Blulinc: what changed
Two fiscal 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.
Blulinc
Largest movements
- Receivables within one year +€128,238
up €128,238 (+52.9%), from €242,429 to €370,667
of which Trade receivables: +€80,001
- Cash -€62,177
down €62,177 (-30.7%), from €202,836 to €140,659
mainly Receivables within one year (-€128,238) and Debts after one year (-€109,680)
- Intangible fixed assets +€51,455
up €51,455 (+38.8%), from €132,675 to €184,130
- Deferred charges and accrued income +€45,246
up €45,246 (+260.0%), from €17,399 to €62,645
- Profit (loss) carried forward +€275,549
up €275,549 (+87.6%), from -€314,643 to -€39,094
- Debts after one year -€109,680
down €109,680 (-33.4%), from €328,448 to €218,768
- Reserves -€56,561
down €56,561 (-100.0%), from €56,561 to €0
- Accrued charges and deferred income +€39,467
up €39,467 (+237755.4%), from €17 to €39,484
- Tax, wage and social debts +€29,698
up €29,698 (+61.7%), from €48,118 to €77,815
of which Taxes: +€36,005
- Gross operating margin +€594,900
up €594,900 (+95920.7%), from €620 to €595,520
- Financial charges +€38,327
up €38,327 (+177.8%), from €21,562 to €59,889
- Depreciation +€9,596
up €9,596 (+33.7%), from €28,455 to €38,051
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €704,510 | €865,965 | +€161,455 | +22.9% |
| Formation expenses | 20 | €1,999 | €963 | -€1,036 | -51.8% |
| Fixed assets | 21/28 | €143,942 | €194,288 | +€50,346 | +35.0% |
| Intangible fixed assets | 21 | €132,675 | €184,130 | +€51,455 | +38.8% |
| Tangible fixed assets | 22/27 | €4,330 | €3,221 | -€1,109 | -25.6% |
| Plant, machinery and equipment | 23 | €4,330 | €3,221 | -€1,109 | -25.6% |
| Financial fixed assets | 28 | €6,938 | €6,938 | = | 0.0% |
| Current assets | 29/58 | €558,569 | €670,714 | +€112,145 | +20.1% |
| Stocks and contracts in progress | 3 | €90,405 | €89,000 | -€1,405 | -1.6% |
| Stocks | 30/36 | €90,405 | €89,000 | -€1,405 | -1.6% |
| Amounts receivable within one year | 40/41 | €242,429 | €370,667 | +€128,238 | +52.9% |
| Trade receivables | 40 | €238,406 | €318,407 | +€80,001 | +33.6% |
| Other amounts receivable | 41 | €4,022 | €52,260 | +€48,238 | +1199.2% |
| Current investments | 50/53 | €5,500 | €7,743 | +€2,243 | +40.8% |
| Cash at bank and in hand | 54/58 | €202,836 | €140,659 | -€62,177 | -30.7% |
| Deferred charges and accrued income | 490/1 | €17,399 | €62,645 | +€45,246 | +260.0% |
| Total equity and liabilities | 10/49 | €704,510 | €865,965 | +€161,455 | +22.9% |
| Equity | 10/15 | -€196,082 | €22,906 | +€218,988 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €56,561 | €0 | -€56,561 | -100.0% |
| Distributable reserves | 133 | €56,561 | €0 | -€56,561 | -100.0% |
| Profit (loss) carried forward | 14 | -€314,643 | -€39,094 | +€275,549 | +87.6% |
| Amounts payable | 17/49 | €900,592 | €843,059 | -€57,533 | -6.4% |
| Amounts payable after more than one year | 17 | €328,448 | €218,768 | -€109,680 | -33.4% |
| Financial debts | 170/4 | €328,448 | €218,768 | -€109,680 | -33.4% |
| Amounts payable within one year | 42/48 | €572,127 | €584,808 | +€12,680 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €129,391 | €130,449 | +€1,058 | +0.8% |
| Financial debts | 43 | €18,366 | €0 | -€18,366 | -100.0% |
| Credit institutions | 430/8 | €18,366 | €0 | -€18,366 | -100.0% |
| Trade debts | 44 | €357,538 | €354,637 | -€2,901 | -0.8% |
| Suppliers | 440/4 | €357,538 | €354,637 | -€2,901 | -0.8% |
| Taxes, remuneration and social security | 45 | €48,118 | €77,815 | +€29,698 | +61.7% |
| Taxes | 450/3 | €16,064 | €52,070 | +€36,005 | +224.1% |
| Remuneration and social security | 454/9 | €32,053 | €25,746 | -€6,308 | -19.7% |
| Other amounts payable | 47/48 | €18,715 | €21,906 | +€3,191 | +17.1% |
| Accrued charges and deferred income | 492/3 | €17 | €39,484 | +€39,467 | +237755.4% |
| Non-recurring operating income | 76A | - | €902 | +€902 | |
| Remuneration, social security and pensions | 62 | €263,646 | €258,915 | -€4,730 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,455 | €38,051 | +€9,596 | +33.7% |
| Other operating charges | 640/8 | €2,175 | €3,248 | +€1,073 | +49.3% |
| Non-recurring operating charges | 66A | - | €18,214 | +€18,214 | |
| Gross operating margin | 9900 | €620 | €595,520 | +€594,900 | +95920.7% |
| Operating profit (loss) | 9901 | -€293,655 | €277,092 | +€570,748 | |
| Financial income | 75/76B | €1,074 | €2,325 | +€1,251 | +116.4% |
| Recurring financial income | 75 | €1,074 | €2,325 | +€1,251 | +116.4% |
| Financial charges | 65/66B | €21,562 | €59,889 | +€38,327 | +177.8% |
| Recurring financial charges | 65 | €21,562 | €59,889 | +€38,327 | +177.8% |
| Profit (loss) for the period before taxes | 9903 | -€314,143 | €219,528 | +€533,671 | |
| Income taxes | 67/77 | €500 | €540 | +€40 | +8.1% |
| Profit (loss) for the period | 9904 | -€314,643 | €218,988 | +€533,631 | |
| Profit (loss) for the period to be appropriated | 9905 | -€314,643 | €218,988 | +€533,631 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.