BLUEFIN: 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.
BLUEFIN
Largest movements
- Intangible fixed assets -€172,823
down €172,823 (-33.3%), from €518,469 to €345,646
- Other debts +€172,547
up €172,547 (+15.2%), from €1.1m to €1.3m
- Provisions -€150,000
down €150,000 (-100%), from €150,000 to €0
- Debts after one year -€101,043
down €101,043 (-34.7%), from €291,212 to €190,168
- Current portion of long-term debt -€86,578
down €86,578 (-44.6%), from €194,191 to €107,612
- Tax, wage and social debts -€41,396
down €41,396 (-27.3%), from €151,369 to €109,973
of which Taxes: -€43,744
- Provisions -€150,000
new in 2025: -€150,000
- Gross operating margin -€104,155
down €104,155 (-26.6%), from €392,272 to €288,117
- Taxes -€64,904
down €64,904 (-77.7%), from €83,533 to €18,629
- Staff costs -€37,158
down €37,158 (-16.4%), from €226,424 to €189,266
- Financial charges -€8,865
down €8,865 (-25.6%), from €34,656 to €25,790
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 | €3,651,303 | €3,447,946 | -€203,357 | -5.6% |
| Fixed assets | 21/28 | €3,611,992 | €3,435,760 | -€176,232 | -4.9% |
| Intangible fixed assets | 21 | €518,469 | €345,646 | -€172,823 | -33.3% |
| Tangible fixed assets | 22/27 | €87,614 | €84,205 | -€3,409 | -3.9% |
| Land and buildings | 22 | €87,614 | €84,205 | -€3,409 | -3.9% |
| Financial fixed assets | 28 | €3,005,910 | €3,005,910 | = | 0.0% |
| Current assets | 29/58 | €39,311 | €12,186 | -€27,125 | -69.0% |
| Amounts receivable within one year | 40/41 | €950 | €523 | -€427 | -44.9% |
| Other amounts receivable | 41 | €950 | €523 | -€427 | -44.9% |
| Cash at bank and in hand | 54/58 | €35,818 | €10,109 | -€25,709 | -71.8% |
| Deferred charges and accrued income | 490/1 | €2,543 | €1,553 | -€990 | -38.9% |
| Total equity and liabilities | 10/49 | €3,651,303 | €3,447,946 | -€203,357 | -5.6% |
| Equity | 10/15 | €1,702,967 | €1,727,628 | +€24,660 | +1.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,682,967 | €1,707,628 | +€24,660 | +1.5% |
| Tax-exempt reserves | 132 | €3,365 | €3,365 | = | 0.0% |
| Distributable reserves | 133 | €1,679,602 | €1,704,262 | +€24,660 | +1.5% |
| Provisions and deferred taxes | 16 | €150,000 | €0 | -€150,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €150,000 | €0 | -€150,000 | -100% |
| Pensions and similar obligations | 160 | €150,000 | €0 | -€150,000 | -100% |
| Amounts payable | 17/49 | €1,798,336 | €1,720,318 | -€78,017 | -4.3% |
| Amounts payable after more than one year | 17 | €291,212 | €190,168 | -€101,043 | -34.7% |
| Financial debts | 170/4 | €291,212 | €190,168 | -€101,043 | -34.7% |
| Amounts payable within one year | 42/48 | €1,507,124 | €1,530,150 | +€23,026 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €194,191 | €107,612 | -€86,578 | -44.6% |
| Financial debts | 43 | €25,469 | €5,783 | -€19,686 | -77.3% |
| Credit institutions | 430/8 | €25,469 | €5,783 | -€19,686 | -77.3% |
| Trade debts | 44 | €2,746 | €885 | -€1,860 | -67.8% |
| Suppliers | 440/4 | €2,746 | €885 | -€1,860 | -67.8% |
| Taxes, remuneration and social security | 45 | €151,369 | €109,973 | -€41,396 | -27.3% |
| Taxes | 450/3 | €112,807 | €69,063 | -€43,744 | -38.8% |
| Remuneration and social security | 454/9 | €38,562 | €40,910 | +€2,349 | +6.1% |
| Other amounts payable | 47/48 | €1,133,350 | €1,305,897 | +€172,547 | +15.2% |
| Remuneration, social security and pensions | 62 | €226,424 | €189,266 | -€37,158 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,232 | €176,232 | -€0 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€150,000 | -€150,000 | |
| Other operating charges | 640/8 | €2,700 | €3,539 | +€839 | +31.1% |
| Gross operating margin | 9900 | €392,272 | €288,117 | -€104,155 | -26.6% |
| Operating profit (loss) | 9901 | -€13,084 | €69,080 | +€82,163 | |
| Financial income | 75/76B | €16 | €0 | -€16 | -99.9% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -99.9% |
| Financial charges | 65/66B | €34,656 | €25,790 | -€8,865 | -25.6% |
| Recurring financial charges | 65 | €34,656 | €25,790 | -€8,865 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | -€47,723 | €43,290 | +€91,013 | |
| Income taxes | 67/77 | €83,533 | €18,629 | -€64,904 | -77.7% |
| Profit (loss) for the period | 9904 | -€131,257 | €24,660 | +€155,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€131,257 | €24,660 | +€155,917 |
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 13 October 2026 via checked.be.