BLUESHIRT: 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.
BLUESHIRT
Largest movements
- Tangible fixed assets -€60,522
down €60,522 (-30.8%), from €196,495 to €135,973
of which Plant, machinery and equipment: -€60,289
- Cash +€48,676
up €48,676 (+36.2%), from €134,483 to €183,158
mainly Depreciation (+€60,522) and Receivables within one year (+€43,995)
- Receivables within one year -€43,995
down €43,995 (-63.0%), from €69,863 to €25,868
of which Trade receivables: -€49,562
- Trade debts -€37,029
down €37,029 (-34.4%), from €107,650 to €70,621
- Debts after one year -€23,980
down €23,980 (-23.9%), from €100,161 to €76,180
- Current portion of long-term debt +€16,241
up €16,241 (+43.0%), from €37,740 to €53,980
- Tax, wage and social debts -€8,654
down €8,654 (-21.0%), from €41,250 to €32,596
of which Remuneration and social security: -€5,015
- Gross operating margin -€72,861
down €72,861 (-27.8%), from €261,940 to €189,079
- Staff costs -€29,701
down €29,701 (-18.3%), from €162,736 to €133,035
- Taxes -€9,383
down €9,383 (-91.9%), from €10,207 to €824
- Other operating charges -€4,167
down €4,167 (-76.6%), from €5,437 to €1,270
- Depreciation +€4,140
up €4,140 (+7.3%), from €56,382 to €60,522
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 | €403,047 | €349,432 | -€53,616 | -13.3% |
| Fixed assets | 21/28 | €196,495 | €135,973 | -€60,522 | -30.8% |
| Tangible fixed assets | 22/27 | €196,495 | €135,973 | -€60,522 | -30.8% |
| Plant, machinery and equipment | 23 | €195,547 | €135,258 | -€60,289 | -30.8% |
| Furniture and vehicles | 24 | €948 | €715 | -€233 | -24.6% |
| Current assets | 29/58 | €206,553 | €213,458 | +€6,906 | +3.3% |
| Amounts receivable within one year | 40/41 | €69,863 | €25,868 | -€43,995 | -63.0% |
| Trade receivables | 40 | €68,254 | €18,692 | -€49,562 | -72.6% |
| Other amounts receivable | 41 | €1,609 | €7,176 | +€5,568 | +346% |
| Cash at bank and in hand | 54/58 | €134,483 | €183,158 | +€48,676 | +36.2% |
| Deferred charges and accrued income | 490/1 | €2,207 | €4,432 | +€2,225 | +101% |
| Total equity and liabilities | 10/49 | €403,047 | €349,432 | -€53,616 | -13.3% |
| Equity | 10/15 | €115,545 | €114,910 | -€635 | -0.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €105,545 | €105,545 | = | 0.0% |
| Distributable reserves | 133 | €105,545 | €105,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€635 | -€635 | |
| Amounts payable | 17/49 | €287,502 | €234,522 | -€52,981 | -18.4% |
| Amounts payable after more than one year | 17 | €100,161 | €76,180 | -€23,980 | -23.9% |
| Financial debts | 170/4 | €100,161 | €76,180 | -€23,980 | -23.9% |
| Amounts payable within one year | 42/48 | €186,640 | €158,341 | -€28,298 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €37,740 | €53,980 | +€16,241 | +43.0% |
| Trade debts | 44 | €107,650 | €70,621 | -€37,029 | -34.4% |
| Suppliers | 440/4 | €107,650 | €70,621 | -€37,029 | -34.4% |
| Taxes, remuneration and social security | 45 | €41,250 | €32,596 | -€8,654 | -21.0% |
| Taxes | 450/3 | €25,357 | €21,717 | -€3,639 | -14.4% |
| Remuneration and social security | 454/9 | €15,893 | €10,878 | -€5,015 | -31.6% |
| Other amounts payable | 47/48 | - | €1,144 | +€1,144 | |
| Accrued charges and deferred income | 492/3 | €702 | €0 | -€702 | -100% |
| Remuneration, social security and pensions | 62 | €162,736 | €133,035 | -€29,701 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,382 | €60,522 | +€4,140 | +7.3% |
| Other operating charges | 640/8 | €5,437 | €1,270 | -€4,167 | -76.6% |
| Gross operating margin | 9900 | €261,940 | €189,079 | -€72,861 | -27.8% |
| Operating profit (loss) | 9901 | €37,385 | -€5,747 | -€43,132 | |
| Financial income | 75/76B | €7,228 | €10,757 | +€3,529 | +48.8% |
| Recurring financial income | 75 | €7,228 | €10,757 | +€3,529 | +48.8% |
| Financial charges | 65/66B | €6,798 | €4,820 | -€1,978 | -29.1% |
| Recurring financial charges | 65 | €6,798 | €4,820 | -€1,978 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €37,814 | €189 | -€37,626 | -99.5% |
| Income taxes | 67/77 | €10,207 | €824 | -€9,383 | -91.9% |
| Profit (loss) for the period | 9904 | €27,608 | -€635 | -€28,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,608 | -€635 | -€28,243 |
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.