BLACK BELGIUM: 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 BELGIUM
Largest movements
- Receivables within one year +€359,930
up €359,930 (+24.4%), from €1.5m to €1.8m
of which Trade receivables: +€207,488
- Financial fixed assets +€230,100
up €230,100 (+1,375%), from €16,740 to €246,840
- Cash +€51,846
up €51,846 (+2,797%), from €1,853 to €53,700
mainly Trade debts (+€423,018) and Net result for the year (+€189,740)
- Trade debts +€423,018
up €423,018 (+228%), from €185,378 to €608,395
- Profit (loss) carried forward +€189,740
up €189,740 (+37.5%), from €505,980 to €695,720
- Provisions -€27,000
down €27,000 (-75.0%), from €36,000 to €9,000
- Accrued charges and deferred income +€26,707
up €26,707, from €0 to €26,707
- Gross operating margin +€230,299
up €230,299 (+77.0%), from €299,233 to €529,532
- Staff costs +€101,258
up €101,258 (+75.4%), from €134,299 to €235,556
- Taxes +€57,260
up €57,260 (+343%), from €16,679 to €73,938
- Provisions -€56,000
down €56,000 (-100%), from €56,000 to €0
- Other operating charges -€16,392
down €16,392 (-75.8%), from €21,618 to €5,225
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 | €1,652,732 | €2,272,622 | +€619,889 | +37.5% |
| Fixed assets | 21/28 | €146,404 | €356,875 | +€210,470 | +144% |
| Intangible fixed assets | 21 | €66,877 | €56,877 | -€10,000 | -15.0% |
| Tangible fixed assets | 22/27 | €62,788 | €53,158 | -€9,630 | -15.3% |
| Furniture and vehicles | 24 | €1,091 | €53 | -€1,038 | -95.2% |
| Other tangible fixed assets | 26 | €61,697 | €53,105 | -€8,592 | -13.9% |
| Financial fixed assets | 28 | €16,740 | €246,840 | +€230,100 | +1,375% |
| Current assets | 29/58 | €1,506,328 | €1,915,747 | +€409,419 | +27.2% |
| Amounts receivable within one year | 40/41 | €1,473,151 | €1,833,081 | +€359,930 | +24.4% |
| Trade receivables | 40 | €256,561 | €464,048 | +€207,488 | +80.9% |
| Other amounts receivable | 41 | €1,216,590 | €1,369,033 | +€152,443 | +12.5% |
| Cash at bank and in hand | 54/58 | €1,853 | €53,700 | +€51,846 | +2,797% |
| Deferred charges and accrued income | 490/1 | €31,324 | €28,966 | -€2,358 | -7.5% |
| Total equity and liabilities | 10/49 | €1,652,732 | €2,272,622 | +€619,889 | +37.5% |
| Equity | 10/15 | €505,980 | €695,720 | +€189,740 | +37.5% |
| Profit (loss) carried forward | 14 | €505,980 | €695,720 | +€189,740 | +37.5% |
| Provisions and deferred taxes | 16 | €36,000 | €9,000 | -€27,000 | -75.0% |
| Provisions for liabilities and charges | 160/5 | €36,000 | €9,000 | -€27,000 | -75.0% |
| Other liabilities and charges | 164/5 | €36,000 | €9,000 | -€27,000 | -75.0% |
| Amounts payable | 17/49 | €1,110,752 | €1,567,901 | +€457,149 | +41.2% |
| Amounts payable within one year | 42/48 | €1,110,752 | €1,541,194 | +€430,442 | +38.8% |
| Trade debts | 44 | €185,378 | €608,395 | +€423,018 | +228% |
| Suppliers | 440/4 | €185,378 | €608,395 | +€423,018 | +228% |
| Taxes, remuneration and social security | 45 | €124,463 | €124,149 | -€315 | -0.3% |
| Taxes | 450/3 | €94,774 | €102,066 | +€7,292 | +7.7% |
| Remuneration and social security | 454/9 | €29,689 | €22,083 | -€7,606 | -25.6% |
| Other amounts payable | 47/48 | €800,911 | €808,650 | +€7,739 | +1.0% |
| Accrued charges and deferred income | 492/3 | €0 | €26,707 | +€26,707 | |
| Remuneration, social security and pensions | 62 | €134,299 | €235,556 | +€101,258 | +75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,630 | €19,630 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €5,432 | +€5,432 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €56,000 | €0 | -€56,000 | -100% |
| Other operating charges | 640/8 | €21,618 | €5,225 | -€16,392 | -75.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €299,233 | €529,532 | +€230,299 | +77.0% |
| Operating profit (loss) | 9901 | €67,687 | €263,688 | +€196,001 | +290% |
| Financial income | 75/76B | €0 | €969 | +€969 | |
| Recurring financial income | 75 | €0 | €969 | +€969 | |
| Financial charges | 65/66B | €3,571 | €978 | -€2,593 | -72.6% |
| Recurring financial charges | 65 | €3,571 | €978 | -€2,593 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €64,116 | €263,679 | +€199,563 | +311% |
| Income taxes | 67/77 | €16,679 | €73,938 | +€57,260 | +343% |
| Profit (loss) for the period | 9904 | €47,437 | €189,740 | +€142,303 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €47,437 | €189,740 | +€142,303 | +300% |
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 25 October 2026 via checked.be.