BLACK COW: 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 COW
Largest movements
- Cash +€139,500
up €139,500 (+80.0%), from €174,470 to €313,969
mainly Net result for the year (+€166,720) and Depreciation (+€156,609)
- Stocks and contracts +€22,350
up €22,350 (+3.4%), from €658,400 to €680,750
- Tangible fixed assets -€20,860
down €20,860 (-2.6%), from €791,282 to €770,423
of which Land and buildings: -€36,176
- Reserves +€146,220
up €146,220 (+41.2%), from €355,174 to €501,393
- Debts after one year -€77,018
down €77,018 (-11.3%), from €683,340 to €606,322
of which Financial debts: -€77,018
- Tax, wage and social debts +€30,218
up €30,218 (+51.3%), from €58,863 to €89,081
of which Taxes: +€27,530
- Gross operating margin +€131,637
up €131,637 (+54.0%), from €243,855 to €375,492
- Staff costs +€28,686
up €28,686 (+427%), from €6,713 to €35,400
- Depreciation +€24,920
up €24,920 (+18.9%), from €131,689 to €156,609
- Taxes +€24,844
up €24,844 (+43.5%), from €57,148 to €81,991
- Financial income +€8,202
up €8,202 (+9.1%), from €90,620 to €98,822
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,729,520 | €1,849,284 | +€119,764 | +6.9% |
| Fixed assets | 21/28 | €799,993 | €778,234 | -€21,760 | -2.7% |
| Intangible fixed assets | 21 | €6,034 | €5,134 | -€900 | -14.9% |
| Tangible fixed assets | 22/27 | €791,282 | €770,423 | -€20,860 | -2.6% |
| Land and buildings | 22 | €273,422 | €237,246 | -€36,176 | -13.2% |
| Plant, machinery and equipment | 23 | €325,703 | €312,079 | -€13,625 | -4.2% |
| Furniture and vehicles | 24 | €144,758 | €177,415 | +€32,658 | +22.6% |
| Other tangible fixed assets | 26 | €47,400 | €43,683 | -€3,717 | -7.8% |
| Financial fixed assets | 28 | €2,677 | €2,677 | = | 0.0% |
| Current assets | 29/58 | €929,526 | €1,071,050 | +€141,524 | +15.2% |
| Stocks and contracts in progress | 3 | €658,400 | €680,750 | +€22,350 | +3.4% |
| Stocks | 30/36 | €658,400 | €680,750 | +€22,350 | +3.4% |
| Amounts receivable within one year | 40/41 | €85,794 | €73,670 | -€12,123 | -14.1% |
| Trade receivables | 40 | €83,646 | €66,543 | -€17,104 | -20.4% |
| Other amounts receivable | 41 | €2,147 | €7,127 | +€4,980 | +232% |
| Cash at bank and in hand | 54/58 | €174,470 | €313,969 | +€139,500 | +80.0% |
| Deferred charges and accrued income | 490/1 | €10,863 | €2,661 | -€8,203 | -75.5% |
| Total equity and liabilities | 10/49 | €1,729,520 | €1,849,284 | +€119,764 | +6.9% |
| Equity | 10/15 | €584,227 | €730,447 | +€146,220 | +25.0% |
| Contributions | 10/11 | €229,054 | €229,054 | = | 0.0% |
| Reserves | 13 | €355,174 | €501,393 | +€146,220 | +41.2% |
| Distributable reserves | 133 | €355,174 | €501,393 | +€146,220 | +41.2% |
| Amounts payable | 17/49 | €1,145,293 | €1,118,837 | -€26,456 | -2.3% |
| Amounts payable after more than one year | 17 | €683,340 | €606,322 | -€77,018 | -11.3% |
| Financial debts | 170/4 | €471,290 | €394,272 | -€77,018 | -16.3% |
| Other amounts payable | 178/9 | €212,050 | €212,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €461,953 | €499,115 | +€37,162 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €105,298 | €96,018 | -€9,280 | -8.8% |
| Trade debts | 44 | €23,396 | €21,959 | -€1,437 | -6.1% |
| Suppliers | 440/4 | €23,396 | €21,959 | -€1,437 | -6.1% |
| Taxes, remuneration and social security | 45 | €58,863 | €89,081 | +€30,218 | +51.3% |
| Taxes | 450/3 | €56,267 | €83,797 | +€27,530 | +48.9% |
| Remuneration and social security | 454/9 | €2,596 | €5,283 | +€2,688 | +104% |
| Other amounts payable | 47/48 | €274,396 | €292,057 | +€17,661 | +6.4% |
| Accrued charges and deferred income | 492/3 | - | €13,400 | +€13,400 | |
| Remuneration, social security and pensions | 62 | €6,713 | €35,400 | +€28,686 | +427% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,689 | €156,609 | +€24,920 | +18.9% |
| Other operating charges | 640/8 | €6,176 | €5,203 | -€973 | -15.8% |
| Gross operating margin | 9900 | €243,855 | €375,492 | +€131,637 | +54.0% |
| Operating profit (loss) | 9901 | €99,276 | €178,281 | +€79,005 | +79.6% |
| Financial income | 75/76B | €90,620 | €98,822 | +€8,202 | +9.1% |
| Recurring financial income | 75 | €90,620 | €98,822 | +€8,202 | +9.1% |
| Financial charges | 65/66B | €24,609 | €28,392 | +€3,783 | +15.4% |
| Recurring financial charges | 65 | €24,609 | €28,392 | +€3,783 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €165,287 | €248,711 | +€83,424 | +50.5% |
| Income taxes | 67/77 | €57,148 | €81,991 | +€24,844 | +43.5% |
| Profit (loss) for the period | 9904 | €108,139 | €166,720 | +€58,580 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €108,139 | €166,720 | +€58,580 | +54.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.