BLUE ELEPHANT GROUP: what changed
What changed
BLUE ELEPHANT GROUP
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€211,157
2024 · -€498,150+€286,993
Equity
€3.7m
2024 · €3.9m-€211,156
Cash
€51,928
2024 · €1.2m-€1.2m
Balance sheet total
€6.1m
2024 · €6.6m-€416,088
Largest movements
Assets
- Cash -€1.2m
down €1.2m (-95.8%), from €1.2m to €51,928
mainly Current investments (-€1.0m) and Net result for the year (-€211,157)
- Current investments +€1.0m
new in 2025: €1.0m
- Receivables after one year -€179,076
down €179,076 (-6.0%), from €3.0m to €2.8m
Equity and liabilities
- Profit (loss) carried forward -€211,157
down €211,157 (-44.1%), from -€478,805 to -€689,962
- Other debts -€140,512
down €140,512 (-84.2%), from €166,893 to €26,381
- Tax, wage and social debts -€100,796
no longer reported in 2025 (was €100,796)
Income statement
- Financial charges -€312,074
down €312,074 (-80.5%), from €387,570 to €75,496
of which Non-recurring financial charges: -€360,000
- Financial income -€37,374
down €37,374 (-47.7%), from €78,325 to €40,951
- Staff costs -€10,520
down €10,520 (-8.4%), from €124,749 to €114,229
- Depreciation -€5,023
no longer reported in 2025 (was €5,023)
- Taxes +€4,242
no longer reported in 2025 (was -€4,242)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€498,150
Gross operating margin
+€1,215
Staff costs
+€10,520
Depreciation
+€5,023
Other operating charges
-€222
Financial income
-€37,374
Financial charges
+€312,074
Taxes
-€4,242
Result 2025
-€211,157
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€237,762
Investment
-€1.0m
Financing
+€54,751
Cash 2024
€1.2m
From operations (derived)
-€237,762
Net result for the year
-€211,157
Receivables after one year
+€179,076
Receivables within one year
+€54,001
Trade debts
-€18,375
Tax, wage and social debts
-€100,796
Other debts
-€140,512
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€62
Current investments
-€1.0m
Financing
+€54,751
Debts after one year
+€54,751
Contributions, distributions and other
+€1
Cash 2025
€51,928
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,550,228 | €6,134,140 | -€416,088 | -6.4% |
| Formation expenses | 20 | €2,014 | €2,015 | +€1 | 0.0% |
| Fixed assets | 21/28 | €2,007,070 | €2,007,132 | +€62 | 0.0% |
| Intangible fixed assets | 21 | €384,645 | €384,645 | +€0 | 0.0% |
| Tangible fixed assets | 22/27 | €16,742 | €16,803 | +€61 | +0.4% |
| Furniture and vehicles | 24 | €16,742 | €16,803 | +€61 | +0.4% |
| Financial fixed assets | 28 | €1,605,683 | €1,605,683 | +€0 | 0.0% |
| Current assets | 29/58 | €4,541,144 | €4,124,993 | -€416,151 | -9.2% |
| Amounts receivable after more than one year | 29 | €2,969,209 | €2,790,133 | -€179,076 | -6.0% |
| Other amounts receivable | 291 | €2,969,209 | €2,790,133 | -€179,076 | -6.0% |
| Amounts receivable within one year | 40/41 | €336,934 | €282,933 | -€54,001 | -16.0% |
| Trade receivables | 40 | €282,675 | €278,796 | -€3,879 | -1.4% |
| Other amounts receivable | 41 | €54,259 | €4,137 | -€50,122 | -92.4% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €1,235,001 | €51,928 | -€1.2m | -95.8% |
| Total equity and liabilities | 10/49 | €6,550,228 | €6,134,140 | -€416,088 | -6.4% |
| Equity | 10/15 | €3,933,097 | €3,721,941 | -€211,156 | -5.4% |
| Contributions | 10/11 | €287,172 | €287,173 | +€1 | 0.0% |
| Reserves | 13 | €4,124,730 | €4,124,730 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €4,124,730 | €4,124,730 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€478,805 | -€689,962 | -€211,157 | -44.1% |
| Amounts payable | 17/49 | €2,617,131 | €2,412,198 | -€204,933 | -7.8% |
| Amounts payable after more than one year | 17 | €2,331,067 | €2,385,818 | +€54,751 | +2.3% |
| Other amounts payable | 178/9 | €2,331,067 | €2,385,818 | +€54,751 | +2.3% |
| Amounts payable within one year | 42/48 | €286,064 | €26,381 | -€259,683 | -90.8% |
| Trade debts | 44 | €18,375 | - | -€18,375 | |
| Suppliers | 440/4 | €18,375 | - | -€18,375 | |
| Taxes, remuneration and social security | 45 | €100,796 | - | -€100,796 | |
| Taxes | 450/3 | €100,796 | - | -€100,796 | |
| Other amounts payable | 47/48 | €166,893 | €26,381 | -€140,512 | -84.2% |
| Remuneration, social security and pensions | 62 | €124,749 | €114,229 | -€10,520 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,023 | - | -€5,023 | |
| Other operating charges | 640/8 | €1,292 | €1,514 | +€222 | +17.2% |
| Gross operating margin | 9900 | -€62,083 | -€60,868 | +€1,215 | +2.0% |
| Operating profit (loss) | 9901 | -€193,147 | -€176,611 | +€16,536 | +8.6% |
| Financial income | 75/76B | €78,325 | €40,951 | -€37,374 | -47.7% |
| Recurring financial income | 75 | €78,325 | €40,951 | -€37,374 | -47.7% |
| Financial charges | 65/66B | €387,570 | €75,496 | -€312,074 | -80.5% |
| Recurring financial charges | 65 | €27,570 | €75,496 | +€47,926 | +174% |
| Non-recurring financial charges | 66B | €360,000 | - | -€360,000 | |
| Profit (loss) for the period before taxes | 9903 | -€502,392 | -€211,157 | +€291,235 | +58.0% |
| Income taxes | 67/77 | -€4,242 | - | +€4,242 | |
| Profit (loss) for the period | 9904 | -€498,150 | -€211,157 | +€286,993 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€498,150 | -€211,157 | +€286,993 | +57.6% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.