BLUE WATER PROJECTS: 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 PROJECTS
Largest movements
- Cash +€291,143
up €291,143 (+1,009%), from €28,866 to €320,009
mainly Current investments (+€288,656) and Net result for the year (+€62,948)
- Current investments -€288,656
down €288,656 (-9.0%), from €3.2m to €2.9m
- Reserves +€62,948
up €62,948 (+2.1%), from €3.0m to €3.1m
of which Distributable reserves: +€62,948
- Other debts -€50,636
down €50,636 (-11.3%), from €448,279 to €397,644
- Financial income -€2.7m
down €2.7m (-98.1%), from €2.7m to €51,626
- Taxes -€258,491
down €258,491 (-91.5%), from €282,456 to €23,965
- Financial charges +€20,483
up €20,483 (+13,665%), from €150 to €20,633
- Depreciation +€719
up €719 (+73.5%), from €979 to €1,699
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 | €3,761,704 | €3,756,713 | -€4,991 | -0.1% |
| Fixed assets | 21/28 | €154,117 | €152,418 | -€1,699 | -1.1% |
| Tangible fixed assets | 22/27 | €4,117 | €2,418 | -€1,699 | -41.3% |
| Furniture and vehicles | 24 | €4,117 | €2,418 | -€1,699 | -41.3% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €3,607,587 | €3,604,294 | -€3,293 | -0.1% |
| Amounts receivable after more than one year | 29 | €333,333 | €333,333 | = | 0.0% |
| Other amounts receivable | 291 | €333,333 | €333,333 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,957 | €15,176 | -€5,781 | -27.6% |
| Trade receivables | 40 | €15,125 | €15,125 | = | 0.0% |
| Other amounts receivable | 41 | €5,832 | €51 | -€5,781 | -99.1% |
| Current investments | 50/53 | €3,213,000 | €2,924,344 | -€288,656 | -9.0% |
| Cash at bank and in hand | 54/58 | €28,866 | €320,009 | +€291,143 | +1,009% |
| Deferred charges and accrued income | 490/1 | €11,431 | €11,432 | +€2 | 0.0% |
| Total equity and liabilities | 10/49 | €3,761,704 | €3,756,713 | -€4,991 | -0.1% |
| Equity | 10/15 | €3,040,185 | €3,103,133 | +€62,948 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,014,193 | €3,077,141 | +€62,948 | +2.1% |
| Tax-exempt reserves | 132 | €261 | €261 | = | 0.0% |
| Distributable reserves | 133 | €3,013,931 | €3,076,879 | +€62,948 | +2.1% |
| Profit (loss) carried forward | 14 | €19,792 | €19,792 | = | 0.0% |
| Amounts payable | 17/49 | €721,519 | €653,580 | -€67,939 | -9.4% |
| Amounts payable within one year | 42/48 | €721,519 | €653,580 | -€67,939 | -9.4% |
| Financial debts | 43 | - | €64 | +€64 | |
| Credit institutions | 430/8 | - | €64 | +€64 | |
| Trade debts | 44 | €542 | €738 | +€196 | +36.1% |
| Suppliers | 440/4 | €542 | €738 | +€196 | +36.1% |
| Taxes, remuneration and social security | 45 | €272,698 | €255,134 | -€17,563 | -6.4% |
| Taxes | 450/3 | €272,698 | €255,134 | -€17,563 | -6.4% |
| Other amounts payable | 47/48 | €448,279 | €397,644 | -€50,636 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €979 | €1,699 | +€719 | +73.5% |
| Other operating charges | 640/8 | €1,536 | €1,525 | -€11 | -0.7% |
| Gross operating margin | 9900 | €58,732 | €59,144 | +€412 | +0.7% |
| Operating profit (loss) | 9901 | €56,216 | €55,920 | -€297 | -0.5% |
| Financial income | 75/76B | €2,746,673 | €51,626 | -€2.7m | -98.1% |
| Recurring financial income | 75 | €2,746,673 | €51,626 | -€2.7m | -98.1% |
| Financial charges | 65/66B | €150 | €20,633 | +€20,483 | +13,665% |
| Recurring financial charges | 65 | €150 | €20,633 | +€20,483 | +13,665% |
| Profit (loss) for the period before taxes | 9903 | €2,802,739 | €86,913 | -€2.7m | -96.9% |
| Income taxes | 67/77 | €282,456 | €23,965 | -€258,491 | -91.5% |
| Profit (loss) for the period | 9904 | €2,520,283 | €62,948 | -€2.5m | -97.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,520,283 | €62,948 | -€2.5m | -97.5% |
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.