BLUE TWO: 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 TWO
Largest movements
- Intangible fixed assets -€118,962
down €118,962 (-23.3%), from €510,117 to €391,156
- Tangible fixed assets -€51,214
down €51,214 (-56.2%), from €91,118 to €39,905
of which Furniture and vehicles: -€48,341
- Receivables within one year +€50,372
up €50,372 (+19.9%), from €253,071 to €303,443
of which Other amounts receivable: +€31,722
- Formation expenses -€16,141
down €16,141 (-25.0%), from €64,518 to €48,377
- Cash -€13,678
down €13,678 (-91.2%), from €14,991 to €1,313
mainly Debts after one year (-€127,166) and Receivables within one year (-€50,372)
- Debts after one year -€127,166
down €127,166 (-29.7%), from €428,188 to €301,022
- Other debts -€48,930
down €48,930 (-23.3%), from €209,843 to €160,914
- Short-term financial debts +€25,000
new in 2025: €25,000
- Tax, wage and social debts +€14,010
up €14,010 (+55.6%), from €25,200 to €39,210
of which Remuneration and social security: +€9,971
- Current portion of long-term debt -€13,543
down €13,543 (-9.6%), from €140,710 to €127,166
- Staff costs -€63,481
down €63,481 (-27.6%), from €229,668 to €166,187
- Gross operating margin -€44,190
down €44,190 (-9.8%), from €449,842 to €405,652
- Depreciation -€9,778
down €9,778 (-5.8%), from €169,799 to €160,022
- Financial charges -€6,524
down €6,524 (-22.9%), from €28,473 to €21,950
- Taxes +€4,732
up €4,732 (+106%), from €4,458 to €9,190
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 | €948,826 | €798,512 | -€150,314 | -15.8% |
| Formation expenses | 20 | €64,518 | €48,377 | -€16,141 | -25.0% |
| Fixed assets | 21/28 | €610,026 | €439,850 | -€170,175 | -27.9% |
| Intangible fixed assets | 21 | €510,117 | €391,156 | -€118,962 | -23.3% |
| Tangible fixed assets | 22/27 | €91,118 | €39,905 | -€51,214 | -56.2% |
| Furniture and vehicles | 24 | €82,686 | €34,345 | -€48,341 | -58.5% |
| Other tangible fixed assets | 26 | €8,432 | €5,560 | -€2,872 | -34.1% |
| Financial fixed assets | 28 | €8,790 | €8,790 | = | 0.0% |
| Current assets | 29/58 | €274,282 | €310,284 | +€36,002 | +13.1% |
| Amounts receivable within one year | 40/41 | €253,071 | €303,443 | +€50,372 | +19.9% |
| Trade receivables | 40 | €5,387 | €24,037 | +€18,650 | +346% |
| Other amounts receivable | 41 | €247,683 | €279,406 | +€31,722 | +12.8% |
| Cash at bank and in hand | 54/58 | €14,991 | €1,313 | -€13,678 | -91.2% |
| Deferred charges and accrued income | 490/1 | €6,220 | €5,528 | -€692 | -11.1% |
| Total equity and liabilities | 10/49 | €948,826 | €798,512 | -€150,314 | -15.8% |
| Equity | 10/15 | €84,605 | €87,786 | +€3,181 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €76,287 | €81,287 | +€5,000 | +6.6% |
| Tax-exempt reserves | 132 | €1,787 | €1,787 | = | 0.0% |
| Distributable reserves | 133 | €74,500 | €79,500 | +€5,000 | +6.7% |
| Profit (loss) carried forward | 14 | €2,118 | €299 | -€1,819 | -85.9% |
| Amounts payable | 17/49 | €864,221 | €710,726 | -€153,495 | -17.8% |
| Amounts payable after more than one year | 17 | €428,188 | €301,022 | -€127,166 | -29.7% |
| Financial debts | 170/4 | €428,188 | €301,022 | -€127,166 | -29.7% |
| Amounts payable within one year | 42/48 | €436,033 | €409,704 | -€26,329 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €140,710 | €127,166 | -€13,543 | -9.6% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €60,280 | €57,414 | -€2,867 | -4.8% |
| Suppliers | 440/4 | €60,280 | €57,414 | -€2,867 | -4.8% |
| Taxes, remuneration and social security | 45 | €25,200 | €39,210 | +€14,010 | +55.6% |
| Taxes | 450/3 | €4,362 | €8,401 | +€4,039 | +92.6% |
| Remuneration and social security | 454/9 | €20,838 | €30,809 | +€9,971 | +47.8% |
| Other amounts payable | 47/48 | €209,843 | €160,914 | -€48,930 | -23.3% |
| Remuneration, social security and pensions | 62 | €229,668 | €166,187 | -€63,481 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,799 | €160,022 | -€9,778 | -5.8% |
| Other operating charges | 640/8 | €15,563 | €15,123 | -€440 | -2.8% |
| Gross operating margin | 9900 | €449,842 | €405,652 | -€44,190 | -9.8% |
| Operating profit (loss) | 9901 | €34,811 | €64,320 | +€29,509 | +84.8% |
| Financial charges | 65/66B | €28,473 | €21,950 | -€6,524 | -22.9% |
| Recurring financial charges | 65 | €28,473 | €21,950 | -€6,524 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €6,338 | €42,371 | +€36,033 | +568% |
| Income taxes | 67/77 | €4,458 | €9,190 | +€4,732 | +106% |
| Profit (loss) for the period | 9904 | €1,881 | €33,181 | +€31,301 | +1,664% |
| Profit (loss) for the period to be appropriated | 9905 | €1,881 | €33,181 | +€31,301 | +1,664% |
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 15 October 2026 via checked.be.