G-BLUE: 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.
G-BLUE
Largest movements
- Receivables within one year -€20,659
down €20,659 (-38.5%), from €53,670 to €33,011
of which Trade receivables: -€15,790
- Cash +€12,746
up €12,746 (+230%), from €5,547 to €18,293
mainly Debts after one year (+€114,711) and Tax, wage and social debts (+€28,803)
- Current portion of long-term debt -€132,489
down €132,489 (-86.8%), from €152,616 to €20,126
- Debts after one year +€114,711
up €114,711 (+124%), from €92,139 to €206,850
- Tax, wage and social debts +€28,803
up €28,803 (+182%), from €15,862 to €44,665
of which Taxes: +€31,003
- Profit (loss) carried forward -€18,641
down €18,641, from €2,883 to -€15,758
- Gross operating margin -€24,111
down €24,111 (-29.9%), from €80,617 to €56,506
- Taxes -€3,512
down €3,512 (-84.8%), from €4,140 to €628
- Other operating charges -€1,357
down €1,357 (-51.8%), from €2,621 to €1,264
- Financial charges -€955
down €955 (-1.6%), from €61,172 to €60,216
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 | €359,376 | €354,233 | -€5,143 | -1.4% |
| Fixed assets | 21/28 | €298,441 | €301,492 | +€3,051 | +1.0% |
| Tangible fixed assets | 22/27 | €31,120 | €34,170 | +€3,051 | +9.8% |
| Furniture and vehicles | 24 | €14,819 | €5,858 | -€8,961 | -60.5% |
| Other tangible fixed assets | 26 | €16,301 | €28,312 | +€12,011 | +73.7% |
| Financial fixed assets | 28 | €267,321 | €267,321 | = | 0.0% |
| Current assets | 29/58 | €60,935 | €52,741 | -€8,194 | -13.4% |
| Amounts receivable within one year | 40/41 | €53,670 | €33,011 | -€20,659 | -38.5% |
| Trade receivables | 40 | €38,169 | €22,379 | -€15,790 | -41.4% |
| Other amounts receivable | 41 | €15,501 | €10,632 | -€4,869 | -31.4% |
| Cash at bank and in hand | 54/58 | €5,547 | €18,293 | +€12,746 | +230% |
| Deferred charges and accrued income | 490/1 | €1,717 | €1,437 | -€280 | -16.3% |
| Total equity and liabilities | 10/49 | €359,376 | €354,233 | -€5,143 | -1.4% |
| Equity | 10/15 | €96,483 | €77,842 | -€18,641 | -19.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €93,500 | €93,500 | = | 0.0% |
| Distributable reserves | 133 | €93,500 | €93,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,883 | -€15,758 | -€18,641 | |
| Amounts payable | 17/49 | €262,893 | €276,391 | +€13,498 | +5.1% |
| Amounts payable after more than one year | 17 | €92,139 | €206,850 | +€114,711 | +124% |
| Financial debts | 170/4 | €92,139 | €206,850 | +€114,711 | +124% |
| Amounts payable within one year | 42/48 | €170,361 | €67,515 | -€102,846 | -60.4% |
| Current portion of amounts payable after more than one year | 42 | €152,616 | €20,126 | -€132,489 | -86.8% |
| Trade debts | 44 | €1,883 | €2,250 | +€367 | +19.5% |
| Suppliers | 440/4 | €1,883 | €2,250 | +€367 | +19.5% |
| Taxes, remuneration and social security | 45 | €15,862 | €44,665 | +€28,803 | +182% |
| Taxes | 450/3 | €12,162 | €43,165 | +€31,003 | +255% |
| Remuneration and social security | 454/9 | €3,700 | €1,500 | -€2,200 | -59.5% |
| Other amounts payable | 47/48 | - | €474 | +€474 | |
| Accrued charges and deferred income | 492/3 | €393 | €2,026 | +€1,633 | +416% |
| Non-recurring operating income | 76A | - | €750 | +€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,580 | €12,307 | +€726 | +6.3% |
| Other operating charges | 640/8 | €2,621 | €1,264 | -€1,357 | -51.8% |
| Non-recurring operating charges | 66A | - | €766 | +€766 | |
| Gross operating margin | 9900 | €80,617 | €56,506 | -€24,111 | -29.9% |
| Operating profit (loss) | 9901 | €66,416 | €42,169 | -€24,247 | -36.5% |
| Financial income | 75/76B | €265 | €33 | -€232 | -87.4% |
| Recurring financial income | 75 | €265 | €33 | -€232 | -87.4% |
| Financial charges | 65/66B | €61,172 | €60,216 | -€955 | -1.6% |
| Recurring financial charges | 65 | €61,172 | €60,216 | -€955 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €5,510 | -€18,013 | -€23,523 | |
| Income taxes | 67/77 | €4,140 | €628 | -€3,512 | -84.8% |
| Profit (loss) for the period | 9904 | €1,370 | -€18,641 | -€20,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,370 | -€18,641 | -€20,011 |
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 15 October 2026 via checked.be.