BLUE ENERGY: 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 ENERGY
Largest movements
- Cash +€62,697
up €62,697 (+152%), from €41,280 to €103,977
mainly Receivables within one year (+€36,871) and Trade debts (+€13,283)
- Receivables within one year -€36,871
down €36,871 (-33.7%), from €109,360 to €72,489
of which Other amounts receivable: -€30,289
- Trade debts +€13,283
up €13,283 (+202%), from €6,588 to €19,871
- Other debts +€12,261
up €12,261 (+62.0%), from €19,786 to €32,047
- Current portion of long-term debt -€3,657
no longer reported in 2025 (was €3,657)
- Tax, wage and social debts +€2,029
up €2,029 (+20.3%), from €10,002 to €12,030
of which Taxes: +€9,729
- Depreciation -€1,113
down €1,113 (-12.4%), from €8,981 to €7,867
- Gross operating margin -€1,034
down €1,034 (-7.5%), from €13,701 to €12,667
- Financial charges -€607
down €607 (-74.2%), from €817 to €211
- Taxes +€319
up €319 (+13.9%), from €2,302 to €2,621
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 | €165,529 | €190,247 | +€24,717 | +14.9% |
| Fixed assets | 21/28 | €11,752 | €12,397 | +€645 | +5.5% |
| Tangible fixed assets | 22/27 | €11,702 | €12,347 | +€645 | +5.5% |
| Plant, machinery and equipment | 23 | €2,993 | €1,140 | -€1,853 | -61.9% |
| Furniture and vehicles | 24 | €8,709 | €11,207 | +€2,498 | +28.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €153,777 | €177,849 | +€24,072 | +15.7% |
| Amounts receivable within one year | 40/41 | €109,360 | €72,489 | -€36,871 | -33.7% |
| Trade receivables | 40 | €78,162 | €71,581 | -€6,581 | -8.4% |
| Other amounts receivable | 41 | €31,198 | €909 | -€30,289 | -97.1% |
| Cash at bank and in hand | 54/58 | €41,280 | €103,977 | +€62,697 | +152% |
| Deferred charges and accrued income | 490/1 | €3,137 | €1,383 | -€1,754 | -55.9% |
| Total equity and liabilities | 10/49 | €165,529 | €190,247 | +€24,717 | +14.9% |
| Equity | 10/15 | €125,497 | €126,298 | +€801 | +0.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,437 | €101,238 | +€801 | +0.8% |
| Amounts payable | 17/49 | €40,033 | €63,949 | +€23,916 | +59.7% |
| Amounts payable within one year | 42/48 | €40,033 | €63,949 | +€23,916 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €3,657 | - | -€3,657 | |
| Trade debts | 44 | €6,588 | €19,871 | +€13,283 | +202% |
| Suppliers | 440/4 | €6,588 | €19,871 | +€13,283 | +202% |
| Taxes, remuneration and social security | 45 | €10,002 | €12,030 | +€2,029 | +20.3% |
| Taxes | 450/3 | €2,302 | €12,030 | +€9,729 | +423% |
| Remuneration and social security | 454/9 | €7,700 | - | -€7,700 | |
| Other amounts payable | 47/48 | €19,786 | €32,047 | +€12,261 | +62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,981 | €7,867 | -€1,113 | -12.4% |
| Other operating charges | 640/8 | €1,142 | €1,167 | +€25 | +2.2% |
| Gross operating margin | 9900 | €13,701 | €12,667 | -€1,034 | -7.5% |
| Operating profit (loss) | 9901 | €3,579 | €3,633 | +€54 | +1.5% |
| Financial charges | 65/66B | €817 | €211 | -€607 | -74.2% |
| Recurring financial charges | 65 | €817 | €211 | -€607 | -74.2% |
| Profit (loss) for the period before taxes | 9903 | €2,762 | €3,422 | +€661 | +23.9% |
| Income taxes | 67/77 | €2,302 | €2,621 | +€319 | +13.9% |
| Profit (loss) for the period | 9904 | €460 | €801 | +€341 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €460 | €801 | +€341 | +74.2% |
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 22 October 2026 via checked.be.