BLACK SHEEP MANAGEMENT: 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 SHEEP MANAGEMENT
Largest movements
- Cash +€13,656
up €13,656 (+70.7%), from €19,312 to €32,968
mainly Receivables within one year (+€13,584) and Net result for the year (+€7,450)
- Receivables within one year -€13,584
down €13,584 (-31.8%), from €42,702 to €29,118
of which Other amounts receivable: -€7,379
- Intangible fixed assets +€1,748
up €1,748 (+183%), from €957 to €2,705
- Deferred charges and accrued income -€959
down €959 (-48.8%), from €1,964 to €1,006
- Profit (loss) carried forward +€7,450
up €7,450 (+34.3%), from €21,716 to €29,166
- Other debts -€6,934
down €6,934 (-38.9%), from €17,831 to €10,897
- Trade debts +€1,951
up €1,951 (+179%), from €1,090 to €3,041
- Tax, wage and social debts -€1,015
down €1,015 (-6.9%), from €14,726 to €13,711
of which Taxes: -€3,077
- Short-term financial debts -€782
down €782 (-40.7%), from €1,921 to €1,139
- Gross operating margin +€5,572
up €5,572 (+53.6%), from €10,396 to €15,967
- Taxes +€1,146
up €1,146 (+37.1%), from €3,087 to €4,233
- Depreciation +€892
up €892 (+55.8%), from €1,598 to €2,490
- Staff costs +€874
new in 2025: €874
- Financial income +€233
up €233 (+233%), from €100 to €333
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 | €67,293 | €67,955 | +€661 | +1.0% |
| Fixed assets | 21/28 | €3,316 | €4,863 | +€1,547 | +46.7% |
| Intangible fixed assets | 21 | €957 | €2,705 | +€1,748 | +183% |
| Tangible fixed assets | 22/27 | €2,358 | €2,158 | -€201 | -8.5% |
| Furniture and vehicles | 24 | €2,358 | €2,158 | -€201 | -8.5% |
| Current assets | 29/58 | €63,978 | €63,092 | -€886 | -1.4% |
| Amounts receivable within one year | 40/41 | €42,702 | €29,118 | -€13,584 | -31.8% |
| Trade receivables | 40 | €29,119 | €22,915 | -€6,204 | -21.3% |
| Other amounts receivable | 41 | €13,583 | €6,203 | -€7,379 | -54.3% |
| Cash at bank and in hand | 54/58 | €19,312 | €32,968 | +€13,656 | +70.7% |
| Deferred charges and accrued income | 490/1 | €1,964 | €1,006 | -€959 | -48.8% |
| Total equity and liabilities | 10/49 | €67,293 | €67,955 | +€661 | +1.0% |
| Equity | 10/15 | €31,716 | €39,166 | +€7,450 | +23.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,716 | €29,166 | +€7,450 | +34.3% |
| Amounts payable | 17/49 | €35,578 | €28,789 | -€6,789 | -19.1% |
| Amounts payable within one year | 42/48 | €35,568 | €28,789 | -€6,780 | -19.1% |
| Financial debts | 43 | €1,921 | €1,139 | -€782 | -40.7% |
| Credit institutions | 430/8 | €1,921 | €1,139 | -€782 | -40.7% |
| Trade debts | 44 | €1,090 | €3,041 | +€1,951 | +179% |
| Suppliers | 440/4 | €1,090 | €3,041 | +€1,951 | +179% |
| Taxes, remuneration and social security | 45 | €14,726 | €13,711 | -€1,015 | -6.9% |
| Taxes | 450/3 | €14,726 | €11,649 | -€3,077 | -20.9% |
| Remuneration and social security | 454/9 | - | €2,062 | +€2,062 | |
| Other amounts payable | 47/48 | €17,831 | €10,897 | -€6,934 | -38.9% |
| Accrued charges and deferred income | 492/3 | €10 | - | -€10 | |
| Remuneration, social security and pensions | 62 | - | €874 | +€874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,598 | €2,490 | +€892 | +55.8% |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Gross operating margin | 9900 | €10,396 | €15,967 | +€5,572 | +53.6% |
| Operating profit (loss) | 9901 | €8,125 | €11,908 | +€3,783 | +46.6% |
| Financial income | 75/76B | €100 | €333 | +€233 | +233% |
| Recurring financial income | 75 | €100 | €333 | +€233 | +233% |
| Financial charges | 65/66B | €688 | €557 | -€131 | -19.0% |
| Recurring financial charges | 65 | €688 | €557 | -€131 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €7,537 | €11,683 | +€4,146 | +55.0% |
| Income taxes | 67/77 | €3,087 | €4,233 | +€1,146 | +37.1% |
| Profit (loss) for the period | 9904 | €4,450 | €7,450 | +€3,000 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,450 | €7,450 | +€3,000 | +67.4% |
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 26 October 2026 via checked.be.