Blue Side Up: 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 Side Up
Largest movements
- Current investments +€9,000
up €9,000 (+15.0%), from €60,200 to €69,200
- Receivables within one year +€5,302
up €5,302 (+12.5%), from €42,429 to €47,732
of which Other amounts receivable: +€7,759
- Cash +€3,625
up €3,625 (+3.9%), from €92,206 to €95,831
mainly Net result for the year (+€30,113) and Depreciation (+€2,683)
- Reserves +€30,113
up €30,113 (+18.7%), from €160,982 to €191,095
- Tax, wage and social debts -€7,066
down €7,066 (-22.3%), from €31,655 to €24,589
- Trade debts -€5,561
down €5,561 (-42.0%), from €13,247 to €7,687
- Gross operating margin -€45,988
down €45,988 (-35.1%), from €130,857 to €84,870
- Financial charges +€39,147
up €39,147 (+1,525%), from €2,567 to €41,714
- Taxes -€24,125
down €24,125 (-66.5%), from €36,268 to €12,143
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 | €211,178 | €228,370 | +€17,192 | +8.1% |
| Fixed assets | 21/28 | €10,152 | €8,783 | -€1,369 | -13.5% |
| Tangible fixed assets | 22/27 | €10,152 | €8,783 | -€1,369 | -13.5% |
| Plant, machinery and equipment | 23 | €5,651 | €5,099 | -€552 | -9.8% |
| Furniture and vehicles | 24 | €4,501 | €3,683 | -€817 | -18.2% |
| Current assets | 29/58 | €201,026 | €219,587 | +€18,562 | +9.2% |
| Amounts receivable within one year | 40/41 | €42,429 | €47,732 | +€5,302 | +12.5% |
| Trade receivables | 40 | €40,838 | €38,381 | -€2,457 | -6.0% |
| Other amounts receivable | 41 | €1,592 | €9,351 | +€7,759 | +487% |
| Current investments | 50/53 | €60,200 | €69,200 | +€9,000 | +15.0% |
| Cash at bank and in hand | 54/58 | €92,206 | €95,831 | +€3,625 | +3.9% |
| Deferred charges and accrued income | 490/1 | €6,191 | €6,825 | +€635 | +10.3% |
| Total equity and liabilities | 10/49 | €211,178 | €228,370 | +€17,192 | +8.1% |
| Equity | 10/15 | €165,982 | €196,095 | +€30,113 | +18.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €160,982 | €191,095 | +€30,113 | +18.7% |
| Distributable reserves | 133 | €160,982 | €191,095 | +€30,113 | +18.7% |
| Amounts payable | 17/49 | €45,196 | €32,275 | -€12,920 | -28.6% |
| Amounts payable within one year | 42/48 | €45,196 | €32,275 | -€12,920 | -28.6% |
| Trade debts | 44 | €13,247 | €7,687 | -€5,561 | -42.0% |
| Suppliers | 440/4 | €13,247 | €7,687 | -€5,561 | -42.0% |
| Taxes, remuneration and social security | 45 | €31,655 | €24,589 | -€7,066 | -22.3% |
| Taxes | 450/3 | €31,655 | €24,589 | -€7,066 | -22.3% |
| Other amounts payable | 47/48 | €294 | - | -€294 | |
| Non-recurring operating income | 76A | €7,979 | - | -€7,979 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,481 | €2,683 | +€202 | +8.2% |
| Gross operating margin | 9900 | €130,857 | €84,870 | -€45,988 | -35.1% |
| Operating profit (loss) | 9901 | €128,376 | €82,186 | -€46,190 | -36.0% |
| Financial income | 75/76B | €540 | €1,784 | +€1,244 | +230% |
| Recurring financial income | 75 | €540 | €1,784 | +€1,244 | +230% |
| Financial charges | 65/66B | €2,567 | €41,714 | +€39,147 | +1,525% |
| Recurring financial charges | 65 | €2,567 | €41,714 | +€39,147 | +1,525% |
| Profit (loss) for the period before taxes | 9903 | €126,349 | €42,256 | -€84,093 | -66.6% |
| Income taxes | 67/77 | €36,268 | €12,143 | -€24,125 | -66.5% |
| Profit (loss) for the period | 9904 | €90,081 | €30,113 | -€59,968 | -66.6% |
| Profit (loss) for the period to be appropriated | 9905 | €90,081 | €30,113 | -€59,968 | -66.6% |
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 18 October 2026 via checked.be.