Blueshift II: 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.
Blueshift II
Largest movements
- Tangible fixed assets +€15,340
up €15,340 (+831%), from €1,845 to €17,185
of which Plant, machinery and equipment: +€15,929
- Receivables within one year -€3,751
down €3,751 (-2.3%), from €164,389 to €160,638
of which Trade receivables: -€3,751
- Trade debts +€14,144
up €14,144 (+2,737%), from €517 to €14,661
- Tax, wage and social debts -€10,295
down €10,295 (-37.1%), from €27,727 to €17,432
- Reserves +€4,300
up €4,300 (+2.9%), from €149,300 to €153,600
- Gross operating margin -€19,042
down €19,042 (-62.0%), from €30,695 to €11,653
- Taxes -€6,448
down €6,448 (-65.7%), from €9,809 to €3,362
- Staff costs -€1,531
no longer reported in 2025 (was €1,531)
- Depreciation +€846
up €846 (+190%), from €444 to €1,290
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 | €192,052 | €200,506 | +€8,454 | +4.4% |
| Fixed assets | 21/28 | €2,345 | €17,685 | +€15,340 | +654% |
| Tangible fixed assets | 22/27 | €1,845 | €17,185 | +€15,340 | +831% |
| Plant, machinery and equipment | 23 | - | €15,929 | +€15,929 | |
| Furniture and vehicles | 24 | €1,845 | €1,256 | -€590 | -32.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €189,707 | €182,821 | -€6,886 | -3.6% |
| Amounts receivable within one year | 40/41 | €164,389 | €160,638 | -€3,751 | -2.3% |
| Trade receivables | 40 | €38,357 | €34,606 | -€3,751 | -9.8% |
| Other amounts receivable | 41 | €126,032 | €126,032 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,857 | €21,908 | -€1,949 | -8.2% |
| Deferred charges and accrued income | 490/1 | €1,461 | €275 | -€1,186 | -81.2% |
| Total equity and liabilities | 10/49 | €192,052 | €200,506 | +€8,454 | +4.4% |
| Equity | 10/15 | €161,710 | €166,030 | +€4,319 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €149,300 | €153,600 | +€4,300 | +2.9% |
| Distributable reserves | 133 | €149,300 | €153,600 | +€4,300 | +2.9% |
| Profit (loss) carried forward | 14 | €10 | €30 | +€19 | +190% |
| Amounts payable | 17/49 | €30,342 | €34,476 | +€4,134 | +13.6% |
| Amounts payable within one year | 42/48 | €30,342 | €34,476 | +€4,134 | +13.6% |
| Trade debts | 44 | €517 | €14,661 | +€14,144 | +2,737% |
| Suppliers | 440/4 | €517 | €14,661 | +€14,144 | +2,737% |
| Taxes, remuneration and social security | 45 | €27,727 | €17,432 | -€10,295 | -37.1% |
| Taxes | 450/3 | €27,727 | €17,432 | -€10,295 | -37.1% |
| Other amounts payable | 47/48 | €2,098 | €2,382 | +€284 | +13.6% |
| Remuneration, social security and pensions | 62 | €1,531 | - | -€1,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444 | €1,290 | +€846 | +190% |
| Other operating charges | 640/8 | €802 | €764 | -€38 | -4.8% |
| Gross operating margin | 9900 | €30,695 | €11,653 | -€19,042 | -62.0% |
| Operating profit (loss) | 9901 | €27,917 | €9,598 | -€18,319 | -65.6% |
| Financial income | 75/76B | €45 | €3 | -€42 | -92.5% |
| Recurring financial income | 75 | €45 | €3 | -€42 | -92.5% |
| Financial charges | 65/66B | €175 | €320 | +€145 | +83.1% |
| Recurring financial charges | 65 | €175 | €320 | +€145 | +83.1% |
| Profit (loss) for the period before taxes | 9903 | €27,787 | €9,281 | -€18,506 | -66.6% |
| Income taxes | 67/77 | €9,809 | €3,362 | -€6,448 | -65.7% |
| Profit (loss) for the period | 9904 | €17,978 | €5,919 | -€12,059 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,978 | €5,919 | -€12,059 | -67.1% |
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 30 October 2026 via checked.be.