BLACK IS BLUE: what changed
BLACK IS BLUE
Largest movements
- Cash -€104,444
down €104,444 (-63.0%), from €165,768 to €61,323
mainly Tax, wage and social debts (-€64,693) and Contributions, distributions and other (-€60,000)
- Current investments +€59,257
new in 2025: €59,257
- Receivables within one year -€18,765
down €18,765 (-7.4%), from €254,911 to €236,146
of which Trade receivables: -€49,167
- Tangible fixed assets +€10,621
up €10,621 (+160%), from €6,632 to €17,254
- Tax, wage and social debts -€64,693
down €64,693 (-63.6%), from €101,777 to €37,083
of which Taxes: -€60,743
- Reserves +€59,257
up €59,257 (+1,185%), from €5,000 to €64,257
- Profit (loss) carried forward -€32,547
down €32,547 (-14.4%), from €226,284 to €193,737
- Trade debts -€15,081
down €15,081 (-65.4%), from €23,077 to €7,996
- Gross operating margin -€164,771
down €164,771 (-48.8%), from €337,932 to €173,161
- Taxes -€44,786
down €44,786 (-78.2%), from €57,242 to €12,456
- Staff costs +€10,911
up €10,911 (+18.5%), from €59,116 to €70,028
- Financial income +€3,878
up €3,878 (+127%), from €3,052 to €6,930
- Other operating charges -€3,527
down €3,527 (-67.7%), from €5,209 to €1,682
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €442,336 | €388,373 | -€53,963 | -12.2% |
| Fixed assets | 21/28 | €18,353 | €28,974 | +€10,621 | +57.9% |
| Tangible fixed assets | 22/27 | €6,632 | €17,254 | +€10,621 | +160% |
| Furniture and vehicles | 24 | €6,632 | €17,254 | +€10,621 | +160% |
| Financial fixed assets | 28 | €11,721 | €11,721 | = | 0.0% |
| Current assets | 29/58 | €423,983 | €359,399 | -€64,584 | -15.2% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €254,911 | €236,146 | -€18,765 | -7.4% |
| Trade receivables | 40 | €106,125 | €56,957 | -€49,167 | -46.3% |
| Other amounts receivable | 41 | €148,786 | €179,188 | +€30,403 | +20.4% |
| Current investments | 50/53 | - | €59,257 | +€59,257 | |
| Cash at bank and in hand | 54/58 | €165,768 | €61,323 | -€104,444 | -63.0% |
| Deferred charges and accrued income | 490/1 | €805 | €173 | -€632 | -78.5% |
| Total equity and liabilities | 10/49 | €442,336 | €388,373 | -€53,963 | -12.2% |
| Equity | 10/15 | €256,284 | €282,994 | +€26,710 | +10.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €64,257 | +€59,257 | +1,185% |
| Non-distributable reserves | 130/1 | €5,000 | €64,257 | +€59,257 | +1,185% |
| Reserves not available under the articles | 1311 | €5,000 | €64,257 | +€59,257 | +1,185% |
| Profit (loss) carried forward | 14 | €226,284 | €193,737 | -€32,547 | -14.4% |
| Amounts payable | 17/49 | €186,052 | €105,379 | -€80,673 | -43.4% |
| Amounts payable within one year | 42/48 | €186,052 | €105,079 | -€80,972 | -43.5% |
| Financial debts | 43 | €1,198 | - | -€1,198 | |
| Credit institutions | 430/8 | €1,198 | - | -€1,198 | |
| Trade debts | 44 | €23,077 | €7,996 | -€15,081 | -65.4% |
| Suppliers | 440/4 | €23,077 | €7,996 | -€15,081 | -65.4% |
| Taxes, remuneration and social security | 45 | €101,777 | €37,083 | -€64,693 | -63.6% |
| Taxes | 450/3 | €86,404 | €25,661 | -€60,743 | -70.3% |
| Remuneration and social security | 454/9 | €15,372 | €11,422 | -€3,950 | -25.7% |
| Other amounts payable | 47/48 | €60,000 | €60,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Remuneration, social security and pensions | 62 | €59,116 | €70,028 | +€10,911 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,257 | €3,201 | -€57 | -1.7% |
| Other operating charges | 640/8 | €5,209 | €1,682 | -€3,527 | -67.7% |
| Gross operating margin | 9900 | €337,932 | €173,161 | -€164,771 | -48.8% |
| Operating profit (loss) | 9901 | €270,350 | €98,251 | -€172,099 | -63.7% |
| Financial income | 75/76B | €3,052 | €6,930 | +€3,878 | +127% |
| Recurring financial income | 75 | €3,052 | €6,930 | +€3,878 | +127% |
| Financial charges | 65/66B | €5,403 | €6,014 | +€612 | +11.3% |
| Recurring financial charges | 65 | €5,403 | €6,014 | +€612 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €267,999 | €99,166 | -€168,833 | -63.0% |
| Income taxes | 67/77 | €57,242 | €12,456 | -€44,786 | -78.2% |
| Profit (loss) for the period | 9904 | €210,758 | €86,710 | -€124,048 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €210,758 | €86,710 | -€124,048 | -58.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.