PROXY BLANKENBERGE: 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.
PROXY BLANKENBERGE
Largest movements
- Cash +€280,019
up €280,019 (+23.5%), from €1.2m to €1.5m
mainly Current investments (+€252,365) and Debts after one year (+€157,201)
- Current investments -€252,365
down €252,365 (-58.1%), from €434,169 to €181,804
- Tangible fixed assets +€122,699
up €122,699 (+27.0%), from €453,657 to €576,356
of which Furniture and vehicles: +€162,621
- Receivables after one year -€79,034
down €79,034 (-34.3%), from €230,494 to €151,460
- Receivables within one year +€33,902
up €33,902 (+201%), from €16,906 to €50,808
of which Trade receivables: +€50,309
- Debts after one year +€157,201
up €157,201 (+37.7%), from €416,955 to €574,157
of which Other amounts payable: +€202,331
- Reserves -€139,906
down €139,906 (-9.7%), from €1.4m to €1.3m
- Other debts +€62,302
up €62,302 (+43.1%), from €144,583 to €206,885
- Staff costs -€46,793
down €46,793 (-15.9%), from €294,887 to €248,093
- Depreciation +€27,109
up €27,109 (+29.4%), from €92,227 to €119,337
- Gross operating margin +€18,129
up €18,129 (+4.0%), from €455,711 to €473,840
- Taxes +€8,350
up €8,350 (+39.7%), from €21,040 to €29,390
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 | €2,613,149 | €2,702,020 | +€88,871 | +3.4% |
| Fixed assets | 21/28 | €467,963 | €590,569 | +€122,606 | +26.2% |
| Tangible fixed assets | 22/27 | €453,657 | €576,356 | +€122,699 | +27.0% |
| Plant, machinery and equipment | 23 | €143,651 | €126,138 | -€17,513 | -12.2% |
| Furniture and vehicles | 24 | €168,254 | €330,875 | +€162,621 | +96.7% |
| Leasing and similar rights | 25 | €132,925 | €112,731 | -€20,194 | -15.2% |
| Other tangible fixed assets | 26 | €8,827 | €6,612 | -€2,214 | -25.1% |
| Financial fixed assets | 28 | €14,307 | €14,213 | -€94 | -0.7% |
| Current assets | 29/58 | €2,145,186 | €2,111,452 | -€33,735 | -1.6% |
| Amounts receivable after more than one year | 29 | €230,494 | €151,460 | -€79,034 | -34.3% |
| Other amounts receivable | 291 | €230,494 | €151,460 | -€79,034 | -34.3% |
| Stocks and contracts in progress | 3 | €236,253 | €248,864 | +€12,611 | +5.3% |
| Stocks | 30/36 | €236,253 | €248,864 | +€12,611 | +5.3% |
| Amounts receivable within one year | 40/41 | €16,906 | €50,808 | +€33,902 | +201% |
| Trade receivables | 40 | €499 | €50,808 | +€50,309 | +10,077% |
| Other amounts receivable | 41 | €16,407 | - | -€16,407 | |
| Current investments | 50/53 | €434,169 | €181,804 | -€252,365 | -58.1% |
| Cash at bank and in hand | 54/58 | €1,193,559 | €1,473,577 | +€280,019 | +23.5% |
| Deferred charges and accrued income | 490/1 | €33,807 | €4,939 | -€28,868 | -85.4% |
| Total equity and liabilities | 10/49 | €2,613,149 | €2,702,020 | +€88,871 | +3.4% |
| Equity | 10/15 | €1,545,254 | €1,405,349 | -€139,906 | -9.1% |
| Contributions | 10/11 | €99,900 | €99,900 | = | 0.0% |
| Reserves | 13 | €1,445,354 | €1,305,449 | -€139,906 | -9.7% |
| Distributable reserves | 133 | €1,445,354 | €1,305,449 | -€139,906 | -9.7% |
| Amounts payable | 17/49 | €1,067,895 | €1,296,672 | +€228,777 | +21.4% |
| Amounts payable after more than one year | 17 | €416,955 | €574,157 | +€157,201 | +37.7% |
| Financial debts | 170/4 | €115,475 | €70,346 | -€45,130 | -39.1% |
| Other amounts payable | 178/9 | €301,480 | €503,811 | +€202,331 | +67.1% |
| Amounts payable within one year | 42/48 | €650,940 | €722,515 | +€71,575 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €66,365 | €74,495 | +€8,130 | +12.3% |
| Trade debts | 44 | €366,924 | €354,691 | -€12,232 | -3.3% |
| Suppliers | 440/4 | €366,924 | €354,691 | -€12,232 | -3.3% |
| Taxes, remuneration and social security | 45 | €73,069 | €86,444 | +€13,375 | +18.3% |
| Taxes | 450/3 | €17,844 | €38,022 | +€20,178 | +113% |
| Remuneration and social security | 454/9 | €55,225 | €48,422 | -€6,803 | -12.3% |
| Other amounts payable | 47/48 | €144,583 | €206,885 | +€62,302 | +43.1% |
| Non-recurring operating income | 76A | - | €34,144 | +€34,144 | |
| Remuneration, social security and pensions | 62 | €294,887 | €248,093 | -€46,793 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,227 | €119,337 | +€27,109 | +29.4% |
| Other operating charges | 640/8 | €7,800 | €6,933 | -€867 | -11.1% |
| Non-recurring operating charges | 66A | €471 | - | -€471 | |
| Gross operating margin | 9900 | €455,711 | €473,840 | +€18,129 | +4.0% |
| Operating profit (loss) | 9901 | €60,326 | €99,477 | +€39,151 | +64.9% |
| Financial income | 75/76B | €27,984 | €27,138 | -€846 | -3.0% |
| Recurring financial income | 75 | €27,984 | €27,138 | -€846 | -3.0% |
| Financial charges | 65/66B | €30,840 | €34,395 | +€3,555 | +11.5% |
| Recurring financial charges | 65 | €30,840 | €34,395 | +€3,555 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €57,470 | €92,220 | +€34,750 | +60.5% |
| Income taxes | 67/77 | €21,040 | €29,390 | +€8,350 | +39.7% |
| Profit (loss) for the period | 9904 | €36,430 | €62,830 | +€26,400 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,430 | €62,830 | +€26,400 | +72.5% |
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 18 October 2026 via checked.be.