BLUE FIVE: 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 FIVE
Largest movements
- Receivables within one year +€25,511
up €25,511 (+6.4%), from €401,113 to €426,624
of which Other amounts receivable: +€33,224
- Cash +€13,968
up €13,968 (+2,793%), from €500 to €14,468
mainly Net result for the year (+€36,374) and Advances received (+€12,453)
- Deferred charges and accrued income +€12,089
up €12,089 (+78.4%), from €15,416 to €27,504
- Reserves +€36,374
up €36,374 (+10.0%), from €363,227 to €399,601
- Advances received +€12,453
up €12,453 (+22.2%), from €56,048 to €68,500
- Other debts +€7,037
up €7,037, from €0 to €7,037
- Gross operating margin -€13,620
down €13,620 (-23.1%), from €58,868 to €45,248
- Taxes -€3,647
down €3,647 (-15.9%), from €22,953 to €19,306
- Financial income +€1,609
up €1,609 (+11.1%), from €14,498 to €16,107
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 | €455,222 | €507,320 | +€52,098 | +11.4% |
| Fixed assets | 21/28 | €38,056 | €38,589 | +€533 | +1.4% |
| Tangible fixed assets | 22/27 | €38,056 | €38,589 | +€533 | +1.4% |
| Plant, machinery and equipment | 23 | €1,058 | €2,138 | +€1,080 | +102% |
| Furniture and vehicles | 24 | €36,998 | €36,450 | -€548 | -1.5% |
| Current assets | 29/58 | €417,166 | €468,732 | +€51,566 | +12.4% |
| Stocks and contracts in progress | 3 | €125 | €135 | +€10 | +8.0% |
| Stocks | 30/36 | €125 | €135 | +€10 | +8.0% |
| Amounts receivable within one year | 40/41 | €401,113 | €426,624 | +€25,511 | +6.4% |
| Trade receivables | 40 | €7,713 | €0 | -€7,713 | -100% |
| Other amounts receivable | 41 | €393,400 | €426,624 | +€33,224 | +8.4% |
| Current investments | 50/53 | €12 | €0 | -€12 | -100% |
| Cash at bank and in hand | 54/58 | €500 | €14,468 | +€13,968 | +2,793% |
| Deferred charges and accrued income | 490/1 | €15,416 | €27,504 | +€12,089 | +78.4% |
| Total equity and liabilities | 10/49 | €455,222 | €507,320 | +€52,098 | +11.4% |
| Equity | 10/15 | €381,777 | €418,151 | +€36,374 | +9.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €363,227 | €399,601 | +€36,374 | +10.0% |
| Distributable reserves | 133 | €363,227 | €399,601 | +€36,374 | +10.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €73,445 | €89,169 | +€15,725 | +21.4% |
| Amounts payable within one year | 42/48 | €72,986 | €89,152 | +€16,166 | +22.1% |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Trade debts | 44 | €899 | €1,107 | +€208 | +23.1% |
| Suppliers | 440/4 | €899 | €1,107 | +€208 | +23.1% |
| Advances received on contracts in progress | 46 | €56,048 | €68,500 | +€12,453 | +22.2% |
| Taxes, remuneration and social security | 45 | €16,039 | €12,496 | -€3,543 | -22.1% |
| Taxes | 450/3 | €16,039 | €12,496 | -€3,543 | -22.1% |
| Other amounts payable | 47/48 | €0 | €7,037 | +€7,037 | |
| Accrued charges and deferred income | 492/3 | €459 | €17 | -€442 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,089 | €1,127 | +€38 | +3.5% |
| Other operating charges | 640/8 | €1,088 | €1,115 | +€26 | +2.4% |
| Gross operating margin | 9900 | €58,868 | €45,248 | -€13,620 | -23.1% |
| Operating profit (loss) | 9901 | €56,692 | €43,007 | -€13,685 | -24.1% |
| Financial income | 75/76B | €14,498 | €16,107 | +€1,609 | +11.1% |
| Recurring financial income | 75 | €14,498 | €16,107 | +€1,609 | +11.1% |
| Financial charges | 65/66B | €3,915 | €3,434 | -€482 | -12.3% |
| Recurring financial charges | 65 | €3,915 | €3,434 | -€482 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €67,274 | €55,680 | -€11,594 | -17.2% |
| Income taxes | 67/77 | €22,953 | €19,306 | -€3,647 | -15.9% |
| Profit (loss) for the period | 9904 | €44,321 | €36,374 | -€7,947 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,321 | €36,374 | -€7,947 | -17.9% |
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 24 October 2026 via checked.be.