Black Talon: 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 Talon
Largest movements
- Receivables within one year +€157,017
up €157,017 (+6,828%), from €2,300 to €159,316
of which Trade receivables: +€153,106
- Tangible fixed assets +€7,922
new in 2025: €7,922
of which Plant, machinery and equipment: +€7,059
- Deferred charges and accrued income +€5,662
new in 2025: €5,662
- Other debts +€241,779
up €241,779 (+49.5%), from €488,592 to €730,371
- Profit (loss) carried forward -€132,028
down €132,028 (-22.2%), from -€595,082 to -€727,109
- Trade debts +€49,919
up €49,919 (+211%), from €23,701 to €73,620
- Tax, wage and social debts +€12,422
up €12,422 (+3,748%), from €331 to €12,754
of which Remuneration and social security: +€12,413
- Turnover +€170,372
new in 2025: €170,372
- Purchases and services +€147,442
up €147,442 (+1,565%), from €9,424 to €156,866
- Staff costs +€115,027
new in 2025: €115,027
- Gross operating margin +€26,248
up €26,248, from -€9,424 to €16,824
- Financial charges +€4,519
up €4,519 (+17.4%), from €26,032 to €30,552
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 | €7,400 | €179,542 | +€172,143 | +2,326% |
| Fixed assets | 21/28 | - | €7,922 | +€7,922 | |
| Tangible fixed assets | 22/27 | - | €7,922 | +€7,922 | |
| Plant, machinery and equipment | 23 | - | €7,059 | +€7,059 | |
| Furniture and vehicles | 24 | - | €863 | +€863 | |
| Current assets | 29/58 | €7,400 | €171,620 | +€164,221 | +2,219% |
| Amounts receivable within one year | 40/41 | €2,300 | €159,316 | +€157,017 | +6,828% |
| Trade receivables | 40 | - | €153,106 | +€153,106 | |
| Other amounts receivable | 41 | €2,300 | €6,210 | +€3,911 | +170% |
| Cash at bank and in hand | 54/58 | €5,100 | €6,642 | +€1,541 | +30.2% |
| Deferred charges and accrued income | 490/1 | - | €5,662 | +€5,662 | |
| Total equity and liabilities | 10/49 | €7,400 | €179,542 | +€172,143 | +2,326% |
| Equity | 10/15 | -€505,225 | -€637,252 | -€132,028 | -26.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €27,857 | €27,857 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,997 | €25,997 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€595,082 | -€727,109 | -€132,028 | -22.2% |
| Amounts payable | 17/49 | €512,624 | €816,795 | +€304,170 | +59.3% |
| Amounts payable within one year | 42/48 | €512,624 | €816,745 | +€304,121 | +59.3% |
| Trade debts | 44 | €23,701 | €73,620 | +€49,919 | +211% |
| Suppliers | 440/4 | €23,701 | €73,620 | +€49,919 | +211% |
| Taxes, remuneration and social security | 45 | €331 | €12,754 | +€12,422 | +3,748% |
| Taxes | 450/3 | €331 | €341 | +€9 | +2.8% |
| Remuneration and social security | 454/9 | - | €12,413 | +€12,413 | |
| Other amounts payable | 47/48 | €488,592 | €730,371 | +€241,779 | +49.5% |
| Accrued charges and deferred income | 492/3 | - | €49 | +€49 | |
| Turnover | 70 | - | €170,372 | +€170,372 | |
| Goods, raw materials, services and sundry goods | 60/61 | €9,424 | €156,866 | +€147,442 | +1,565% |
| Remuneration, social security and pensions | 62 | - | €115,027 | +€115,027 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €873 | +€873 | |
| Other operating charges | 640/8 | €551 | €2,388 | +€1,837 | +333% |
| Non-recurring operating charges | 66A | - | €110 | +€110 | |
| Gross operating margin | 9900 | -€9,424 | €16,824 | +€26,248 | |
| Operating profit (loss) | 9901 | -€9,976 | -€101,575 | -€91,599 | -918% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €26,032 | €30,552 | +€4,519 | +17.4% |
| Recurring financial charges | 65 | €26,032 | €30,552 | +€4,519 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,008 | -€132,125 | -€96,117 | -267% |
| Income taxes | 67/77 | €331 | -€98 | -€429 | |
| Profit (loss) for the period | 9904 | -€36,339 | -€132,028 | -€95,688 | -263% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,339 | -€132,028 | -€95,688 | -263% |
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 29 October 2026 via checked.be.