BLACK PANTHER: 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 PANTHER
Largest movements
- Receivables within one year +€1.6m
new in 2025: €1.6m
- Financial fixed assets -€700,000
down €700,000 (-31.3%), from €2.2m to €1.5m
- Cash +€238,003
up €238,003 (+151%), from €157,739 to €395,742
mainly Net result for the year (+€2.8m) and Other debts (+€2.4m)
- Deferred charges and accrued income -€158,210
down €158,210 (-45.1%), from €350,425 to €192,215
- Other debts +€2.4m
up €2.4m (+1,971%), from €121,217 to €2.5m
- Debts after one year -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Profit (loss) carried forward +€473,754
up €473,754, from -€15,803 to €457,951
- Reserves +€63,875
new in 2025: €63,875
- Financial income +€2.8m
up €2.8m (+2,455%), from €112,332 to €2.9m
- Financial charges -€95,771
down €95,771 (-78.8%), from €121,484 to €25,712
- Gross operating margin -€1,500
down €1,500 (-32.2%), from -€4,664 to -€6,165
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 | €2,748,164 | €3,697,123 | +€948,959 | +34.5% |
| Fixed assets | 21/28 | €2,240,000 | €1,540,000 | -€700,000 | -31.3% |
| Financial fixed assets | 28 | €2,240,000 | €1,540,000 | -€700,000 | -31.3% |
| Current assets | 29/58 | €508,164 | €2,157,123 | +€1.6m | +324% |
| Amounts receivable within one year | 40/41 | - | €1,569,166 | +€1.6m | |
| Other amounts receivable | 41 | - | €1,569,166 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €157,739 | €395,742 | +€238,003 | +151% |
| Deferred charges and accrued income | 490/1 | €350,425 | €192,215 | -€158,210 | -45.1% |
| Total equity and liabilities | 10/49 | €2,748,164 | €3,697,123 | +€948,959 | +34.5% |
| Equity | 10/15 | €622,947 | €1,160,576 | +€537,629 | +86.3% |
| Contributions | 10/11 | €638,750 | €638,750 | = | 0.0% |
| Capital | 10 | €638,750 | €638,750 | = | 0.0% |
| Issued capital | 100 | €638,750 | €638,750 | = | 0.0% |
| Reserves | 13 | - | €63,875 | +€63,875 | |
| Non-distributable reserves | 130/1 | - | €63,875 | +€63,875 | |
| Legal reserve | 130 | - | €63,875 | +€63,875 | |
| Profit (loss) carried forward | 14 | -€15,803 | €457,951 | +€473,754 | |
| Amounts payable | 17/49 | €2,125,217 | €2,536,547 | +€411,331 | +19.4% |
| Amounts payable after more than one year | 17 | €2,003,204 | €0 | -€2.0m | -100% |
| Other amounts payable | 178/9 | €2,003,204 | €0 | -€2.0m | -100% |
| Amounts payable within one year | 42/48 | €122,013 | €2,511,116 | +€2.4m | +1,958% |
| Trade debts | 44 | €795 | €886 | +€90 | +11.4% |
| Suppliers | 440/4 | €795 | €886 | +€90 | +11.4% |
| Other amounts payable | 47/48 | €121,217 | €2,510,230 | +€2.4m | +1,971% |
| Accrued charges and deferred income | 492/3 | - | €25,431 | +€25,431 | |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | -€4,664 | -€6,165 | -€1,500 | -32.2% |
| Operating profit (loss) | 9901 | -€4,779 | -€6,291 | -€1,511 | -31.6% |
| Financial income | 75/76B | €112,332 | €2,869,862 | +€2.8m | +2,455% |
| Recurring financial income | 75 | €112,332 | €2,869,862 | +€2.8m | +2,455% |
| Financial charges | 65/66B | €121,484 | €25,712 | -€95,771 | -78.8% |
| Recurring financial charges | 65 | €121,484 | €25,712 | -€95,771 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,931 | €2,837,859 | +€2.9m | |
| Profit (loss) for the period | 9904 | -€13,931 | €2,837,859 | +€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,931 | €2,837,859 | +€2.9m |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.