BLACK AND LL: 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.
BLACK AND LL
Largest movements
- Cash +€24,632
up €24,632 (+523%), from €4,707 to €29,339
mainly Other debts (+€123,328) and Net result for the year (+€45,313)
- Receivables within one year +€17,008
up €17,008 (+229%), from €7,418 to €24,426
of which Other amounts receivable: +€10,958
- Other debts +€123,328
up €123,328, from €0 to €123,328
- Debts after one year -€111,901
down €111,901 (-13.8%), from €808,377 to €696,477
of which Financial debts: -€111,901
- Reserves +€45,313
up €45,313 (+28.3%), from €160,105 to €205,417
- Tax, wage and social debts -€38,605
down €38,605 (-75.7%), from €51,026 to €12,422
- Trade debts +€19,305
up €19,305 (+371%), from €5,202 to €24,507
- Financial charges +€11,589
up €11,589 (+68.3%), from €16,973 to €28,562
- Gross operating margin +€11,291
up €11,291 (+13.1%), from €86,192 to €97,482
- Other operating charges +€4,981
up €4,981 (+552%), from €902 to €5,883
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 | €1,508,728 | €1,549,052 | +€40,324 | +2.7% |
| Fixed assets | 21/28 | €1,495,000 | €1,495,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,495,000 | €1,495,000 | = | 0.0% |
| Current assets | 29/58 | €13,728 | €54,052 | +€40,324 | +294% |
| Amounts receivable within one year | 40/41 | €7,418 | €24,426 | +€17,008 | +229% |
| Trade receivables | 40 | €0 | €6,050 | +€6,050 | |
| Other amounts receivable | 41 | €7,418 | €18,376 | +€10,958 | +148% |
| Cash at bank and in hand | 54/58 | €4,707 | €29,339 | +€24,632 | +523% |
| Deferred charges and accrued income | 490/1 | €1,603 | €287 | -€1,316 | -82.1% |
| Total equity and liabilities | 10/49 | €1,508,728 | €1,549,052 | +€40,324 | +2.7% |
| Equity | 10/15 | €535,105 | €580,417 | +€45,313 | +8.5% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €160,105 | €205,417 | +€45,313 | +28.3% |
| Distributable reserves | 133 | €160,105 | €205,417 | +€45,313 | +28.3% |
| Amounts payable | 17/49 | €973,624 | €968,634 | -€4,989 | -0.5% |
| Amounts payable after more than one year | 17 | €808,377 | €696,477 | -€111,901 | -13.8% |
| Financial debts | 170/4 | €708,377 | €596,477 | -€111,901 | -15.8% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €165,246 | €272,157 | +€106,911 | +64.7% |
| Current portion of amounts payable after more than one year | 42 | €109,018 | €111,901 | +€2,883 | +2.6% |
| Trade debts | 44 | €5,202 | €24,507 | +€19,305 | +371% |
| Suppliers | 440/4 | €5,202 | €24,507 | +€19,305 | +371% |
| Taxes, remuneration and social security | 45 | €51,026 | €12,422 | -€38,605 | -75.7% |
| Taxes | 450/3 | €51,026 | €12,422 | -€38,605 | -75.7% |
| Other amounts payable | 47/48 | €0 | €123,328 | +€123,328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €902 | €5,883 | +€4,981 | +552% |
| Gross operating margin | 9900 | €86,192 | €97,482 | +€11,291 | +13.1% |
| Operating profit (loss) | 9901 | €85,290 | €91,599 | +€6,309 | +7.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €16,973 | €28,562 | +€11,589 | +68.3% |
| Recurring financial charges | 65 | €16,973 | €28,562 | +€11,589 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | €68,318 | €63,037 | -€5,281 | -7.7% |
| Income taxes | 67/77 | €17,699 | €17,724 | +€25 | +0.1% |
| Profit (loss) for the period | 9904 | €50,619 | €45,313 | -€5,306 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,619 | €45,313 | -€5,306 | -10.5% |
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 22 October 2026 via checked.be.