BLACK BULL: 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 BULL
Largest movements
- Stocks and contracts +€2,715
up €2,715 (+49.2%), from €5,519 to €8,234
- Cash +€2,210
up €2,210 (+9.1%), from €24,405 to €26,615
mainly Net result for the year (+€4,825) and Depreciation (+€100)
- Profit (loss) carried forward +€4,825
up €4,825 (+42.1%), from €11,449 to €16,274
- Purchases and services -€877,227
down €877,227 (-90.1%), from €973,589 to €96,362
- Turnover -€2,779
down €2,779 (-2.1%), from €130,134 to €127,355
- Gross operating margin -€1,783
down €1,783 (-5.4%), from €32,776 to €30,993
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 | €30,049 | €34,874 | +€4,825 | +16.1% |
| Fixed assets | 21/28 | €125 | €25 | -€100 | -80.0% |
| Tangible fixed assets | 22/27 | €125 | €25 | -€100 | -80.0% |
| Plant, machinery and equipment | 23 | €125 | €25 | -€100 | -80.0% |
| Current assets | 29/58 | €29,924 | €34,849 | +€4,925 | +16.5% |
| Stocks and contracts in progress | 3 | €5,519 | €8,234 | +€2,715 | +49.2% |
| Stocks | 30/36 | €5,519 | €8,234 | +€2,715 | +49.2% |
| Cash at bank and in hand | 54/58 | €24,405 | €26,615 | +€2,210 | +9.1% |
| Total equity and liabilities | 10/49 | €30,049 | €34,874 | +€4,825 | +16.1% |
| Equity | 10/15 | €30,049 | €34,874 | +€4,825 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,449 | €16,274 | +€4,825 | +42.1% |
| Turnover | 70 | €130,134 | €127,355 | -€2,779 | -2.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €973,589 | €96,362 | -€877,227 | -90.1% |
| Remuneration, social security and pensions | 62 | €25,500 | €25,550 | +€50 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100 | €100 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €518 | +€131 | +33.9% |
| Gross operating margin | 9900 | €32,776 | €30,993 | -€1,783 | -5.4% |
| Operating profit (loss) | 9901 | €6,789 | €4,825 | -€1,964 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €6,789 | €4,825 | -€1,964 | -28.9% |
| Profit (loss) for the period | 9904 | €6,789 | €4,825 | -€1,964 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,789 | €4,825 | -€1,964 | -28.9% |
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 19 October 2026 via checked.be.