equipment: +€22,318
- Accrued charges and deferred income +€198,325
up €198,325, from €0 to €198,325
- Trade debts +€25,025
up €25,025 (+21.8%), from €114,689 to €139,713
- Tax, wage and social debts +€20,278
up €20,278 (+70.7%), from €28,672 to €48,950
of which Taxes: +€22,476
- Other debts +€10,738
up €10,738 (+92.3%), from €11,633 to €22,371
- Gross operating margin -€108,874
down €108,874 (-48.2%), from €225,931 to €117,058
- Taxes -€23,527
down €23,527 (-82.6%), from €28,486 to €4,958
- Write-downs -€20,328
no longer reported in 2025 (was €20,328)
- Depreciation -€5,528
down €5,528 (-28.7%), from €19,293 to €13,765
- Financial income -€4,005
no longer reported in 2025 (was €4,005)
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 | €373,607 | €627,475 | +€253,868 | +68.0% |
| Fixed assets | 21/28 | €138,634 | €148,265 | +€9,631 | +6.9% |
| Tangible fixed assets | 22/27 | €137,984 | €147,615 | +€9,631 | +7.0% |
| Land and buildings | 22 | €124,894 | €116,999 | -€7,894 | -6.3% |
| Plant, machinery and equipment | 23 | €287 | €22,605 | +€22,318 | +7,786% |
| Furniture and vehicles | 24 | €12,804 | €8,011 | -€4,793 | -37.4% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €234,973 | €479,210 | +€244,237 | +104% |
| Stocks and contracts in progress | 3 | - | €31,021 | +€31,021 | |
| Stocks | 30/36 | - | €2,031 | +€2,031 | |
| Contracts in progress | 37 | - | €28,990 | +€28,990 | |
| Amounts receivable within one year | 40/41 | €152,653 | €90,287 | -€62,366 | -40.9% |
| Trade receivables | 40 | €151,221 | €73,634 | -€77,587 | -51.3% |
| Other amounts receivable | 41 | €1,432 | €16,653 | +€15,221 | +1,063% |
| Cash at bank and in hand | 54/58 | €69,963 | €356,312 | +€286,349 | +409% |
| Deferred charges and accrued income | 490/1 | €12,356 | €1,590 | -€10,766 | -87.1% |
| Total equity and liabilities | 10/49 | €373,607 | €627,475 | +€253,868 | +68.0% |
| Equity | 10/15 | €209,980 | €214,373 | +€4,393 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,260 | €70,560 | +€4,300 | +6.5% |
| Distributable reserves | 133 | €66,260 | €70,560 | +€4,300 | +6.5% |
| Profit (loss) carried forward | 14 | €125,120 | €125,213 | +€93 | +0.1% |
| Amounts payable | 17/49 | €163,627 | €413,102 | +€249,475 | +152% |
| Amounts payable after more than one year | 17 | €3,743 | - | -€3,743 | |
| Financial debts | 170/4 | €3,743 | - | -€3,743 | |
| Amounts payable within one year | 42/48 | €159,884 | €214,777 | +€54,892 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €4,892 | €3,743 | -€1,149 | -23.5% |
| Trade debts | 44 | €114,689 | €139,713 | +€25,025 | +21.8% |
| Suppliers | 440/4 | €114,689 | €139,713 | +€25,025 | +21.8% |
| Taxes, remuneration and social security | 45 | €28,672 | €48,950 | +€20,278 | +70.7% |
| Taxes | 450/3 | €14,766 | €37,242 | +€22,476 | +152% |
| Remuneration and social security | 454/9 | €13,905 | €11,708 | -€2,197 | -15.8% |
| Other amounts payable | 47/48 | €11,633 | €22,371 | +€10,738 | +92.3% |
| Accrued charges and deferred income | 492/3 | €0 | €198,325 | +€198,325 | |
| Non-recurring operating income | 76A | €11,356 | - | -€11,356 | |
| Remuneration, social security and pensions | 62 | €92,266 | €92,349 | +€83 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,293 | €13,765 | -€5,528 | -28.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,328 | - | -€20,328 | |
| Other operating charges | 640/8 | €885 | €906 | +€21 | +2.4% |
| Gross operating margin | 9900 | €225,931 | €117,058 | -€108,874 | -48.2% |
| Operating profit (loss) | 9901 | €93,160 | €10,038 | -€83,122 | -89.2% |
| Financial income | 75/76B | €4,005 | - | -€4,005 | |
| Recurring financial income | 75 | €4,005 | - | -€4,005 | |
| Financial charges | 65/66B | €4,180 | €687 | -€3,494 | -83.6% |
| Recurring financial charges | 65 | €3,180 | €687 | -€2,494 | -78.4% |
| Non-recurring financial charges | 66B | €1,000 | - | -€1,000 | |
| Profit (loss) for the period before taxes | 9903 | €92,985 | €9,352 | -€83,633 | -89.9% |
| Income taxes | 67/77 | €28,486 | €4,958 | -€23,527 | -82.6% |
| Profit (loss) for the period | 9904 | €64,499 | €4,393 | -€60,106 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,499 | €4,393 | -€60,106 | -93.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.