BLUELINK: 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.
BLUELINK
Largest movements
- Tangible fixed assets +€283,565
up €283,565 (+34.3%), from €825,855 to €1.1m
of which Land and buildings: +€257,573
- Receivables within one year +€34,251
up €34,251 (+25.2%), from €135,879 to €170,131
of which Trade receivables: +€48,061
- Cash -€33,908
down €33,908 (-47.9%), from €70,860 to €36,951
mainly Investment in fixed assets (net) (-€366,018) and Receivables within one year (-€34,251)
- Short-term financial debts +€230,500
up €230,500 (+66.9%), from €344,500 to €575,000
- Other debts +€40,589
up €40,589 (+8.9%), from €456,015 to €496,604
- Current portion of long-term debt -€31,856
down €31,856 (-53.1%), from €59,951 to €28,094
- Reserves +€26,122
up €26,122 (+153.0%), from €17,076 to €43,198
of which Distributable reserves: +€26,122
- Gross operating margin +€40,310
up €40,310 (+30.9%), from €130,265 to €170,575
- Depreciation +€30,708
up €30,708 (+59.3%), from €51,745 to €82,453
- Financial charges +€14,334
up €14,334 (+42.7%), from €33,578 to €47,911
of which Financial charges: +€24,822
- Other operating charges +€5,653
up €5,653 (+101.6%), from €5,562 to €11,215
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 | €1,036,689 | €1,319,852 | +€283,163 | +27.3% |
| Fixed assets | 21/28 | €829,205 | €1,112,770 | +€283,565 | +34.2% |
| Tangible fixed assets | 22/27 | €825,855 | €1,109,420 | +€283,565 | +34.3% |
| Land and buildings | 22 | €821,848 | €1,079,421 | +€257,573 | +31.3% |
| Plant, machinery and equipment | 23 | €540 | €0 | -€540 | -100.0% |
| Furniture and vehicles | 24 | €3,467 | €29,999 | +€26,531 | +765.2% |
| Financial fixed assets | 28 | €3,350 | €3,350 | = | 0.0% |
| Current assets | 29/58 | €207,484 | €207,082 | -€402 | -0.2% |
| Amounts receivable within one year | 40/41 | €135,879 | €170,131 | +€34,251 | +25.2% |
| Trade receivables | 40 | €102,885 | €150,946 | +€48,061 | +46.7% |
| Other amounts receivable | 41 | €32,995 | €19,185 | -€13,810 | -41.9% |
| Cash at bank and in hand | 54/58 | €70,860 | €36,951 | -€33,908 | -47.9% |
| Deferred charges and accrued income | 490/1 | €745 | €0 | -€745 | -100.0% |
| Total equity and liabilities | 10/49 | €1,036,689 | €1,319,852 | +€283,163 | +27.3% |
| Equity | 10/15 | -€328,670 | -€302,549 | +€26,122 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,076 | €43,198 | +€26,122 | +153.0% |
| Tax-exempt reserves | 132 | €17,076 | €17,076 | = | 0.0% |
| Distributable reserves | 133 | - | €26,122 | +€26,122 | |
| Profit (loss) carried forward | 14 | -€364,347 | -€364,347 | = | 0.0% |
| Amounts payable | 17/49 | €1,365,360 | €1,622,401 | +€257,041 | +18.8% |
| Amounts payable after more than one year | 17 | €475,778 | €483,289 | +€7,511 | +1.6% |
| Financial debts | 170/4 | €475,778 | €483,289 | +€7,511 | +1.6% |
| Amounts payable within one year | 42/48 | €889,582 | €1,139,112 | +€249,530 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €59,951 | €28,094 | -€31,856 | -53.1% |
| Financial debts | 43 | €344,500 | €575,000 | +€230,500 | +66.9% |
| Credit institutions | 430/8 | €344,500 | €575,000 | +€230,500 | +66.9% |
| Trade debts | 44 | €26,299 | €34,094 | +€7,794 | +29.6% |
| Suppliers | 440/4 | €26,299 | €34,094 | +€7,794 | +29.6% |
| Taxes, remuneration and social security | 45 | €2,817 | €5,320 | +€2,503 | +88.9% |
| Taxes | 450/3 | €2,817 | €5,320 | +€2,503 | +88.9% |
| Other amounts payable | 47/48 | €456,015 | €496,604 | +€40,589 | +8.9% |
| Non-recurring operating income | 76A | €3,587 | €0 | -€3,587 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,745 | €82,453 | +€30,708 | +59.3% |
| Other operating charges | 640/8 | €5,562 | €11,215 | +€5,653 | +101.6% |
| Non-recurring operating charges | 66A | €37,596 | €0 | -€37,596 | -100.0% |
| Gross operating margin | 9900 | €130,265 | €170,575 | +€40,310 | +30.9% |
| Operating profit (loss) | 9901 | €35,363 | €76,908 | +€41,545 | +117.5% |
| Financial income | 75/76B | €0 | €62 | +€62 | |
| Recurring financial income | 75 | €0 | €62 | +€62 | |
| Financial charges | 65/66B | €33,578 | €47,911 | +€14,334 | +42.7% |
| Recurring financial charges | 65 | €23,090 | €47,911 | +€24,822 | +107.5% |
| Non-recurring financial charges | 66B | €10,488 | €0 | -€10,488 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €1,785 | €29,058 | +€27,272 | +1527.7% |
| Income taxes | 67/77 | €2,688 | €2,936 | +€248 | +9.2% |
| Profit (loss) for the period | 9904 | -€903 | €26,122 | +€27,025 | |
| Profit (loss) for the period to be appropriated | 9905 | -€903 | €26,122 | +€27,025 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.