Blust Innovation Group: 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.
Blust Innovation Group
Largest movements
- Tangible fixed assets -€1.7m
down €1.7m (-97.6%), from €1.8m to €43,589
of which Land and buildings: -€1.8m
- Other debts -€2.0m
down €2.0m (-80.5%), from €2.5m to €494,846
- Profit (loss) carried forward +€281,650
up €281,650, from -€180,328 to €101,323
- Gross operating margin -€115,218
down €115,218, from €99,960 to -€15,258
- Depreciation -€41,124
down €41,124 (-88.3%), from €46,549 to €5,425
- Other operating charges +€8,973
up €8,973 (+76.1%), from €11,786 to €20,759
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,382,250 | €616,169 | -€1.8m | -74.1% |
| Formation expenses | 20 | €702 | - | -€702 | |
| Fixed assets | 21/28 | €2,248,477 | €508,342 | -€1.7m | -77.4% |
| Tangible fixed assets | 22/27 | €1,790,525 | €43,589 | -€1.7m | -97.6% |
| Land and buildings | 22 | €1,790,525 | - | -€1.8m | |
| Plant, machinery and equipment | 23 | - | €43,589 | +€43,589 | |
| Financial fixed assets | 28 | €457,952 | €464,753 | +€6,801 | +1.5% |
| Current assets | 29/58 | €133,071 | €107,827 | -€25,243 | -19.0% |
| Amounts receivable within one year | 40/41 | €106,034 | €84,548 | -€21,486 | -20.3% |
| Trade receivables | 40 | €101,034 | €84,548 | -€16,485 | -16.3% |
| Other amounts receivable | 41 | €5,001 | €0 | -€5,001 | -100% |
| Cash at bank and in hand | 54/58 | €23,634 | €23,279 | -€355 | -1.5% |
| Deferred charges and accrued income | 490/1 | €3,403 | - | -€3,403 | |
| Total equity and liabilities | 10/49 | €2,382,250 | €616,169 | -€1.8m | -74.1% |
| Equity | 10/15 | -€160,328 | €121,323 | +€281,650 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,328 | €101,323 | +€281,650 | |
| Amounts payable | 17/49 | €2,542,577 | €494,846 | -€2.0m | -80.5% |
| Amounts payable within one year | 42/48 | €2,542,577 | €494,846 | -€2.0m | -80.5% |
| Trade debts | 44 | €640 | €0 | -€640 | -100% |
| Suppliers | 440/4 | €640 | €0 | -€640 | -100% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Other amounts payable | 47/48 | €2,541,937 | €494,846 | -€2.0m | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,549 | €5,425 | -€41,124 | -88.3% |
| Other operating charges | 640/8 | €11,786 | €20,759 | +€8,973 | +76.1% |
| Gross operating margin | 9900 | €99,960 | -€15,258 | -€115,218 | |
| Operating profit (loss) | 9901 | €41,625 | -€41,442 | -€83,067 | |
| Financial charges | 65/66B | €122 | €150 | +€28 | +23.0% |
| Recurring financial charges | 65 | €122 | €150 | +€28 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €41,503 | -€41,592 | -€83,095 | |
| Profit (loss) for the period | 9904 | €41,503 | -€41,592 | -€83,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,503 | -€41,592 | -€83,095 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.