Black Wolf Projects: what changed
Two fiscal 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 Wolf Projects
Largest movements
- Cash -€8,212
down €8,212 (-82.7%), from €9,924 to €1,712
mainly Investment in fixed assets (net) (-€35,985) and Net result for the year (-€13,972)
- Receivables within one year +€6,705
up €6,705 (+60.5%), from €11,074 to €17,779
of which Trade receivables: +€5,517
- Tangible fixed assets -€2,407
down €2,407 (-2.1%), from €116,905 to €114,499
- Profit (loss) carried forward -€13,972
down €13,972 (-26.1%), from -€53,463 to -€67,435
- Debts after one year +€7,000
up €7,000 (+4.2%), from €167,491 to €174,491
- Trade debts +€4,357
up €4,357 (+55.6%), from €7,843 to €12,201
- Tax, wage and social debts -€1,515
down €1,515 (-27.4%), from €5,521 to €4,005
of which Taxes: -€1,527
- Depreciation +€7,736
up €7,736 (+25.1%), from €30,876 to €38,612
- Staff costs +€4,788
up €4,788 (+9.3%), from €51,586 to €56,374
- Gross operating margin +€3,461
up €3,461 (+4.3%), from €79,865 to €83,326
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.
Cash bridge derived
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 | €138,314 | €134,184 | -€4,130 | -3.0% |
| Formation expenses | 20 | €220 | - | -€220 | |
| Fixed assets | 21/28 | €116,905 | €114,499 | -€2,407 | -2.1% |
| Tangible fixed assets | 22/27 | €116,905 | €114,499 | -€2,407 | -2.1% |
| Plant, machinery and equipment | 23 | €116,905 | €114,499 | -€2,407 | -2.1% |
| Current assets | 29/58 | €21,188 | €19,685 | -€1,503 | -7.1% |
| Amounts receivable within one year | 40/41 | €11,074 | €17,779 | +€6,705 | +60.5% |
| Trade receivables | 40 | €10,808 | €16,325 | +€5,517 | +51.0% |
| Other amounts receivable | 41 | €266 | €1,454 | +€1,188 | +446.4% |
| Cash at bank and in hand | 54/58 | €9,924 | €1,712 | -€8,212 | -82.7% |
| Deferred charges and accrued income | 490/1 | €190 | €194 | +€4 | +2.0% |
| Total equity and liabilities | 10/49 | €138,314 | €134,184 | -€4,130 | -3.0% |
| Equity | 10/15 | -€48,463 | -€62,435 | -€13,972 | -28.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,463 | -€67,435 | -€13,972 | -26.1% |
| Amounts payable | 17/49 | €186,777 | €196,619 | +€9,842 | +5.3% |
| Amounts payable after more than one year | 17 | €167,491 | €174,491 | +€7,000 | +4.2% |
| Financial debts | 170/4 | €167,491 | €174,491 | +€7,000 | +4.2% |
| Amounts payable within one year | 42/48 | €19,287 | €22,129 | +€2,842 | +14.7% |
| Trade debts | 44 | €7,843 | €12,201 | +€4,357 | +55.6% |
| Suppliers | 440/4 | €7,843 | €12,201 | +€4,357 | +55.6% |
| Taxes, remuneration and social security | 45 | €5,521 | €4,005 | -€1,515 | -27.4% |
| Taxes | 450/3 | €5,521 | €3,994 | -€1,527 | -27.7% |
| Remuneration and social security | 454/9 | - | €11 | +€11 | |
| Other amounts payable | 47/48 | €5,923 | €5,923 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €51,586 | €56,374 | +€4,788 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,876 | €38,612 | +€7,736 | +25.1% |
| Other operating charges | 640/8 | €1,644 | €1,671 | +€27 | +1.7% |
| Non-recurring operating charges | 66A | - | €119 | +€119 | |
| Gross operating margin | 9900 | €79,865 | €83,326 | +€3,461 | +4.3% |
| Operating profit (loss) | 9901 | -€4,241 | -€13,451 | -€9,209 | -217.1% |
| Financial income | 75/76B | €1 | €36 | +€35 | +3664.6% |
| Recurring financial income | 75 | €1 | €36 | +€35 | +3664.6% |
| Financial charges | 65/66B | €257 | €557 | +€300 | +116.7% |
| Recurring financial charges | 65 | €257 | €557 | +€300 | +116.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,497 | -€13,972 | -€9,474 | -210.7% |
| Profit (loss) for the period | 9904 | -€4,497 | -€13,972 | -€9,474 | -210.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,497 | -€13,972 | -€9,474 | -210.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.