BLUE NOTE: what changed
Two fiscal 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 NOTE
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-80.5%), from €2.4m to €477,712
of which Other amounts receivable: -€2.1m
- Current investments +€1.8m
up €1.8m (+1653.7%), from €109,471 to €1.9m
- Tangible fixed assets +€1.2m
up €1.2m (+96.0%), from €1.3m to €2.5m
of which Land and buildings: +€1.1m
- Cash -€612,620
down €612,620 (-46.8%), from €1.3m to €695,985
mainly Current investments (-€1.8m) and Investment in fixed assets (net) (-€1.5m)
- Reserves +€603,600
up €603,600 (+43.7%), from €1.4m to €2.0m
of which Distributable reserves: +€603,600
- Tax, wage and social debts -€177,235
down €177,235 (-86.6%), from €204,712 to €27,477
of which Taxes: -€177,312
- Trade debts +€111,827
up €111,827 (+423.7%), from €26,390 to €138,217
- Financial income -€559,545
down €559,545 (-38.1%), from €1.5m to €910,188
of which Financial income: -€492,699
- Gross operating margin -€239,605
down €239,605 (-80.4%), from €297,895 to €58,289
- Taxes -€95,636
down €95,636 (-61.2%), from €156,251 to €60,616
- Depreciation +€46,556
up €46,556 (+23.6%), from €197,083 to €243,639
- Other operating charges +€32,338
up €32,338 (+144.6%), from €22,360 to €54,699
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,149,099 | €5,589,672 | +€440,573 | +8.6% |
| Fixed assets | 21/28 | €1,267,981 | €2,475,069 | +€1.2m | +95.2% |
| Intangible fixed assets | 21 | €7,955 | €6,352 | -€1,603 | -20.2% |
| Tangible fixed assets | 22/27 | €1,258,750 | €2,467,441 | +€1.2m | +96.0% |
| Land and buildings | 22 | €964,367 | €2,029,324 | +€1.1m | +110.4% |
| Plant, machinery and equipment | 23 | €168,074 | €261,933 | +€93,858 | +55.8% |
| Furniture and vehicles | 24 | €19,519 | €57,079 | +€37,560 | +192.4% |
| Other tangible fixed assets | 26 | €106,789 | €119,105 | +€12,315 | +11.5% |
| Financial fixed assets | 28 | €1,277 | €1,277 | = | 0.0% |
| Current assets | 29/58 | €3,881,118 | €3,114,603 | -€766,515 | -19.7% |
| Amounts receivable within one year | 40/41 | €2,449,615 | €477,712 | -€2.0m | -80.5% |
| Trade receivables | 40 | €74,512 | €191,854 | +€117,343 | +157.5% |
| Other amounts receivable | 41 | €2,375,104 | €285,858 | -€2.1m | -88.0% |
| Current investments | 50/53 | €109,471 | €1,919,838 | +€1.8m | +1653.7% |
| Cash at bank and in hand | 54/58 | €1,308,605 | €695,985 | -€612,620 | -46.8% |
| Deferred charges and accrued income | 490/1 | €13,427 | €21,068 | +€7,641 | +56.9% |
| Total equity and liabilities | 10/49 | €5,149,099 | €5,589,672 | +€440,573 | +8.6% |
| Equity | 10/15 | €4,706,458 | €5,310,074 | +€603,616 | +12.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,381,859 | €1,985,459 | +€603,600 | +43.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,380,000 | €1,983,600 | +€603,600 | +43.7% |
| Profit (loss) carried forward | 14 | €3,306,007 | €3,306,023 | +€16 | 0.0% |
| Amounts payable | 17/49 | €442,641 | €279,598 | -€163,043 | -36.8% |
| Amounts payable after more than one year | 17 | €113,253 | €69,301 | -€43,951 | -38.8% |
| Financial debts | 170/4 | €109,653 | €65,701 | -€43,951 | -40.1% |
| Other amounts payable | 178/9 | €3,600 | €3,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €329,388 | €209,646 | -€119,742 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €42,778 | €43,951 | +€1,173 | +2.7% |
| Trade debts | 44 | €26,390 | €138,217 | +€111,827 | +423.7% |
| Suppliers | 440/4 | €26,390 | €138,217 | +€111,827 | +423.7% |
| Taxes, remuneration and social security | 45 | €204,712 | €27,477 | -€177,235 | -86.6% |
| Taxes | 450/3 | €204,712 | €27,400 | -€177,312 | -86.6% |
| Remuneration and social security | 454/9 | - | €78 | +€78 | |
| Other amounts payable | 47/48 | €55,508 | - | -€55,508 | |
| Accrued charges and deferred income | 492/3 | - | €650 | +€650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,083 | €243,639 | +€46,556 | +23.6% |
| Other operating charges | 640/8 | €22,360 | €54,699 | +€32,338 | +144.6% |
| Gross operating margin | 9900 | €297,895 | €58,289 | -€239,605 | -80.4% |
| Operating profit (loss) | 9901 | €78,452 | -€240,048 | -€318,500 | |
| Financial income | 75/76B | €1,469,733 | €910,188 | -€559,545 | -38.1% |
| Recurring financial income | 75 | €571,296 | €78,597 | -€492,699 | -86.2% |
| Non-recurring financial income | 76B | €898,437 | €831,591 | -€66,846 | -7.4% |
| Financial charges | 65/66B | €7,007 | €5,908 | -€1,098 | -15.7% |
| Recurring financial charges | 65 | €7,007 | €5,908 | -€1,098 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €1,541,178 | €664,232 | -€876,946 | -56.9% |
| Income taxes | 67/77 | €156,251 | €60,616 | -€95,636 | -61.2% |
| Profit (loss) for the period | 9904 | €1,384,927 | €603,616 | -€781,310 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,384,927 | €603,616 | -€781,310 | -56.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.