Blue Tree: what changed
Two fiscal 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 Tree
Largest movements
- Cash +€14,516
up €14,516 (+7.7%), from €187,518 to €202,034
mainly Net result for the year (+€46,886) and Tax, wage and social debts (+€21,637)
- Receivables within one year +€8,370
up €8,370 (+14.0%), from €59,905 to €68,274
of which Trade receivables: +€19,049
- Deferred charges and accrued income -€3,287
down €3,287 (-21.5%), from €15,259 to €11,972
- Other debts -€57,103
down €57,103 (-62.5%), from €91,358 to €34,255
- Reserves +€46,886
up €46,886 (+30.0%), from €156,387 to €203,273
- Tax, wage and social debts +€21,637
up €21,637 (+278.0%), from €7,784 to €29,421
- Trade debts +€4,091
up €4,091 (+31.8%), from €12,856 to €16,947
- Gross operating margin +€9,885
up €9,885 (+15.0%), from €65,949 to €75,834
- Taxes +€2,903
up €2,903 (+16.9%), from €17,143 to €20,046
- Financial charges +€1,165
up €1,165 (+25.6%), from €4,554 to €5,719
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.
Cash bridge derived
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 | €273,901 | €291,554 | +€17,653 | +6.4% |
| Fixed assets | 21/28 | €11,220 | €9,274 | -€1,946 | -17.3% |
| Tangible fixed assets | 22/27 | €7,220 | €5,274 | -€1,946 | -26.9% |
| Furniture and vehicles | 24 | €2,711 | €2,169 | -€542 | -20.0% |
| Other tangible fixed assets | 26 | €4,508 | €3,105 | -€1,403 | -31.1% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €262,681 | €282,280 | +€19,599 | +7.5% |
| Amounts receivable within one year | 40/41 | €59,905 | €68,274 | +€8,370 | +14.0% |
| Trade receivables | 40 | €49,223 | €68,271 | +€19,049 | +38.7% |
| Other amounts receivable | 41 | €10,682 | €3 | -€10,679 | -100.0% |
| Cash at bank and in hand | 54/58 | €187,518 | €202,034 | +€14,516 | +7.7% |
| Deferred charges and accrued income | 490/1 | €15,259 | €11,972 | -€3,287 | -21.5% |
| Total equity and liabilities | 10/49 | €273,901 | €291,554 | +€17,653 | +6.4% |
| Equity | 10/15 | €159,387 | €206,273 | +€46,886 | +29.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €156,387 | €203,273 | +€46,886 | +30.0% |
| Distributable reserves | 133 | €156,387 | €203,273 | +€46,886 | +30.0% |
| Amounts payable | 17/49 | €114,514 | €85,282 | -€29,232 | -25.5% |
| Amounts payable within one year | 42/48 | €111,998 | €80,622 | -€31,376 | -28.0% |
| Trade debts | 44 | €12,856 | €16,947 | +€4,091 | +31.8% |
| Suppliers | 440/4 | €12,856 | €16,947 | +€4,091 | +31.8% |
| Taxes, remuneration and social security | 45 | €7,784 | €29,421 | +€21,637 | +278.0% |
| Taxes | 450/3 | €7,784 | €29,421 | +€21,637 | +278.0% |
| Other amounts payable | 47/48 | €91,358 | €34,255 | -€57,103 | -62.5% |
| Accrued charges and deferred income | 492/3 | €2,516 | €4,660 | +€2,144 | +85.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,806 | €1,946 | +€140 | +7.7% |
| Other operating charges | 640/8 | €1,430 | €1,237 | -€193 | -13.5% |
| Gross operating margin | 9900 | €65,949 | €75,834 | +€9,885 | +15.0% |
| Operating profit (loss) | 9901 | €62,712 | €72,651 | +€9,939 | +15.8% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €4,554 | €5,719 | +€1,165 | +25.6% |
| Recurring financial charges | 65 | €4,554 | €5,719 | +€1,165 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €58,162 | €66,932 | +€8,770 | +15.1% |
| Income taxes | 67/77 | €17,143 | €20,046 | +€2,903 | +16.9% |
| Profit (loss) for the period | 9904 | €41,019 | €46,886 | +€5,867 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,019 | €46,886 | +€5,867 | +14.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.