Blue Projects: 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 Projects
Largest movements
- Receivables within one year +€247,566
up €247,566 (+4.9%), from €5.0m to €5.3m
of which Trade receivables: +€220,555
- Cash +€138,728
up €138,728 (+3,591%), from €3,864 to €142,592
mainly Trade debts (+€338,797) and Net result for the year (+€71,670)
- Trade debts +€338,797
up €338,797 (+7.9%), from €4.3m to €4.6m
- Profit (loss) carried forward +€71,670
up €71,670 (+31.4%), from €228,290 to €299,960
- Tax, wage and social debts -€68,456
down €68,456 (-67.8%), from €101,027 to €32,571
of which Remuneration and social security: -€44,176
- Gross operating margin -€241,790
down €241,790 (-28.7%), from €842,781 to €600,991
- Write-downs -€137,630
no longer reported in 2025 (was €137,630)
- Staff costs -€123,816
down €123,816 (-21.2%), from €583,306 to €459,490
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 | €5,108,479 | €5,467,711 | +€359,232 | +7.0% |
| Fixed assets | 21/28 | €44,229 | €28,645 | -€15,584 | -35.2% |
| Tangible fixed assets | 22/27 | €40,329 | €24,745 | -€15,584 | -38.6% |
| Plant, machinery and equipment | 23 | €3,248 | €718 | -€2,531 | -77.9% |
| Furniture and vehicles | 24 | €37,080 | €24,027 | -€13,053 | -35.2% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €5,064,250 | €5,439,066 | +€374,815 | +7.4% |
| Amounts receivable within one year | 40/41 | €5,037,225 | €5,284,791 | +€247,566 | +4.9% |
| Trade receivables | 40 | €4,884,114 | €5,104,669 | +€220,555 | +4.5% |
| Other amounts receivable | 41 | €153,112 | €180,122 | +€27,011 | +17.6% |
| Cash at bank and in hand | 54/58 | €3,864 | €142,592 | +€138,728 | +3,591% |
| Deferred charges and accrued income | 490/1 | €23,161 | €11,683 | -€11,479 | -49.6% |
| Total equity and liabilities | 10/49 | €5,108,479 | €5,467,711 | +€359,232 | +7.0% |
| Equity | 10/15 | €236,350 | €308,020 | +€71,670 | +30.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,290 | €299,960 | +€71,670 | +31.4% |
| Amounts payable | 17/49 | €4,872,129 | €5,159,690 | +€287,562 | +5.9% |
| Amounts payable after more than one year | 17 | €414,633 | €431,853 | +€17,220 | +4.2% |
| Financial debts | 170/4 | €414,633 | €431,853 | +€17,220 | +4.2% |
| Amounts payable within one year | 42/48 | €4,385,045 | €4,655,387 | +€270,342 | +6.2% |
| Trade debts | 44 | €4,283,864 | €4,622,662 | +€338,797 | +7.9% |
| Suppliers | 440/4 | €4,283,864 | €4,622,662 | +€338,797 | +7.9% |
| Taxes, remuneration and social security | 45 | €101,027 | €32,571 | -€68,456 | -67.8% |
| Taxes | 450/3 | €27,955 | €3,675 | -€24,279 | -86.9% |
| Remuneration and social security | 454/9 | €73,072 | €28,896 | -€44,176 | -60.5% |
| Other amounts payable | 47/48 | €154 | €154 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €72,450 | €72,450 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €583,306 | €459,490 | -€123,816 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,149 | €15,584 | -€6,565 | -29.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €137,630 | - | -€137,630 | |
| Other operating charges | 640/8 | €4,307 | €6,330 | +€2,023 | +47.0% |
| Gross operating margin | 9900 | €842,781 | €600,991 | -€241,790 | -28.7% |
| Operating profit (loss) | 9901 | €95,389 | €119,588 | +€24,199 | +25.4% |
| Financial income | 75/76B | €27 | €2 | -€25 | -93.8% |
| Recurring financial income | 75 | €27 | €2 | -€25 | -93.8% |
| Financial charges | 65/66B | €16,996 | €17,244 | +€248 | +1.5% |
| Recurring financial charges | 65 | €16,996 | €17,244 | +€248 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €78,420 | €102,345 | +€23,926 | +30.5% |
| Income taxes | 67/77 | €27,955 | €30,675 | +€2,721 | +9.7% |
| Profit (loss) for the period | 9904 | €50,465 | €71,670 | +€21,205 | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,465 | €71,670 | +€21,205 | +42.0% |
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 18 October 2026 via checked.be.