Blue Pepper: 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 Pepper
Largest movements
- Tangible fixed assets +€291,255
up €291,255 (+880%), from €33,116 to €324,371
of which Land and buildings: +€290,075
- Cash -€117,786
down €117,786 (-56.7%), from €207,607 to €89,821
mainly Investment in fixed assets (net) (-€321,576) and Receivables within one year (-€87,282)
- Receivables within one year +€87,282
up €87,282 (+94.3%), from €92,568 to €179,850
of which Trade receivables: +€75,596
- Debts after one year +€176,875
up €176,875 (+1,212%), from €14,591 to €191,466
- Reserves +€39,413
up €39,413 (+15.2%), from €258,724 to €298,137
- Trade debts +€24,308
up €24,308 (+127%), from €19,204 to €43,512
- Tax, wage and social debts +€12,628
up €12,628 (+35.9%), from €35,149 to €47,776
of which Remuneration and social security: +€7,097
- Current portion of long-term debt +€11,353
up €11,353 (+155%), from €7,320 to €18,673
- Depreciation +€16,118
up €16,118 (+113%), from €14,202 to €30,320
- Staff costs +€15,571
up €15,571 (+27.7%), from €56,283 to €71,853
- Taxes -€14,184
down €14,184 (-55.5%), from €25,579 to €11,395
- Financial charges +€4,967
up €4,967 (+136%), from €3,664 to €8,631
- Gross operating margin +€3,536
up €3,536 (+2.1%), from €164,536 to €168,073
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 | €346,664 | €611,018 | +€264,354 | +76.3% |
| Fixed assets | 21/28 | €33,116 | €324,371 | +€291,255 | +880% |
| Tangible fixed assets | 22/27 | €33,116 | €324,371 | +€291,255 | +880% |
| Land and buildings | 22 | - | €290,075 | +€290,075 | |
| Plant, machinery and equipment | 23 | - | €1,652 | +€1,652 | |
| Furniture and vehicles | 24 | €33,116 | €32,645 | -€471 | -1.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €313,548 | €286,647 | -€26,901 | -8.6% |
| Amounts receivable within one year | 40/41 | €92,568 | €179,850 | +€87,282 | +94.3% |
| Trade receivables | 40 | €91,240 | €166,837 | +€75,596 | +82.9% |
| Other amounts receivable | 41 | €1,328 | €13,013 | +€11,686 | +880% |
| Cash at bank and in hand | 54/58 | €207,607 | €89,821 | -€117,786 | -56.7% |
| Deferred charges and accrued income | 490/1 | €13,373 | €16,976 | +€3,602 | +26.9% |
| Total equity and liabilities | 10/49 | €346,664 | €611,018 | +€264,354 | +76.3% |
| Equity | 10/15 | €259,724 | €299,137 | +€39,413 | +15.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €258,724 | €298,137 | +€39,413 | +15.2% |
| Distributable reserves | 133 | €258,724 | €298,137 | +€39,413 | +15.2% |
| Amounts payable | 17/49 | €86,940 | €311,881 | +€224,941 | +259% |
| Amounts payable after more than one year | 17 | €14,591 | €191,466 | +€176,875 | +1,212% |
| Financial debts | 170/4 | €14,591 | €191,466 | +€176,875 | +1,212% |
| Amounts payable within one year | 42/48 | €71,703 | €117,430 | +€45,727 | +63.8% |
| Current portion of amounts payable after more than one year | 42 | €7,320 | €18,673 | +€11,353 | +155% |
| Trade debts | 44 | €19,204 | €43,512 | +€24,308 | +127% |
| Suppliers | 440/4 | €19,204 | €43,512 | +€24,308 | +127% |
| Advances received on contracts in progress | 46 | €2,460 | €3,676 | +€1,216 | +49.4% |
| Taxes, remuneration and social security | 45 | €35,149 | €47,776 | +€12,628 | +35.9% |
| Taxes | 450/3 | €27,908 | €33,439 | +€5,531 | +19.8% |
| Remuneration and social security | 454/9 | €7,240 | €14,337 | +€7,097 | +98.0% |
| Other amounts payable | 47/48 | €7,571 | €3,794 | -€3,777 | -49.9% |
| Accrued charges and deferred income | 492/3 | €646 | €2,985 | +€2,339 | +362% |
| Remuneration, social security and pensions | 62 | €56,283 | €71,853 | +€15,571 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,202 | €30,320 | +€16,118 | +113% |
| Other operating charges | 640/8 | €1,042 | €2,163 | +€1,121 | +108% |
| Non-recurring operating charges | 66A | - | €4,297 | +€4,297 | |
| Gross operating margin | 9900 | €164,536 | €168,073 | +€3,536 | +2.1% |
| Operating profit (loss) | 9901 | €93,010 | €59,439 | -€33,570 | -36.1% |
| Financial income | 75/76B | €3 | €1 | -€3 | -83.0% |
| Recurring financial income | 75 | €3 | €1 | -€3 | -83.0% |
| Financial charges | 65/66B | €3,664 | €8,631 | +€4,967 | +136% |
| Recurring financial charges | 65 | €3,664 | €8,631 | +€4,967 | +136% |
| Profit (loss) for the period before taxes | 9903 | €89,348 | €50,809 | -€38,540 | -43.1% |
| Income taxes | 67/77 | €25,579 | €11,395 | -€14,184 | -55.5% |
| Profit (loss) for the period | 9904 | €63,769 | €39,413 | -€24,356 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,769 | €39,413 | -€24,356 | -38.2% |
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 16 October 2026 via checked.be.