BLUE THISTLE: 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 THISTLE
Largest movements
- Cash +€123,254
up €123,254 (+567%), from €21,733 to €144,987
mainly Net result for the year (+€179,653) and Receivables within one year (+€112,125)
- Receivables within one year -€112,125
down €112,125 (-42.2%), from €265,754 to €153,629
of which Trade receivables: -€113,377
- Tangible fixed assets -€91,899
down €91,899 (-19.2%), from €479,653 to €387,755
- Deferred charges and accrued income -€53,857
down €53,857 (-85.4%), from €63,047 to €9,190
- Debts after one year -€198,956
down €198,956 (-37.1%), from €536,456 to €337,500
- Reserves +€167,798
up €167,798 (+3,356%), from €5,000 to €172,798
- Current portion of long-term debt -€78,741
down €78,741 (-47.0%), from €167,698 to €88,956
- Other debts -€24,612
down €24,612 (-95.9%), from €25,659 to €1,047
- Profit (loss) carried forward +€11,854
up €11,854, from -€11,854 to €0
- Gross operating margin +€241,725
up €241,725 (+180%), from €134,171 to €375,896
- Depreciation -€23,406
down €23,406 (-20.3%), from €115,305 to €91,899
- Staff costs +€8,274
new in 2025: €8,274
- Financial income +€5,526
up €5,526 (+509%), from €1,087 to €6,613
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 | €830,188 | €695,560 | -€134,627 | -16.2% |
| Fixed assets | 21/28 | €479,653 | €387,755 | -€91,899 | -19.2% |
| Tangible fixed assets | 22/27 | €479,653 | €387,755 | -€91,899 | -19.2% |
| Plant, machinery and equipment | 23 | €479,653 | €387,755 | -€91,899 | -19.2% |
| Current assets | 29/58 | €350,534 | €307,806 | -€42,729 | -12.2% |
| Amounts receivable within one year | 40/41 | €265,754 | €153,629 | -€112,125 | -42.2% |
| Trade receivables | 40 | €262,026 | €148,649 | -€113,377 | -43.3% |
| Other amounts receivable | 41 | €3,728 | €4,980 | +€1,252 | +33.6% |
| Cash at bank and in hand | 54/58 | €21,733 | €144,987 | +€123,254 | +567% |
| Deferred charges and accrued income | 490/1 | €63,047 | €9,190 | -€53,857 | -85.4% |
| Total equity and liabilities | 10/49 | €830,188 | €695,560 | -€134,627 | -16.2% |
| Equity | 10/15 | €43,146 | €222,798 | +€179,653 | +416% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €172,798 | +€167,798 | +3,356% |
| Distributable reserves | 133 | €5,000 | €172,798 | +€167,798 | +3,356% |
| Profit (loss) carried forward | 14 | -€11,854 | €0 | +€11,854 | |
| Amounts payable | 17/49 | €787,042 | €472,762 | -€314,280 | -39.9% |
| Amounts payable after more than one year | 17 | €536,456 | €337,500 | -€198,956 | -37.1% |
| Financial debts | 170/4 | €536,456 | €337,500 | -€198,956 | -37.1% |
| Amounts payable within one year | 42/48 | €250,586 | €131,033 | -€119,553 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €167,698 | €88,956 | -€78,741 | -47.0% |
| Trade debts | 44 | €50,028 | €40,986 | -€9,041 | -18.1% |
| Suppliers | 440/4 | €50,028 | €40,986 | -€9,041 | -18.1% |
| Taxes, remuneration and social security | 45 | €7,201 | €43 | -€7,158 | -99.4% |
| Taxes | 450/3 | €7,201 | €43 | -€7,158 | -99.4% |
| Other amounts payable | 47/48 | €25,659 | €1,047 | -€24,612 | -95.9% |
| Accrued charges and deferred income | 492/3 | - | €4,229 | +€4,229 | |
| Remuneration, social security and pensions | 62 | - | €8,274 | +€8,274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,305 | €91,899 | -€23,406 | -20.3% |
| Other operating charges | 640/8 | €407 | €1,453 | +€1,046 | +257% |
| Non-recurring operating charges | 66A | €0 | €86,120 | +€86,120 | |
| Gross operating margin | 9900 | €134,171 | €375,896 | +€241,725 | +180% |
| Operating profit (loss) | 9901 | €18,459 | €188,150 | +€169,691 | +919% |
| Financial income | 75/76B | €1,087 | €6,613 | +€5,526 | +509% |
| Recurring financial income | 75 | €1,087 | €6,613 | +€5,526 | +509% |
| Financial charges | 65/66B | €17,697 | €14,658 | -€3,039 | -17.2% |
| Recurring financial charges | 65 | €17,697 | €14,658 | -€3,039 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €1,849 | €180,105 | +€178,256 | +9,642% |
| Income taxes | 67/77 | - | €452 | +€452 | |
| Profit (loss) for the period | 9904 | €1,849 | €179,653 | +€177,804 | +9,618% |
| Profit (loss) for the period to be appropriated | 9905 | €1,849 | €179,653 | +€177,804 | +9,618% |
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.