BLUE GLORY: 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 GLORY
Largest movements
- Tangible fixed assets -€47,115
down €47,115 (-69.8%), from €67,481 to €20,366
of which Land and buildings: -€47,040
- Current investments -€40,344
no longer reported in 2025 (was €40,344)
- Cash +€35,456
up €35,456 (+39.6%), from €89,437 to €124,893
mainly Depreciation (+€47,853) and Current investments (+€40,344)
- Receivables within one year +€14,667
up €14,667 (+947%), from €1,548 to €16,215
of which Other amounts receivable: +€12,507
- Deferred charges and accrued income +€2,921
new in 2025: €2,921
- Profit (loss) carried forward +€243,117
up €243,117, from -€206,748 to €36,370
- Reserves -€206,748
down €206,748 (-68.5%), from €301,860 to €95,112
of which Distributable reserves: -€204,888
- Trade debts -€36,835
down €36,835 (-97.8%), from €37,653 to €818
- Debts after one year -€27,569
down €27,569 (-68.8%), from €40,064 to €12,495
- Tax, wage and social debts -€11,626
down €11,626 (-88.6%), from €13,114 to €1,488
of which Remuneration and social security: -€12,014
- Financial income +€70,056
new in 2025: €70,056
of which Non-recurring financial income: +€69,863
- Depreciation +€32,607
up €32,607 (+214%), from €15,246 to €47,853
- Gross operating margin +€25,532
up €25,532 (+2,871%), from €889 to €26,422
- Financial charges -€2,623
down €2,623 (-73.6%), from €3,562 to €939
- Taxes +€388
new in 2025: €388
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 | €204,599 | €170,194 | -€34,405 | -16.8% |
| Fixed assets | 21/28 | €73,270 | €26,164 | -€47,105 | -64.3% |
| Tangible fixed assets | 22/27 | €67,481 | €20,366 | -€47,115 | -69.8% |
| Land and buildings | 22 | €66,360 | €19,320 | -€47,040 | -70.9% |
| Furniture and vehicles | 24 | €653 | €834 | +€181 | +27.8% |
| Other tangible fixed assets | 26 | €469 | €212 | -€257 | -54.7% |
| Financial fixed assets | 28 | €5,788 | €5,798 | +€10 | +0.2% |
| Current assets | 29/58 | €131,329 | €144,030 | +€12,701 | +9.7% |
| Amounts receivable within one year | 40/41 | €1,548 | €16,215 | +€14,667 | +947% |
| Trade receivables | 40 | €1,548 | €3,709 | +€2,161 | +140% |
| Other amounts receivable | 41 | - | €12,507 | +€12,507 | |
| Current investments | 50/53 | €40,344 | - | -€40,344 | |
| Cash at bank and in hand | 54/58 | €89,437 | €124,893 | +€35,456 | +39.6% |
| Deferred charges and accrued income | 490/1 | - | €2,921 | +€2,921 | |
| Total equity and liabilities | 10/49 | €204,599 | €170,194 | -€34,405 | -16.8% |
| Equity | 10/15 | €113,712 | €150,082 | +€36,370 | +32.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €301,860 | €95,112 | -€206,748 | -68.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €300,000 | €95,112 | -€204,888 | -68.3% |
| Profit (loss) carried forward | 14 | -€206,748 | €36,370 | +€243,117 | |
| Amounts payable | 17/49 | €90,887 | €20,112 | -€70,774 | -77.9% |
| Amounts payable after more than one year | 17 | €40,064 | €12,495 | -€27,569 | -68.8% |
| Financial debts | 170/4 | €40,064 | €12,495 | -€27,569 | -68.8% |
| Amounts payable within one year | 42/48 | €50,823 | €7,617 | -€43,206 | -85.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,662 | +€4,662 | |
| Trade debts | 44 | €37,653 | €818 | -€36,835 | -97.8% |
| Suppliers | 440/4 | €37,653 | €818 | -€36,835 | -97.8% |
| Taxes, remuneration and social security | 45 | €13,114 | €1,488 | -€11,626 | -88.6% |
| Taxes | 450/3 | - | €388 | +€388 | |
| Remuneration and social security | 454/9 | €13,114 | €1,100 | -€12,014 | -91.6% |
| Other amounts payable | 47/48 | €56 | €649 | +€593 | +1,055% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,246 | €47,853 | +€32,607 | +214% |
| Other operating charges | 640/8 | €1,453 | €1,815 | +€363 | +25.0% |
| Non-recurring operating charges | 66A | - | €9,112 | +€9,112 | |
| Gross operating margin | 9900 | €889 | €26,422 | +€25,532 | +2,871% |
| Operating profit (loss) | 9901 | -€15,810 | -€32,359 | -€16,549 | -105% |
| Financial income | 75/76B | - | €70,056 | +€70,056 | |
| Recurring financial income | 75 | - | €193 | +€193 | |
| Non-recurring financial income | 76B | - | €69,863 | +€69,863 | |
| Financial charges | 65/66B | €3,562 | €939 | -€2,623 | -73.6% |
| Recurring financial charges | 65 | €3,562 | €939 | -€2,623 | -73.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,372 | €36,758 | +€56,130 | |
| Income taxes | 67/77 | - | €388 | +€388 | |
| Profit (loss) for the period | 9904 | -€19,372 | €36,370 | +€55,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,372 | €36,370 | +€55,741 |
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 18 October 2026 via checked.be.