BLUE WATER: 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 WATER
Largest movements
- Receivables within one year +€844,348
up €844,348 (+88.5%), from €953,790 to €1.8m
of which Trade receivables: +€1.1m
- Tangible fixed assets -€756,694
down €756,694 (-30.6%), from €2.5m to €1.7m
of which Other tangible fixed assets: -€721,024
- Receivables after one year +€52,425
up €52,425 (+74.2%), from €70,686 to €123,111
- Cash -€42,366
down €42,366 (-94.9%), from €44,643 to €2,277
mainly Receivables within one year (-€844,348) and Debts after one year (-€400,000)
- Debts after one year -€400,000
down €400,000 (-26.5%), from €1.5m to €1.1m
- Profit (loss) carried forward +€291,383
up €291,383 (+28.8%), from -€1.0m to -€718,955
- Other debts +€144,260
up €144,260 (+7.7%), from €1.9m to €2.0m
- Current portion of long-term debt +€118,806
up €118,806 (+9,950%), from €1,194 to €120,000
- Accrued charges and deferred income -€37,860
down €37,860 (-63.5%), from €59,651 to €21,791
- Gross operating margin +€720,188
up €720,188, from -€13,431 to €706,757
- Staff costs +€122,388
new in 2025: €122,388
- Depreciation -€51,474
down €51,474 (-15.8%), from €326,410 to €274,936
- Financial charges -€32,496
down €32,496 (-76.5%), from €42,454 to €9,958
of which Non-recurring financial charges: -€34,983
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 | €3,570,770 | €3,662,120 | +€91,350 | +2.6% |
| Fixed assets | 21/28 | €2,470,145 | €1,713,451 | -€756,694 | -30.6% |
| Tangible fixed assets | 22/27 | €2,470,095 | €1,713,401 | -€756,694 | -30.6% |
| Plant, machinery and equipment | 23 | €372,271 | €322,246 | -€50,025 | -13.4% |
| Furniture and vehicles | 24 | €24,854 | €39,209 | +€14,355 | +57.8% |
| Other tangible fixed assets | 26 | €2,072,970 | €1,351,946 | -€721,024 | -34.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,100,625 | €1,948,669 | +€848,044 | +77.1% |
| Amounts receivable after more than one year | 29 | €70,686 | €123,111 | +€52,425 | +74.2% |
| Other amounts receivable | 291 | €70,686 | €123,111 | +€52,425 | +74.2% |
| Stocks and contracts in progress | 3 | €3,817 | €4,886 | +€1,069 | +28.0% |
| Stocks | 30/36 | €3,817 | €4,886 | +€1,069 | +28.0% |
| Amounts receivable within one year | 40/41 | €953,790 | €1,798,138 | +€844,348 | +88.5% |
| Trade receivables | 40 | €274,738 | €1,391,951 | +€1.1m | +407% |
| Other amounts receivable | 41 | €679,052 | €406,187 | -€272,865 | -40.2% |
| Cash at bank and in hand | 54/58 | €44,643 | €2,277 | -€42,366 | -94.9% |
| Deferred charges and accrued income | 490/1 | €27,689 | €20,257 | -€7,432 | -26.8% |
| Total equity and liabilities | 10/49 | €3,570,770 | €3,662,120 | +€91,350 | +2.6% |
| Equity | 10/15 | -€254,996 | €36,387 | +€291,383 | |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €5,342 | €5,342 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €342 | €342 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,010,338 | -€718,955 | +€291,383 | +28.8% |
| Amounts payable | 17/49 | €3,825,766 | €3,625,733 | -€200,033 | -5.2% |
| Amounts payable after more than one year | 17 | €1,510,420 | €1,110,420 | -€400,000 | -26.5% |
| Other amounts payable | 178/9 | €1,510,420 | €1,110,420 | -€400,000 | -26.5% |
| Amounts payable within one year | 42/48 | €2,255,695 | €2,493,522 | +€237,827 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €1,194 | €120,000 | +€118,806 | +9,950% |
| Trade debts | 44 | €386,053 | €348,873 | -€37,180 | -9.6% |
| Suppliers | 440/4 | €386,053 | €348,873 | -€37,180 | -9.6% |
| Taxes, remuneration and social security | 45 | €336 | €12,277 | +€11,941 | +3,554% |
| Taxes | 450/3 | €336 | €1,748 | +€1,412 | +420% |
| Remuneration and social security | 454/9 | - | €10,529 | +€10,529 | |
| Other amounts payable | 47/48 | €1,868,112 | €2,012,372 | +€144,260 | +7.7% |
| Accrued charges and deferred income | 492/3 | €59,651 | €21,791 | -€37,860 | -63.5% |
| Non-recurring operating income | 76A | €1,239 | - | -€1,239 | |
| Remuneration, social security and pensions | 62 | - | €122,388 | +€122,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,410 | €274,936 | -€51,474 | -15.8% |
| Other operating charges | 640/8 | €10,090 | €8,461 | -€1,629 | -16.1% |
| Gross operating margin | 9900 | -€13,431 | €706,757 | +€720,188 | |
| Operating profit (loss) | 9901 | -€349,931 | €300,972 | +€650,903 | |
| Financial income | 75/76B | €39 | €369 | +€330 | +846% |
| Recurring financial income | 75 | €39 | €369 | +€330 | +846% |
| Financial charges | 65/66B | €42,454 | €9,958 | -€32,496 | -76.5% |
| Recurring financial charges | 65 | €7,471 | €9,958 | +€2,487 | +33.3% |
| Non-recurring financial charges | 66B | €34,983 | - | -€34,983 | |
| Profit (loss) for the period before taxes | 9903 | -€392,346 | €291,383 | +€683,729 | |
| Profit (loss) for the period | 9904 | -€392,346 | €291,383 | +€683,729 | |
| Profit (loss) for the period to be appropriated | 9905 | -€392,346 | €291,383 | +€683,729 |
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 25 October 2026 via checked.be.