BLUE CIEL: 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 CIEL
Largest movements
- Stocks and contracts -€366,895
down €366,895 (-39.8%), from €922,766 to €555,871
- Cash +€78,864
new in 2025: €78,864
mainly Stocks and contracts (+€366,895) and Investment in fixed assets (net) (+€2,698)
- Other debts -€290,251
down €290,251 (-21.4%), from €1.4m to €1.1m
- Gross operating margin +€32,514
up €32,514, from -€28,835 to €3,679
- Other operating charges +€497
up €497 (+432%), from €115 to €612
- Depreciation -€303
down €303 (-11.5%), from €2,639 to €2,336
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 | €946,938 | €655,897 | -€291,041 | -30.7% |
| Fixed assets | 21/28 | €11,063 | €6,029 | -€5,034 | -45.5% |
| Tangible fixed assets | 22/27 | €11,063 | €6,029 | -€5,034 | -45.5% |
| Furniture and vehicles | 24 | €3,395 | €278 | -€3,117 | -91.8% |
| Other tangible fixed assets | 26 | €7,668 | €5,751 | -€1,917 | -25.0% |
| Current assets | 29/58 | €935,875 | €649,868 | -€286,007 | -30.6% |
| Stocks and contracts in progress | 3 | €922,766 | €555,871 | -€366,895 | -39.8% |
| Stocks | 30/36 | €922,766 | €555,871 | -€366,895 | -39.8% |
| Amounts receivable within one year | 40/41 | €13,109 | €15,133 | +€2,024 | +15.4% |
| Trade receivables | 40 | €426 | €3,133 | +€2,707 | +635% |
| Other amounts receivable | 41 | €12,683 | €12,000 | -€683 | -5.4% |
| Cash at bank and in hand | 54/58 | - | €78,864 | +€78,864 | |
| Total equity and liabilities | 10/49 | €946,938 | €655,897 | -€291,041 | -30.7% |
| Equity | 10/15 | -€793,246 | -€794,793 | -€1,547 | -0.2% |
| Contributions | 10/11 | €168,550 | €168,550 | = | 0.0% |
| Reserves | 13 | €1,885 | €1,885 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,885 | €1,885 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,885 | €1,885 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€963,681 | -€965,228 | -€1,547 | -0.2% |
| Amounts payable | 17/49 | €1,740,184 | €1,450,690 | -€289,494 | -16.6% |
| Amounts payable after more than one year | 17 | €385,532 | €385,532 | = | 0.0% |
| Financial debts | 170/4 | €385,532 | €385,532 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,354,652 | €1,065,158 | -€289,494 | -21.4% |
| Financial debts | 43 | €250 | - | -€250 | |
| Credit institutions | 430/8 | €250 | - | -€250 | |
| Trade debts | 44 | - | €795 | +€795 | |
| Suppliers | 440/4 | - | €795 | +€795 | |
| Taxes, remuneration and social security | 45 | €441 | €653 | +€212 | +48.1% |
| Taxes | 450/3 | €441 | €653 | +€212 | +48.1% |
| Other amounts payable | 47/48 | €1,353,961 | €1,063,710 | -€290,251 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,639 | €2,336 | -€303 | -11.5% |
| Other operating charges | 640/8 | €115 | €612 | +€497 | +432% |
| Non-recurring operating charges | 66A | - | €2,285 | +€2,285 | |
| Gross operating margin | 9900 | -€28,835 | €3,679 | +€32,514 | |
| Operating profit (loss) | 9901 | -€31,589 | -€1,554 | +€30,035 | +95.1% |
| Financial income | 75/76B | €305 | €152 | -€153 | -50.2% |
| Recurring financial income | 75 | €305 | €152 | -€153 | -50.2% |
| Financial charges | 65/66B | €399 | €145 | -€254 | -63.7% |
| Recurring financial charges | 65 | €399 | €145 | -€254 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,683 | -€1,547 | +€30,136 | +95.1% |
| Profit (loss) for the period | 9904 | -€31,683 | -€1,547 | +€30,136 | +95.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,683 | -€1,547 | +€30,136 | +95.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.