H-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.
H-BLUE
Largest movements
- Current investments -€92,106
down €92,106 (-45.2%), from €203,621 to €111,515
- Cash +€15,507
up €15,507 (+29.0%), from €53,414 to €68,921
mainly Current investments (+€92,106) and Depreciation (+€15,053)
- Tangible fixed assets -€15,053
down €15,053 (-69.6%), from €21,642 to €6,589
of which Furniture and vehicles: -€14,888
- Reserves -€50,687
down €50,687 (-31.3%), from €161,731 to €111,044
of which Distributable reserves: -€50,687
- Other debts -€36,561
down €36,561 (-37.5%), from €97,388 to €60,826
- Financial income +€11,646
up €11,646 (+367%), from €3,175 to €14,821
- Taxes +€3,956
up €3,956 (+147%), from €2,686 to €6,643
- Gross operating margin +€3,212
up €3,212 (+19.6%), from €16,381 to €19,594
- Financial charges -€1,474
down €1,474, from €1,015 to -€459
- Depreciation -€232
down €232 (-1.5%), from €15,285 to €15,053
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 | €292,208 | €202,266 | -€89,942 | -30.8% |
| Fixed assets | 21/28 | €21,912 | €6,859 | -€15,053 | -68.7% |
| Tangible fixed assets | 22/27 | €21,642 | €6,589 | -€15,053 | -69.6% |
| Plant, machinery and equipment | 23 | €165 | €0 | -€165 | -100% |
| Furniture and vehicles | 24 | €21,477 | €6,589 | -€14,888 | -69.3% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €270,296 | €195,407 | -€74,889 | -27.7% |
| Amounts receivable within one year | 40/41 | €13,245 | €14,718 | +€1,473 | +11.1% |
| Trade receivables | 40 | €8,785 | €11,320 | +€2,535 | +28.9% |
| Other amounts receivable | 41 | €4,459 | €3,398 | -€1,062 | -23.8% |
| Current investments | 50/53 | €203,621 | €111,515 | -€92,106 | -45.2% |
| Cash at bank and in hand | 54/58 | €53,414 | €68,921 | +€15,507 | +29.0% |
| Deferred charges and accrued income | 490/1 | €16 | €252 | +€236 | +1,453% |
| Total equity and liabilities | 10/49 | €292,208 | €202,266 | -€89,942 | -30.8% |
| Equity | 10/15 | €183,588 | €132,901 | -€50,687 | -27.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €161,731 | €111,044 | -€50,687 | -31.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,871 | €109,184 | -€50,687 | -31.7% |
| Profit (loss) carried forward | 14 | €3,307 | €3,307 | = | 0.0% |
| Amounts payable | 17/49 | €108,620 | €69,365 | -€39,255 | -36.1% |
| Amounts payable within one year | 42/48 | €103,980 | €65,916 | -€38,064 | -36.6% |
| Trade debts | 44 | €309 | €396 | +€87 | +28.3% |
| Suppliers | 440/4 | €309 | €396 | +€87 | +28.3% |
| Taxes, remuneration and social security | 45 | €6,284 | €4,693 | -€1,590 | -25.3% |
| Taxes | 450/3 | €6,284 | €4,693 | -€1,590 | -25.3% |
| Other amounts payable | 47/48 | €97,388 | €60,826 | -€36,561 | -37.5% |
| Accrued charges and deferred income | 492/3 | €4,640 | €3,449 | -€1,191 | -25.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,285 | €15,053 | -€232 | -1.5% |
| Gross operating margin | 9900 | €16,381 | €19,594 | +€3,212 | +19.6% |
| Operating profit (loss) | 9901 | €1,097 | €4,541 | +€3,444 | +314% |
| Financial income | 75/76B | €3,175 | €14,821 | +€11,646 | +367% |
| Recurring financial income | 75 | €3,175 | €14,821 | +€11,646 | +367% |
| Financial charges | 65/66B | €1,015 | -€459 | -€1,474 | |
| Recurring financial charges | 65 | €1,015 | -€459 | -€1,474 | |
| Profit (loss) for the period before taxes | 9903 | €3,257 | €19,821 | +€16,565 | +509% |
| Income taxes | 67/77 | €2,686 | €6,643 | +€3,956 | +147% |
| Profit (loss) for the period | 9904 | €570 | €13,179 | +€12,608 | +2,211% |
| Profit (loss) for the period to be appropriated | 9905 | €570 | €13,179 | +€12,608 | +2,211% |
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 21 October 2026 via checked.be.