BLACK CROW: 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.
What changed
BLACK CROW
NACE 59.111, Production of cinema films
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,362
2024 · €14,597-€5,235
Equity
€240,098
2024 · €235,525+€4,573
Cash
€26,502
2024 · €66,144-€39,642
Balance sheet total
€1.6m
2024 · €1.6m-€75,107
Largest movements
Assets
- Tangible fixed assets -€46,817
down €46,817 (-3.1%), from €1.5m to €1.5m
of which Land and buildings: -€52,134
- Cash -€39,642
down €39,642 (-59.9%), from €66,144 to €26,502
mainly Debts after one year (-€68,170) and Tax, wage and social debts (-€21,209)
Equity and liabilities
- Debts after one year -€68,170
down €68,170 (-5.5%), from €1.2m to €1.2m
- Tax, wage and social debts -€21,209
down €21,209 (-61.4%), from €34,529 to €13,320
of which Taxes: -€21,209
Income statement
- Gross operating margin -€2,520
down €2,520 (-1.9%), from €135,955 to €133,435
- Financial charges +€2,181
up €2,181 (+3.5%), from €62,583 to €64,764
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.
Result 2024
€14,597
Gross operating margin
-€2,520
Depreciation
-€376
Write-downs
+€633
Other operating charges
-€1,195
Financial income
-€513
Financial charges
-€2,181
Taxes
+€917
Result 2025
€9,362
raises the resultlowers the result
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.
From operations
+€35,935
Investment
-€5,693
Financing
-€69,883
Cash 2024
€66,144
From operations (derived)
+€35,935
Net result for the year
+€9,362
Depreciation
+€52,510
Receivables within one year
-€3,252
Deferred charges and accrued income
-€8,100
Provisions
-€1,197
Trade debts
+€998
Tax, wage and social debts
-€21,209
Other debts
+€1,984
Accrued charges and deferred income
+€4,839
Investment (derived)
-€5,693
Investment in fixed assets (net)
-€5,693
Financing
-€69,883
Debts after one year
-€68,170
Current portion of long-term debt
+€3,076
Contributions, distributions and other
-€4,788
Cash 2025
€26,502
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,630,506 | €1,555,399 | -€75,107 | -4.6% |
| Fixed assets | 21/28 | €1,529,089 | €1,482,272 | -€46,817 | -3.1% |
| Tangible fixed assets | 22/27 | €1,528,839 | €1,482,022 | -€46,817 | -3.1% |
| Land and buildings | 22 | €1,528,839 | €1,476,705 | -€52,134 | -3.4% |
| Furniture and vehicles | 24 | - | €5,317 | +€5,317 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €101,417 | €73,127 | -€28,290 | -27.9% |
| Amounts receivable within one year | 40/41 | €35,273 | €38,525 | +€3,252 | +9.2% |
| Trade receivables | 40 | €35,273 | €37,306 | +€2,033 | +5.8% |
| Other amounts receivable | 41 | - | €1,218 | +€1,218 | |
| Cash at bank and in hand | 54/58 | €66,144 | €26,502 | -€39,642 | -59.9% |
| Deferred charges and accrued income | 490/1 | - | €8,100 | +€8,100 | |
| Total equity and liabilities | 10/49 | €1,630,506 | €1,555,399 | -€75,107 | -4.6% |
| Equity | 10/15 | €235,525 | €240,098 | +€4,573 | +1.9% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €226,325 | €230,898 | +€4,573 | +2.0% |
| Tax-exempt reserves | 132 | €111,673 | €106,884 | -€4,789 | -4.3% |
| Distributable reserves | 133 | €114,652 | €124,014 | +€9,362 | +8.2% |
| Provisions and deferred taxes | 16 | €27,918 | €26,721 | -€1,197 | -4.3% |
| Deferred taxes | 168 | €27,918 | €26,721 | -€1,197 | -4.3% |
| Amounts payable | 17/49 | €1,367,063 | €1,288,580 | -€78,483 | -5.7% |
| Amounts payable after more than one year | 17 | €1,230,034 | €1,161,864 | -€68,170 | -5.5% |
| Financial debts | 170/4 | €1,230,034 | €1,161,864 | -€68,170 | -5.5% |
| Amounts payable within one year | 42/48 | €136,978 | €121,826 | -€15,152 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €65,094 | €68,170 | +€3,076 | +4.7% |
| Trade debts | 44 | €8,313 | €9,311 | +€998 | +12.0% |
| Suppliers | 440/4 | €8,313 | €9,311 | +€998 | +12.0% |
| Taxes, remuneration and social security | 45 | €34,529 | €13,320 | -€21,209 | -61.4% |
| Taxes | 450/3 | €30,929 | €9,720 | -€21,209 | -68.6% |
| Remuneration and social security | 454/9 | €3,600 | €3,600 | = | 0.0% |
| Other amounts payable | 47/48 | €29,042 | €31,026 | +€1,984 | +6.8% |
| Accrued charges and deferred income | 492/3 | €51 | €4,890 | +€4,839 | +9,488% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,134 | €52,510 | +€376 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €633 | €0 | -€633 | -100% |
| Other operating charges | 640/8 | €8,199 | €9,394 | +€1,195 | +14.6% |
| Gross operating margin | 9900 | €135,955 | €133,435 | -€2,520 | -1.9% |
| Operating profit (loss) | 9901 | €74,989 | €71,531 | -€3,458 | -4.6% |
| Financial income | 75/76B | €513 | €0 | -€513 | -100.0% |
| Recurring financial income | 75 | €513 | €0 | -€513 | -100.0% |
| Financial charges | 65/66B | €62,583 | €64,764 | +€2,181 | +3.5% |
| Recurring financial charges | 65 | €62,583 | €64,764 | +€2,181 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €12,919 | €6,766 | -€6,153 | -47.6% |
| Transfer from deferred taxes | 780 | €5,986 | €5,986 | +€0 | 0.0% |
| Income taxes | 67/77 | €4,308 | €3,391 | -€917 | -21.3% |
| Profit (loss) for the period | 9904 | €14,597 | €9,362 | -€5,235 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,597 | €9,362 | -€5,235 | -35.9% |
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 15 October 2026 via checked.be.