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
- Receivables within one year -€333,710
down €333,710 (-77.5%), from €430,493 to €96,783
of which Other amounts receivable: -€358,662
- Profit (loss) carried forward +€1.9m
up €1.9m (+752%), from €246,362 to €2.1m
- Debts after one year -€828,871
down €828,871 (-15.8%), from €5.2m to €4.4m
- Short-term financial debts -€660,005
no longer reported in 2025 (was €660,005)
- Other debts -€476,673
down €476,673 (-47.1%), from €1.0m to €536,014
- Trade debts -€375,832
down €375,832 (-94.2%), from €399,000 to €23,168
- Financial income +€1.2m
up €1.2m (+258%), from €470,203 to €1.7m
- Gross operating margin +€542,477
up €542,477, from -€55,463 to €487,014
- Depreciation +€80,336
up €80,336 (+3,713%), from €2,164 to €82,500
- Financial charges +€69,921
up €69,921 (+42.3%), from €165,489 to €235,410
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 | €8,906,751 | €8,507,267 | -€399,484 | -4.5% |
| Fixed assets | 21/28 | €8,434,101 | €8,351,060 | -€83,041 | -1.0% |
| Tangible fixed assets | 22/27 | €1,897,836 | €1,814,795 | -€83,041 | -4.4% |
| Land and buildings | 22 | €1,897,836 | €1,814,795 | -€83,041 | -4.4% |
| Financial fixed assets | 28 | €6,536,265 | €6,536,265 | = | 0.0% |
| Current assets | 29/58 | €472,650 | €156,207 | -€316,443 | -67.0% |
| Amounts receivable within one year | 40/41 | €430,493 | €96,783 | -€333,710 | -77.5% |
| Trade receivables | 40 | €18,787 | €43,738 | +€24,951 | +133% |
| Other amounts receivable | 41 | €411,706 | €53,045 | -€358,662 | -87.1% |
| Cash at bank and in hand | 54/58 | €37,899 | €59,424 | +€21,525 | +56.8% |
| Deferred charges and accrued income | 490/1 | €4,258 | - | -€4,258 | |
| Total equity and liabilities | 10/49 | €8,906,751 | €8,507,267 | -€399,484 | -4.5% |
| Equity | 10/15 | €951,362 | €2,926,254 | +€2.0m | +208% |
| Contributions | 10/11 | €705,000 | €705,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,362 | €2,097,998 | +€1.9m | +752% |
| Investment grants | 15 | - | €123,256 | +€123,256 | |
| Amounts payable | 17/49 | €7,955,390 | €5,581,013 | -€2.4m | -29.8% |
| Amounts payable after more than one year | 17 | €5,232,768 | €4,403,897 | -€828,871 | -15.8% |
| Financial debts | 170/4 | €5,232,768 | €4,403,897 | -€828,871 | -15.8% |
| Amounts payable within one year | 42/48 | €2,667,825 | €1,177,116 | -€1.5m | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €596,134 | €608,871 | +€12,737 | +2.1% |
| Financial debts | 43 | €660,005 | - | -€660,005 | |
| Credit institutions | 430/8 | €660,005 | - | -€660,005 | |
| Trade debts | 44 | €399,000 | €23,168 | -€375,832 | -94.2% |
| Suppliers | 440/4 | €399,000 | €23,168 | -€375,832 | -94.2% |
| Taxes, remuneration and social security | 45 | - | €9,064 | +€9,064 | |
| Taxes | 450/3 | - | €9,064 | +€9,064 | |
| Other amounts payable | 47/48 | €1,012,687 | €536,014 | -€476,673 | -47.1% |
| Accrued charges and deferred income | 492/3 | €54,796 | - | -€54,796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,164 | €82,500 | +€80,336 | +3,713% |
| Other operating charges | 640/8 | €725 | €425 | -€301 | -41.4% |
| Non-recurring operating charges | 66A | - | €841 | +€841 | |
| Gross operating margin | 9900 | -€55,463 | €487,014 | +€542,477 | |
| Operating profit (loss) | 9901 | -€58,353 | €403,248 | +€461,601 | |
| Financial income | 75/76B | €470,203 | €1,683,848 | +€1.2m | +258% |
| Recurring financial income | 75 | €470,203 | €1,683,848 | +€1.2m | +258% |
| Financial charges | 65/66B | €165,489 | €235,410 | +€69,921 | +42.3% |
| Recurring financial charges | 65 | €165,489 | €235,410 | +€69,921 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | €246,362 | €1,851,686 | +€1.6m | +652% |
| Income taxes | 67/77 | €0 | €50 | +€50 | |
| Profit (loss) for the period | 9904 | €246,362 | €1,851,636 | +€1.6m | +652% |
| Profit (loss) for the period to be appropriated | 9905 | €246,362 | €1,851,636 | +€1.6m | +652% |
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.