BLACK SPA: 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 SPA
Largest movements
- Tangible fixed assets +€21,816
up €21,816 (+297%), from €7,339 to €29,156
- Cash +€1,509
up €1,509 (+214%), from €706 to €2,215
mainly Other debts (+€21,301) and Depreciation (+€13,101)
- Receivables within one year +€494
up €494 (+380%), from €130 to €624
of which Trade receivables: +€402
- Other debts +€21,301
up €21,301 (+49.4%), from €43,116 to €64,417
- Profit (loss) carried forward +€1,783
up €1,783 (+4.1%), from -€43,443 to -€41,660
- Trade debts +€928
new in 2025: €928
- Gross operating margin +€19,921
up €19,921, from -€266 to €19,655
- Depreciation +€11,590
up €11,590 (+767%), from €1,511 to €13,101
- Other operating charges +€4,250
up €4,250 (+943%), from €450 to €4,700
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 | €10,395 | €34,215 | +€23,820 | +229% |
| Fixed assets | 21/28 | €9,559 | €31,376 | +€21,816 | +228% |
| Tangible fixed assets | 22/27 | €7,339 | €29,156 | +€21,816 | +297% |
| Furniture and vehicles | 24 | €7,339 | €29,156 | +€21,816 | +297% |
| Financial fixed assets | 28 | €2,220 | €2,220 | = | 0.0% |
| Current assets | 29/58 | €836 | €2,839 | +€2,004 | +240% |
| Amounts receivable within one year | 40/41 | €130 | €624 | +€494 | +380% |
| Trade receivables | 40 | €130 | €532 | +€402 | +310% |
| Other amounts receivable | 41 | - | €92 | +€92 | |
| Cash at bank and in hand | 54/58 | €706 | €2,215 | +€1,509 | +214% |
| Total equity and liabilities | 10/49 | €10,395 | €34,215 | +€23,820 | +229% |
| Equity | 10/15 | -€33,443 | -€31,660 | +€1,783 | +5.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,443 | -€41,660 | +€1,783 | +4.1% |
| Amounts payable | 17/49 | €43,837 | €65,875 | +€22,037 | +50.3% |
| Amounts payable within one year | 42/48 | €43,637 | €65,875 | +€22,237 | +51.0% |
| Trade debts | 44 | - | €928 | +€928 | |
| Suppliers | 440/4 | - | €928 | +€928 | |
| Taxes, remuneration and social security | 45 | €522 | €530 | +€8 | +1.6% |
| Taxes | 450/3 | €522 | €530 | +€8 | +1.6% |
| Other amounts payable | 47/48 | €43,116 | €64,417 | +€21,301 | +49.4% |
| Accrued charges and deferred income | 492/3 | €200 | - | -€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,511 | €13,101 | +€11,590 | +767% |
| Other operating charges | 640/8 | €450 | €4,700 | +€4,250 | +943% |
| Gross operating margin | 9900 | -€266 | €19,655 | +€19,921 | |
| Operating profit (loss) | 9901 | -€2,227 | €1,854 | +€4,082 | |
| Financial charges | 65/66B | €211 | €71 | -€140 | -66.2% |
| Recurring financial charges | 65 | €211 | €71 | -€140 | -66.2% |
| Non-recurring financial charges | 66B | €211 | €71 | -€140 | -66.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,438 | €1,783 | +€4,221 | |
| Profit (loss) for the period | 9904 | -€2,438 | €1,783 | +€4,221 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,438 | €1,783 | +€4,221 |
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 18 October 2026 via checked.be.