BLUE HEAT: what changed
BLUE HEAT
Largest movements
- Stocks and contracts -€64,564
down €64,564 (-94.3%), from €68,461 to €3,896
- Receivables within one year -€57,667
down €57,667 (-18.2%), from €317,260 to €259,593
of which Trade receivables: -€48,629
- Cash -€39,081
down €39,081 (-15.0%), from €259,935 to €220,854
mainly Contributions, distributions and other (-€125,000) and Trade debts (-€76,634)
- Tangible fixed assets -€16,533
down €16,533 (-26.0%), from €63,504 to €46,971
- Trade debts -€76,634
down €76,634 (-45.4%), from €168,644 to €92,011
- Profit (loss) carried forward -€73,829
down €73,829 (-24.3%), from €304,173 to €230,343
- Advances received -€49,488
down €49,488 (-44.8%), from €110,388 to €60,900
- Other debts +€40,000
up €40,000 (+47.1%), from €85,000 to €125,000
- Tax, wage and social debts -€19,657
down €19,657 (-96.9%), from €20,285 to €628
of which Remuneration and social security: -€12,153
- Gross operating margin -€405,782
down €405,782 (-80.8%), from €502,156 to €96,374
- Staff costs -€118,861
down €118,861 (-95.5%), from €124,471 to €5,610
- Taxes +€16,496
up €16,496 (+1,602%), from €1,030 to €17,526
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €721,490 | €541,883 | -€179,608 | -24.9% |
| Fixed assets | 21/28 | €68,346 | €51,188 | -€17,158 | -25.1% |
| Intangible fixed assets | 21 | €4,843 | €4,218 | -€625 | -12.9% |
| Tangible fixed assets | 22/27 | €63,504 | €46,971 | -€16,533 | -26.0% |
| Furniture and vehicles | 24 | €63,504 | €46,971 | -€16,533 | -26.0% |
| Current assets | 29/58 | €653,144 | €490,695 | -€162,450 | -24.9% |
| Stocks and contracts in progress | 3 | €68,461 | €3,896 | -€64,564 | -94.3% |
| Contracts in progress | 37 | €68,461 | €3,896 | -€64,564 | -94.3% |
| Amounts receivable within one year | 40/41 | €317,260 | €259,593 | -€57,667 | -18.2% |
| Trade receivables | 40 | €185,561 | €136,932 | -€48,629 | -26.2% |
| Other amounts receivable | 41 | €131,699 | €122,660 | -€9,038 | -6.9% |
| Cash at bank and in hand | 54/58 | €259,935 | €220,854 | -€39,081 | -15.0% |
| Deferred charges and accrued income | 490/1 | €7,489 | €6,351 | -€1,138 | -15.2% |
| Total equity and liabilities | 10/49 | €721,490 | €541,883 | -€179,608 | -24.9% |
| Equity | 10/15 | €337,173 | €263,343 | -€73,829 | -21.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €304,173 | €230,343 | -€73,829 | -24.3% |
| Amounts payable | 17/49 | €384,317 | €278,539 | -€105,778 | -27.5% |
| Amounts payable within one year | 42/48 | €384,317 | €278,539 | -€105,778 | -27.5% |
| Trade debts | 44 | €168,644 | €92,011 | -€76,634 | -45.4% |
| Suppliers | 440/4 | €168,644 | €92,011 | -€76,634 | -45.4% |
| Advances received on contracts in progress | 46 | €110,388 | €60,900 | -€49,488 | -44.8% |
| Taxes, remuneration and social security | 45 | €20,285 | €628 | -€19,657 | -96.9% |
| Taxes | 450/3 | €7,504 | €0 | -€7,504 | -100% |
| Remuneration and social security | 454/9 | €12,781 | €628 | -€12,153 | -95.1% |
| Other amounts payable | 47/48 | €85,000 | €125,000 | +€40,000 | +47.1% |
| Remuneration, social security and pensions | 62 | €124,471 | €5,610 | -€118,861 | -95.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,279 | €18,481 | +€202 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,397 | €1,580 | -€817 | -34.1% |
| Gross operating margin | 9900 | €502,156 | €96,374 | -€405,782 | -80.8% |
| Operating profit (loss) | 9901 | €357,009 | €70,704 | -€286,305 | -80.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +243% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +243% |
| Financial charges | 65/66B | €3,125 | €2,008 | -€1,117 | -35.7% |
| Recurring financial charges | 65 | €3,125 | €2,008 | -€1,117 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €353,885 | €68,696 | -€285,188 | -80.6% |
| Income taxes | 67/77 | €1,030 | €17,526 | +€16,496 | +1,602% |
| Profit (loss) for the period | 9904 | €352,855 | €51,171 | -€301,684 | -85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €352,855 | €51,171 | -€301,684 | -85.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.