BLACK SWAN: 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 SWAN
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-96.4%), from €1.3m to €45,000
of which Other amounts receivable: -€1.2m
- Cash +€468,754
up €468,754 (+616%), from €76,056 to €544,809
mainly Receivables within one year (+€1.2m) and Other debts (+€764,343)
- Receivables after one year -€292,634
down €292,634 (-72.5%), from €403,884 to €111,250
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Other debts +€764,343
up €764,343 (+1,282%), from €59,627 to €823,971
- Debts after one year -€729,206
down €729,206 (-100%), from €729,206 to €0
- Profit (loss) carried forward -€106,779
down €106,779 (-51.0%), from €209,504 to €102,725
- Financial income +€205,594
up €205,594 (+97.8%), from €210,284 to €415,877
- Financial charges -€55,170
down €55,170 (-48.6%), from €113,423 to €58,253
- Gross operating margin +€12,862
up €12,862 (+21.2%), from -€60,698 to -€47,835
- Other operating charges -€10,099
down €10,099 (-90.2%), from €11,193 to €1,094
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 | €5,133,576 | €4,077,370 | -€1.1m | -20.6% |
| Fixed assets | 21/28 | €3,363,196 | €3,353,196 | -€10,000 | -0.3% |
| Financial fixed assets | 28 | €3,363,196 | €3,353,196 | -€10,000 | -0.3% |
| Current assets | 29/58 | €1,770,379 | €724,173 | -€1.0m | -59.1% |
| Amounts receivable after more than one year | 29 | €403,884 | €111,250 | -€292,634 | -72.5% |
| Other amounts receivable | 291 | €403,884 | €111,250 | -€292,634 | -72.5% |
| Amounts receivable within one year | 40/41 | €1,261,951 | €45,000 | -€1.2m | -96.4% |
| Trade receivables | 40 | €2,093 | €0 | -€2,093 | -100% |
| Other amounts receivable | 41 | €1,259,858 | €45,000 | -€1.2m | -96.4% |
| Cash at bank and in hand | 54/58 | €76,056 | €544,809 | +€468,754 | +616% |
| Deferred charges and accrued income | 490/1 | €28,489 | €23,114 | -€5,375 | -18.9% |
| Total equity and liabilities | 10/49 | €5,133,576 | €4,077,370 | -€1.1m | -20.6% |
| Equity | 10/15 | €3,344,743 | €3,253,399 | -€91,344 | -2.7% |
| Contributions | 10/11 | €2,750,000 | €2,750,000 | = | 0.0% |
| Capital | 10 | €2,750,000 | €2,750,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Uncalled capital | 101 | €2,250,000 | €2,250,000 | = | 0.0% |
| Reserves | 13 | €385,239 | €400,674 | +€15,435 | +4.0% |
| Non-distributable reserves | 130/1 | €385,239 | €400,674 | +€15,435 | +4.0% |
| Legal reserve | 130 | €385,239 | €400,674 | +€15,435 | +4.0% |
| Profit (loss) carried forward | 14 | €209,504 | €102,725 | -€106,779 | -51.0% |
| Amounts payable | 17/49 | €1,788,833 | €823,971 | -€964,862 | -53.9% |
| Amounts payable after more than one year | 17 | €729,206 | €0 | -€729,206 | -100% |
| Financial debts | 170/4 | €729,206 | €0 | -€729,206 | -100% |
| Amounts payable within one year | 42/48 | €1,059,627 | €823,971 | -€235,657 | -22.2% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €59,627 | €823,971 | +€764,343 | +1,282% |
| Other operating charges | 640/8 | €11,193 | €1,094 | -€10,099 | -90.2% |
| Gross operating margin | 9900 | -€60,698 | -€47,835 | +€12,862 | +21.2% |
| Operating profit (loss) | 9901 | -€71,890 | -€48,929 | +€22,962 | +31.9% |
| Financial income | 75/76B | €210,284 | €415,877 | +€205,594 | +97.8% |
| Recurring financial income | 75 | €210,284 | €415,877 | +€205,594 | +97.8% |
| Financial charges | 65/66B | €113,423 | €58,253 | -€55,170 | -48.6% |
| Recurring financial charges | 65 | €113,423 | €58,253 | -€55,170 | -48.6% |
| Profit (loss) for the period before taxes | 9903 | €24,970 | €308,696 | +€283,726 | +1,136% |
| Profit (loss) for the period | 9904 | €24,970 | €308,696 | +€283,726 | +1,136% |
| Profit (loss) for the period to be appropriated | 9905 | €24,970 | €308,696 | +€283,726 | +1,136% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.