BLUE GOAT: 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 GOAT
Largest movements
- Cash +€35,194
up €35,194 (+55.0%), from €64,047 to €99,242
mainly Net result for the year (+€45,760) and Tax, wage and social debts (+€6,947)
- Receivables after one year +€11,000
new in 2026: €11,000
- Current investments +€10,000
up €10,000 (+100%), from €10,000 to €20,000
- Receivables within one year -€3,729
down €3,729 (-12.8%), from €29,126 to €25,397
of which Other amounts receivable: -€6,933
- Tangible fixed assets +€1,737
up €1,737 (+22.3%), from €7,784 to €9,521
of which Plant, machinery and equipment: +€1,356
- Profit (loss) carried forward +€34,371
new in 2026: €34,371
- Reserves +€11,389
up €11,389 (+11.0%), from €103,929 to €115,318
- Tax, wage and social debts +€6,947
up €6,947 (+1,408%), from €494 to €7,441
- Trade debts +€2,183
up €2,183 (+113%), from €1,928 to €4,111
- Gross operating margin -€14,441
down €14,441 (-18.6%), from €77,467 to €63,026
- Taxes -€2,732
down €2,732 (-16.4%), from €16,644 to €13,912
- Other operating charges +€1,209
up €1,209 (+292%), from €414 to €1,623
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,184 | €166,241 | +€54,058 | +48.2% |
| Fixed assets | 21/28 | €7,784 | €9,521 | +€1,737 | +22.3% |
| Tangible fixed assets | 22/27 | €7,784 | €9,521 | +€1,737 | +22.3% |
| Land and buildings | 22 | €1,520 | €1,365 | -€155 | -10.2% |
| Plant, machinery and equipment | 23 | €769 | €2,125 | +€1,356 | +176% |
| Furniture and vehicles | 24 | €5,495 | €6,031 | +€536 | +9.8% |
| Current assets | 29/58 | €104,400 | €156,720 | +€52,320 | +50.1% |
| Amounts receivable after more than one year | 29 | - | €11,000 | +€11,000 | |
| Other amounts receivable | 291 | - | €11,000 | +€11,000 | |
| Amounts receivable within one year | 40/41 | €29,126 | €25,397 | -€3,729 | -12.8% |
| Trade receivables | 40 | €15,400 | €18,604 | +€3,204 | +20.8% |
| Other amounts receivable | 41 | €13,726 | €6,793 | -€6,933 | -50.5% |
| Current investments | 50/53 | €10,000 | €20,000 | +€10,000 | +100% |
| Cash at bank and in hand | 54/58 | €64,047 | €99,242 | +€35,194 | +55.0% |
| Deferred charges and accrued income | 490/1 | €1,227 | €1,082 | -€145 | -11.8% |
| Total equity and liabilities | 10/49 | €112,184 | €166,241 | +€54,058 | +48.2% |
| Equity | 10/15 | €108,929 | €154,689 | +€45,760 | +42.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €103,929 | €115,318 | +€11,389 | +11.0% |
| Distributable reserves | 133 | €103,929 | €115,318 | +€11,389 | +11.0% |
| Profit (loss) carried forward | 14 | - | €34,371 | +€34,371 | |
| Amounts payable | 17/49 | €3,255 | €11,552 | +€8,297 | +255% |
| Amounts payable within one year | 42/48 | €3,255 | €11,552 | +€8,297 | +255% |
| Trade debts | 44 | €1,928 | €4,111 | +€2,183 | +113% |
| Suppliers | 440/4 | €1,928 | €4,111 | +€2,183 | +113% |
| Taxes, remuneration and social security | 45 | €494 | €7,441 | +€6,947 | +1,408% |
| Taxes | 450/3 | €494 | €7,441 | +€6,947 | +1,408% |
| Other amounts payable | 47/48 | €833 | - | -€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,168 | €2,814 | +€646 | +29.8% |
| Other operating charges | 640/8 | €414 | €1,623 | +€1,209 | +292% |
| Gross operating margin | 9900 | €77,467 | €63,026 | -€14,441 | -18.6% |
| Operating profit (loss) | 9901 | €74,885 | €58,589 | -€16,297 | -21.8% |
| Financial income | 75/76B | €813 | €1,186 | +€372 | +45.8% |
| Recurring financial income | 75 | €813 | €1,186 | +€372 | +45.8% |
| Financial charges | 65/66B | €74 | €102 | +€29 | +38.9% |
| Recurring financial charges | 65 | €74 | €102 | +€29 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €75,625 | €59,672 | -€15,953 | -21.1% |
| Income taxes | 67/77 | €16,644 | €13,912 | -€2,732 | -16.4% |
| Profit (loss) for the period | 9904 | €58,982 | €45,760 | -€13,221 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,982 | €45,760 | -€13,221 | -22.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.