BLUE VISION: 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 VISION
Largest movements
- Cash -€390,937
down €390,937 (-62.5%), from €625,689 to €234,752
mainly Current investments (-€311,702) and Contributions, distributions and other (-€182,663)
- Current investments +€311,702
up €311,702 (+11.4%), from €2.7m to €3.1m
- Receivables within one year +€116,088
up €116,088 (+242.7%), from €47,830 to €163,918
of which Trade receivables: +€108,540
- Reserves +€103,462
up €103,462 (+3.8%), from €2.7m to €2.8m
of which Distributable reserves: +€179,242
- Accrued charges and deferred income -€39,557
down €39,557 (-13.3%), from €297,419 to €257,862
- Gross operating margin -€705,033
down €705,033 (-73.4%), from €961,099 to €256,066
- Taxes -€214,490
down €214,490 (-69.4%), from €309,237 to €94,747
- Financial income +€116,022
up €116,022 (+180.0%), from €64,465 to €180,487
- Depreciation +€10,508
up €10,508 (+36.5%), from €28,780 to €39,288
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 | €3,655,383 | €3,694,726 | +€39,343 | +1.1% |
| Fixed assets | 21/28 | €235,679 | €235,401 | -€278 | -0.1% |
| Tangible fixed assets | 22/27 | €231,283 | €231,005 | -€278 | -0.1% |
| Land and buildings | 22 | €192,130 | €179,760 | -€12,369 | -6.4% |
| Plant, machinery and equipment | 23 | €5,548 | €2,645 | -€2,902 | -52.3% |
| Furniture and vehicles | 24 | €26,399 | €39,861 | +€13,462 | +51.0% |
| Other tangible fixed assets | 26 | €7,206 | €8,738 | +€1,532 | +21.3% |
| Financial fixed assets | 28 | €4,396 | €4,396 | = | 0.0% |
| Current assets | 29/58 | €3,419,704 | €3,459,325 | +€39,621 | +1.2% |
| Amounts receivable within one year | 40/41 | €47,830 | €163,918 | +€116,088 | +242.7% |
| Trade receivables | 40 | - | €108,540 | +€108,540 | |
| Other amounts receivable | 41 | €47,830 | €55,378 | +€7,548 | +15.8% |
| Current investments | 50/53 | €2,739,304 | €3,051,006 | +€311,702 | +11.4% |
| Cash at bank and in hand | 54/58 | €625,689 | €234,752 | -€390,937 | -62.5% |
| Deferred charges and accrued income | 490/1 | €6,881 | €9,648 | +€2,767 | +40.2% |
| Total equity and liabilities | 10/49 | €3,655,383 | €3,694,726 | +€39,343 | +1.1% |
| Equity | 10/15 | €3,241,773 | €3,345,235 | +€103,462 | +3.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,704,518 | €2,807,980 | +€103,462 | +3.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €498,885 | €423,105 | -€75,780 | -15.2% |
| Distributable reserves | 133 | €2,203,633 | €2,382,875 | +€179,242 | +8.1% |
| Profit (loss) carried forward | 14 | €517,255 | €517,255 | = | 0.0% |
| Amounts payable | 17/49 | €413,610 | €349,491 | -€64,119 | -15.5% |
| Amounts payable within one year | 42/48 | €116,190 | €91,629 | -€24,561 | -21.1% |
| Trade debts | 44 | €5,318 | €93 | -€5,225 | -98.3% |
| Suppliers | 440/4 | €5,318 | €93 | -€5,225 | -98.3% |
| Taxes, remuneration and social security | 45 | €109,273 | €89,936 | -€19,336 | -17.7% |
| Taxes | 450/3 | €109,273 | €89,936 | -€19,336 | -17.7% |
| Other amounts payable | 47/48 | €1,600 | €1,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €297,419 | €257,862 | -€39,557 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,780 | €39,288 | +€10,508 | +36.5% |
| Other operating charges | 640/8 | €6,057 | €4,960 | -€1,097 | -18.1% |
| Gross operating margin | 9900 | €961,099 | €256,066 | -€705,033 | -73.4% |
| Operating profit (loss) | 9901 | €926,262 | €211,819 | -€714,444 | -77.1% |
| Financial income | 75/76B | €64,465 | €180,487 | +€116,022 | +180.0% |
| Recurring financial income | 75 | €64,465 | €180,487 | +€116,022 | +180.0% |
| Financial charges | 65/66B | €8,489 | €11,434 | +€2,945 | +34.7% |
| Recurring financial charges | 65 | €8,489 | €11,434 | +€2,945 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €982,239 | €380,872 | -€601,367 | -61.2% |
| Income taxes | 67/77 | €309,237 | €94,747 | -€214,490 | -69.4% |
| Profit (loss) for the period | 9904 | €673,002 | €286,125 | -€386,877 | -57.5% |
| Transfer from tax-exempt reserves | 789 | €323,390 | €138,930 | -€184,460 | -57.0% |
| Transfer to tax-exempt reserves | 689 | €286,280 | €63,150 | -€223,130 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €710,112 | €361,905 | -€348,207 | -49.0% |
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 11 October 2026 via checked.be.