Half Blue: 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.
Half Blue
Largest movements
- Stocks and contracts -€637,845
down €637,845 (-42.7%), from €1.5m to €854,342
- Cash +€48,408
up €48,408 (+31.1%), from €155,598 to €204,005
mainly Stocks and contracts (+€637,845) and Depreciation (+€119,123)
- Tangible fixed assets -€36,272
down €36,272 (-14.2%), from €255,859 to €219,586
of which Furniture and vehicles: -€25,051
- Intangible fixed assets -€34,773
down €34,773 (-56.2%), from €61,911 to €27,138
- Trade debts -€578,194
down €578,194 (-85.3%), from €678,000 to €99,806
- Short-term financial debts -€128,798
down €128,798 (-54.3%), from €237,071 to €108,273
- Accrued charges and deferred income +€102,530
up €102,530 (+4957.1%), from €2,068 to €104,599
- Staff costs -€230,230
down €230,230 (-34.6%), from €665,368 to €435,138
- Gross operating margin -€166,997
down €166,997 (-19.6%), from €852,732 to €685,735
- Financial charges +€50,314
up €50,314 (+169.7%), from €29,654 to €79,968
- Depreciation -€44,010
down €44,010 (-27.0%), from €163,133 to €119,123
- Write-downs -€40,605
down €40,605 (-100.0%), from €40,605 to €0
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 | €2,646,541 | €2,012,403 | -€634,138 | -24.0% |
| Fixed assets | 21/28 | €333,658 | €262,612 | -€71,045 | -21.3% |
| Intangible fixed assets | 21 | €61,911 | €27,138 | -€34,773 | -56.2% |
| Tangible fixed assets | 22/27 | €255,859 | €219,586 | -€36,272 | -14.2% |
| Plant, machinery and equipment | 23 | €19,791 | €13,674 | -€6,116 | -30.9% |
| Furniture and vehicles | 24 | €72,433 | €47,382 | -€25,051 | -34.6% |
| Other tangible fixed assets | 26 | €163,635 | €158,530 | -€5,105 | -3.1% |
| Financial fixed assets | 28 | €15,888 | €15,888 | = | 0.0% |
| Current assets | 29/58 | €2,312,883 | €1,749,791 | -€563,093 | -24.3% |
| Stocks and contracts in progress | 3 | €1,492,187 | €854,342 | -€637,845 | -42.7% |
| Stocks | 30/36 | €1,492,187 | €854,342 | -€637,845 | -42.7% |
| Amounts receivable within one year | 40/41 | €637,727 | €661,094 | +€23,367 | +3.7% |
| Trade receivables | 40 | €619,530 | €628,971 | +€9,440 | +1.5% |
| Other amounts receivable | 41 | €18,197 | €32,124 | +€13,927 | +76.5% |
| Cash at bank and in hand | 54/58 | €155,598 | €204,005 | +€48,408 | +31.1% |
| Deferred charges and accrued income | 490/1 | €27,371 | €30,349 | +€2,978 | +10.9% |
| Total equity and liabilities | 10/49 | €2,646,541 | €2,012,403 | -€634,138 | -24.0% |
| Equity | 10/15 | €212,774 | €216,397 | +€3,623 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,174 | €197,797 | +€3,623 | +1.9% |
| 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 | €192,314 | €195,937 | +€3,623 | +1.9% |
| Amounts payable | 17/49 | €2,433,767 | €1,796,006 | -€637,761 | -26.2% |
| Amounts payable after more than one year | 17 | €34,348 | €11,786 | -€22,561 | -65.7% |
| Financial debts | 170/4 | €34,348 | €11,786 | -€22,561 | -65.7% |
| Amounts payable within one year | 42/48 | €2,397,351 | €1,679,621 | -€717,730 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €39,734 | €16,251 | -€23,483 | -59.1% |
| Financial debts | 43 | €237,071 | €108,273 | -€128,798 | -54.3% |
| Credit institutions | 430/8 | €237,071 | €108,273 | -€128,798 | -54.3% |
| Trade debts | 44 | €678,000 | €99,806 | -€578,194 | -85.3% |
| Suppliers | 440/4 | €678,000 | €99,806 | -€578,194 | -85.3% |
| Advances received on contracts in progress | 46 | €1,819 | €54 | -€1,765 | -97.0% |
| Taxes, remuneration and social security | 45 | €51,292 | €42,262 | -€9,030 | -17.6% |
| Taxes | 450/3 | €13,535 | €2,262 | -€11,273 | -83.3% |
| Remuneration and social security | 454/9 | €37,756 | €40,000 | +€2,244 | +5.9% |
| Other amounts payable | 47/48 | €1,389,436 | €1,412,975 | +€23,539 | +1.7% |
| Accrued charges and deferred income | 492/3 | €2,068 | €104,599 | +€102,530 | +4957.1% |
| Remuneration, social security and pensions | 62 | €665,368 | €435,138 | -€230,230 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,133 | €119,123 | -€44,010 | -27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,605 | €0 | -€40,605 | -100.0% |
| Other operating charges | 640/8 | €35,004 | €60,904 | +€25,899 | +74.0% |
| Non-recurring operating charges | 66A | €66 | €0 | -€66 | -100.0% |
| Gross operating margin | 9900 | €852,732 | €685,735 | -€166,997 | -19.6% |
| Operating profit (loss) | 9901 | -€51,444 | €70,570 | +€122,014 | |
| Financial income | 75/76B | €3,414 | €679 | -€2,735 | -80.1% |
| Recurring financial income | 75 | €3,414 | €679 | -€2,735 | -80.1% |
| Financial charges | 65/66B | €29,654 | €79,968 | +€50,314 | +169.7% |
| Recurring financial charges | 65 | €29,654 | €79,968 | +€50,314 | +169.7% |
| Profit (loss) for the period before taxes | 9903 | -€77,684 | -€8,718 | +€68,966 | +88.8% |
| Income taxes | 67/77 | €2,585 | -€12,341 | -€14,926 | |
| Profit (loss) for the period | 9904 | -€80,269 | €3,623 | +€83,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,269 | €3,623 | +€83,891 |
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 4 October 2026 via checked.be.