Black Swan Impact: 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 Impact
Largest movements
- Cash +€124,416
up €124,416 (+223%), from €55,847 to €180,262
mainly Net result for the year (+€75,339) and Tax, wage and social debts (+€36,585)
- Receivables within one year -€18,527
down €18,527 (-84.7%), from €21,867 to €3,339
of which Trade receivables: -€19,039
- Tangible fixed assets -€4,608
down €4,608 (-14.9%), from €30,993 to €26,385
- Reserves +€75,000
new in 2025: €75,000
- Tax, wage and social debts +€36,585
up €36,585 (+164%), from €22,278 to €58,863
of which Taxes: +€31,253
- Trade debts -€11,010
down €11,010 (-25.5%), from €43,103 to €32,094
- Gross operating margin +€63,984
up €63,984 (+109%), from €58,938 to €122,922
- Taxes +€20,981
up €20,981 (+179%), from €11,750 to €32,731
- Depreciation +€7,914
up €7,914 (+132%), from €5,986 to €13,900
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 | €109,759 | €211,235 | +€101,476 | +92.5% |
| Fixed assets | 21/28 | €30,993 | €26,385 | -€4,608 | -14.9% |
| Tangible fixed assets | 22/27 | €30,993 | €26,385 | -€4,608 | -14.9% |
| Furniture and vehicles | 24 | €30,993 | €26,385 | -€4,608 | -14.9% |
| Current assets | 29/58 | €78,766 | €184,850 | +€106,084 | +135% |
| Amounts receivable within one year | 40/41 | €21,867 | €3,339 | -€18,527 | -84.7% |
| Trade receivables | 40 | €21,768 | €2,729 | -€19,039 | -87.5% |
| Other amounts receivable | 41 | €99 | €611 | +€512 | +516% |
| Cash at bank and in hand | 54/58 | €55,847 | €180,262 | +€124,416 | +223% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,248 | +€195 | +18.5% |
| Total equity and liabilities | 10/49 | €109,759 | €211,235 | +€101,476 | +92.5% |
| Equity | 10/15 | €44,328 | €119,668 | +€75,339 | +170% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Capital | 10 | €4,000 | - | -€4,000 | |
| Issued capital | 100 | €4,000 | - | -€4,000 | |
| Contributions outside capital | 11 | - | €4,000 | +€4,000 | |
| Share premium | 1100/10 | - | €4,000 | +€4,000 | |
| Reserves | 13 | - | €75,000 | +€75,000 | |
| Distributable reserves | 133 | - | €75,000 | +€75,000 | |
| Profit (loss) carried forward | 14 | €40,328 | €40,668 | +€339 | +0.8% |
| Amounts payable | 17/49 | €65,431 | €91,567 | +€26,136 | +39.9% |
| Amounts payable within one year | 42/48 | €65,431 | €91,567 | +€26,136 | +39.9% |
| Trade debts | 44 | €43,103 | €32,094 | -€11,010 | -25.5% |
| Suppliers | 440/4 | €43,103 | €32,094 | -€11,010 | -25.5% |
| Taxes, remuneration and social security | 45 | €22,278 | €58,863 | +€36,585 | +164% |
| Taxes | 450/3 | €22,278 | €53,531 | +€31,253 | +140% |
| Remuneration and social security | 454/9 | - | €5,332 | +€5,332 | |
| Other amounts payable | 47/48 | €49 | €610 | +€561 | +1,144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,986 | €13,900 | +€7,914 | +132% |
| Other operating charges | 640/8 | €867 | €883 | +€15 | +1.8% |
| Gross operating margin | 9900 | €58,938 | €122,922 | +€63,984 | +109% |
| Operating profit (loss) | 9901 | €52,086 | €108,140 | +€56,054 | +108% |
| Financial income | 75/76B | €0 | €5 | +€5 | +24,900% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +24,900% |
| Financial charges | 65/66B | €7 | €74 | +€67 | +930% |
| Recurring financial charges | 65 | €7 | €74 | +€67 | +930% |
| Profit (loss) for the period before taxes | 9903 | €52,078 | €108,071 | +€55,992 | +108% |
| Income taxes | 67/77 | €11,750 | €32,731 | +€20,981 | +179% |
| Profit (loss) for the period | 9904 | €40,328 | €75,339 | +€35,011 | +86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,328 | €75,339 | +€35,011 | +86.8% |
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 28 October 2026 via checked.be.