BLUE DUCK: 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 DUCK
Largest movements
- Receivables within one year -€23,891
down €23,891 (-39.8%), from €60,089 to €36,198
of which Other amounts receivable: -€15,363
- Cash -€7,352
down €7,352 (-64.9%), from €11,333 to €3,981
mainly Net result for the year (-€26,652) and Tax, wage and social debts (-€7,719)
- Deferred charges and accrued income -€1,662
down €1,662 (-15.7%), from €10,603 to €8,941
- Profit (loss) carried forward -€26,652
down €26,652 (-38.5%), from €69,149 to €42,497
- Tax, wage and social debts -€7,719
down €7,719 (-62.8%), from €12,282 to €4,563
- Trade debts +€1,191
up €1,191 (+77.6%), from €1,534 to €2,725
- Gross operating margin +€4,419
up €4,419 (+29.9%), from €14,792 to €19,211
- Financial charges -€2,706
down €2,706 (-5.8%), from €46,748 to €44,043
- Depreciation -€1,413
down €1,413 (-58.1%), from €2,430 to €1,017
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 | €85,465 | €52,394 | -€33,070 | -38.7% |
| Fixed assets | 21/28 | €3,440 | €3,274 | -€166 | -4.8% |
| Tangible fixed assets | 22/27 | €3,440 | €3,274 | -€166 | -4.8% |
| Furniture and vehicles | 24 | €546 | €710 | +€164 | +30.1% |
| Other tangible fixed assets | 26 | €2,894 | €2,564 | -€330 | -11.4% |
| Current assets | 29/58 | €82,025 | €49,120 | -€32,905 | -40.1% |
| Amounts receivable within one year | 40/41 | €60,089 | €36,198 | -€23,891 | -39.8% |
| Trade receivables | 40 | €44,726 | €36,198 | -€8,527 | -19.1% |
| Other amounts receivable | 41 | €15,363 | €0 | -€15,363 | -100.0% |
| Cash at bank and in hand | 54/58 | €11,333 | €3,981 | -€7,352 | -64.9% |
| Deferred charges and accrued income | 490/1 | €10,603 | €8,941 | -€1,662 | -15.7% |
| Total equity and liabilities | 10/49 | €85,465 | €52,394 | -€33,070 | -38.7% |
| Equity | 10/15 | €71,649 | €44,997 | -€26,652 | -37.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,149 | €42,497 | -€26,652 | -38.5% |
| Amounts payable | 17/49 | €13,816 | €7,398 | -€6,418 | -46.5% |
| Amounts payable within one year | 42/48 | €13,816 | €7,398 | -€6,418 | -46.5% |
| Financial debts | 43 | €0 | €65 | +€65 | |
| Credit institutions | 430/8 | €0 | €65 | +€65 | |
| Trade debts | 44 | €1,534 | €2,725 | +€1,191 | +77.6% |
| Suppliers | 440/4 | €1,534 | €2,725 | +€1,191 | +77.6% |
| Taxes, remuneration and social security | 45 | €12,282 | €4,563 | -€7,719 | -62.8% |
| Taxes | 450/3 | €12,282 | €4,563 | -€7,719 | -62.8% |
| Other amounts payable | 47/48 | - | €45 | +€45 | |
| Non-recurring operating income | 76A | €36 | €545 | +€508 | +1394.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,430 | €1,017 | -€1,413 | -58.1% |
| Other operating charges | 640/8 | €734 | €620 | -€114 | -15.6% |
| Gross operating margin | 9900 | €14,792 | €19,211 | +€4,419 | +29.9% |
| Operating profit (loss) | 9901 | €11,628 | €17,575 | +€5,946 | +51.1% |
| Financial income | 75/76B | €18 | €9 | -€9 | -49.8% |
| Recurring financial income | 75 | €18 | €9 | -€9 | -49.8% |
| Financial charges | 65/66B | €46,748 | €44,043 | -€2,706 | -5.8% |
| Recurring financial charges | 65 | €46,748 | €44,043 | -€2,706 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,102 | -€26,459 | +€8,643 | +24.6% |
| Income taxes | 67/77 | €210 | €193 | -€17 | -8.0% |
| Profit (loss) for the period | 9904 | -€35,312 | -€26,652 | +€8,660 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,312 | -€26,652 | +€8,660 | +24.5% |
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 8 October 2026 via checked.be.