BLACK SISTERS: 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 SISTERS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Short-term financial debts -€50,000
down €50,000 (-7.0%), from €712,500 to €662,500
- Other debts +€44,400
up €44,400 (+18.3%), from €242,236 to €286,636
- Current portion of long-term debt -€18,895
no longer reported in 2025 (was €18,895)
- Profit (loss) carried forward +€18,299
up €18,299 (+10.6%), from -€172,902 to -€154,603
- Financial charges -€13,417
down €13,417 (-33.1%), from €40,503 to €27,085
- Gross operating margin +€12,847
up €12,847 (+23.7%), from €54,197 to €67,044
- Other operating charges +€4,733
up €4,733 (+28.0%), from €16,927 to €21,660
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 | €906,968 | €901,059 | -€5,909 | -0.7% |
| Fixed assets | 21/28 | €894,816 | €894,816 | = | 0.0% |
| Tangible fixed assets | 22/27 | €894,816 | €894,816 | = | 0.0% |
| Land and buildings | 22 | €894,816 | €894,816 | = | 0.0% |
| Current assets | 29/58 | €12,152 | €6,243 | -€5,909 | -48.6% |
| Cash at bank and in hand | 54/58 | €12,152 | €6,243 | -€5,909 | -48.6% |
| Total equity and liabilities | 10/49 | €906,968 | €901,059 | -€5,909 | -0.7% |
| Equity | 10/15 | -€154,302 | -€136,003 | +€18,299 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,902 | -€154,603 | +€18,299 | +10.6% |
| Amounts payable | 17/49 | €1,061,270 | €1,037,062 | -€24,208 | -2.3% |
| Amounts payable after more than one year | 17 | €53,381 | €55,581 | +€2,200 | +4.1% |
| Other amounts payable | 178/9 | €53,381 | €55,581 | +€2,200 | +4.1% |
| Amounts payable within one year | 42/48 | €989,380 | €966,145 | -€23,236 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €18,895 | - | -€18,895 | |
| Financial debts | 43 | €712,500 | €662,500 | -€50,000 | -7.0% |
| Credit institutions | 430/8 | €712,500 | €662,500 | -€50,000 | -7.0% |
| Trade debts | 44 | €168 | €3,249 | +€3,081 | +1,832% |
| Suppliers | 440/4 | €168 | €3,249 | +€3,081 | +1,832% |
| Taxes, remuneration and social security | 45 | €15,581 | €13,759 | -€1,821 | -11.7% |
| Taxes | 450/3 | €15,581 | €13,759 | -€1,821 | -11.7% |
| Other amounts payable | 47/48 | €242,236 | €286,636 | +€44,400 | +18.3% |
| Accrued charges and deferred income | 492/3 | €18,509 | €15,337 | -€3,172 | -17.1% |
| Non-recurring operating income | 76A | €725 | €3,081 | +€2,356 | +325% |
| Other operating charges | 640/8 | €16,927 | €21,660 | +€4,733 | +28.0% |
| Gross operating margin | 9900 | €54,197 | €67,044 | +€12,847 | +23.7% |
| Operating profit (loss) | 9901 | €37,271 | €45,384 | +€8,114 | +21.8% |
| Financial charges | 65/66B | €40,503 | €27,085 | -€13,417 | -33.1% |
| Recurring financial charges | 65 | €40,503 | €27,085 | -€13,417 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,232 | €18,299 | +€21,531 | |
| Profit (loss) for the period | 9904 | -€3,232 | €18,299 | +€21,531 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,232 | €18,299 | +€21,531 |
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.