BLACK SMOKE: 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 SMOKE
Largest movements
- Tangible fixed assets -€22,253
down €22,253 (-24.3%), from €91,596 to €69,343
of which Plant, machinery and equipment: -€18,023
- Cash +€10,805
up €10,805 (+7.1%), from €153,162 to €163,967
mainly Short-term financial debts (+€57,716) and Depreciation (+€36,140)
- Stocks and contracts +€4,806
up €4,806 (+4.2%), from €114,254 to €119,060
- Debts after one year -€65,240
down €65,240 (-47.6%), from €137,200 to €71,960
- Short-term financial debts +€57,716
new in 2025: €57,716
- Tax, wage and social debts +€24,459
up €24,459 (+22.3%), from €109,674 to €134,133
of which Remuneration and social security: +€24,762
- Trade debts -€24,199
down €24,199 (-16.5%), from €146,420 to €122,221
- Staff costs +€84,275
up €84,275 (+8.4%), from €1.0m to €1.1m
- Depreciation -€69,728
down €69,728 (-65.9%), from €105,868 to €36,140
- Gross operating margin +€43,404
up €43,404 (+3.9%), from €1.1m to €1.2m
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 | €365,138 | €360,498 | -€4,640 | -1.3% |
| Fixed assets | 21/28 | €91,796 | €69,543 | -€22,253 | -24.2% |
| Tangible fixed assets | 22/27 | €91,596 | €69,343 | -€22,253 | -24.3% |
| Plant, machinery and equipment | 23 | €84,316 | €66,293 | -€18,023 | -21.4% |
| Furniture and vehicles | 24 | €7,280 | €3,050 | -€4,230 | -58.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €273,342 | €290,955 | +€17,612 | +6.4% |
| Stocks and contracts in progress | 3 | €114,254 | €119,060 | +€4,806 | +4.2% |
| Stocks | 30/36 | €114,254 | €119,060 | +€4,806 | +4.2% |
| Amounts receivable within one year | 40/41 | €5,927 | €7,928 | +€2,002 | +33.8% |
| Trade receivables | 40 | €5,927 | €7,928 | +€2,002 | +33.8% |
| Cash at bank and in hand | 54/58 | €153,162 | €163,967 | +€10,805 | +7.1% |
| Total equity and liabilities | 10/49 | €365,138 | €360,498 | -€4,640 | -1.3% |
| Equity | 10/15 | -€92,278 | -€90,771 | +€1,507 | +1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €44,193 | €44,193 | = | 0.0% |
| Distributable reserves | 133 | €44,193 | €44,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,472 | -€154,964 | +€1,507 | +1.0% |
| Amounts payable | 17/49 | €457,416 | €451,269 | -€6,148 | -1.3% |
| Amounts payable after more than one year | 17 | €137,200 | €71,960 | -€65,240 | -47.6% |
| Financial debts | 170/4 | €137,200 | €71,960 | -€65,240 | -47.6% |
| Amounts payable within one year | 42/48 | €320,217 | €379,309 | +€59,092 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €64,123 | €65,240 | +€1,117 | +1.7% |
| Financial debts | 43 | - | €57,716 | +€57,716 | |
| Other loans | 439 | - | €57,716 | +€57,716 | |
| Trade debts | 44 | €146,420 | €122,221 | -€24,199 | -16.5% |
| Suppliers | 440/4 | €146,420 | €122,221 | -€24,199 | -16.5% |
| Taxes, remuneration and social security | 45 | €109,674 | €134,133 | +€24,459 | +22.3% |
| Taxes | 450/3 | €17,740 | €17,437 | -€303 | -1.7% |
| Remuneration and social security | 454/9 | €91,934 | €116,695 | +€24,762 | +26.9% |
| Remuneration, social security and pensions | 62 | €1,007,197 | €1,091,472 | +€84,275 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,868 | €36,140 | -€69,728 | -65.9% |
| Other operating charges | 640/8 | €21,989 | €12,226 | -€9,762 | -44.4% |
| Gross operating margin | 9900 | €1,112,971 | €1,156,376 | +€43,404 | +3.9% |
| Operating profit (loss) | 9901 | -€22,083 | €16,537 | +€38,620 | |
| Financial income | 75/76B | €1,690 | €3,378 | +€1,688 | +99.9% |
| Recurring financial income | 75 | €1,690 | €3,378 | +€1,688 | +99.9% |
| Financial charges | 65/66B | €16,296 | €18,408 | +€2,112 | +13.0% |
| Recurring financial charges | 65 | €16,296 | €18,408 | +€2,112 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€36,689 | €1,507 | +€38,196 | |
| Profit (loss) for the period | 9904 | -€36,689 | €1,507 | +€38,196 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,689 | €1,507 | +€38,196 |
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 31 October 2026 via checked.be.