BLACK HELICOPTERS: 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 HELICOPTERS
Largest movements
- Tangible fixed assets -€62,257
down €62,257 (-16.3%), from €381,916 to €319,659
of which Plant, machinery and equipment: -€31,617
- Receivables within one year +€13,216
up €13,216 (+39.1%), from €33,804 to €47,020
of which Trade receivables: +€17,366
- Profit (loss) carried forward -€68,528
down €68,528 (-16.4%), from -€417,332 to -€485,860
- Other debts +€55,431
up €55,431 (+7.8%), from €710,898 to €766,329
- Debts after one year -€15,888
down €15,888 (-30.3%), from €52,350 to €36,463
- Current portion of long-term debt -€9,240
down €9,240 (-36.8%), from €25,128 to €15,888
- Tax, wage and social debts -€8,124
down €8,124 (-34.7%), from €23,416 to €15,292
of which Remuneration and social security: -€10,000
- Gross operating margin +€23,657
up €23,657, from -€12,288 to €11,369
- Depreciation +€7,694
up €7,694 (+11.5%), from €66,854 to €74,548
- Other operating charges -€3,266
down €3,266 (-62.5%), from €5,227 to €1,961
- Financial income -€932
down €932 (-99.8%), from €934 to €2
- Financial charges -€781
down €781 (-19.6%), from €3,979 to €3,198
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 | €424,832 | €378,595 | -€46,237 | -10.9% |
| Fixed assets | 21/28 | €381,946 | €319,689 | -€62,257 | -16.3% |
| Tangible fixed assets | 22/27 | €381,916 | €319,659 | -€62,257 | -16.3% |
| Plant, machinery and equipment | 23 | €261,544 | €229,927 | -€31,617 | -12.1% |
| Furniture and vehicles | 24 | €112,783 | €82,938 | -€29,845 | -26.5% |
| Other tangible fixed assets | 26 | €7,589 | €6,794 | -€795 | -10.5% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €42,886 | €58,905 | +€16,020 | +37.4% |
| Amounts receivable within one year | 40/41 | €33,804 | €47,020 | +€13,216 | +39.1% |
| Trade receivables | 40 | €29,524 | €46,890 | +€17,366 | +58.8% |
| Other amounts receivable | 41 | €4,280 | €130 | -€4,150 | -97.0% |
| Cash at bank and in hand | 54/58 | €1,105 | €3,197 | +€2,092 | +189% |
| Deferred charges and accrued income | 490/1 | €7,976 | €8,687 | +€712 | +8.9% |
| Total equity and liabilities | 10/49 | €424,832 | €378,595 | -€46,237 | -10.9% |
| Equity | 10/15 | -€404,932 | -€473,460 | -€68,528 | -16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€417,332 | -€485,860 | -€68,528 | -16.4% |
| Amounts payable | 17/49 | €829,764 | €852,055 | +€22,291 | +2.7% |
| Amounts payable after more than one year | 17 | €52,350 | €36,463 | -€15,888 | -30.3% |
| Financial debts | 170/4 | €52,350 | €36,463 | -€15,888 | -30.3% |
| Amounts payable within one year | 42/48 | €777,399 | €815,572 | +€38,173 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €25,128 | €15,888 | -€9,240 | -36.8% |
| Trade debts | 44 | €10,584 | €17,603 | +€7,019 | +66.3% |
| Suppliers | 440/4 | €10,584 | €17,603 | +€7,019 | +66.3% |
| Advances received on contracts in progress | 46 | €7,373 | €460 | -€6,913 | -93.8% |
| Taxes, remuneration and social security | 45 | €23,416 | €15,292 | -€8,124 | -34.7% |
| Taxes | 450/3 | €916 | €2,792 | +€1,876 | +205% |
| Remuneration and social security | 454/9 | €22,500 | €12,500 | -€10,000 | -44.4% |
| Other amounts payable | 47/48 | €710,898 | €766,329 | +€55,431 | +7.8% |
| Accrued charges and deferred income | 492/3 | €14 | €20 | +€6 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,854 | €74,548 | +€7,694 | +11.5% |
| Other operating charges | 640/8 | €5,227 | €1,961 | -€3,266 | -62.5% |
| Gross operating margin | 9900 | -€12,288 | €11,369 | +€23,657 | |
| Operating profit (loss) | 9901 | -€84,369 | -€65,140 | +€19,229 | +22.8% |
| Financial income | 75/76B | €934 | €2 | -€932 | -99.8% |
| Recurring financial income | 75 | €934 | €2 | -€932 | -99.8% |
| Financial charges | 65/66B | €3,979 | €3,198 | -€781 | -19.6% |
| Recurring financial charges | 65 | €3,979 | €3,198 | -€781 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,415 | -€68,337 | +€19,078 | +21.8% |
| Income taxes | 67/77 | €178 | €191 | +€13 | +7.3% |
| Profit (loss) for the period | 9904 | -€87,593 | -€68,528 | +€19,065 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,593 | -€68,528 | +€19,065 | +21.8% |
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 28 October 2026 via checked.be.