Blue Management Services: what changed
What changed
Blue Management Services
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€19,950
2024 · €154,327-€134,377
Equity
€601,041
2024 · €581,091+€19,950
Cash
€7,622
2024 · €17,096-€9,474
Balance sheet total
€1.6m
2024 · €728,733+€828,616
Largest movements
Assets
- Financial fixed assets +€1.2m
new in 2025: €1.2m
- Receivables within one year -€646,667
down €646,667 (-92.6%), from €698,297 to €51,629
of which Other amounts receivable: -€612,057
- Receivables after one year +€291,918
new in 2025: €291,918
Equity and liabilities
- Other debts +€871,732
new in 2025: €871,732
- Current portion of long-term debt -€34,742
down €34,742 (-83.0%), from €41,864 to €7,122
- Advances received -€31,004
no longer reported in 2025 (was €31,004)
- Reserves +€19,950
up €19,950 (+3.5%), from €568,691 to €588,641
- Trade debts +€17,310
up €17,310 (+108%), from €16,051 to €33,361
Income statement
- Gross operating margin -€127,505
down €127,505 (-96.0%), from €132,761 to €5,256
- Financial income -€41,682
down €41,682 (-49.8%), from €83,645 to €41,964
- Staff costs -€15,950
no longer reported in 2025 (was €15,950)
- Taxes -€10,733
down €10,733 (-41.1%), from €26,125 to €15,392
- Financial charges -€4,723
down €4,723 (-47.3%), from €9,979 to €5,256
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.
Result 2024
€154,327
Gross operating margin
-€127,505
Staff costs
+€15,950
Depreciation
+€720
Other operating charges
+€2,684
Financial income
-€41,682
Financial charges
+€4,723
Taxes
+€10,733
Result 2025
€19,950
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€1.2m
Financing
-€53,696
Cash 2024
€17,096
From operations (derived)
+€1.2m
Net result for the year
+€19,950
Depreciation
+€3,502
Receivables after one year
-€291,918
Receivables within one year
+€646,667
Deferred charges and accrued income
+€658
Trade debts
+€17,310
Tax, wage and social debts
+€4,323
Advances received
-€31,004
Other debts
+€871,732
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
-€53,696
Debts after one year
-€7,122
Current portion of long-term debt
-€34,742
Short-term financial debts
-€11,832
Cash 2025
€7,622
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €728,733 | €1,557,349 | +€828,616 | +114% |
| Fixed assets | 21/28 | €12,447 | €1,205,945 | +€1.2m | +9,589% |
| Tangible fixed assets | 22/27 | €12,447 | €8,945 | -€3,502 | -28.1% |
| Plant, machinery and equipment | 23 | €1,847 | €1,131 | -€716 | -38.8% |
| Other tangible fixed assets | 26 | €10,600 | €7,815 | -€2,786 | -26.3% |
| Financial fixed assets | 28 | - | €1,197,000 | +€1.2m | |
| Current assets | 29/58 | €716,285 | €351,404 | -€364,882 | -50.9% |
| Amounts receivable after more than one year | 29 | - | €291,918 | +€291,918 | |
| Other amounts receivable | 291 | - | €291,918 | +€291,918 | |
| Amounts receivable within one year | 40/41 | €698,297 | €51,629 | -€646,667 | -92.6% |
| Trade receivables | 40 | €77,365 | €42,755 | -€34,610 | -44.7% |
| Other amounts receivable | 41 | €620,932 | €8,875 | -€612,057 | -98.6% |
| Cash at bank and in hand | 54/58 | €17,096 | €7,622 | -€9,474 | -55.4% |
| Deferred charges and accrued income | 490/1 | €893 | €234 | -€658 | -73.7% |
| Total equity and liabilities | 10/49 | €728,733 | €1,557,349 | +€828,616 | +114% |
| Equity | 10/15 | €581,091 | €601,041 | +€19,950 | +3.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €568,691 | €588,641 | +€19,950 | +3.5% |
| Distributable reserves | 133 | €568,691 | €588,641 | +€19,950 | +3.5% |
| Amounts payable | 17/49 | €147,642 | €956,308 | +€808,666 | +548% |
| Amounts payable after more than one year | 17 | €30,800 | €23,678 | -€7,122 | -23.1% |
| Financial debts | 170/4 | €30,800 | €23,678 | -€7,122 | -23.1% |
| Amounts payable within one year | 42/48 | €116,841 | €932,629 | +€815,788 | +698% |
| Current portion of amounts payable after more than one year | 42 | €41,864 | €7,122 | -€34,742 | -83.0% |
| Financial debts | 43 | €11,832 | - | -€11,832 | |
| Credit institutions | 430/8 | €11,832 | - | -€11,832 | |
| Trade debts | 44 | €16,051 | €33,361 | +€17,310 | +108% |
| Suppliers | 440/4 | €16,051 | €33,361 | +€17,310 | +108% |
| Advances received on contracts in progress | 46 | €31,004 | - | -€31,004 | |
| Taxes, remuneration and social security | 45 | €16,091 | €20,414 | +€4,323 | +26.9% |
| Taxes | 450/3 | €15,015 | €20,414 | +€5,399 | +36.0% |
| Remuneration and social security | 454/9 | €1,076 | - | -€1,076 | |
| Other amounts payable | 47/48 | - | €871,732 | +€871,732 | |
| Remuneration, social security and pensions | 62 | €15,950 | - | -€15,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,222 | €3,502 | -€720 | -17.1% |
| Other operating charges | 640/8 | €5,804 | €3,120 | -€2,684 | -46.2% |
| Gross operating margin | 9900 | €132,761 | €5,256 | -€127,505 | -96.0% |
| Operating profit (loss) | 9901 | €106,785 | -€1,366 | -€108,151 | |
| Financial income | 75/76B | €83,645 | €41,964 | -€41,682 | -49.8% |
| Recurring financial income | 75 | €83,645 | €41,964 | -€41,682 | -49.8% |
| Financial charges | 65/66B | €9,979 | €5,256 | -€4,723 | -47.3% |
| Recurring financial charges | 65 | €9,979 | €5,256 | -€4,723 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €180,452 | €35,342 | -€145,110 | -80.4% |
| Income taxes | 67/77 | €26,125 | €15,392 | -€10,733 | -41.1% |
| Profit (loss) for the period | 9904 | €154,327 | €19,950 | -€134,377 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €154,327 | €19,950 | -€134,377 | -87.1% |
Next steps
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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 4 November 2026 via checked.be.