BLUE ESTATE: 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 ESTATE
Largest movements
- Stocks and contracts +€817,287
up €817,287 (+31.8%), from €2.6m to €3.4m
- Other debts +€1.6m
up €1.6m (+406%), from €400,197 to €2.0m
- Short-term financial debts -€684,995
down €684,995 (-40.7%), from €1.7m to €1.0m
- Profit (loss) carried forward -€93,269
down €93,269 (-102%), from -€91,528 to -€184,797
- Financial charges +€21,973
up €21,973 (+45.0%), from €48,860 to €70,833
- Gross operating margin -€9,785
down €9,785 (-84.5%), from -€11,586 to -€21,372
- Other operating charges +€450
up €450 (+73.2%), from €614 to €1,064
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 | €2,634,758 | €3,460,881 | +€826,122 | +31.4% |
| Fixed assets | 21/28 | €1,250 | €1,250 | = | 0.0% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €2,633,508 | €3,459,631 | +€826,122 | +31.4% |
| Stocks and contracts in progress | 3 | €2,570,203 | €3,387,490 | +€817,287 | +31.8% |
| Stocks | 30/36 | €2,570,203 | €3,387,490 | +€817,287 | +31.8% |
| Amounts receivable within one year | 40/41 | €44,331 | €67,636 | +€23,306 | +52.6% |
| Other amounts receivable | 41 | €44,331 | €67,636 | +€23,306 | +52.6% |
| Cash at bank and in hand | 54/58 | €12,120 | €4,504 | -€7,615 | -62.8% |
| Deferred charges and accrued income | 490/1 | €6,855 | €0 | -€6,855 | -100% |
| Total equity and liabilities | 10/49 | €2,634,758 | €3,460,881 | +€826,122 | +31.4% |
| Equity | 10/15 | €508,472 | €415,203 | -€93,269 | -18.3% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,528 | -€184,797 | -€93,269 | -102% |
| Amounts payable | 17/49 | €2,126,287 | €3,045,678 | +€919,391 | +43.2% |
| Amounts payable within one year | 42/48 | €2,126,287 | €3,045,678 | +€919,391 | +43.2% |
| Financial debts | 43 | €1,684,995 | €1,000,000 | -€684,995 | -40.7% |
| Credit institutions | 430/8 | €1,684,995 | €1,000,000 | -€684,995 | -40.7% |
| Trade debts | 44 | €41,094 | €20,480 | -€20,614 | -50.2% |
| Suppliers | 440/4 | €41,094 | €20,480 | -€20,614 | -50.2% |
| Other amounts payable | 47/48 | €400,197 | €2,025,197 | +€1.6m | +406% |
| Other operating charges | 640/8 | €614 | €1,064 | +€450 | +73.2% |
| Gross operating margin | 9900 | -€11,586 | -€21,372 | -€9,785 | -84.5% |
| Operating profit (loss) | 9901 | -€12,201 | -€22,436 | -€10,235 | -83.9% |
| Financial charges | 65/66B | €48,860 | €70,833 | +€21,973 | +45.0% |
| Recurring financial charges | 65 | €48,860 | €70,833 | +€21,973 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | -€61,060 | -€93,269 | -€32,208 | -52.7% |
| Profit (loss) for the period | 9904 | -€61,060 | -€93,269 | -€32,208 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,060 | -€93,269 | -€32,208 | -52.7% |
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.