BLUE SEA HOLDING: 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 SEA HOLDING
Largest movements
- Receivables within one year +€38.5m
up €38.5m (+232%), from €16.6m to €55.2m
of which Other amounts receivable: +€38.5m
- Other debts +€38.6m
up €38.6m (+207%), from €18.7m to €57.2m
- Financial charges +€2.4m
up €2.4m (+1,525%), from €160,601 to €2.6m
- Financial income +€2.4m
up €2.4m (+1,801%), from €134,208 to €2.6m
- Gross operating margin +€140,480
up €140,480 (+16.4%), from -€858,328 to -€717,849
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 | €85,567,479 | €123,419,339 | +€37.9m | +44.2% |
| Fixed assets | 21/28 | €68,249,805 | €68,249,805 | = | 0.0% |
| Financial fixed assets | 28 | €68,249,805 | €68,249,805 | = | 0.0% |
| Current assets | 29/58 | €17,317,674 | €55,169,534 | +€37.9m | +219% |
| Amounts receivable within one year | 40/41 | €16,624,219 | €55,168,287 | +€38.5m | +232% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €16,624,219 | €55,168,287 | +€38.5m | +232% |
| Cash at bank and in hand | 54/58 | €693,455 | €1,247 | -€692,208 | -99.8% |
| Total equity and liabilities | 10/49 | €85,567,479 | €123,419,339 | +€37.9m | +44.2% |
| Equity | 10/15 | €66,757,602 | €65,978,456 | -€779,146 | -1.2% |
| Contributions | 10/11 | €69,234,077 | €69,234,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,476,475 | -€3,255,621 | -€779,146 | -31.5% |
| Amounts payable | 17/49 | €18,809,878 | €57,440,884 | +€38.6m | +205% |
| Amounts payable within one year | 42/48 | €18,809,878 | €57,440,884 | +€38.6m | +205% |
| Trade debts | 44 | €153,324 | €197,340 | +€44,016 | +28.7% |
| Suppliers | 440/4 | €153,324 | €197,340 | +€44,016 | +28.7% |
| Other amounts payable | 47/48 | €18,656,554 | €57,243,544 | +€38.6m | +207% |
| Remuneration, social security and pensions | 62 | - | €998 | +€998 | |
| Gross operating margin | 9900 | -€858,328 | -€717,849 | +€140,480 | +16.4% |
| Operating profit (loss) | 9901 | -€858,328 | -€718,847 | +€139,481 | +16.3% |
| Financial income | 75/76B | €134,208 | €2,551,166 | +€2.4m | +1,801% |
| Recurring financial income | 75 | €134,208 | €2,551,166 | +€2.4m | +1,801% |
| Financial charges | 65/66B | €160,601 | €2,610,411 | +€2.4m | +1,525% |
| Recurring financial charges | 65 | €160,601 | €2,610,411 | +€2.4m | +1,525% |
| Profit (loss) for the period before taxes | 9903 | -€884,722 | -€778,092 | +€106,630 | +12.1% |
| Income taxes | 67/77 | €1,531 | €1,054 | -€477 | -31.2% |
| Profit (loss) for the period | 9904 | -€886,253 | -€779,146 | +€107,107 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€886,253 | -€779,146 | +€107,107 | +12.1% |
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 29 October 2026 via checked.be.