BLUSHELL: 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.
BLUSHELL
Largest movements
- Tangible fixed assets +€84,570
up €84,570 (+80.0%), from €105,766 to €190,336
of which Furniture and vehicles: +€48,484
- Receivables within one year -€14,053
down €14,053 (-41.6%), from €33,800 to €19,747
of which Other amounts receivable: -€14,900
- Deferred charges and accrued income -€3,107
down €3,107 (-76.3%), from €4,073 to €967
- Debts after one year +€29,434
up €29,434 (+34.2%), from €85,966 to €115,400
- Reserves +€24,636
up €24,636 (+83.1%), from €29,630 to €54,266
- Current portion of long-term debt +€13,760
up €13,760 (+285%), from €4,825 to €18,585
- Tax, wage and social debts +€5,536
up €5,536 (+57.7%), from €9,599 to €15,135
- Trade debts -€2,651
down €2,651 (-79.9%), from €3,317 to €666
- Gross operating margin +€15,142
up €15,142 (+43.8%), from €34,597 to €49,738
- Depreciation +€6,852
up €6,852 (+164%), from €4,181 to €11,033
- Taxes +€1,309
up €1,309 (+25.9%), from €5,065 to €6,374
- Other operating charges +€1,236
up €1,236 (+151%), from €820 to €2,056
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 | €166,828 | €235,988 | +€69,161 | +41.5% |
| Fixed assets | 21/28 | €106,666 | €191,236 | +€84,570 | +79.3% |
| Tangible fixed assets | 22/27 | €105,766 | €190,336 | +€84,570 | +80.0% |
| Land and buildings | 22 | €102,168 | €102,754 | +€586 | +0.6% |
| Furniture and vehicles | 24 | €3,598 | €52,082 | +€48,484 | +1,348% |
| Assets under construction and advance payments | 27 | - | €35,500 | +€35,500 | |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €60,162 | €44,752 | -€15,409 | -25.6% |
| Amounts receivable within one year | 40/41 | €33,800 | €19,747 | -€14,053 | -41.6% |
| Trade receivables | 40 | €18,900 | €19,747 | +€847 | +4.5% |
| Other amounts receivable | 41 | €14,900 | - | -€14,900 | |
| Cash at bank and in hand | 54/58 | €22,288 | €24,039 | +€1,750 | +7.9% |
| Deferred charges and accrued income | 490/1 | €4,073 | €967 | -€3,107 | -76.3% |
| Total equity and liabilities | 10/49 | €166,828 | €235,988 | +€69,161 | +41.5% |
| Equity | 10/15 | €36,130 | €60,766 | +€24,636 | +68.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €29,630 | €54,266 | +€24,636 | +83.1% |
| Distributable reserves | 133 | €29,630 | €54,266 | +€24,636 | +83.1% |
| Amounts payable | 17/49 | €130,698 | €175,222 | +€44,525 | +34.1% |
| Amounts payable after more than one year | 17 | €85,966 | €115,400 | +€29,434 | +34.2% |
| Financial debts | 170/4 | €85,966 | €115,400 | +€29,434 | +34.2% |
| Amounts payable within one year | 42/48 | €44,732 | €59,822 | +€15,091 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €4,825 | €18,585 | +€13,760 | +285% |
| Trade debts | 44 | €3,317 | €666 | -€2,651 | -79.9% |
| Suppliers | 440/4 | €3,317 | €666 | -€2,651 | -79.9% |
| Taxes, remuneration and social security | 45 | €9,599 | €15,135 | +€5,536 | +57.7% |
| Taxes | 450/3 | €9,599 | €15,135 | +€5,536 | +57.7% |
| Other amounts payable | 47/48 | €26,991 | €25,437 | -€1,555 | -5.8% |
| Non-recurring operating income | 76A | - | €6,301 | +€6,301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,181 | €11,033 | +€6,852 | +164% |
| Other operating charges | 640/8 | €820 | €2,056 | +€1,236 | +151% |
| Gross operating margin | 9900 | €34,597 | €49,738 | +€15,142 | +43.8% |
| Operating profit (loss) | 9901 | €29,596 | €36,649 | +€7,053 | +23.8% |
| Financial income | 75/76B | €513 | €374 | -€139 | -27.1% |
| Recurring financial income | 75 | €513 | €374 | -€139 | -27.1% |
| Financial charges | 65/66B | €5,583 | €6,013 | +€430 | +7.7% |
| Recurring financial charges | 65 | €5,583 | €6,013 | +€430 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €24,526 | €31,010 | +€6,484 | +26.4% |
| Income taxes | 67/77 | €5,065 | €6,374 | +€1,309 | +25.9% |
| Profit (loss) for the period | 9904 | €19,461 | €24,636 | +€5,175 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,461 | €24,636 | +€5,175 | +26.6% |
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 23 October 2026 via checked.be.