BLUEGRASS: 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.
BLUEGRASS
Largest movements
- Current investments +€50,000
up €50,000 (+18,777%), from €266 to €50,266
- Stocks and contracts -€36,155
down €36,155 (-8.1%), from €445,780 to €409,625
- Cash -€32,392
down €32,392 (-87.8%), from €36,889 to €4,497
mainly Investment in fixed assets (net) (-€97,628) and Debts after one year (-€54,406)
- Receivables within one year -€22,365
down €22,365 (-50.9%), from €43,951 to €21,586
of which Other amounts receivable: -€22,146
- Reserves +€71,518
up €71,518 (+15.0%), from €478,352 to €549,870
- Debts after one year -€54,406
down €54,406 (-18.0%), from €301,761 to €247,355
- Trade debts -€41,956
down €41,956 (-95.2%), from €44,066 to €2,110
- Tax, wage and social debts -€14,246
down €14,246 (-55.6%), from €25,606 to €11,360
- Gross operating margin -€18,445
down €18,445 (-6.7%), from €273,980 to €255,535
- Financial charges -€10,532
down €10,532 (-33.0%), from €31,909 to €21,378
- Depreciation +€7,045
up €7,045 (+8.9%), from €79,221 to €86,266
- Taxes -€5,915
down €5,915 (-14.1%), from €41,990 to €36,075
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 | €1,362,073 | €1,337,060 | -€25,013 | -1.8% |
| Fixed assets | 21/28 | €824,963 | €836,325 | +€11,363 | +1.4% |
| Intangible fixed assets | 21 | €1,391 | €191 | -€1,200 | -86.3% |
| Tangible fixed assets | 22/27 | €823,572 | €836,135 | +€12,563 | +1.5% |
| Land and buildings | 22 | €725,469 | €730,303 | +€4,834 | +0.7% |
| Furniture and vehicles | 24 | €98,103 | €105,832 | +€7,729 | +7.9% |
| Current assets | 29/58 | €537,110 | €500,735 | -€36,375 | -6.8% |
| Stocks and contracts in progress | 3 | €445,780 | €409,625 | -€36,155 | -8.1% |
| Stocks | 30/36 | €445,780 | €409,625 | -€36,155 | -8.1% |
| Amounts receivable within one year | 40/41 | €43,951 | €21,586 | -€22,365 | -50.9% |
| Trade receivables | 40 | €19,381 | €19,161 | -€219 | -1.1% |
| Other amounts receivable | 41 | €24,570 | €2,425 | -€22,146 | -90.1% |
| Current investments | 50/53 | €266 | €50,266 | +€50,000 | +18,777% |
| Cash at bank and in hand | 54/58 | €36,889 | €4,497 | -€32,392 | -87.8% |
| Deferred charges and accrued income | 490/1 | €10,224 | €14,761 | +€4,537 | +44.4% |
| Total equity and liabilities | 10/49 | €1,362,073 | €1,337,060 | -€25,013 | -1.8% |
| Equity | 10/15 | €515,944 | €587,462 | +€71,518 | +13.9% |
| Contributions | 10/11 | €37,592 | €37,592 | = | 0.0% |
| Reserves | 13 | €478,352 | €549,870 | +€71,518 | +15.0% |
| Distributable reserves | 133 | €478,352 | €549,870 | +€71,518 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €846,129 | €749,598 | -€96,531 | -11.4% |
| Amounts payable after more than one year | 17 | €301,761 | €247,355 | -€54,406 | -18.0% |
| Financial debts | 170/4 | €301,761 | €247,355 | -€54,406 | -18.0% |
| Amounts payable within one year | 42/48 | €544,368 | €502,243 | -€42,124 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €87,330 | €93,921 | +€6,591 | +7.5% |
| Financial debts | 43 | €10,211 | €10,124 | -€88 | -0.9% |
| Credit institutions | 430/8 | €10,211 | €10,124 | -€88 | -0.9% |
| Trade debts | 44 | €44,066 | €2,110 | -€41,956 | -95.2% |
| Suppliers | 440/4 | €44,066 | €2,110 | -€41,956 | -95.2% |
| Taxes, remuneration and social security | 45 | €25,606 | €11,360 | -€14,246 | -55.6% |
| Taxes | 450/3 | €25,606 | €11,360 | -€14,246 | -55.6% |
| Other amounts payable | 47/48 | €377,154 | €384,728 | +€7,574 | +2.0% |
| Non-recurring operating income | 76A | €24,952 | €12,515 | -€12,437 | -49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,221 | €86,266 | +€7,045 | +8.9% |
| Other operating charges | 640/8 | €16,291 | €15,756 | -€535 | -3.3% |
| Gross operating margin | 9900 | €273,980 | €255,535 | -€18,445 | -6.7% |
| Operating profit (loss) | 9901 | €178,468 | €153,513 | -€24,955 | -14.0% |
| Financial income | 75/76B | €30 | €24 | -€6 | -19.6% |
| Recurring financial income | 75 | €30 | €24 | -€6 | -19.6% |
| Financial charges | 65/66B | €31,909 | €21,378 | -€10,532 | -33.0% |
| Recurring financial charges | 65 | €31,909 | €21,378 | -€10,532 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €146,588 | €132,159 | -€14,429 | -9.8% |
| Income taxes | 67/77 | €41,990 | €36,075 | -€5,915 | -14.1% |
| Profit (loss) for the period | 9904 | €104,598 | €96,083 | -€8,515 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €104,598 | €96,083 | -€8,515 | -8.1% |
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.