BLACK ICE: what changed
Two fiscal 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 ICE
Largest movements
- Cash +€441,633
up €441,633 (+109.6%), from €403,055 to €844,687
mainly Trade debts (+€416,547) and Net result for the year (+€110,830)
- Stocks and contracts +€72,318
up €72,318 (+39.8%), from €181,494 to €253,812
- Trade debts +€416,547
up €416,547 (+107.4%), from €388,017 to €804,564
- Reserves +€100,000
up €100,000 (+526.3%), from €19,000 to €119,000
- Tax, wage and social debts +€32,592
up €32,592 (+225.1%), from €14,478 to €47,070
of which Remuneration and social security: +€27,506
- Debts after one year -€26,002
down €26,002 (-3.5%), from €740,025 to €714,023
- Current portion of long-term debt +€25,716
up €25,716 (+32.2%), from €79,963 to €105,679
- Gross operating margin +€391,488
up €391,488 (+224.3%), from €174,544 to €566,032
- Staff costs +€234,526
up €234,526 (+379.8%), from €61,750 to €296,276
- Depreciation +€33,396
up €33,396 (+62.8%), from €53,190 to €86,586
- Taxes +€23,708
up €23,708 (+222.1%), from €10,673 to €34,381
- Financial charges +€10,233
up €10,233 (+45.6%), from €22,454 to €32,687
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.
Cash bridge derived
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 | €1,616,283 | €2,154,201 | +€537,918 | +33.3% |
| Fixed assets | 21/28 | €666,291 | €681,762 | +€15,471 | +2.3% |
| Intangible fixed assets | 21 | €6,515 | €3,416 | -€3,099 | -47.6% |
| Tangible fixed assets | 22/27 | €659,700 | €678,271 | +€18,570 | +2.8% |
| Land and buildings | 22 | €327,494 | €306,951 | -€20,543 | -6.3% |
| Plant, machinery and equipment | 23 | €208,015 | €191,192 | -€16,823 | -8.1% |
| Furniture and vehicles | 24 | €50,949 | €48,172 | -€2,778 | -5.5% |
| Leasing and similar rights | 25 | €73,243 | €131,957 | +€58,714 | +80.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €949,992 | €1,472,439 | +€522,447 | +55.0% |
| Stocks and contracts in progress | 3 | €181,494 | €253,812 | +€72,318 | +39.8% |
| Stocks | 30/36 | €181,494 | €253,812 | +€72,318 | +39.8% |
| Amounts receivable within one year | 40/41 | €354,658 | €352,013 | -€2,644 | -0.7% |
| Trade receivables | 40 | €325,600 | €316,442 | -€9,159 | -2.8% |
| Other amounts receivable | 41 | €29,058 | €35,572 | +€6,514 | +22.4% |
| Cash at bank and in hand | 54/58 | €403,055 | €844,687 | +€441,633 | +109.6% |
| Deferred charges and accrued income | 490/1 | €10,786 | €21,926 | +€11,141 | +103.3% |
| Total equity and liabilities | 10/49 | €1,616,283 | €2,154,201 | +€537,918 | +33.3% |
| Equity | 10/15 | €60,420 | €171,250 | +€110,830 | +183.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €19,000 | €119,000 | +€100,000 | +526.3% |
| Distributable reserves | 133 | €19,000 | €119,000 | +€100,000 | +526.3% |
| Profit (loss) carried forward | 14 | €35,420 | €46,250 | +€10,830 | +30.6% |
| Amounts payable | 17/49 | €1,555,863 | €1,982,951 | +€427,088 | +27.5% |
| Amounts payable after more than one year | 17 | €740,025 | €714,023 | -€26,002 | -3.5% |
| Financial debts | 170/4 | €740,025 | €714,023 | -€26,002 | -3.5% |
| Amounts payable within one year | 42/48 | €540,236 | €1,015,517 | +€475,281 | +88.0% |
| Current portion of amounts payable after more than one year | 42 | €79,963 | €105,679 | +€25,716 | +32.2% |
| Trade debts | 44 | €388,017 | €804,564 | +€416,547 | +107.4% |
| Suppliers | 440/4 | €388,017 | €804,564 | +€416,547 | +107.4% |
| Taxes, remuneration and social security | 45 | €14,478 | €47,070 | +€32,592 | +225.1% |
| Taxes | 450/3 | €7,392 | €12,479 | +€5,086 | +68.8% |
| Remuneration and social security | 454/9 | €7,086 | €34,591 | +€27,506 | +388.2% |
| Other amounts payable | 47/48 | €57,778 | €58,204 | +€426 | +0.7% |
| Accrued charges and deferred income | 492/3 | €275,602 | €253,411 | -€22,191 | -8.1% |
| Remuneration, social security and pensions | 62 | €61,750 | €296,276 | +€234,526 | +379.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,190 | €86,586 | +€33,396 | +62.8% |
| Other operating charges | 640/8 | €7,271 | €8,136 | +€865 | +11.9% |
| Gross operating margin | 9900 | €174,544 | €566,032 | +€391,488 | +224.3% |
| Operating profit (loss) | 9901 | €52,333 | €175,034 | +€122,701 | +234.5% |
| Financial income | 75/76B | €606 | €2,864 | +€2,258 | +372.8% |
| Recurring financial income | 75 | €606 | €2,864 | +€2,258 | +372.8% |
| Financial charges | 65/66B | €22,454 | €32,687 | +€10,233 | +45.6% |
| Recurring financial charges | 65 | €22,454 | €32,687 | +€10,233 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €30,485 | €145,211 | +€114,726 | +376.3% |
| Income taxes | 67/77 | €10,673 | €34,381 | +€23,708 | +222.1% |
| Profit (loss) for the period | 9904 | €19,812 | €110,830 | +€91,018 | +459.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,812 | €110,830 | +€91,018 | +459.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.