L'Heure Bleue: 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.
L'Heure Bleue
Largest movements
- Receivables within one year +€34,745
up €34,745 (+140%), from €24,853 to €59,599
of which Trade receivables: +€34,308
- Tangible fixed assets +€16,024
up €16,024 (+117%), from €13,685 to €29,709
of which Furniture and vehicles: +€13,668
- Financial fixed assets -€2,624
down €2,624 (-95.6%), from €2,744 to €120
- Stocks and contracts +€2,585
new in 2025: €2,585
- Advances received +€55,137
new in 2025: €55,137
- Profit (loss) carried forward -€50,236
down €50,236, from €7,937 to -€42,298
- Trade debts +€48,446
new in 2025: €48,446
- Tax, wage and social debts -€13,168
down €13,168 (-47.6%), from €27,672 to €14,504
of which Taxes: -€10,842
- Other debts +€10,834
up €10,834 (+696%), from €1,556 to €12,390
- Staff costs +€73,447
up €73,447 (+57.9%), from €126,879 to €200,326
- Gross operating margin +€36,485
up €36,485 (+25.4%), from €143,735 to €180,221
- Other operating charges +€12,422
up €12,422 (+6,695%), from €186 to €12,607
- Financial charges +€6,690
up €6,690 (+1,013%), from €660 to €7,350
- Depreciation +€5,119
up €5,119 (+92.3%), from €5,547 to €10,666
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,666 | €93,234 | +€50,568 | +119% |
| Formation expenses | 20 | €704 | €440 | -€264 | -37.5% |
| Fixed assets | 21/28 | €16,429 | €29,829 | +€13,400 | +81.6% |
| Tangible fixed assets | 22/27 | €13,685 | €29,709 | +€16,024 | +117% |
| Plant, machinery and equipment | 23 | €13,685 | €16,040 | +€2,355 | +17.2% |
| Furniture and vehicles | 24 | - | €13,668 | +€13,668 | |
| Financial fixed assets | 28 | €2,744 | €120 | -€2,624 | -95.6% |
| Current assets | 29/58 | €25,533 | €62,965 | +€37,432 | +147% |
| Stocks and contracts in progress | 3 | - | €2,585 | +€2,585 | |
| Stocks | 30/36 | - | €2,585 | +€2,585 | |
| Amounts receivable within one year | 40/41 | €24,853 | €59,599 | +€34,745 | +140% |
| Trade receivables | 40 | €24,853 | €59,161 | +€34,308 | +138% |
| Other amounts receivable | 41 | - | €437 | +€437 | |
| Cash at bank and in hand | 54/58 | €680 | €555 | -€125 | -18.4% |
| Deferred charges and accrued income | 490/1 | - | €227 | +€227 | |
| Total equity and liabilities | 10/49 | €42,666 | €93,234 | +€50,568 | +119% |
| Equity | 10/15 | €13,437 | -€37,298 | -€50,736 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €500 | €0 | -€500 | -100% |
| Non-distributable reserves | 130/1 | €500 | €0 | -€500 | -100% |
| Reserves not available under the articles | 1311 | €500 | €0 | -€500 | -100% |
| Profit (loss) carried forward | 14 | €7,937 | -€42,298 | -€50,236 | |
| Amounts payable | 17/49 | €29,229 | €130,532 | +€101,304 | +347% |
| Amounts payable within one year | 42/48 | €29,229 | €130,532 | +€101,304 | +347% |
| Financial debts | 43 | - | €55 | +€55 | |
| Credit institutions | 430/8 | - | €55 | +€55 | |
| Trade debts | 44 | - | €48,446 | +€48,446 | |
| Suppliers | 440/4 | - | €48,446 | +€48,446 | |
| Advances received on contracts in progress | 46 | - | €55,137 | +€55,137 | |
| Taxes, remuneration and social security | 45 | €27,672 | €14,504 | -€13,168 | -47.6% |
| Taxes | 450/3 | €15,310 | €4,468 | -€10,842 | -70.8% |
| Remuneration and social security | 454/9 | €12,362 | €10,036 | -€2,326 | -18.8% |
| Other amounts payable | 47/48 | €1,556 | €12,390 | +€10,834 | +696% |
| Non-recurring operating income | 76A | €5,281 | €0 | -€5,281 | -100% |
| Remuneration, social security and pensions | 62 | €126,879 | €200,326 | +€73,447 | +57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,547 | €10,666 | +€5,119 | +92.3% |
| Other operating charges | 640/8 | €186 | €12,607 | +€12,422 | +6,695% |
| Gross operating margin | 9900 | €143,735 | €180,221 | +€36,485 | +25.4% |
| Operating profit (loss) | 9901 | €11,124 | -€43,379 | -€54,503 | |
| Financial charges | 65/66B | €660 | €7,350 | +€6,690 | +1,013% |
| Recurring financial charges | 65 | €660 | €7,350 | +€6,690 | +1,013% |
| Profit (loss) for the period before taxes | 9903 | €10,464 | -€50,729 | -€61,193 | |
| Income taxes | 67/77 | €2,027 | €7 | -€2,020 | -99.7% |
| Profit (loss) for the period | 9904 | €8,437 | -€50,736 | -€59,173 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,437 | -€50,736 | -€59,173 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.