Black Square: 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 Square
Largest movements
- Cash +€36,451
up €36,451 (+669%), from €5,448 to €41,899
mainly Net result for the year (+€29,139) and Depreciation (+€18,280)
- Receivables within one year +€21,469
up €21,469 (+28.0%), from €76,735 to €98,205
of which Other amounts receivable: +€24,756
- Tangible fixed assets -€18,280
down €18,280 (-44.5%), from €41,065 to €22,785
of which Furniture and vehicles: -€16,627
- Reserves +€29,139
up €29,139 (+43.9%), from €66,393 to €95,532
- Tax, wage and social debts +€12,972
up €12,972 (+96.2%), from €13,478 to €26,450
- Debts after one year -€6,527
down €6,527 (-75.2%), from €8,683 to €2,156
- Advances received +€6,050
new in 2025: €6,050
- Current portion of long-term debt -€2,303
down €2,303 (-26.1%), from €8,830 to €6,527
- Gross operating margin +€4,919
up €4,919 (+8.2%), from €59,741 to €64,660
- Other operating charges -€4,065
down €4,065 (-98.1%), from €4,145 to €80
- Depreciation -€2,455
down €2,455 (-11.8%), from €20,734 to €18,280
- Taxes +€2,072
up €2,072 (+14.3%), from €14,534 to €16,606
- Financial charges -€1,093
down €1,093 (-66.3%), from €1,648 to €556
of which Financial charges: -€778
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 | €127,372 | €167,434 | +€40,062 | +31.5% |
| Fixed assets | 21/28 | €41,065 | €22,785 | -€18,280 | -44.5% |
| Tangible fixed assets | 22/27 | €41,065 | €22,785 | -€18,280 | -44.5% |
| Land and buildings | 22 | €7,004 | €5,352 | -€1,653 | -23.6% |
| Furniture and vehicles | 24 | €34,060 | €17,434 | -€16,627 | -48.8% |
| Current assets | 29/58 | €86,307 | €144,649 | +€58,342 | +67.6% |
| Amounts receivable within one year | 40/41 | €76,735 | €98,205 | +€21,469 | +28.0% |
| Trade receivables | 40 | €5,736 | €2,450 | -€3,286 | -57.3% |
| Other amounts receivable | 41 | €70,999 | €95,755 | +€24,756 | +34.9% |
| Cash at bank and in hand | 54/58 | €5,448 | €41,899 | +€36,451 | +669% |
| Deferred charges and accrued income | 490/1 | €4,124 | €4,545 | +€421 | +10.2% |
| Total equity and liabilities | 10/49 | €127,372 | €167,434 | +€40,062 | +31.5% |
| Equity | 10/15 | €93,427 | €122,566 | +€29,139 | +31.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €66,393 | €95,532 | +€29,139 | +43.9% |
| Distributable reserves | 133 | €66,393 | €95,532 | +€29,139 | +43.9% |
| Profit (loss) carried forward | 14 | €8,484 | €8,484 | = | 0.0% |
| Amounts payable | 17/49 | €33,945 | €44,868 | +€10,923 | +32.2% |
| Amounts payable after more than one year | 17 | €8,683 | €2,156 | -€6,527 | -75.2% |
| Financial debts | 170/4 | €8,683 | €2,156 | -€6,527 | -75.2% |
| Amounts payable within one year | 42/48 | €25,262 | €42,712 | +€17,450 | +69.1% |
| Current portion of amounts payable after more than one year | 42 | €8,830 | €6,527 | -€2,303 | -26.1% |
| Trade debts | 44 | €2,955 | €3,685 | +€731 | +24.7% |
| Suppliers | 440/4 | €2,955 | €3,685 | +€731 | +24.7% |
| Advances received on contracts in progress | 46 | - | €6,050 | +€6,050 | |
| Taxes, remuneration and social security | 45 | €13,478 | €26,450 | +€12,972 | +96.2% |
| Taxes | 450/3 | €13,478 | €26,450 | +€12,972 | +96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,734 | €18,280 | -€2,455 | -11.8% |
| Other operating charges | 640/8 | €4,145 | €80 | -€4,065 | -98.1% |
| Gross operating margin | 9900 | €59,741 | €64,660 | +€4,919 | +8.2% |
| Operating profit (loss) | 9901 | €34,862 | €46,301 | +€11,439 | +32.8% |
| Financial income | 75/76B | €12 | - | -€12 | |
| Recurring financial income | 75 | €12 | - | -€12 | |
| Financial charges | 65/66B | €1,648 | €556 | -€1,093 | -66.3% |
| Recurring financial charges | 65 | €1,334 | €556 | -€778 | -58.3% |
| Non-recurring financial charges | 66B | €315 | - | -€315 | |
| Profit (loss) for the period before taxes | 9903 | €33,225 | €45,745 | +€12,520 | +37.7% |
| Income taxes | 67/77 | €14,534 | €16,606 | +€2,072 | +14.3% |
| Profit (loss) for the period | 9904 | €18,691 | €29,139 | +€10,448 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,691 | €29,139 | +€10,448 | +55.9% |
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 13 October 2026 via checked.be.