Black Box Quest: 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 Box Quest
Largest movements
- Receivables within one year +€41,931
up €41,931 (+259%), from €16,174 to €58,105
of which Trade receivables: +€29,257
- Cash -€33,793
down €33,793 (-32.9%), from €102,564 to €68,772
mainly Receivables within one year (-€41,931) and Tax, wage and social debts (-€17,333)
- Tangible fixed assets -€6,628
down €6,628 (-83.6%), from €7,925 to €1,297
- Reserves +€20,000
up €20,000 (+25.0%), from €80,000 to €100,000
- Tax, wage and social debts -€17,333
down €17,333 (-58.9%), from €29,436 to €12,103
- Trade debts -€2,177
down €2,177 (-90.8%), from €2,397 to €220
- Gross operating margin -€39,309
down €39,309 (-50.8%), from €77,340 to €38,031
- Taxes -€11,541
down €11,541 (-55.3%), from €20,852 to €9,311
- Depreciation +€1,289
up €1,289 (+24.1%), from €5,340 to €6,628
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 | €126,664 | €128,173 | +€1,510 | +1.2% |
| Fixed assets | 21/28 | €7,925 | €1,297 | -€6,628 | -83.6% |
| Tangible fixed assets | 22/27 | €7,925 | €1,297 | -€6,628 | -83.6% |
| Furniture and vehicles | 24 | €7,925 | €1,297 | -€6,628 | -83.6% |
| Current assets | 29/58 | €118,739 | €126,877 | +€8,138 | +6.9% |
| Amounts receivable within one year | 40/41 | €16,174 | €58,105 | +€41,931 | +259% |
| Trade receivables | 40 | €10,309 | €39,566 | +€29,257 | +284% |
| Other amounts receivable | 41 | €5,865 | €18,539 | +€12,674 | +216% |
| Cash at bank and in hand | 54/58 | €102,564 | €68,772 | -€33,793 | -32.9% |
| Total equity and liabilities | 10/49 | €126,664 | €128,173 | +€1,510 | +1.2% |
| Equity | 10/15 | €94,831 | €115,851 | +€21,020 | +22.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Distributable reserves | 133 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Profit (loss) carried forward | 14 | €12,331 | €13,351 | +€1,020 | +8.3% |
| Amounts payable | 17/49 | €31,833 | €12,323 | -€19,510 | -61.3% |
| Amounts payable within one year | 42/48 | €31,833 | €12,323 | -€19,510 | -61.3% |
| Trade debts | 44 | €2,397 | €220 | -€2,177 | -90.8% |
| Suppliers | 440/4 | €2,397 | €220 | -€2,177 | -90.8% |
| Taxes, remuneration and social security | 45 | €29,436 | €12,103 | -€17,333 | -58.9% |
| Taxes | 450/3 | €29,436 | €12,103 | -€17,333 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,340 | €6,628 | +€1,289 | +24.1% |
| Other operating charges | 640/8 | €613 | €917 | +€304 | +49.5% |
| Gross operating margin | 9900 | €77,340 | €38,031 | -€39,309 | -50.8% |
| Operating profit (loss) | 9901 | €71,387 | €30,485 | -€40,902 | -57.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €125 | €155 | +€30 | +24.0% |
| Recurring financial charges | 65 | €125 | €155 | +€30 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €71,262 | €30,331 | -€40,932 | -57.4% |
| Income taxes | 67/77 | €20,852 | €9,311 | -€11,541 | -55.3% |
| Profit (loss) for the period | 9904 | €50,410 | €21,020 | -€29,390 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,410 | €21,020 | -€29,390 | -58.3% |
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 13 October 2026 via checked.be.