BLACK LION: 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 LION
Largest movements
- Tangible fixed assets -€442,466
down €442,466 (-96.1%), from €460,322 to €17,856
of which Land and buildings: -€364,642
- Cash +€360,186
up €360,186 (+226%), from €159,356 to €519,542
mainly Investment in fixed assets (net) (+€438,917) and Other debts (+€327,468)
- Receivables within one year +€10,753
up €10,753 (+10.6%), from €101,327 to €112,080
of which Trade receivables: +€10,420
- Other debts +€327,468
up €327,468 (+303%), from €108,217 to €435,685
- Debts after one year -€197,222
down €197,222 (-100%), from €197,222 to €0
- Reserves -€171,743
down €171,743 (-51.9%), from €330,870 to €159,127
of which Distributable reserves: -€171,743
- Current portion of long-term debt -€33,333
down €33,333 (-100%), from €33,333 to €0
- Depreciation -€44,886
down €44,886 (-92.7%), from €48,435 to €3,549
- Gross operating margin +€40,320
up €40,320 (+22.1%), from €182,327 to €222,646
- Taxes +€21,780
up €21,780 (+68.5%), from €31,776 to €53,556
- Financial income +€2,617
up €2,617 (+4,073%), from €64 to €2,681
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 | €722,661 | €652,755 | -€69,905 | -9.7% |
| Fixed assets | 21/28 | €460,322 | €17,856 | -€442,466 | -96.1% |
| Tangible fixed assets | 22/27 | €460,322 | €17,856 | -€442,466 | -96.1% |
| Land and buildings | 22 | €364,642 | €0 | -€364,642 | -100% |
| Plant, machinery and equipment | 23 | €13,141 | €13,141 | = | 0.0% |
| Furniture and vehicles | 24 | €5,226 | €4,715 | -€510 | -9.8% |
| Other tangible fixed assets | 26 | €77,314 | €0 | -€77,314 | -100% |
| Current assets | 29/58 | €262,339 | €634,899 | +€372,561 | +142% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €101,327 | €112,080 | +€10,753 | +10.6% |
| Trade receivables | 40 | €101,181 | €111,601 | +€10,420 | +10.3% |
| Other amounts receivable | 41 | €146 | €479 | +€333 | +229% |
| Cash at bank and in hand | 54/58 | €159,356 | €519,542 | +€360,186 | +226% |
| Deferred charges and accrued income | 490/1 | €1,656 | €3,278 | +€1,621 | +97.9% |
| Total equity and liabilities | 10/49 | €722,661 | €652,755 | -€69,905 | -9.7% |
| Equity | 10/15 | €350,870 | €179,127 | -€171,743 | -48.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €330,870 | €159,127 | -€171,743 | -51.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €330,870 | €159,127 | -€171,743 | -51.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €371,791 | €473,629 | +€101,838 | +27.4% |
| Amounts payable after more than one year | 17 | €197,222 | €0 | -€197,222 | -100% |
| Financial debts | 170/4 | €197,222 | €0 | -€197,222 | -100% |
| Amounts payable within one year | 42/48 | €174,569 | €473,629 | +€299,060 | +171% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €0 | -€33,333 | -100% |
| Financial debts | 43 | €999 | €911 | -€88 | -8.8% |
| Credit institutions | 430/8 | €999 | €911 | -€88 | -8.8% |
| Trade debts | 44 | €11,501 | €17,953 | +€6,452 | +56.1% |
| Suppliers | 440/4 | €11,501 | €17,953 | +€6,452 | +56.1% |
| Taxes, remuneration and social security | 45 | €20,518 | €19,080 | -€1,438 | -7.0% |
| Taxes | 450/3 | €20,518 | €19,080 | -€1,438 | -7.0% |
| Other amounts payable | 47/48 | €108,217 | €435,685 | +€327,468 | +303% |
| Non-recurring operating income | 76A | - | €129,758 | +€129,758 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,435 | €3,549 | -€44,886 | -92.7% |
| Other operating charges | 640/8 | €6,101 | €6,697 | +€596 | +9.8% |
| Non-recurring operating charges | 66A | €750 | €0 | -€750 | -100% |
| Gross operating margin | 9900 | €182,327 | €222,646 | +€40,320 | +22.1% |
| Operating profit (loss) | 9901 | €127,041 | €212,400 | +€85,360 | +67.2% |
| Financial income | 75/76B | €64 | €2,681 | +€2,617 | +4,073% |
| Recurring financial income | 75 | €64 | €2,681 | +€2,617 | +4,073% |
| Financial charges | 65/66B | €3,405 | €2,399 | -€1,006 | -29.5% |
| Recurring financial charges | 65 | €3,405 | €2,399 | -€1,006 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €123,701 | €212,683 | +€88,982 | +71.9% |
| Income taxes | 67/77 | €31,776 | €53,556 | +€21,780 | +68.5% |
| Profit (loss) for the period | 9904 | €91,925 | €159,127 | +€67,202 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,925 | €159,127 | +€67,202 | +73.1% |
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 17 October 2026 via checked.be.