BLUE RIBBON: 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 RIBBON
Largest movements
- Receivables within one year +€691,333
up €691,333 (+906%), from €76,300 to €767,633
of which Other amounts receivable: +€655,579
- Current investments -€492,819
no longer reported in 2025 (was €492,819)
- Cash +€121,820
up €121,820 (+72.6%), from €167,813 to €289,633
mainly Other debts (+€733,750) and Current investments (+€492,819)
- Tangible fixed assets +€41,703
up €41,703 (+22.3%), from €186,871 to €228,574
of which Leasing and similar rights: +€24,410
- Other debts +€733,750
up €733,750 (+1,108%), from €66,250 to €800,000
- Reserves -€441,938
down €441,938 (-94.7%), from €466,727 to €24,789
of which Distributable reserves: -€441,938
- Trade debts +€44,298
up €44,298 (+140%), from €31,535 to €75,833
- Debts after one year +€38,758
new in 2025: €38,758
- Tax, wage and social debts -€13,810
down €13,810 (-20.8%), from €66,281 to €52,471
of which Taxes: -€26,862
- Gross operating margin +€198,274
up €198,274 (+30.6%), from €647,256 to €845,531
- Staff costs +€80,217
up €80,217 (+30.2%), from €265,730 to €345,947
- Taxes +€36,698
up €36,698 (+43.5%), from €84,268 to €120,966
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 | €939,487 | €1,301,876 | +€362,389 | +38.6% |
| Fixed assets | 21/28 | €187,531 | €229,233 | +€41,703 | +22.2% |
| Tangible fixed assets | 22/27 | €186,871 | €228,574 | +€41,703 | +22.3% |
| Land and buildings | 22 | €85,283 | €82,314 | -€2,969 | -3.5% |
| Plant, machinery and equipment | 23 | €59,442 | €55,987 | -€3,454 | -5.8% |
| Furniture and vehicles | 24 | €42,146 | €65,863 | +€23,716 | +56.3% |
| Leasing and similar rights | 25 | - | €24,410 | +€24,410 | |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €751,957 | €1,072,642 | +€320,686 | +42.6% |
| Stocks and contracts in progress | 3 | €9,230 | €10,547 | +€1,317 | +14.3% |
| Stocks | 30/36 | €9,230 | €10,547 | +€1,317 | +14.3% |
| Amounts receivable within one year | 40/41 | €76,300 | €767,633 | +€691,333 | +906% |
| Trade receivables | 40 | €70,784 | €106,537 | +€35,754 | +50.5% |
| Other amounts receivable | 41 | €5,516 | €661,095 | +€655,579 | +11,884% |
| Current investments | 50/53 | €492,819 | - | -€492,819 | |
| Cash at bank and in hand | 54/58 | €167,813 | €289,633 | +€121,820 | +72.6% |
| Deferred charges and accrued income | 490/1 | €5,795 | €4,830 | -€965 | -16.7% |
| Total equity and liabilities | 10/49 | €939,487 | €1,301,876 | +€362,389 | +38.6% |
| Equity | 10/15 | €775,421 | €321,375 | -€454,046 | -58.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €466,727 | €24,789 | -€441,938 | -94.7% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Other | 1319 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €441,938 | - | -€441,938 | |
| Profit (loss) carried forward | 14 | €258,694 | €246,585 | -€12,109 | -4.7% |
| Amounts payable | 17/49 | €164,066 | €980,501 | +€816,435 | +498% |
| Amounts payable after more than one year | 17 | - | €38,758 | +€38,758 | |
| Financial debts | 170/4 | - | €38,758 | +€38,758 | |
| Amounts payable within one year | 42/48 | €164,066 | €941,743 | +€777,677 | +474% |
| Current portion of amounts payable after more than one year | 42 | - | €13,439 | +€13,439 | |
| Trade debts | 44 | €31,535 | €75,833 | +€44,298 | +140% |
| Suppliers | 440/4 | €31,535 | €75,833 | +€44,298 | +140% |
| Taxes, remuneration and social security | 45 | €66,281 | €52,471 | -€13,810 | -20.8% |
| Taxes | 450/3 | €26,970 | €108 | -€26,862 | -99.6% |
| Remuneration and social security | 454/9 | €39,311 | €52,363 | +€13,052 | +33.2% |
| Other amounts payable | 47/48 | €66,250 | €800,000 | +€733,750 | +1,108% |
| Non-recurring operating income | 76A | €7,541 | €992 | -€6,550 | -86.8% |
| Remuneration, social security and pensions | 62 | €265,730 | €345,947 | +€80,217 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,581 | €29,564 | -€6,017 | -16.9% |
| Other operating charges | 640/8 | €13,808 | €14,518 | +€710 | +5.1% |
| Non-recurring operating charges | 66A | - | €6,999 | +€6,999 | |
| Gross operating margin | 9900 | €647,256 | €845,531 | +€198,274 | +30.6% |
| Operating profit (loss) | 9901 | €332,137 | €448,503 | +€116,366 | +35.0% |
| Financial income | 75/76B | €13,148 | €19,624 | +€6,476 | +49.3% |
| Recurring financial income | 75 | €13,148 | €19,624 | +€6,476 | +49.3% |
| Financial charges | 65/66B | €2,322 | €1,207 | -€1,115 | -48.0% |
| Recurring financial charges | 65 | €2,322 | €1,207 | -€1,115 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €342,963 | €466,920 | +€123,957 | +36.1% |
| Income taxes | 67/77 | €84,268 | €120,966 | +€36,698 | +43.5% |
| Profit (loss) for the period | 9904 | €258,694 | €345,954 | +€87,260 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €258,694 | €345,954 | +€87,260 | +33.7% |
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.