H-BLEU: what changed
Two fiscal 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.
H-BLEU
Largest movements
- Receivables within one year -€53,293
down €53,293 (-62.3%), from €85,527 to €32,233
of which Trade receivables: -€53,627
- Cash -€17,260
down €17,260 (-59.1%), from €29,220 to €11,960
mainly Net result for the year (-€45,491) and Trade debts (-€42,716)
- Profit (loss) carried forward -€45,491
down €45,491 (-82.8%), from €54,926 to €9,435
- Trade debts -€42,716
down €42,716 (-97.2%), from €43,931 to €1,215
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Other debts +€5,627
up €5,627 (+1085.5%), from €518 to €6,145
- Tax, wage and social debts -€1,923
down €1,923 (-21.7%), from €8,862 to €6,939
of which Remuneration and social security: -€2,044
- Gross operating margin -€67,015
down €67,015, from €23,531 to -€43,484
- Depreciation -€3,325
down €3,325 (-76.2%), from €4,362 to €1,037
- Taxes -€1,716
no longer reported in 2025 (was €1,716)
- Other operating charges -€989
down €989 (-58.9%), from €1,678 to €690
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.
Cash bridge derived
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 | €116,297 | €44,194 | -€72,103 | -62.0% |
| Fixed assets | 21/28 | €1,131 | - | -€1,131 | |
| Tangible fixed assets | 22/27 | €1,037 | - | -€1,037 | |
| Furniture and vehicles | 24 | €1,037 | - | -€1,037 | |
| Financial fixed assets | 28 | €94 | - | -€94 | |
| Current assets | 29/58 | €115,166 | €44,194 | -€70,972 | -61.6% |
| Amounts receivable within one year | 40/41 | €85,527 | €32,233 | -€53,293 | -62.3% |
| Trade receivables | 40 | €85,527 | €31,900 | -€53,627 | -62.7% |
| Other amounts receivable | 41 | - | €334 | +€334 | |
| Cash at bank and in hand | 54/58 | €29,220 | €11,960 | -€17,260 | -59.1% |
| Deferred charges and accrued income | 490/1 | €419 | - | -€419 | |
| Total equity and liabilities | 10/49 | €116,297 | €44,194 | -€72,103 | -62.0% |
| Equity | 10/15 | €62,986 | €29,895 | -€33,091 | -52.5% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,926 | €9,435 | -€45,491 | -82.8% |
| Amounts payable | 17/49 | €53,311 | €14,299 | -€39,013 | -73.2% |
| Amounts payable within one year | 42/48 | €53,311 | €14,299 | -€39,013 | -73.2% |
| Trade debts | 44 | €43,931 | €1,215 | -€42,716 | -97.2% |
| Suppliers | 440/4 | €43,931 | €1,215 | -€42,716 | -97.2% |
| Taxes, remuneration and social security | 45 | €8,862 | €6,939 | -€1,923 | -21.7% |
| Taxes | 450/3 | €6,653 | €6,774 | +€121 | +1.8% |
| Remuneration and social security | 454/9 | €2,209 | €165 | -€2,044 | -92.5% |
| Other amounts payable | 47/48 | €518 | €6,145 | +€5,627 | +1085.5% |
| Non-recurring operating income | 76A | - | €11,570 | +€11,570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,362 | €1,037 | -€3,325 | -76.2% |
| Other operating charges | 640/8 | €1,678 | €690 | -€989 | -58.9% |
| Gross operating margin | 9900 | €23,531 | -€43,484 | -€67,015 | |
| Operating profit (loss) | 9901 | €17,491 | -€45,211 | -€62,701 | |
| Financial income | 75/76B | €83 | €1 | -€82 | -98.9% |
| Recurring financial income | 75 | €83 | €1 | -€82 | -98.9% |
| Financial charges | 65/66B | €449 | €281 | -€169 | -37.5% |
| Recurring financial charges | 65 | €449 | €281 | -€169 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €17,124 | -€45,491 | -€62,615 | |
| Income taxes | 67/77 | €1,716 | - | -€1,716 | |
| Profit (loss) for the period | 9904 | €15,408 | -€45,491 | -€60,898 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,408 | -€45,491 | -€60,898 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.