Black Flag Design Studio: 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 Flag Design Studio
Largest movements
- Tangible fixed assets +€558,295
up €558,295 (+1,729%), from €32,292 to €590,587
of which Land and buildings: +€549,761
- Stocks and contracts +€74,774
up €74,774 (+59.5%), from €125,722 to €200,496
of which Contracts in progress: +€74,029
- Cash -€21,320
down €21,320 (-60.5%), from €35,255 to €13,934
mainly Investment in fixed assets (net) (-€641,342) and Stocks and contracts (-€74,774)
- Receivables within one year -€14,802
down €14,802 (-46.1%), from €32,133 to €17,330
of which Trade receivables: -€12,000
- Debts after one year +€482,643
up €482,643 (+38,596%), from €1,251 to €483,893
- Profit (loss) carried forward +€94,182
up €94,182 (+127%), from €73,906 to €168,088
- Current portion of long-term debt +€20,644
up €20,644 (+428%), from €4,820 to €25,464
- Trade debts -€15,697
down €15,697 (-36.0%), from €43,631 to €27,934
- Accrued charges and deferred income +€11,585
new in 2025: €11,585
- Gross operating margin +€110,550
up €110,550 (+106%), from €104,767 to €215,318
- Depreciation +€76,935
up €76,935 (+1,259%), from €6,112 to €83,047
- Taxes +€6,137
up €6,137 (+27.7%), from €22,133 to €28,269
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 | €239,107 | €842,943 | +€603,836 | +253% |
| Fixed assets | 21/28 | €34,506 | €592,801 | +€558,295 | +1,618% |
| Tangible fixed assets | 22/27 | €32,292 | €590,587 | +€558,295 | +1,729% |
| Land and buildings | 22 | - | €549,761 | +€549,761 | |
| Plant, machinery and equipment | 23 | €22,935 | €18,168 | -€4,767 | -20.8% |
| Furniture and vehicles | 24 | €9,357 | €22,657 | +€13,301 | +142% |
| Financial fixed assets | 28 | €2,214 | €2,214 | = | 0.0% |
| Current assets | 29/58 | €204,602 | €250,142 | +€45,541 | +22.3% |
| Stocks and contracts in progress | 3 | €125,722 | €200,496 | +€74,774 | +59.5% |
| Stocks | 30/36 | €8,842 | €9,587 | +€745 | +8.4% |
| Contracts in progress | 37 | €116,880 | €190,909 | +€74,029 | +63.3% |
| Amounts receivable within one year | 40/41 | €32,133 | €17,330 | -€14,802 | -46.1% |
| Trade receivables | 40 | €22,553 | €10,553 | -€12,000 | -53.2% |
| Other amounts receivable | 41 | €9,580 | €6,777 | -€2,802 | -29.3% |
| Current investments | 50/53 | €10,000 | €18,000 | +€8,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €35,255 | €13,934 | -€21,320 | -60.5% |
| Deferred charges and accrued income | 490/1 | €1,493 | €382 | -€1,110 | -74.4% |
| Total equity and liabilities | 10/49 | €239,107 | €842,943 | +€603,836 | +253% |
| Equity | 10/15 | €125,644 | €219,826 | +€94,182 | +75.0% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €46,238 | €46,238 | = | 0.0% |
| Distributable reserves | 133 | €46,238 | €46,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,906 | €168,088 | +€94,182 | +127% |
| Amounts payable | 17/49 | €113,464 | €623,117 | +€509,654 | +449% |
| Amounts payable after more than one year | 17 | €1,251 | €483,893 | +€482,643 | +38,596% |
| Financial debts | 170/4 | €1,251 | €483,893 | +€482,643 | +38,596% |
| Amounts payable within one year | 42/48 | €112,213 | €127,639 | +€15,426 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €4,820 | €25,464 | +€20,644 | +428% |
| Trade debts | 44 | €43,631 | €27,934 | -€15,697 | -36.0% |
| Suppliers | 440/4 | €43,631 | €27,934 | -€15,697 | -36.0% |
| Taxes, remuneration and social security | 45 | €22,133 | €32,469 | +€10,337 | +46.7% |
| Taxes | 450/3 | €22,133 | €28,269 | +€6,137 | +27.7% |
| Remuneration and social security | 454/9 | - | €4,200 | +€4,200 | |
| Other amounts payable | 47/48 | €41,630 | €41,772 | +€142 | +0.3% |
| Accrued charges and deferred income | 492/3 | - | €11,585 | +€11,585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,112 | €83,047 | +€76,935 | +1,259% |
| Other operating charges | 640/8 | €1,075 | €1,428 | +€352 | +32.8% |
| Non-recurring operating charges | 66A | - | €4,890 | +€4,890 | |
| Gross operating margin | 9900 | €104,767 | €215,318 | +€110,550 | +106% |
| Operating profit (loss) | 9901 | €97,580 | €125,953 | +€28,373 | +29.1% |
| Financial income | 75/76B | €1 | €2 | +€1 | +235% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +235% |
| Financial charges | 65/66B | €1,542 | €3,504 | +€1,962 | +127% |
| Recurring financial charges | 65 | €1,542 | €3,504 | +€1,962 | +127% |
| Profit (loss) for the period before taxes | 9903 | €96,038 | €122,451 | +€26,413 | +27.5% |
| Income taxes | 67/77 | €22,133 | €28,269 | +€6,137 | +27.7% |
| Profit (loss) for the period | 9904 | €73,906 | €94,182 | +€20,276 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,906 | €94,182 | +€20,276 | +27.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.