Blue Giraffe: 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 Giraffe
Largest movements
- Tangible fixed assets +€372,082
up €372,082 (+536%), from €69,402 to €441,484
of which Other tangible fixed assets: +€379,688
- Cash -€157,787
down €157,787 (-88.3%), from €178,621 to €20,834
mainly Investment in fixed assets (net) (-€400,463) and Current investments (-€84,000)
- Current investments +€84,000
up €84,000 (+109%), from €76,999 to €160,998
- Other debts +€171,065
up €171,065 (+3,080%), from €5,554 to €176,619
- Reserves +€118,066
up €118,066 (+46.9%), from €251,690 to €369,755
- Gross operating margin -€21,366
down €21,366 (-7.8%), from €273,143 to €251,777
- Other operating charges +€14,132
up €14,132 (+26.4%), from €53,529 to €67,661
- Taxes -€10,550
down €10,550 (-23.3%), from €45,339 to €34,789
- Depreciation +€8,378
up €8,378 (+41.9%), from €20,003 to €28,381
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 | €363,267 | €661,443 | +€298,175 | +82.1% |
| Fixed assets | 21/28 | €69,402 | €441,484 | +€372,082 | +536% |
| Tangible fixed assets | 22/27 | €69,402 | €441,484 | +€372,082 | +536% |
| Plant, machinery and equipment | 23 | - | €1,365 | +€1,365 | |
| Furniture and vehicles | 24 | €69,402 | €60,431 | -€8,970 | -12.9% |
| Other tangible fixed assets | 26 | - | €379,688 | +€379,688 | |
| Current assets | 29/58 | €293,866 | €219,959 | -€73,907 | -25.1% |
| Amounts receivable within one year | 40/41 | €37,047 | €36,157 | -€890 | -2.4% |
| Trade receivables | 40 | €37,031 | €36,157 | -€874 | -2.4% |
| Other amounts receivable | 41 | €16 | €0 | -€16 | -100% |
| Current investments | 50/53 | €76,999 | €160,998 | +€84,000 | +109% |
| Cash at bank and in hand | 54/58 | €178,621 | €20,834 | -€157,787 | -88.3% |
| Deferred charges and accrued income | 490/1 | €1,199 | €1,970 | +€771 | +64.3% |
| Total equity and liabilities | 10/49 | €363,267 | €661,443 | +€298,175 | +82.1% |
| Equity | 10/15 | €255,890 | €373,955 | +€118,066 | +46.1% |
| Contributions | 10/11 | €4,200 | €4,200 | = | 0.0% |
| Reserves | 13 | €251,690 | €369,755 | +€118,066 | +46.9% |
| Distributable reserves | 133 | €251,690 | €369,755 | +€118,066 | +46.9% |
| Amounts payable | 17/49 | €107,378 | €287,487 | +€180,110 | +168% |
| Amounts payable within one year | 42/48 | €106,225 | €285,467 | +€179,243 | +169% |
| Trade debts | 44 | €4,855 | €6,924 | +€2,069 | +42.6% |
| Suppliers | 440/4 | €4,855 | €6,924 | +€2,069 | +42.6% |
| Taxes, remuneration and social security | 45 | €95,815 | €101,924 | +€6,108 | +6.4% |
| Taxes | 450/3 | €93,165 | €99,274 | +€6,108 | +6.6% |
| Remuneration and social security | 454/9 | €2,650 | €2,650 | = | 0.0% |
| Other amounts payable | 47/48 | €5,554 | €176,619 | +€171,065 | +3,080% |
| Accrued charges and deferred income | 492/3 | €1,153 | €2,020 | +€867 | +75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,003 | €28,381 | +€8,378 | +41.9% |
| Other operating charges | 640/8 | €53,529 | €67,661 | +€14,132 | +26.4% |
| Gross operating margin | 9900 | €273,143 | €251,777 | -€21,366 | -7.8% |
| Operating profit (loss) | 9901 | €199,611 | €155,735 | -€43,876 | -22.0% |
| Financial income | 75/76B | - | €46 | +€46 | |
| Recurring financial income | 75 | - | €46 | +€46 | |
| Financial charges | 65/66B | €919 | €2,927 | +€2,008 | +218% |
| Recurring financial charges | 65 | €919 | €2,927 | +€2,008 | +218% |
| Profit (loss) for the period before taxes | 9903 | €198,692 | €152,854 | -€45,838 | -23.1% |
| Income taxes | 67/77 | €45,339 | €34,789 | -€10,550 | -23.3% |
| Profit (loss) for the period | 9904 | €153,353 | €118,066 | -€35,288 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,353 | €118,066 | -€35,288 | -23.0% |
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 21 October 2026 via checked.be.