BLUEWELL: 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
BLUEWELL
NACE 85.592, Vocational training
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€329,532
2024 · €181,215+€148,317
Equity
€113,600
2024 · €37,558+€76,042
Cash
€1.2m
2024 · €1.2m-€7,894
Balance sheet total
€2.1m
2024 · €2.1m-€38,406
Largest movements
Assets
- Financial fixed assets +€51,065
new in 2025: €51,065
- Tangible fixed assets -€39,870
down €39,870 (-8.4%), from €477,450 to €437,580
of which Land and buildings: -€29,150
Equity and liabilities
- Reserves +€95,000
new in 2025: €95,000
- Other debts -€82,709
down €82,709 (-5.7%), from €1.5m to €1.4m
- Accrued charges and deferred income +€40,772
up €40,772 (+219.2%), from €18,598 to €59,369
- Debts after one year -€30,394
down €30,394 (-6.8%), from €447,427 to €417,032
- Tax, wage and social debts -€30,352
down €30,352 (-31.9%), from €95,129 to €64,777
of which Taxes: -€25,281
Income statement
- Gross operating margin +€122,950
up €122,950 (+20.1%), from €612,656 to €735,606
- Staff costs -€74,336
down €74,336 (-26.2%), from €283,518 to €209,183
- Taxes +€48,658
up €48,658 (+69.9%), from €69,648 to €118,306
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
€181,215
Gross operating margin
+€122,950
Staff costs
+€74,336
Depreciation
+€4,454
Other operating charges
-€5,843
Financial income
+€848
Financial charges
+€230
Taxes
-€48,658
Result 2025
€329,532
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.
From operations
+€327,409
Investment
-€51,885
Financing
-€283,418
Cash 2024
€1.2m
From operations (derived)
+€327,409
Net result for the year
+€329,532
Depreciation
+€55,432
Receivables within one year
+€15,218
Deferred charges and accrued income
+€11,747
Trade debts
+€2,286
Tax, wage and social debts
-€30,352
Advances received
-€14,516
Other debts
-€82,709
Accrued charges and deferred income
+€40,772
Investment (derived)
-€51,885
Investment in fixed assets (net)
-€51,885
Financing
-€283,418
Debts after one year
-€30,394
Current portion of long-term debt
+€466
Contributions, distributions and other
-€253,490
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,142,181 | €2,103,775 | -€38,406 | -1.8% |
| Fixed assets | 21/28 | €503,491 | €499,944 | -€3,547 | -0.7% |
| Intangible fixed assets | 21 | €26,041 | €11,299 | -€14,743 | -56.6% |
| Tangible fixed assets | 22/27 | €477,450 | €437,580 | -€39,870 | -8.4% |
| Land and buildings | 22 | €461,209 | €432,059 | -€29,150 | -6.3% |
| Plant, machinery and equipment | 23 | €4,242 | €1,546 | -€2,697 | -63.6% |
| Furniture and vehicles | 24 | €11,998 | €3,975 | -€8,023 | -66.9% |
| Financial fixed assets | 28 | - | €51,065 | +€51,065 | |
| Current assets | 29/58 | €1,638,690 | €1,603,831 | -€34,859 | -2.1% |
| Amounts receivable after more than one year | 29 | €290,000 | €290,000 | = | 0.0% |
| Trade receivables | 290 | €290,000 | €0 | -€290,000 | -100.0% |
| Other amounts receivable | 291 | - | €290,000 | +€290,000 | |
| Amounts receivable within one year | 40/41 | €133,627 | €118,409 | -€15,218 | -11.4% |
| Trade receivables | 40 | €116,815 | €82,946 | -€33,869 | -29.0% |
| Other amounts receivable | 41 | €16,812 | €35,463 | +€18,651 | +110.9% |
| Cash at bank and in hand | 54/58 | €1,186,884 | €1,178,990 | -€7,894 | -0.7% |
| Deferred charges and accrued income | 490/1 | €28,179 | €16,432 | -€11,747 | -41.7% |
| Total equity and liabilities | 10/49 | €2,142,181 | €2,103,775 | -€38,406 | -1.8% |
| Equity | 10/15 | €37,558 | €113,600 | +€76,042 | +202.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €95,000 | +€95,000 | |
| Distributable reserves | 133 | - | €95,000 | +€95,000 | |
| Profit (loss) carried forward | 14 | €18,958 | €0 | -€18,958 | -100.0% |
| Amounts payable | 17/49 | €2,104,623 | €1,990,175 | -€114,448 | -5.4% |
| Amounts payable after more than one year | 17 | €447,427 | €417,032 | -€30,394 | -6.8% |
| Financial debts | 170/4 | €447,427 | €417,032 | -€30,394 | -6.8% |
| Amounts payable within one year | 42/48 | €1,638,598 | €1,513,773 | -€124,826 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €29,928 | €30,394 | +€466 | +1.6% |
| Trade debts | 44 | €40,594 | €42,880 | +€2,286 | +5.6% |
| Suppliers | 440/4 | €40,594 | €42,880 | +€2,286 | +5.6% |
| Advances received on contracts in progress | 46 | €14,516 | €0 | -€14,516 | -100.0% |
| Taxes, remuneration and social security | 45 | €95,129 | €64,777 | -€30,352 | -31.9% |
| Taxes | 450/3 | €68,592 | €43,311 | -€25,281 | -36.9% |
| Remuneration and social security | 454/9 | €26,537 | €21,465 | -€5,071 | -19.1% |
| Other amounts payable | 47/48 | €1,458,431 | €1,375,722 | -€82,709 | -5.7% |
| Accrued charges and deferred income | 492/3 | €18,598 | €59,369 | +€40,772 | +219.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €283,518 | €209,183 | -€74,336 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,886 | €55,432 | -€4,454 | -7.4% |
| Other operating charges | 640/8 | €5,029 | €10,872 | +€5,843 | +116.2% |
| Gross operating margin | 9900 | €612,656 | €735,606 | +€122,950 | +20.1% |
| Operating profit (loss) | 9901 | €264,223 | €460,119 | +€195,896 | +74.1% |
| Financial income | 75/76B | €8,202 | €9,051 | +€848 | +10.3% |
| Recurring financial income | 75 | €8,202 | €9,051 | +€848 | +10.3% |
| Financial charges | 65/66B | €21,562 | €21,331 | -€230 | -1.1% |
| Recurring financial charges | 65 | €21,562 | €21,331 | -€230 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €250,863 | €447,838 | +€196,975 | +78.5% |
| Income taxes | 67/77 | €69,648 | €118,306 | +€48,658 | +69.9% |
| Profit (loss) for the period | 9904 | €181,215 | €329,532 | +€148,317 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,215 | €329,532 | +€148,317 | +81.8% |
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 11 October 2026 via checked.be.