BLUEDUCK: what changed
Two fiscal 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.
BLUEDUCK
Largest movements
- Tangible fixed assets +€238,386
up €238,386 (+94.1%), from €253,214 to €491,600
of which Land and buildings: +€244,990
- Cash -€234,363
down €234,363 (-81.9%), from €286,329 to €51,966
mainly Investment in fixed assets (net) (-€281,521) and Other debts (-€125,148)
- Receivables within one year +€19,669
up €19,669 (+31.9%), from €61,640 to €81,309
of which Other amounts receivable: +€10,233
- Debts after one year +€224,503
up €224,503 (+130.1%), from €172,543 to €397,046
- Other debts -€125,148
down €125,148 (-48.5%), from €258,245 to €133,097
- Reserves -€81,444
down €81,444 (-59.1%), from €137,765 to €56,321
- Current portion of long-term debt +€10,005
up €10,005 (+54.0%), from €18,535 to €28,541
- Depreciation +€11,364
up €11,364 (+35.8%), from €31,770 to €43,135
- Financial charges +€6,099
up €6,099 (+115.7%), from €5,271 to €11,370
- Taxes -€4,128
down €4,128 (-96.0%), from €4,302 to €174
- Gross operating margin +€3,585
up €3,585 (+6.6%), from €54,498 to €58,083
- Financial income -€1,957
down €1,957 (-95.9%), from €2,039 to €83
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 | €621,909 | €645,466 | +€23,557 | +3.8% |
| Fixed assets | 21/28 | €253,214 | €491,600 | +€238,386 | +94.1% |
| Tangible fixed assets | 22/27 | €253,214 | €491,600 | +€238,386 | +94.1% |
| Land and buildings | 22 | €197,647 | €442,637 | +€244,990 | +124.0% |
| Plant, machinery and equipment | 23 | €2,502 | €12,506 | +€10,004 | +399.8% |
| Furniture and vehicles | 24 | €53,065 | €36,456 | -€16,608 | -31.3% |
| Current assets | 29/58 | €368,695 | €153,866 | -€214,829 | -58.3% |
| Amounts receivable after more than one year | 29 | €8,329 | €8,329 | = | 0.0% |
| Other amounts receivable | 291 | €8,329 | €8,329 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,640 | €81,309 | +€19,669 | +31.9% |
| Trade receivables | 40 | €39,107 | €48,543 | +€9,436 | +24.1% |
| Other amounts receivable | 41 | €22,533 | €32,766 | +€10,233 | +45.4% |
| Current investments | 50/53 | €10,256 | €10,256 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €286,329 | €51,966 | -€234,363 | -81.9% |
| Deferred charges and accrued income | 490/1 | €2,142 | €2,006 | -€135 | -6.3% |
| Total equity and liabilities | 10/49 | €621,909 | €645,466 | +€23,557 | +3.8% |
| Equity | 10/15 | €150,165 | €68,721 | -€81,444 | -54.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €137,765 | €56,321 | -€81,444 | -59.1% |
| Distributable reserves | 133 | €137,765 | €56,321 | -€81,444 | -59.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €471,744 | €576,745 | +€105,001 | +22.3% |
| Amounts payable after more than one year | 17 | €172,543 | €397,046 | +€224,503 | +130.1% |
| Financial debts | 170/4 | €172,543 | €397,046 | +€224,503 | +130.1% |
| Amounts payable within one year | 42/48 | €285,306 | €167,698 | -€117,608 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €18,535 | €28,541 | +€10,005 | +54.0% |
| Trade debts | 44 | €4,328 | €2,491 | -€1,838 | -42.5% |
| Suppliers | 440/4 | €4,328 | €2,491 | -€1,838 | -42.5% |
| Taxes, remuneration and social security | 45 | €4,197 | €3,570 | -€627 | -14.9% |
| Taxes | 450/3 | €4,197 | €3,570 | -€627 | -14.9% |
| Other amounts payable | 47/48 | €258,245 | €133,097 | -€125,148 | -48.5% |
| Accrued charges and deferred income | 492/3 | €13,894 | €12,000 | -€1,894 | -13.6% |
| Non-recurring operating income | 76A | €950 | €0 | -€950 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,770 | €43,135 | +€11,364 | +35.8% |
| Other operating charges | 640/8 | €5,342 | €5,405 | +€63 | +1.2% |
| Gross operating margin | 9900 | €54,498 | €58,083 | +€3,585 | +6.6% |
| Operating profit (loss) | 9901 | €17,386 | €9,543 | -€7,842 | -45.1% |
| Financial income | 75/76B | €2,039 | €83 | -€1,957 | -95.9% |
| Recurring financial income | 75 | €2,039 | €83 | -€1,957 | -95.9% |
| Financial charges | 65/66B | €5,271 | €11,370 | +€6,099 | +115.7% |
| Recurring financial charges | 65 | €5,271 | €11,370 | +€6,099 | +115.7% |
| Profit (loss) for the period before taxes | 9903 | €14,154 | -€1,745 | -€15,898 | |
| Income taxes | 67/77 | €4,302 | €174 | -€4,128 | -96.0% |
| Profit (loss) for the period | 9904 | €9,852 | -€1,919 | -€11,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,852 | -€1,919 | -€11,771 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.