BLUE WAVES MANAGEMENT: 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 WAVES MANAGEMENT
Largest movements
- Cash -€32,016
down €32,016 (-66.6%), from €48,061 to €16,045
mainly Debts after one year (-€38,647) and Tax, wage and social debts (-€9,351)
- Tangible fixed assets -€9,123
down €9,123 (-3.9%), from €231,068 to €221,945
of which Land and buildings: -€8,007
- Receivables within one year +€5,023
up €5,023 (+217%), from €2,316 to €7,339
of which Other amounts receivable: +€6,095
- Debts after one year -€38,647
down €38,647 (-31.3%), from €123,441 to €84,794
- Other debts +€15,535
new in 2025: €15,535
- Tax, wage and social debts -€9,351
down €9,351 (-71.0%), from €13,177 to €3,826
- Gross operating margin -€72,535
down €72,535 (-74.3%), from €97,572 to €25,037
- Taxes -€16,809
down €16,809 (-83.3%), from €20,180 to €3,372
- Depreciation -€8,611
down €8,611 (-40.7%), from €21,164 to €12,554
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 | €282,328 | €248,150 | -€34,178 | -12.1% |
| Fixed assets | 21/28 | €231,068 | €221,945 | -€9,123 | -3.9% |
| Tangible fixed assets | 22/27 | €231,068 | €221,945 | -€9,123 | -3.9% |
| Land and buildings | 22 | €221,542 | €213,535 | -€8,007 | -3.6% |
| Plant, machinery and equipment | 23 | €2,322 | €1,729 | -€593 | -25.5% |
| Furniture and vehicles | 24 | €7,204 | €6,681 | -€523 | -7.3% |
| Current assets | 29/58 | €51,260 | €26,205 | -€25,055 | -48.9% |
| Amounts receivable within one year | 40/41 | €2,316 | €7,339 | +€5,023 | +217% |
| Trade receivables | 40 | €1,782 | €711 | -€1,071 | -60.1% |
| Other amounts receivable | 41 | €534 | €6,628 | +€6,095 | +1,142% |
| Cash at bank and in hand | 54/58 | €48,061 | €16,045 | -€32,016 | -66.6% |
| Deferred charges and accrued income | 490/1 | €883 | €2,821 | +€1,938 | +219% |
| Total equity and liabilities | 10/49 | €282,328 | €248,150 | -€34,178 | -12.1% |
| Equity | 10/15 | €103,655 | €103,174 | -€481 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,000 | €84,574 | -€426 | -0.5% |
| Tax-exempt reserves | 132 | €726 | €726 | = | 0.0% |
| Distributable reserves | 133 | €84,274 | €83,848 | -€426 | -0.5% |
| Profit (loss) carried forward | 14 | €55 | - | -€55 | |
| Amounts payable | 17/49 | €178,673 | €144,976 | -€33,697 | -18.9% |
| Amounts payable after more than one year | 17 | €123,441 | €84,794 | -€38,647 | -31.3% |
| Financial debts | 170/4 | €123,441 | €84,794 | -€38,647 | -31.3% |
| Amounts payable within one year | 42/48 | €55,021 | €60,121 | +€5,100 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €37,137 | €38,647 | +€1,510 | +4.1% |
| Trade debts | 44 | €4,707 | €2,112 | -€2,595 | -55.1% |
| Suppliers | 440/4 | €4,707 | €2,112 | -€2,595 | -55.1% |
| Taxes, remuneration and social security | 45 | €13,177 | €3,826 | -€9,351 | -71.0% |
| Taxes | 450/3 | €13,177 | €3,826 | -€9,351 | -71.0% |
| Other amounts payable | 47/48 | - | €15,535 | +€15,535 | |
| Accrued charges and deferred income | 492/3 | €212 | €62 | -€150 | -70.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,164 | €12,554 | -€8,611 | -40.7% |
| Other operating charges | 640/8 | €3,618 | €2,797 | -€820 | -22.7% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €97,572 | €25,037 | -€72,535 | -74.3% |
| Operating profit (loss) | 9901 | €72,790 | €9,622 | -€63,168 | -86.8% |
| Financial income | 75/76B | €0 | €30 | +€30 | +19,847% |
| Recurring financial income | 75 | €0 | €30 | +€30 | +19,847% |
| Financial charges | 65/66B | €7,460 | €6,762 | -€699 | -9.4% |
| Recurring financial charges | 65 | €7,460 | €6,762 | -€699 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €65,330 | €2,890 | -€62,439 | -95.6% |
| Income taxes | 67/77 | €20,180 | €3,372 | -€16,809 | -83.3% |
| Profit (loss) for the period | 9904 | €45,149 | -€481 | -€45,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,149 | -€481 | -€45,630 |
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 19 October 2026 via checked.be.