BLUE WING: 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 WING
Largest movements
- Receivables within one year -€86,054
down €86,054 (-96.0%), from €89,646 to €3,592
of which Trade receivables: -€87,946
- Cash +€8,759
up €8,759 (+9.0%), from €96,869 to €105,628
mainly Net result for the year (+€90,539) and Receivables within one year (+€86,054)
- Trade debts -€52,400
down €52,400 (-97.7%), from €53,660 to €1,260
- Profit (loss) carried forward -€24,461
down €24,461 (-21.2%), from €115,347 to €90,886
- Gross operating margin -€33,497
down €33,497 (-21.2%), from €157,844 to €124,347
- Taxes -€8,926
down €8,926 (-21.8%), from €40,922 to €31,996
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 | €189,841 | €112,606 | -€77,235 | -40.7% |
| Fixed assets | 21/28 | €1,858 | €1,888 | +€30 | +1.6% |
| Tangible fixed assets | 22/27 | €1,858 | €1,888 | +€30 | +1.6% |
| Plant, machinery and equipment | 23 | €1,858 | €1,389 | -€469 | -25.2% |
| Furniture and vehicles | 24 | €0 | €499 | +€499 | |
| Current assets | 29/58 | €187,983 | €110,718 | -€77,265 | -41.1% |
| Amounts receivable within one year | 40/41 | €89,646 | €3,592 | -€86,054 | -96.0% |
| Trade receivables | 40 | €87,946 | - | -€87,946 | |
| Other amounts receivable | 41 | €1,700 | €3,592 | +€1,892 | +111% |
| Cash at bank and in hand | 54/58 | €96,869 | €105,628 | +€8,759 | +9.0% |
| Deferred charges and accrued income | 490/1 | €1,468 | €1,498 | +€30 | +2.0% |
| Total equity and liabilities | 10/49 | €189,841 | €112,606 | -€77,235 | -40.7% |
| Equity | 10/15 | €135,807 | €111,346 | -€24,461 | -18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,347 | €90,886 | -€24,461 | -21.2% |
| Amounts payable | 17/49 | €54,034 | €1,260 | -€52,774 | -97.7% |
| Amounts payable within one year | 42/48 | €54,034 | €1,260 | -€52,774 | -97.7% |
| Trade debts | 44 | €53,660 | €1,260 | -€52,400 | -97.7% |
| Suppliers | 440/4 | €53,660 | €1,260 | -€52,400 | -97.7% |
| Other amounts payable | 47/48 | €374 | - | -€374 | |
| Remuneration, social security and pensions | 62 | €141 | - | -€141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €488 | €552 | +€64 | +13.1% |
| Other operating charges | 640/8 | €1,062 | €1,236 | +€174 | +16.4% |
| Gross operating margin | 9900 | €157,844 | €124,347 | -€33,497 | -21.2% |
| Operating profit (loss) | 9901 | €156,153 | €122,559 | -€33,594 | -21.5% |
| Financial income | 75/76B | €156 | €68 | -€88 | -56.4% |
| Recurring financial income | 75 | €156 | €68 | -€88 | -56.4% |
| Financial charges | 65/66B | €96 | €92 | -€4 | -4.2% |
| Recurring financial charges | 65 | €96 | €92 | -€4 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €156,213 | €122,535 | -€33,678 | -21.6% |
| Income taxes | 67/77 | €40,922 | €31,996 | -€8,926 | -21.8% |
| Profit (loss) for the period | 9904 | €115,291 | €90,539 | -€24,752 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €115,291 | €90,539 | -€24,752 | -21.5% |
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 17 October 2026 via checked.be.