BLACK DRAGON: 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 DRAGON
Largest movements
- Financial fixed assets +€981,356
up €981,356 (+32.9%), from €3.0m to €4.0m
- Receivables within one year +€355,113
up €355,113 (+943%), from €37,668 to €392,781
- Cash -€49,430
down €49,430 (-92.9%), from €53,187 to €3,757
mainly Investment in fixed assets (net) (-€981,356) and Receivables within one year (-€355,113)
- Debts after one year +€1.2m
up €1.2m (+406%), from €286,750 to €1.5m
- Other debts +€188,624
up €188,624 (+1,956%), from €9,643 to €198,267
- Profit (loss) carried forward -€69,583
down €69,583 (-13.3%), from €523,894 to €454,311
- Gross operating margin -€339,929
down €339,929, from €330,157 to -€9,773
- Financial income -€50,851
down €50,851 (-98.4%), from €51,672 to €821
- Financial charges +€44,054
up €44,054 (+268%), from €16,449 to €60,503
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 | €3,070,786 | €4,357,825 | +€1.3m | +41.9% |
| Fixed assets | 21/28 | €2,979,932 | €3,961,287 | +€981,356 | +32.9% |
| Financial fixed assets | 28 | €2,979,932 | €3,961,287 | +€981,356 | +32.9% |
| Current assets | 29/58 | €90,855 | €396,537 | +€305,683 | +336% |
| Amounts receivable within one year | 40/41 | €37,668 | €392,781 | +€355,113 | +943% |
| Other amounts receivable | 41 | €37,668 | €392,781 | +€355,113 | +943% |
| Cash at bank and in hand | 54/58 | €53,187 | €3,757 | -€49,430 | -92.9% |
| Total equity and liabilities | 10/49 | €3,070,786 | €4,357,825 | +€1.3m | +41.9% |
| Equity | 10/15 | €2,523,894 | €2,454,311 | -€69,583 | -2.8% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €523,894 | €454,311 | -€69,583 | -13.3% |
| Amounts payable | 17/49 | €546,893 | €1,903,514 | +€1.4m | +248% |
| Amounts payable after more than one year | 17 | €286,750 | €1,451,744 | +€1.2m | +406% |
| Financial debts | 170/4 | €286,750 | €1,451,744 | +€1.2m | +406% |
| Amounts payable within one year | 42/48 | €260,143 | €451,459 | +€191,316 | +73.5% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €499 | €3,192 | +€2,692 | +539% |
| Suppliers | 440/4 | €499 | €3,192 | +€2,692 | +539% |
| Other amounts payable | 47/48 | €9,643 | €198,267 | +€188,624 | +1,956% |
| Accrued charges and deferred income | 492/3 | - | €311 | +€311 | |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €330,157 | -€9,773 | -€339,929 | |
| Operating profit (loss) | 9901 | €330,031 | -€9,901 | -€339,931 | |
| Financial income | 75/76B | €51,672 | €821 | -€50,851 | -98.4% |
| Recurring financial income | 75 | €51,672 | €821 | -€50,851 | -98.4% |
| Financial charges | 65/66B | €16,449 | €60,503 | +€44,054 | +268% |
| Recurring financial charges | 65 | €16,449 | €60,503 | +€44,054 | +268% |
| Profit (loss) for the period before taxes | 9903 | €365,253 | -€69,583 | -€434,837 | |
| Profit (loss) for the period | 9904 | €365,253 | -€69,583 | -€434,837 | |
| Profit (loss) for the period to be appropriated | 9905 | €365,253 | -€69,583 | -€434,837 |
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 14 October 2026 via checked.be.