BLUE ELEPHANT & PARTNERS: 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 ELEPHANT & PARTNERS
Largest movements
- Tangible fixed assets -€26,762
down €26,762 (-21.5%), from €124,231 to €97,469
of which Plant, machinery and equipment: -€16,182
- Cash -€14,380
down €14,380 (-57.4%), from €25,034 to €10,654
mainly Debts after one year (-€20,860) and Contributions, distributions and other (-€20,000)
- Receivables within one year +€8,584
up €8,584 (+24.9%), from €34,456 to €43,040
of which Other amounts receivable: +€5,554
- Stocks and contracts +€3,000
up €3,000 (+70.6%), from €4,250 to €7,250
- Debts after one year -€20,860
down €20,860 (-26.3%), from €79,204 to €58,344
- Reserves -€6,981
down €6,981 (-14.3%), from €48,778 to €41,797
of which Distributable reserves: -€6,981
- Trade debts -€2,858
down €2,858 (-34.7%), from €8,232 to €5,374
- Depreciation -€3,663
down €3,663 (-12.0%), from €30,424 to €26,762
- Gross operating margin -€2,097
down €2,097 (-3.6%), from €58,399 to €56,302
- Other operating charges +€933
up €933 (+8.7%), from €10,713 to €11,647
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 | €189,260 | €158,413 | -€30,847 | -16.3% |
| Fixed assets | 21/28 | €124,231 | €97,469 | -€26,762 | -21.5% |
| Tangible fixed assets | 22/27 | €124,231 | €97,469 | -€26,762 | -21.5% |
| Plant, machinery and equipment | 23 | €98,193 | €82,012 | -€16,182 | -16.5% |
| Leasing and similar rights | 25 | €25,559 | €15,079 | -€10,480 | -41.0% |
| Other tangible fixed assets | 26 | €479 | €379 | -€100 | -20.9% |
| Current assets | 29/58 | €65,028 | €60,943 | -€4,085 | -6.3% |
| Stocks and contracts in progress | 3 | €4,250 | €7,250 | +€3,000 | +70.6% |
| Stocks | 30/36 | €4,250 | €7,250 | +€3,000 | +70.6% |
| Amounts receivable within one year | 40/41 | €34,456 | €43,040 | +€8,584 | +24.9% |
| Trade receivables | 40 | - | €3,030 | +€3,030 | |
| Other amounts receivable | 41 | €34,456 | €40,009 | +€5,554 | +16.1% |
| Cash at bank and in hand | 54/58 | €25,034 | €10,654 | -€14,380 | -57.4% |
| Deferred charges and accrued income | 490/1 | €1,289 | - | -€1,289 | |
| Total equity and liabilities | 10/49 | €189,260 | €158,413 | -€30,847 | -16.3% |
| Equity | 10/15 | €61,178 | €54,197 | -€6,981 | -11.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €48,778 | €41,797 | -€6,981 | -14.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,918 | €39,937 | -€6,981 | -14.9% |
| Amounts payable | 17/49 | €128,082 | €104,216 | -€23,866 | -18.6% |
| Amounts payable after more than one year | 17 | €79,204 | €58,344 | -€20,860 | -26.3% |
| Financial debts | 170/4 | €79,204 | €58,344 | -€20,860 | -26.3% |
| Amounts payable within one year | 42/48 | €48,877 | €45,872 | -€3,006 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €23,129 | €21,362 | -€1,767 | -7.6% |
| Trade debts | 44 | €8,232 | €5,374 | -€2,858 | -34.7% |
| Suppliers | 440/4 | €8,232 | €5,374 | -€2,858 | -34.7% |
| Taxes, remuneration and social security | 45 | €3,490 | €4,859 | +€1,369 | +39.2% |
| Taxes | 450/3 | €3,490 | €4,859 | +€1,369 | +39.2% |
| Other amounts payable | 47/48 | €14,027 | €14,277 | +€250 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,424 | €26,762 | -€3,663 | -12.0% |
| Other operating charges | 640/8 | €10,713 | €11,647 | +€933 | +8.7% |
| Gross operating margin | 9900 | €58,399 | €56,302 | -€2,097 | -3.6% |
| Operating profit (loss) | 9901 | €17,261 | €17,893 | +€632 | +3.7% |
| Financial charges | 65/66B | €1,948 | €1,571 | -€377 | -19.3% |
| Recurring financial charges | 65 | €1,948 | €1,571 | -€377 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €15,313 | €16,322 | +€1,009 | +6.6% |
| Income taxes | 67/77 | €3,882 | €3,303 | -€579 | -14.9% |
| Profit (loss) for the period | 9904 | €11,431 | €13,019 | +€1,588 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,431 | €13,019 | +€1,588 | +13.9% |
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 30 October 2026 via checked.be.