BLACK ROCK: 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 ROCK
Largest movements
- Stocks and contracts +€254,977
up €254,977 (+1,327%), from €19,220 to €274,197
- Tangible fixed assets -€66,691
down €66,691 (-5.3%), from €1.3m to €1.2m
of which Land and buildings: -€60,759
- Receivables within one year +€19,479
up €19,479 (+50.5%), from €38,556 to €58,034
- Debts after one year +€178,641
up €178,641 (+16.0%), from €1.1m to €1.3m
- Current portion of long-term debt +€16,053
up €16,053 (+21.0%), from €76,585 to €92,638
- Other operating charges -€10,520
down €10,520 (-68.5%), from €15,364 to €4,844
- Financial charges +€9,431
up €9,431 (+27.5%), from €34,273 to €43,703
- Staff costs +€7,471
new in 2025: €7,471
- Depreciation +€5,518
up €5,518 (+7.8%), from €70,835 to €76,353
- Gross operating margin +€5,111
up €5,111 (+4.0%), from €128,795 to €133,905
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 | €1,318,353 | €1,523,447 | +€205,094 | +15.6% |
| Fixed assets | 21/28 | €1,255,227 | €1,188,536 | -€66,691 | -5.3% |
| Tangible fixed assets | 22/27 | €1,253,987 | €1,187,296 | -€66,691 | -5.3% |
| Land and buildings | 22 | €1,204,187 | €1,143,429 | -€60,759 | -5.0% |
| Plant, machinery and equipment | 23 | €31,600 | €27,742 | -€3,857 | -12.2% |
| Furniture and vehicles | 24 | €18,201 | €16,126 | -€2,075 | -11.4% |
| Financial fixed assets | 28 | €1,240 | €1,240 | = | 0.0% |
| Current assets | 29/58 | €63,126 | €334,911 | +€271,785 | +431% |
| Stocks and contracts in progress | 3 | €19,220 | €274,197 | +€254,977 | +1,327% |
| Stocks | 30/36 | €19,220 | €274,197 | +€254,977 | +1,327% |
| Amounts receivable within one year | 40/41 | €38,556 | €58,034 | +€19,479 | +50.5% |
| Trade receivables | 40 | €38,556 | €58,034 | +€19,479 | +50.5% |
| Cash at bank and in hand | 54/58 | €5,350 | €2,679 | -€2,671 | -49.9% |
| Total equity and liabilities | 10/49 | €1,318,353 | €1,523,447 | +€205,094 | +15.6% |
| Equity | 10/15 | €8,752 | €10,326 | +€1,574 | +18.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,248 | -€49,674 | +€1,574 | +3.1% |
| Amounts payable | 17/49 | €1,309,601 | €1,513,121 | +€203,520 | +15.5% |
| Amounts payable after more than one year | 17 | €1,116,523 | €1,295,165 | +€178,641 | +16.0% |
| Financial debts | 170/4 | €1,116,523 | €1,295,165 | +€178,641 | +16.0% |
| Amounts payable within one year | 42/48 | €193,078 | €217,956 | +€24,879 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €76,585 | €92,638 | +€16,053 | +21.0% |
| Trade debts | 44 | €9,791 | €12,424 | +€2,633 | +26.9% |
| Suppliers | 440/4 | €9,791 | €12,424 | +€2,633 | +26.9% |
| Taxes, remuneration and social security | 45 | €6,753 | €6,601 | -€152 | -2.3% |
| Taxes | 450/3 | €6,753 | €5,062 | -€1,691 | -25.0% |
| Remuneration and social security | 454/9 | - | €1,539 | +€1,539 | |
| Other amounts payable | 47/48 | €99,949 | €106,294 | +€6,345 | +6.3% |
| Remuneration, social security and pensions | 62 | - | €7,471 | +€7,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,835 | €76,353 | +€5,518 | +7.8% |
| Other operating charges | 640/8 | €15,364 | €4,844 | -€10,520 | -68.5% |
| Gross operating margin | 9900 | €128,795 | €133,905 | +€5,111 | +4.0% |
| Operating profit (loss) | 9901 | €42,596 | €45,237 | +€2,641 | +6.2% |
| Financial income | 75/76B | €150 | €40 | -€110 | -73.1% |
| Recurring financial income | 75 | €150 | €40 | -€110 | -73.1% |
| Financial charges | 65/66B | €34,273 | €43,703 | +€9,431 | +27.5% |
| Recurring financial charges | 65 | €34,273 | €43,703 | +€9,431 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €8,473 | €1,574 | -€6,899 | -81.4% |
| Profit (loss) for the period | 9904 | €8,473 | €1,574 | -€6,899 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,473 | €1,574 | -€6,899 | -81.4% |
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 16 October 2026 via checked.be.