BLUESTONE INVEST: 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.
What changed
BLUESTONE INVEST
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.8m
2024 · €2.4m+€3.3m
Equity
€11.4m
2024 · €6.1m+€5.3m
Cash
€68,559
2024 · €167,948-€99,389
Balance sheet total
€14.4m
2024 · €54.6m-€40.2m
Largest movements
Assets
- Stocks and contracts -€35.9m
down €35.9m (-85.1%), from €42.1m to €6.3m
of which Contracts in progress: -€35.8m
- Current investments -€4.4m
down €4.4m (-50.0%), from €8.8m to €4.4m
Equity and liabilities
- Advances received -€41.3m
no longer reported in 2025 (was €41.3m)
- Profit (loss) carried forward +€5.3m
up €5.3m (+86.7%), from €6.1m to €11.4m
- Short-term financial debts -€2.0m
no longer reported in 2025 (was €2.0m)
- Trade debts -€1.1m
down €1.1m (-48.9%), from €2.2m to €1.1m
- Other debts -€1.1m
down €1.1m (-61.3%), from €1.7m to €674,612
Income statement
- Gross operating margin +€4.9m
up €4.9m (+149%), from €3.3m to €8.2m
- Taxes +€1.2m
up €1.2m (+170%), from €713,471 to €1.9m
- Other operating charges +€303,431
up €303,431 (+229%), from €132,537 to €435,968
- Financial income -€92,721
down €92,721 (-44.8%), from €206,743 to €114,022
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.
Result 2024
€2.4m
Gross operating margin
+€4.9m
Staff costs
-€28,626
Depreciation
-€35,153
Other operating charges
-€303,431
Financial income
-€92,721
Financial charges
+€81,030
Taxes
-€1.2m
Result 2025
€5.8m
raises the resultlowers the result
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.
From operations
-€2.0m
Investment
+€4.4m
Financing
-€2.5m
Cash 2024
€167,948
From operations (derived)
-€2.0m
Net result for the year
+€5.8m
Depreciation
+€46,928
Stocks and contracts
+€35.9m
Receivables within one year
-€233,087
Smaller working-capital items
+€6,047
Trade debts
-€1.1m
Advances received
-€41.3m
Other debts
-€1.1m
Investment (derived)
+€4.4m
Investment in fixed assets (net)
+€13,132
Current investments
+€4.4m
Financing
-€2.5m
Short-term financial debts
-€2.0m
Contributions, distributions and other
-€500,000
Cash 2025
€68,559
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,559,973 | €14,358,499 | -€40.2m | -73.7% |
| Fixed assets | 21/28 | €3,114,091 | €3,054,031 | -€60,060 | -1.9% |
| Tangible fixed assets | 22/27 | €293,117 | €408,057 | +€114,940 | +39.2% |
| Land and buildings | 22 | €288,846 | €278,557 | -€10,289 | -3.6% |
| Furniture and vehicles | 24 | €4,271 | €2,277 | -€1,994 | -46.7% |
| Other tangible fixed assets | 26 | - | €127,223 | +€127,223 | |
| Financial fixed assets | 28 | €2,820,974 | €2,645,974 | -€175,000 | -6.2% |
| Current assets | 29/58 | €51,445,882 | €11,304,468 | -€40.1m | -78.0% |
| Stocks and contracts in progress | 3 | €42,149,693 | €6,276,824 | -€35.9m | -85.1% |
| Stocks | 30/36 | €6,338,692 | €6,276,824 | -€61,868 | -1.0% |
| Contracts in progress | 37 | €35,811,001 | - | -€35.8m | |
| Amounts receivable within one year | 40/41 | €325,792 | €558,879 | +€233,087 | +71.5% |
| Trade receivables | 40 | €310,076 | €164,720 | -€145,356 | -46.9% |
| Other amounts receivable | 41 | €15,716 | €394,159 | +€378,443 | +2,408% |
| Current investments | 50/53 | €8,800,000 | €4,400,000 | -€4.4m | -50.0% |
| Cash at bank and in hand | 54/58 | €167,948 | €68,559 | -€99,389 | -59.2% |
| Deferred charges and accrued income | 490/1 | €2,449 | €206 | -€2,243 | -91.6% |
| Total equity and liabilities | 10/49 | €54,559,973 | €14,358,499 | -€40.2m | -73.7% |
| Equity | 10/15 | €6,121,540 | €11,406,898 | +€5.3m | +86.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,099,540 | €11,384,898 | +€5.3m | +86.7% |
| Provisions and deferred taxes | 16 | €1,137,909 | €1,137,909 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,137,909 | €1,137,909 | = | 0.0% |
| Major repairs and maintenance | 162 | €998,794 | €998,794 | = | 0.0% |
| Other liabilities and charges | 164/5 | €139,115 | €139,115 | = | 0.0% |
| Amounts payable | 17/49 | €47,300,524 | €1,813,692 | -€45.5m | -96.2% |
| Amounts payable within one year | 42/48 | €47,300,524 | €1,813,692 | -€45.5m | -96.2% |
| Financial debts | 43 | €2,000,000 | - | -€2.0m | |
| Credit institutions | 430/8 | €2,000,000 | - | -€2.0m | |
| Trade debts | 44 | €2,199,473 | €1,124,204 | -€1.1m | -48.9% |
| Suppliers | 440/4 | €2,199,473 | €1,124,204 | -€1.1m | -48.9% |
| Advances received on contracts in progress | 46 | €41,346,229 | - | -€41.3m | |
| Taxes, remuneration and social security | 45 | €11,072 | €14,876 | +€3,804 | +34.4% |
| Taxes | 450/3 | €2,520 | - | -€2,520 | |
| Remuneration and social security | 454/9 | €8,552 | €14,876 | +€6,324 | +73.9% |
| Other amounts payable | 47/48 | €1,743,750 | €674,612 | -€1.1m | -61.3% |
| Remuneration, social security and pensions | 62 | €96,960 | €125,586 | +€28,626 | +29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,775 | €46,928 | +€35,153 | +299% |
| Other operating charges | 640/8 | €132,537 | €435,968 | +€303,431 | +229% |
| Gross operating margin | 9900 | €3,306,656 | €8,247,437 | +€4.9m | +149% |
| Operating profit (loss) | 9901 | €3,065,384 | €7,638,955 | +€4.6m | +149% |
| Financial income | 75/76B | €206,743 | €114,022 | -€92,721 | -44.8% |
| Recurring financial income | 75 | €206,743 | €114,022 | -€92,721 | -44.8% |
| Financial charges | 65/66B | €118,995 | €37,965 | -€81,030 | -68.1% |
| Recurring financial charges | 65 | €118,995 | €37,965 | -€81,030 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €3,153,132 | €7,715,012 | +€4.6m | +145% |
| Income taxes | 67/77 | €713,471 | €1,929,654 | +€1.2m | +170% |
| Profit (loss) for the period | 9904 | €2,439,661 | €5,785,358 | +€3.3m | +137% |
| Transfer from tax-exempt reserves | 789 | €358,255 | - | -€358,255 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,797,916 | €5,785,358 | +€3.0m | +107% |
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 26 October 2026 via checked.be.