Blue Pencil: 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 Pencil
Largest movements
- Cash -€33,759
down €33,759 (-62.1%), from €54,384 to €20,624
mainly Contributions, distributions and other (-€52,553) and Receivables within one year (-€27,845)
- Receivables within one year +€27,845
up €27,845 (+98.8%), from €28,180 to €56,025
of which Trade receivables: +€29,362
- Tangible fixed assets -€3,407
down €3,407 (-44.1%), from €7,719 to €4,312
of which Plant, machinery and equipment: -€3,407
- Other debts -€9,166
down €9,166 (-15.4%), from €59,488 to €50,322
- Accrued charges and deferred income -€1,909
down €1,909 (-61.2%), from €3,117 to €1,208
- Tax, wage and social debts +€1,736
up €1,736 (+18.7%), from €9,299 to €11,035
of which Taxes: +€4,550
- Gross operating margin -€7,126
down €7,126 (-8.9%), from €80,290 to €73,164
- Depreciation -€1,864
down €1,864 (-28.2%), from €6,620 to €4,756
- Taxes -€973
down €973 (-6.2%), from €15,712 to €14,739
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 | €90,576 | €81,261 | -€9,314 | -10.3% |
| Fixed assets | 21/28 | €7,719 | €4,312 | -€3,407 | -44.1% |
| Tangible fixed assets | 22/27 | €7,719 | €4,312 | -€3,407 | -44.1% |
| Plant, machinery and equipment | 23 | €7,719 | €4,312 | -€3,407 | -44.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €82,857 | €76,950 | -€5,907 | -7.1% |
| Amounts receivable within one year | 40/41 | €28,180 | €56,025 | +€27,845 | +98.8% |
| Trade receivables | 40 | €23,833 | €53,194 | +€29,362 | +123% |
| Other amounts receivable | 41 | €4,348 | €2,831 | -€1,517 | -34.9% |
| Cash at bank and in hand | 54/58 | €54,384 | €20,624 | -€33,759 | -62.1% |
| Deferred charges and accrued income | 490/1 | €293 | €300 | +€7 | +2.5% |
| Total equity and liabilities | 10/49 | €90,576 | €81,261 | -€9,314 | -10.3% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €71,976 | €62,661 | -€9,314 | -12.9% |
| Amounts payable within one year | 42/48 | €68,859 | €61,453 | -€7,406 | -10.8% |
| Trade debts | 44 | €72 | €97 | +€25 | +34.5% |
| Suppliers | 440/4 | €72 | €97 | +€25 | +34.5% |
| Taxes, remuneration and social security | 45 | €9,299 | €11,035 | +€1,736 | +18.7% |
| Taxes | 450/3 | €6,485 | €11,035 | +€4,550 | +70.2% |
| Remuneration and social security | 454/9 | €2,814 | - | -€2,814 | |
| Other amounts payable | 47/48 | €59,488 | €50,322 | -€9,166 | -15.4% |
| Accrued charges and deferred income | 492/3 | €3,117 | €1,208 | -€1,909 | -61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,620 | €4,756 | -€1,864 | -28.2% |
| Other operating charges | 640/8 | €1,170 | €1,142 | -€29 | -2.4% |
| Gross operating margin | 9900 | €80,290 | €73,164 | -€7,126 | -8.9% |
| Operating profit (loss) | 9901 | €72,500 | €67,266 | -€5,233 | -7.2% |
| Financial income | 75/76B | €142 | €81 | -€61 | -42.6% |
| Recurring financial income | 75 | €142 | €81 | -€61 | -42.6% |
| Financial charges | 65/66B | €61 | €55 | -€5 | -8.5% |
| Recurring financial charges | 65 | €61 | €55 | -€5 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €72,581 | €67,292 | -€5,289 | -7.3% |
| Income taxes | 67/77 | €15,712 | €14,739 | -€973 | -6.2% |
| Profit (loss) for the period | 9904 | €56,869 | €52,553 | -€4,316 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,869 | €52,553 | -€4,316 | -7.6% |
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 26 October 2026 via checked.be.