BLUE STRATEGY: 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 STRATEGY
Largest movements
- Tangible fixed assets +€278,305
up €278,305 (+49.1%), from €566,644 to €844,949
of which Plant, machinery and equipment: +€293,694
- Cash -€257,647
down €257,647 (-76.5%), from €336,878 to €79,231
mainly Investment in fixed assets (net) (-€327,679) and Accrued charges and deferred income (-€35,621)
- Receivables within one year -€19,181
down €19,181 (-98.6%), from €19,448 to €267
- Other debts +€58,251
up €58,251 (+9.9%), from €588,963 to €647,214
- Accrued charges and deferred income -€35,621
no longer reported in 2025 (was €35,621)
- Tax, wage and social debts -€27,269
down €27,269 (-55.0%), from €49,605 to €22,336
of which Taxes: -€14,908
- Debts after one year +€12,423
new in 2025: €12,423
- Trade debts -€9,880
down €9,880 (-29.5%), from €33,448 to €23,568
- Gross operating margin -€102,176
down €102,176 (-58.0%), from €176,255 to €74,079
- Staff costs -€78,049
no longer reported in 2025 (was €78,049)
- Financial charges -€11,949
down €11,949 (-40.6%), from €29,408 to €17,459
- Depreciation -€3,808
down €3,808 (-7.2%), from €53,182 to €49,374
- Taxes -€1,835
down €1,835 (-48.3%), from €3,801 to €1,966
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 | €922,970 | €924,447 | +€1,477 | +0.2% |
| Fixed assets | 21/28 | €566,644 | €844,949 | +€278,305 | +49.1% |
| Tangible fixed assets | 22/27 | €566,644 | €844,949 | +€278,305 | +49.1% |
| Land and buildings | 22 | €333,319 | €316,381 | -€16,939 | -5.1% |
| Plant, machinery and equipment | 23 | €226,500 | €520,194 | +€293,694 | +130% |
| Furniture and vehicles | 24 | €6,825 | €8,375 | +€1,550 | +22.7% |
| Current assets | 29/58 | €356,326 | €79,498 | -€276,828 | -77.7% |
| Amounts receivable within one year | 40/41 | €19,448 | €267 | -€19,181 | -98.6% |
| Trade receivables | 40 | €19,448 | €267 | -€19,181 | -98.6% |
| Cash at bank and in hand | 54/58 | €336,878 | €79,231 | -€257,647 | -76.5% |
| Total equity and liabilities | 10/49 | €922,970 | €924,447 | +€1,477 | +0.2% |
| Equity | 10/15 | €215,332 | €215,773 | +€442 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,872 | €195,313 | +€442 | +0.2% |
| Amounts payable | 17/49 | €707,638 | €708,674 | +€1,035 | +0.1% |
| Amounts payable after more than one year | 17 | - | €12,423 | +€12,423 | |
| Financial debts | 170/4 | - | €12,423 | +€12,423 | |
| Amounts payable within one year | 42/48 | €672,017 | €696,251 | +€24,234 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,132 | +€3,132 | |
| Trade debts | 44 | €33,448 | €23,568 | -€9,880 | -29.5% |
| Suppliers | 440/4 | €33,448 | €23,568 | -€9,880 | -29.5% |
| Taxes, remuneration and social security | 45 | €49,605 | €22,336 | -€27,269 | -55.0% |
| Taxes | 450/3 | €33,991 | €19,083 | -€14,908 | -43.9% |
| Remuneration and social security | 454/9 | €15,614 | €3,253 | -€12,361 | -79.2% |
| Other amounts payable | 47/48 | €588,963 | €647,214 | +€58,251 | +9.9% |
| Accrued charges and deferred income | 492/3 | €35,621 | - | -€35,621 | |
| Remuneration, social security and pensions | 62 | €78,049 | - | -€78,049 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,182 | €49,374 | -€3,808 | -7.2% |
| Other operating charges | 640/8 | €4,745 | €4,837 | +€93 | +1.9% |
| Gross operating margin | 9900 | €176,255 | €74,079 | -€102,176 | -58.0% |
| Operating profit (loss) | 9901 | €40,279 | €19,867 | -€20,412 | -50.7% |
| Financial income | 75/76B | €1,809 | - | -€1,809 | |
| Recurring financial income | 75 | €1,809 | - | -€1,809 | |
| Financial charges | 65/66B | €29,408 | €17,459 | -€11,949 | -40.6% |
| Recurring financial charges | 65 | €29,408 | €17,459 | -€11,949 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €12,681 | €2,408 | -€10,273 | -81.0% |
| Income taxes | 67/77 | €3,801 | €1,966 | -€1,835 | -48.3% |
| Profit (loss) for the period | 9904 | €8,879 | €442 | -€8,438 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,879 | €442 | -€8,438 | -95.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.