fleur bleue: 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.
fleur bleue
Largest movements
- Tangible fixed assets +€45,379
up €45,379 (+14.0%), from €323,246 to €368,626
of which Land and buildings: +€26,958
- Cash -€27,339
down €27,339 (-12.9%), from €212,153 to €184,815
mainly Investment in fixed assets (net) (-€59,976) and Contributions, distributions and other (-€44,289)
- Receivables within one year -€13,479
down €13,479 (-13.7%), from €98,537 to €85,058
of which Trade receivables: -€30,156
- Current investments +€9,703
up €9,703 (+3.3%), from €293,176 to €302,879
- Reserves +€55,789
up €55,789 (+8.4%), from €665,360 to €721,149
- Tax, wage and social debts -€25,527
down €25,527 (-92.1%), from €27,718 to €2,190
- Other debts +€24,260
up €24,260 (+371%), from €6,535 to €30,796
- Current portion of long-term debt -€19,834
down €19,834 (-52.2%), from €38,000 to €18,166
- Debts after one year -€18,166
down €18,166 (-10.8%), from €168,006 to €149,841
- Gross operating margin -€51,981
down €51,981 (-25.6%), from €202,993 to €151,012
- Taxes -€14,242
down €14,242 (-22.7%), from €62,681 to €48,439
- Financial income +€7,831
up €7,831 (+68.2%), from €11,483 to €19,313
- Depreciation +€2,636
up €2,636 (+22.0%), from €11,960 to €14,596
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 | €928,483 | €943,509 | +€15,025 | +1.6% |
| Fixed assets | 21/28 | €323,246 | €368,626 | +€45,379 | +14.0% |
| Tangible fixed assets | 22/27 | €323,246 | €368,626 | +€45,379 | +14.0% |
| Land and buildings | 22 | €307,595 | €334,554 | +€26,958 | +8.8% |
| Furniture and vehicles | 24 | €8,159 | €28,522 | +€20,363 | +250% |
| Other tangible fixed assets | 26 | €7,492 | €5,550 | -€1,943 | -25.9% |
| Current assets | 29/58 | €605,237 | €574,883 | -€30,354 | -5.0% |
| Amounts receivable within one year | 40/41 | €98,537 | €85,058 | -€13,479 | -13.7% |
| Trade receivables | 40 | €96,633 | €66,476 | -€30,156 | -31.2% |
| Other amounts receivable | 41 | €1,905 | €18,582 | +€16,678 | +876% |
| Current investments | 50/53 | €293,176 | €302,879 | +€9,703 | +3.3% |
| Cash at bank and in hand | 54/58 | €212,153 | €184,815 | -€27,339 | -12.9% |
| Deferred charges and accrued income | 490/1 | €1,370 | €2,131 | +€761 | +55.6% |
| Total equity and liabilities | 10/49 | €928,483 | €943,509 | +€15,025 | +1.6% |
| Equity | 10/15 | €683,910 | €739,699 | +€55,789 | +8.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €665,360 | €721,149 | +€55,789 | +8.4% |
| Distributable reserves | 133 | €665,360 | €721,149 | +€55,789 | +8.4% |
| Amounts payable | 17/49 | €244,573 | €203,809 | -€40,764 | -16.7% |
| Amounts payable after more than one year | 17 | €168,006 | €149,841 | -€18,166 | -10.8% |
| Financial debts | 170/4 | €168,006 | €149,841 | -€18,166 | -10.8% |
| Amounts payable within one year | 42/48 | €76,501 | €53,902 | -€22,599 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €38,000 | €18,166 | -€19,834 | -52.2% |
| Trade debts | 44 | €4,248 | €2,750 | -€1,498 | -35.3% |
| Suppliers | 440/4 | €4,248 | €2,750 | -€1,498 | -35.3% |
| Taxes, remuneration and social security | 45 | €27,718 | €2,190 | -€25,527 | -92.1% |
| Taxes | 450/3 | €27,718 | €2,190 | -€25,527 | -92.1% |
| Other amounts payable | 47/48 | €6,535 | €30,796 | +€24,260 | +371% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | - | €2,273 | +€2,273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,960 | €14,596 | +€2,636 | +22.0% |
| Other operating charges | 640/8 | €2,582 | €2,550 | -€32 | -1.2% |
| Gross operating margin | 9900 | €202,993 | €151,012 | -€51,981 | -25.6% |
| Operating profit (loss) | 9901 | €188,451 | €133,866 | -€54,585 | -29.0% |
| Financial income | 75/76B | €11,483 | €19,313 | +€7,831 | +68.2% |
| Recurring financial income | 75 | €11,483 | €19,313 | +€7,831 | +68.2% |
| Financial charges | 65/66B | €6,014 | €4,661 | -€1,353 | -22.5% |
| Recurring financial charges | 65 | €6,014 | €4,661 | -€1,353 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €193,919 | €148,518 | -€45,402 | -23.4% |
| Income taxes | 67/77 | €62,681 | €48,439 | -€14,242 | -22.7% |
| Profit (loss) for the period | 9904 | €131,238 | €100,079 | -€31,159 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €131,238 | €100,079 | -€31,159 | -23.7% |
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 18 October 2026 via checked.be.