BLUFINANCE: 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.
BLUFINANCE
Largest movements
- Financial fixed assets -€90,439
down €90,439 (-11.9%), from €757,252 to €666,813
- Cash +€15,744
up €15,744 (+19.8%), from €79,546 to €95,290
mainly Investment in fixed assets (net) (+€86,791) and Net result for the year (+€56,769)
- Receivables after one year -€15,000
down €15,000 (-15.0%), from €100,000 to €85,000
- Debts after one year -€66,530
down €66,530 (-15.8%), from €420,393 to €353,863
- Tax, wage and social debts -€22,348
down €22,348 (-43.8%), from €51,052 to €28,704
- Gross operating margin -€22,084
down €22,084 (-17.7%), from €124,715 to €102,631
- Taxes -€11,572
down €11,572 (-28.9%), from €40,049 to €28,477
- Financial charges +€10,812
up €10,812 (+131%), from €8,267 to €19,079
- Financial income -€8,779
down €8,779 (-52.7%), from €16,666 to €7,887
- Other operating charges -€2,710
no longer reported in 2025 (was €2,710)
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 | €1,228,527 | €1,152,965 | -€75,562 | -6.2% |
| Fixed assets | 21/28 | €770,904 | €677,920 | -€92,984 | -12.1% |
| Tangible fixed assets | 22/27 | €13,652 | €11,107 | -€2,545 | -18.6% |
| Furniture and vehicles | 24 | €1,662 | €4,125 | +€2,463 | +148% |
| Other tangible fixed assets | 26 | €11,990 | €6,982 | -€5,008 | -41.8% |
| Financial fixed assets | 28 | €757,252 | €666,813 | -€90,439 | -11.9% |
| Current assets | 29/58 | €457,623 | €475,045 | +€17,422 | +3.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €85,000 | -€15,000 | -15.0% |
| Other amounts receivable | 291 | €100,000 | €85,000 | -€15,000 | -15.0% |
| Amounts receivable within one year | 40/41 | €8,945 | €19,843 | +€10,898 | +122% |
| Trade receivables | 40 | €8,945 | - | -€8,945 | |
| Other amounts receivable | 41 | - | €19,843 | +€19,843 | |
| Current investments | 50/53 | €265,114 | €274,442 | +€9,328 | +3.5% |
| Cash at bank and in hand | 54/58 | €79,546 | €95,290 | +€15,744 | +19.8% |
| Deferred charges and accrued income | 490/1 | €4,018 | €470 | -€3,548 | -88.3% |
| Total equity and liabilities | 10/49 | €1,228,527 | €1,152,965 | -€75,562 | -6.2% |
| Equity | 10/15 | €448,026 | €454,795 | +€6,769 | +1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €307,464 | €314,214 | +€6,750 | +2.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,161 | €7,161 | = | 0.0% |
| Distributable reserves | 133 | €298,448 | €305,198 | +€6,750 | +2.3% |
| Profit (loss) carried forward | 14 | €134,362 | €134,381 | +€19 | 0.0% |
| Provisions and deferred taxes | 16 | €150,000 | €150,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €150,000 | €150,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable | 17/49 | €630,501 | €548,170 | -€82,331 | -13.1% |
| Amounts payable after more than one year | 17 | €420,393 | €353,863 | -€66,530 | -15.8% |
| Financial debts | 170/4 | €420,393 | €353,863 | -€66,530 | -15.8% |
| Amounts payable within one year | 42/48 | €210,108 | €194,307 | -€15,801 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €63,994 | €66,530 | +€2,536 | +4.0% |
| Financial debts | 43 | €10,101 | €10,087 | -€14 | -0.1% |
| Credit institutions | 430/8 | €10,101 | €10,087 | -€14 | -0.1% |
| Trade debts | 44 | €6,386 | €10,938 | +€4,552 | +71.3% |
| Suppliers | 440/4 | €6,386 | €10,938 | +€4,552 | +71.3% |
| Taxes, remuneration and social security | 45 | €51,052 | €28,704 | -€22,348 | -43.8% |
| Taxes | 450/3 | €51,052 | €28,704 | -€22,348 | -43.8% |
| Other amounts payable | 47/48 | €78,575 | €78,048 | -€527 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,776 | €6,193 | -€583 | -8.6% |
| Other operating charges | 640/8 | €2,710 | - | -€2,710 | |
| Gross operating margin | 9900 | €124,715 | €102,631 | -€22,084 | -17.7% |
| Operating profit (loss) | 9901 | €115,229 | €96,438 | -€18,791 | -16.3% |
| Financial income | 75/76B | €16,666 | €7,887 | -€8,779 | -52.7% |
| Recurring financial income | 75 | €16,666 | €7,887 | -€8,779 | -52.7% |
| Financial charges | 65/66B | €8,267 | €19,079 | +€10,812 | +131% |
| Recurring financial charges | 65 | €8,267 | €19,079 | +€10,812 | +131% |
| Profit (loss) for the period before taxes | 9903 | €123,628 | €85,246 | -€38,382 | -31.0% |
| Income taxes | 67/77 | €40,049 | €28,477 | -€11,572 | -28.9% |
| Profit (loss) for the period | 9904 | €83,579 | €56,769 | -€26,810 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,579 | €56,769 | -€26,810 | -32.1% |
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 17 October 2026 via checked.be.