DE BLAUWE ZEBRA: 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.
DE BLAUWE ZEBRA
Largest movements
- Stocks and contracts -€12,000
down €12,000 (-77.4%), from €15,500 to €3,500
- Deferred charges and accrued income -€6,278
down €6,278 (-91.9%), from €6,832 to €554
- Tangible fixed assets -€5,766
down €5,766 (-21.3%), from €27,006 to €21,241
of which Furniture and vehicles: -€4,831
- Intangible fixed assets -€2,978
down €2,978 (-20.0%), from €14,890 to €11,912
- Cash +€2,252
up €2,252 (+54.8%), from €4,108 to €6,361
mainly Stocks and contracts (+€12,000) and Depreciation (+€8,744)
- Debts after one year -€20,135
down €20,135 (-84.3%), from €23,885 to €3,750
- Reserves -€9,486
down €9,486 (-52.1%), from €18,204 to €8,717
- Trade debts +€4,828
up €4,828 (+35.2%), from €13,718 to €18,546
- Current portion of long-term debt +€4,720
up €4,720, from €0 to €4,720
- Tax, wage and social debts -€2,535
down €2,535 (-15.8%), from €16,031 to €13,496
- Gross operating margin -€6,014
down €6,014 (-55.4%), from €10,847 to €4,833
- Other operating charges +€1,193
up €1,193 (+73.2%), from €1,629 to €2,822
- Financial charges +€903
up €903 (+162%), from €557 to €1,459
- Taxes +€363
up €363 (+72.5%), from €500 to €863
- Staff costs -€347
down €347 (-43.2%), from €803 to €456
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 | €76,354 | €51,229 | -€25,124 | -32.9% |
| Fixed assets | 21/28 | €41,897 | €33,153 | -€8,744 | -20.9% |
| Intangible fixed assets | 21 | €14,890 | €11,912 | -€2,978 | -20.0% |
| Tangible fixed assets | 22/27 | €27,006 | €21,241 | -€5,766 | -21.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €23,784 | €18,954 | -€4,831 | -20.3% |
| Other tangible fixed assets | 26 | €3,222 | €2,287 | -€935 | -29.0% |
| Current assets | 29/58 | €34,457 | €18,076 | -€16,381 | -47.5% |
| Stocks and contracts in progress | 3 | €15,500 | €3,500 | -€12,000 | -77.4% |
| Stocks | 30/36 | €15,500 | €3,500 | -€12,000 | -77.4% |
| Amounts receivable within one year | 40/41 | €8,016 | €7,662 | -€354 | -4.4% |
| Trade receivables | 40 | €4,516 | €4,516 | = | 0.0% |
| Other amounts receivable | 41 | €3,500 | €3,146 | -€354 | -10.1% |
| Cash at bank and in hand | 54/58 | €4,108 | €6,361 | +€2,252 | +54.8% |
| Deferred charges and accrued income | 490/1 | €6,832 | €554 | -€6,278 | -91.9% |
| Total equity and liabilities | 10/49 | €76,354 | €51,229 | -€25,124 | -32.9% |
| Equity | 10/15 | €20,204 | €10,717 | -€9,486 | -47.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,204 | €8,717 | -€9,486 | -52.1% |
| Distributable reserves | 133 | €18,204 | €8,717 | -€9,486 | -52.1% |
| Amounts payable | 17/49 | €56,150 | €40,512 | -€15,638 | -27.9% |
| Amounts payable after more than one year | 17 | €23,885 | €3,750 | -€20,135 | -84.3% |
| Other amounts payable | 178/9 | €23,885 | €3,750 | -€20,135 | -84.3% |
| Amounts payable within one year | 42/48 | €32,265 | €36,762 | +€4,497 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,720 | +€4,720 | |
| Trade debts | 44 | €13,718 | €18,546 | +€4,828 | +35.2% |
| Suppliers | 440/4 | €13,718 | €18,546 | +€4,828 | +35.2% |
| Taxes, remuneration and social security | 45 | €16,031 | €13,496 | -€2,535 | -15.8% |
| Taxes | 450/3 | €16,031 | €13,496 | -€2,535 | -15.8% |
| Other amounts payable | 47/48 | €2,516 | - | -€2,516 | |
| Remuneration, social security and pensions | 62 | €803 | €456 | -€347 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,744 | €8,744 | = | 0.0% |
| Other operating charges | 640/8 | €1,629 | €2,822 | +€1,193 | +73.2% |
| Gross operating margin | 9900 | €10,847 | €4,833 | -€6,014 | -55.4% |
| Operating profit (loss) | 9901 | -€329 | -€7,189 | -€6,860 | -2,086% |
| Financial income | 75/76B | €49 | €25 | -€25 | -49.6% |
| Recurring financial income | 75 | €49 | €25 | -€25 | -49.6% |
| Financial charges | 65/66B | €557 | €1,459 | +€903 | +162% |
| Recurring financial charges | 65 | €557 | €1,459 | +€903 | +162% |
| Profit (loss) for the period before taxes | 9903 | -€836 | -€8,623 | -€7,787 | -931% |
| Income taxes | 67/77 | €500 | €863 | +€363 | +72.5% |
| Profit (loss) for the period | 9904 | -€1,336 | -€9,486 | -€8,150 | -610% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,336 | -€9,486 | -€8,150 | -610% |
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 28 October 2026 via checked.be.