Black Wings: 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 Wings
Largest movements
- Cash -€20,528
down €20,528 (-79.5%), from €25,810 to €5,282
mainly Contributions, distributions and other (-€14,095) and Other debts (-€13,931)
- Tangible fixed assets -€7,702
down €7,702 (-26.7%), from €28,816 to €21,114
- Deferred charges and accrued income -€1,476
no longer reported in 2025 (was €1,476)
- Receivables within one year +€1,001
up €1,001 (+58.9%), from €1,700 to €2,701
- Other debts -€13,931
down €13,931 (-39.1%), from €35,665 to €21,733
- Profit (loss) carried forward -€11,796
down €11,796 (-100%), from €11,796 to €0
- Tax, wage and social debts -€2,393
down €2,393 (-30.9%), from €7,757 to €5,364
of which Taxes: -€3,044
- Trade debts -€584
no longer reported in 2025 (was €584)
- Depreciation -€1,176
down €1,176 (-13.2%), from €8,878 to €7,702
- Gross operating margin +€979
up €979 (+9.3%), from €10,549 to €11,528
- Taxes +€455
up €455 (+101%), from €452 to €907
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 | €57,802 | €29,097 | -€28,705 | -49.7% |
| Fixed assets | 21/28 | €28,816 | €21,114 | -€7,702 | -26.7% |
| Tangible fixed assets | 22/27 | €28,816 | €21,114 | -€7,702 | -26.7% |
| Furniture and vehicles | 24 | €28,816 | €21,114 | -€7,702 | -26.7% |
| Current assets | 29/58 | €28,986 | €7,983 | -€21,003 | -72.5% |
| Amounts receivable within one year | 40/41 | €1,700 | €2,701 | +€1,001 | +58.9% |
| Trade receivables | 40 | €1,700 | €2,701 | +€1,001 | +58.9% |
| Cash at bank and in hand | 54/58 | €25,810 | €5,282 | -€20,528 | -79.5% |
| Deferred charges and accrued income | 490/1 | €1,476 | - | -€1,476 | |
| Total equity and liabilities | 10/49 | €57,802 | €29,097 | -€28,705 | -49.7% |
| Equity | 10/15 | €13,796 | €2,000 | -€11,796 | -85.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,796 | €0 | -€11,796 | -100% |
| Amounts payable | 17/49 | €44,006 | €27,097 | -€16,908 | -38.4% |
| Amounts payable within one year | 42/48 | €44,006 | €27,097 | -€16,908 | -38.4% |
| Trade debts | 44 | €584 | - | -€584 | |
| Suppliers | 440/4 | €584 | - | -€584 | |
| Taxes, remuneration and social security | 45 | €7,757 | €5,364 | -€2,393 | -30.9% |
| Taxes | 450/3 | €6,711 | €3,667 | -€3,044 | -45.4% |
| Remuneration and social security | 454/9 | €1,046 | €1,697 | +€651 | +62.2% |
| Other amounts payable | 47/48 | €35,665 | €21,733 | -€13,931 | -39.1% |
| Remuneration, social security and pensions | 62 | €111 | - | -€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,878 | €7,702 | -€1,176 | -13.2% |
| Other operating charges | 640/8 | €513 | €458 | -€56 | -10.9% |
| Gross operating margin | 9900 | €10,549 | €11,528 | +€979 | +9.3% |
| Operating profit (loss) | 9901 | €1,047 | €3,369 | +€2,322 | +222% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €189 | €165 | -€24 | -12.7% |
| Recurring financial charges | 65 | €189 | €165 | -€24 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €857 | €3,205 | +€2,348 | +274% |
| Income taxes | 67/77 | €452 | €907 | +€455 | +101% |
| Profit (loss) for the period | 9904 | €406 | €2,298 | +€1,893 | +467% |
| Profit (loss) for the period to be appropriated | 9905 | €406 | €2,298 | +€1,893 | +467% |
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 14 October 2026 via checked.be.