GO-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.
GO-BLUE
Largest movements
- Receivables within one year +€81,232
up €81,232 (+34.8%), from €233,530 to €314,761
of which Other amounts receivable: +€42,905
- Cash -€8,669
down €8,669 (-71.2%), from €12,175 to €3,506
mainly Receivables within one year (-€81,232) and Current portion of long-term debt (-€70,562)
- Intangible fixed assets -€3,900
down €3,900 (-60.1%), from €6,486 to €2,586
- Profit (loss) carried forward +€112,147
up €112,147 (+70.1%), from -€159,985 to -€47,838
- Current portion of long-term debt -€70,562
down €70,562 (-70.6%), from €100,000 to €29,438
- Trade debts -€58,243
down €58,243 (-19.7%), from €296,181 to €237,938
- Advances received +€50,279
up €50,279 (+655%), from €7,675 to €57,954
- Debts after one year +€41,798
new in 2025: €41,798
- Gross operating margin +€273,512
up €273,512, from -€88,515 to €184,997
- Staff costs +€6,252
up €6,252 (+11.9%), from €52,364 to €58,616
- Financial charges -€4,445
down €4,445 (-34.4%), from €12,938 to €8,493
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 | €272,597 | €340,029 | +€67,432 | +24.7% |
| Fixed assets | 21/28 | €7,690 | €3,069 | -€4,621 | -60.1% |
| Intangible fixed assets | 21 | €6,486 | €2,586 | -€3,900 | -60.1% |
| Tangible fixed assets | 22/27 | €1,204 | €483 | -€721 | -59.9% |
| Plant, machinery and equipment | 23 | €700 | €268 | -€432 | -61.7% |
| Furniture and vehicles | 24 | €504 | €215 | -€289 | -57.4% |
| Current assets | 29/58 | €264,907 | €336,960 | +€72,054 | +27.2% |
| Stocks and contracts in progress | 3 | €17,092 | €15,560 | -€1,532 | -9.0% |
| Stocks | 30/36 | €17,092 | €15,560 | -€1,532 | -9.0% |
| Amounts receivable within one year | 40/41 | €233,530 | €314,761 | +€81,232 | +34.8% |
| Trade receivables | 40 | €197,472 | €235,799 | +€38,327 | +19.4% |
| Other amounts receivable | 41 | €36,058 | €78,963 | +€42,905 | +119% |
| Cash at bank and in hand | 54/58 | €12,175 | €3,506 | -€8,669 | -71.2% |
| Deferred charges and accrued income | 490/1 | €2,110 | €3,133 | +€1,023 | +48.5% |
| Total equity and liabilities | 10/49 | €272,597 | €340,029 | +€67,432 | +24.7% |
| Equity | 10/15 | -€153,462 | -€41,315 | +€112,147 | +73.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €5,523 | €5,523 | = | 0.0% |
| Distributable reserves | 133 | €5,523 | €5,523 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,985 | -€47,838 | +€112,147 | +70.1% |
| Amounts payable | 17/49 | €426,059 | €381,345 | -€44,715 | -10.5% |
| Amounts payable after more than one year | 17 | - | €41,798 | +€41,798 | |
| Financial debts | 170/4 | - | €41,798 | +€41,798 | |
| Amounts payable within one year | 42/48 | €426,059 | €339,546 | -€86,513 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €29,438 | -€70,562 | -70.6% |
| Trade debts | 44 | €296,181 | €237,938 | -€58,243 | -19.7% |
| Suppliers | 440/4 | €296,181 | €237,938 | -€58,243 | -19.7% |
| Advances received on contracts in progress | 46 | €7,675 | €57,954 | +€50,279 | +655% |
| Taxes, remuneration and social security | 45 | €19,658 | €10,089 | -€9,569 | -48.7% |
| Taxes | 450/3 | €13,749 | €3,427 | -€10,323 | -75.1% |
| Remuneration and social security | 454/9 | €5,908 | €6,662 | +€754 | +12.8% |
| Other amounts payable | 47/48 | €2,546 | €4,127 | +€1,581 | +62.1% |
| Remuneration, social security and pensions | 62 | €52,364 | €58,616 | +€6,252 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,725 | €4,621 | -€104 | -2.2% |
| Other operating charges | 640/8 | €1,467 | €860 | -€607 | -41.4% |
| Gross operating margin | 9900 | -€88,515 | €184,997 | +€273,512 | |
| Operating profit (loss) | 9901 | -€147,071 | €120,899 | +€267,970 | |
| Financial income | 75/76B | €198 | €65 | -€132 | -66.9% |
| Recurring financial income | 75 | €198 | €65 | -€132 | -66.9% |
| Financial charges | 65/66B | €12,938 | €8,493 | -€4,445 | -34.4% |
| Recurring financial charges | 65 | €12,938 | €8,493 | -€4,445 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | -€159,811 | €112,471 | +€272,283 | |
| Income taxes | 67/77 | €173 | €324 | +€151 | +87.1% |
| Profit (loss) for the period | 9904 | -€159,985 | €112,147 | +€272,132 | |
| Profit (loss) for the period to be appropriated | 9905 | -€159,985 | €112,147 | +€272,132 |
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 20 October 2026 via checked.be.