BLUE GOLD: 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 GOLD
Largest movements
- Stocks and contracts +€157,146
up €157,146 (+38.8%), from €404,525 to €561,671
- Tangible fixed assets -€84,260
down €84,260 (-16.5%), from €509,743 to €425,484
of which Land and buildings: -€48,352
- Receivables within one year +€48,287
up €48,287 (+23.5%), from €205,455 to €253,743
of which Trade receivables: +€50,440
- Intangible fixed assets +€38,792
up €38,792 (+47.6%), from €81,553 to €120,345
- Cash +€26,341
up €26,341 (+72.1%), from €36,545 to €62,885
mainly Depreciation (+€115,728) and Debts after one year (+€71,141)
- Debts after one year +€71,141
up €71,141 (+35.8%), from €198,671 to €269,812
of which Other amounts payable: +€106,992
- Trade debts +€61,457
up €61,457 (+27.5%), from €223,182 to €284,638
- Short-term financial debts +€60,000
up €60,000 (+60.0%), from €100,000 to €160,000
- Profit (loss) carried forward -€15,718
down €15,718 (-2.5%), from €638,118 to €622,400
- Gross operating margin +€23,510
up €23,510 (+12.0%), from €196,541 to €220,051
- Depreciation +€8,481
up €8,481 (+7.9%), from €107,247 to €115,728
- Financial charges -€8,424
down €8,424 (-42.1%), from €20,010 to €11,586
- Financial income +€5,083
up €5,083 (+25,415,200%), from €0 to €5,083
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 | €1,248,820 | €1,434,622 | +€185,802 | +14.9% |
| Fixed assets | 21/28 | €591,296 | €545,828 | -€45,468 | -7.7% |
| Intangible fixed assets | 21 | €81,553 | €120,345 | +€38,792 | +47.6% |
| Tangible fixed assets | 22/27 | €509,743 | €425,484 | -€84,260 | -16.5% |
| Land and buildings | 22 | €396,255 | €347,903 | -€48,352 | -12.2% |
| Plant, machinery and equipment | 23 | €15,176 | €10,509 | -€4,667 | -30.8% |
| Furniture and vehicles | 24 | €89,164 | €59,197 | -€29,967 | -33.6% |
| Other tangible fixed assets | 26 | €9,149 | €7,875 | -€1,274 | -13.9% |
| Current assets | 29/58 | €657,524 | €888,794 | +€231,270 | +35.2% |
| Stocks and contracts in progress | 3 | €404,525 | €561,671 | +€157,146 | +38.8% |
| Stocks | 30/36 | €404,525 | €561,671 | +€157,146 | +38.8% |
| Amounts receivable within one year | 40/41 | €205,455 | €253,743 | +€48,287 | +23.5% |
| Trade receivables | 40 | €200,440 | €250,881 | +€50,440 | +25.2% |
| Other amounts receivable | 41 | €5,015 | €2,862 | -€2,153 | -42.9% |
| Cash at bank and in hand | 54/58 | €36,545 | €62,885 | +€26,341 | +72.1% |
| Deferred charges and accrued income | 490/1 | €10,999 | €10,495 | -€504 | -4.6% |
| Total equity and liabilities | 10/49 | €1,248,820 | €1,434,622 | +€185,802 | +14.9% |
| Equity | 10/15 | €661,369 | €645,651 | -€15,718 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,651 | €4,651 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,791 | €2,791 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €638,118 | €622,400 | -€15,718 | -2.5% |
| Amounts payable | 17/49 | €587,451 | €788,971 | +€201,520 | +34.3% |
| Amounts payable after more than one year | 17 | €198,671 | €269,812 | +€71,141 | +35.8% |
| Financial debts | 170/4 | €108,456 | €72,604 | -€35,851 | -33.1% |
| Other amounts payable | 178/9 | €90,216 | €197,208 | +€106,992 | +119% |
| Amounts payable within one year | 42/48 | €388,780 | €519,151 | +€130,370 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €34,527 | €35,851 | +€1,325 | +3.8% |
| Financial debts | 43 | €100,000 | €160,000 | +€60,000 | +60.0% |
| Other loans | 439 | €100,000 | €160,000 | +€60,000 | +60.0% |
| Trade debts | 44 | €223,182 | €284,638 | +€61,457 | +27.5% |
| Suppliers | 440/4 | €223,182 | €284,638 | +€61,457 | +27.5% |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €21,072 | €28,661 | +€7,589 | +36.0% |
| Taxes | 450/3 | €2,756 | €14,857 | +€12,101 | +439% |
| Remuneration and social security | 454/9 | €18,316 | €13,804 | -€4,512 | -24.6% |
| Accrued charges and deferred income | 492/3 | - | €9 | +€9 | |
| Remuneration, social security and pensions | 62 | €101,016 | €103,092 | +€2,076 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,247 | €115,728 | +€8,481 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €787 | +€787 | |
| Other operating charges | 640/8 | €8,852 | €9,377 | +€525 | +5.9% |
| Gross operating margin | 9900 | €196,541 | €220,051 | +€23,510 | +12.0% |
| Operating profit (loss) | 9901 | -€20,573 | -€8,933 | +€11,640 | +56.6% |
| Financial income | 75/76B | €0 | €5,083 | +€5,083 | +25,415,200% |
| Recurring financial income | 75 | €0 | €5,083 | +€5,083 | +25,415,200% |
| Financial charges | 65/66B | €20,010 | €11,586 | -€8,424 | -42.1% |
| Recurring financial charges | 65 | €20,010 | €11,586 | -€8,424 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | -€40,583 | -€15,436 | +€25,147 | +62.0% |
| Income taxes | 67/77 | €286 | €282 | -€4 | -1.4% |
| Profit (loss) for the period | 9904 | -€40,869 | -€15,718 | +€25,151 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,869 | -€15,718 | +€25,151 | +61.5% |
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 1 November 2026 via checked.be.