BLACK-WHITE: 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-WHITE
Largest movements
- Receivables within one year +€9,717
up €9,717 (+69.0%), from €14,081 to €23,798
of which Trade receivables: +€9,949
- Current investments +€5,091
new in 2025: €5,091
- Profit (loss) carried forward +€23,619
up €23,619 (+47.7%), from -€49,546 to -€25,926
- Trade debts -€8,607
down €8,607 (-44.4%), from €19,368 to €10,761
- Debts after one year -€1,332
no longer reported in 2025 (was €1,332)
- Other debts +€1,292
up €1,292 (+6.4%), from €20,280 to €21,572
- Short-term financial debts -€616
no longer reported in 2025 (was €616)
- Gross operating margin +€9,951
up €9,951 (+41.0%), from €24,250 to €34,201
- Depreciation +€845
up €845 (+10.2%), from €8,306 to €9,151
- Financial charges +€605
up €605 (+124%), from €487 to €1,092
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,677 | €53,811 | +€14,134 | +35.6% |
| Fixed assets | 21/28 | €21,201 | €20,751 | -€451 | -2.1% |
| Tangible fixed assets | 22/27 | €21,201 | €20,751 | -€451 | -2.1% |
| Land and buildings | 22 | €324 | €180 | -€144 | -44.5% |
| Plant, machinery and equipment | 23 | €6,804 | €5,052 | -€1,751 | -25.7% |
| Furniture and vehicles | 24 | €14,073 | €15,519 | +€1,445 | +10.3% |
| Current assets | 29/58 | €18,476 | €33,060 | +€14,584 | +78.9% |
| Stocks and contracts in progress | 3 | €4,394 | €4,171 | -€224 | -5.1% |
| Stocks | 30/36 | €4,394 | €4,171 | -€224 | -5.1% |
| Amounts receivable within one year | 40/41 | €14,081 | €23,798 | +€9,717 | +69.0% |
| Trade receivables | 40 | €12,374 | €22,323 | +€9,949 | +80.4% |
| Other amounts receivable | 41 | €1,707 | €1,476 | -€231 | -13.6% |
| Current investments | 50/53 | - | €5,091 | +€5,091 | |
| Total equity and liabilities | 10/49 | €39,677 | €53,811 | +€14,134 | +35.6% |
| Equity | 10/15 | -€3,624 | €19,996 | +€23,619 | |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €39,422 | €39,422 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €37,562 | €37,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,546 | -€25,926 | +€23,619 | +47.7% |
| Amounts payable | 17/49 | €43,301 | €33,815 | -€9,486 | -21.9% |
| Amounts payable after more than one year | 17 | €1,332 | - | -€1,332 | |
| Financial debts | 170/4 | €1,332 | - | -€1,332 | |
| Amounts payable within one year | 42/48 | €41,969 | €33,815 | -€8,154 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €1,118 | €1,332 | +€214 | +19.2% |
| Financial debts | 43 | €616 | - | -€616 | |
| Credit institutions | 430/8 | €616 | - | -€616 | |
| Trade debts | 44 | €19,368 | €10,761 | -€8,607 | -44.4% |
| Suppliers | 440/4 | €19,368 | €10,761 | -€8,607 | -44.4% |
| Taxes, remuneration and social security | 45 | €587 | €150 | -€437 | -74.4% |
| Taxes | 450/3 | €587 | €150 | -€437 | -74.4% |
| Other amounts payable | 47/48 | €20,280 | €21,572 | +€1,292 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,306 | €9,151 | +€845 | +10.2% |
| Other operating charges | 640/8 | €664 | €339 | -€325 | -48.9% |
| Gross operating margin | 9900 | €24,250 | €34,201 | +€9,951 | +41.0% |
| Operating profit (loss) | 9901 | €15,280 | €24,711 | +€9,431 | +61.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €487 | €1,092 | +€605 | +124% |
| Recurring financial charges | 65 | €487 | €1,092 | +€605 | +124% |
| Profit (loss) for the period before taxes | 9903 | €14,794 | €23,619 | +€8,826 | +59.7% |
| Income taxes | 67/77 | €137 | - | -€137 | |
| Profit (loss) for the period | 9904 | €14,657 | €23,619 | +€8,963 | +61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,657 | €23,619 | +€8,963 | +61.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.