BLACK ARROW: 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 ARROW
Largest movements
- Financial fixed assets -€285,003
down €285,003 (-66.9%), from €425,867 to €140,864
- Tangible fixed assets +€145,195
up €145,195 (+2113.2%), from €6,871 to €152,066
of which Other tangible fixed assets: +€146,701
- Cash +€132,899
up €132,899 (+2497.6%), from €5,321 to €138,220
mainly Net result for the year (+€358,861) and Investment in fixed assets (net) (+€130,247)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€24,644
up €24,644 (+32.7%), from €75,286 to €99,930
of which Other amounts receivable: +€79,521
- Reserves +€358,861
up €358,861 (+159.4%), from €225,106 to €583,967
of which Distributable reserves: +€358,861
- Debts after one year -€215,000
no longer reported in 2025 (was €215,000)
- Tax, wage and social debts -€13,420
down €13,420 (-26.1%), from €51,454 to €38,034
- Other debts -€8,836
no longer reported in 2025 (was €8,836)
- Gross operating margin +€813,018
up €813,018 (+781.4%), from €104,043 to €917,061
- Taxes +€238,983
up €238,983 (+985.3%), from €24,254 to €263,237
- Financial charges +€180,375
up €180,375 (+170.4%), from €105,854 to €286,229
of which Non-recurring financial charges: +€203,104
- Financial income -€38,148
down €38,148 (-92.9%), from €41,058 to €2,910
of which Non-recurring financial income: -€40,866
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 | €515,778 | €634,378 | +€118,600 | +23.0% |
| Fixed assets | 21/28 | €432,738 | €292,930 | -€139,808 | -32.3% |
| Tangible fixed assets | 22/27 | €6,871 | €152,066 | +€145,195 | +2113.2% |
| Furniture and vehicles | 24 | €4,285 | €2,779 | -€1,506 | -35.1% |
| Other tangible fixed assets | 26 | €2,586 | €149,287 | +€146,701 | +5672.9% |
| Financial fixed assets | 28 | €425,867 | €140,864 | -€285,003 | -66.9% |
| Current assets | 29/58 | €83,040 | €341,448 | +€258,408 | +311.2% |
| Amounts receivable within one year | 40/41 | €75,286 | €99,930 | +€24,644 | +32.7% |
| Trade receivables | 40 | €55,477 | €600 | -€54,877 | -98.9% |
| Other amounts receivable | 41 | €19,809 | €99,330 | +€79,521 | +401.4% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €5,321 | €138,220 | +€132,899 | +2497.6% |
| Deferred charges and accrued income | 490/1 | €2,433 | €3,298 | +€865 | +35.6% |
| Total equity and liabilities | 10/49 | €515,778 | €634,378 | +€118,600 | +23.0% |
| Equity | 10/15 | €225,106 | €583,967 | +€358,861 | +159.4% |
| Reserves | 13 | €225,106 | €583,967 | +€358,861 | +159.4% |
| Non-distributable reserves | 130/1 | €8,598 | €8,598 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,598 | €8,598 | = | 0.0% |
| Distributable reserves | 133 | €216,508 | €575,369 | +€358,861 | +165.7% |
| Amounts payable | 17/49 | €290,672 | €50,411 | -€240,261 | -82.7% |
| Amounts payable after more than one year | 17 | €215,000 | - | -€215,000 | |
| Financial debts | 170/4 | €215,000 | - | -€215,000 | |
| Amounts payable within one year | 42/48 | €75,381 | €49,601 | -€25,780 | -34.2% |
| Trade debts | 44 | €15,091 | €11,567 | -€3,524 | -23.4% |
| Suppliers | 440/4 | €15,091 | €11,567 | -€3,524 | -23.4% |
| Taxes, remuneration and social security | 45 | €51,454 | €38,034 | -€13,420 | -26.1% |
| Taxes | 450/3 | €51,454 | €38,034 | -€13,420 | -26.1% |
| Other amounts payable | 47/48 | €8,836 | - | -€8,836 | |
| Accrued charges and deferred income | 492/3 | €291 | €810 | +€519 | +178.4% |
| Non-recurring operating income | 76A | - | €700,000 | +€700,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,190 | €9,561 | +€5,371 | +128.2% |
| Other operating charges | 640/8 | €1,491 | €2,083 | +€592 | +39.7% |
| Gross operating margin | 9900 | €104,043 | €917,061 | +€813,018 | +781.4% |
| Operating profit (loss) | 9901 | €98,362 | €905,417 | +€807,055 | +820.5% |
| Financial income | 75/76B | €41,058 | €2,910 | -€38,148 | -92.9% |
| Recurring financial income | 75 | €41,058 | €2,718 | -€38,340 | -93.4% |
| Non-recurring financial income | 76B | €41,058 | €192 | -€40,866 | -99.5% |
| Financial charges | 65/66B | €105,854 | €286,229 | +€180,375 | +170.4% |
| Recurring financial charges | 65 | €23,955 | €1,226 | -€22,729 | -94.9% |
| Non-recurring financial charges | 66B | €81,899 | €285,003 | +€203,104 | +248.0% |
| Profit (loss) for the period before taxes | 9903 | €33,566 | €622,098 | +€588,532 | +1753.4% |
| Income taxes | 67/77 | €24,254 | €263,237 | +€238,983 | +985.3% |
| Profit (loss) for the period | 9904 | €9,312 | €358,861 | +€349,549 | +3753.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,312 | €358,861 | +€349,549 | +3753.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.