BLACK & WRITE: 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 & WRITE
Largest movements
- Tangible fixed assets -€10,532
down €10,532 (-8.8%), from €119,052 to €108,520
of which Other tangible fixed assets: -€11,290
- Cash +€9,687
up €9,687 (+18.1%), from €53,544 to €63,231
mainly Net result for the year (+€15,670) and Depreciation (+€13,141)
- Reserves +€15,670
up €15,670 (+13.4%), from €116,945 to €132,615
- Debts after one year -€10,650
down €10,650 (-22.2%), from €48,075 to €37,425
- Trade debts -€6,804
no longer reported in 2025 (was €6,804)
- Gross operating margin -€5,790
down €5,790 (-13.6%), from €42,705 to €36,915
- Financial charges -€1,162
down €1,162 (-54.3%), from €2,138 to €976
- Taxes -€978
down €978 (-13.3%), from €7,346 to €6,368
- Write-downs -€670
no longer reported in 2025 (was €670)
- Other operating charges -€436
down €436 (-36.5%), from €1,196 to €759
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 | €224,202 | €223,787 | -€416 | -0.2% |
| Fixed assets | 21/28 | €119,052 | €108,520 | -€10,532 | -8.8% |
| Tangible fixed assets | 22/27 | €119,052 | €108,520 | -€10,532 | -8.8% |
| Plant, machinery and equipment | 23 | €1,869 | €1,740 | -€129 | -6.9% |
| Furniture and vehicles | 24 | €76 | €964 | +€887 | +1,162% |
| Other tangible fixed assets | 26 | €117,106 | €105,816 | -€11,290 | -9.6% |
| Current assets | 29/58 | €105,151 | €115,267 | +€10,116 | +9.6% |
| Amounts receivable within one year | 40/41 | €51,203 | €50,519 | -€684 | -1.3% |
| Trade receivables | 40 | €43,022 | €50,177 | +€7,155 | +16.6% |
| Other amounts receivable | 41 | €8,181 | €342 | -€7,839 | -95.8% |
| Cash at bank and in hand | 54/58 | €53,544 | €63,231 | +€9,687 | +18.1% |
| Deferred charges and accrued income | 490/1 | €404 | €1,517 | +€1,113 | +276% |
| Total equity and liabilities | 10/49 | €224,202 | €223,787 | -€416 | -0.2% |
| Equity | 10/15 | €135,563 | €151,234 | +€15,670 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116,945 | €132,615 | +€15,670 | +13.4% |
| Distributable reserves | 133 | €116,945 | €132,615 | +€15,670 | +13.4% |
| Profit (loss) carried forward | 14 | €18 | €19 | +€0 | +2.1% |
| Amounts payable | 17/49 | €88,639 | €72,553 | -€16,086 | -18.1% |
| Amounts payable after more than one year | 17 | €48,075 | €37,425 | -€10,650 | -22.2% |
| Financial debts | 170/4 | €48,075 | €37,425 | -€10,650 | -22.2% |
| Amounts payable within one year | 42/48 | €26,492 | €22,703 | -€3,789 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €11,492 | €11,673 | +€181 | +1.6% |
| Trade debts | 44 | €6,804 | - | -€6,804 | |
| Suppliers | 440/4 | €6,804 | - | -€6,804 | |
| Taxes, remuneration and social security | 45 | €8,196 | €9,817 | +€1,621 | +19.8% |
| Taxes | 450/3 | €8,196 | €9,817 | +€1,621 | +19.8% |
| Other amounts payable | 47/48 | - | €1,214 | +€1,214 | |
| Accrued charges and deferred income | 492/3 | €14,072 | €12,425 | -€1,647 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,111 | €13,141 | +€31 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €670 | - | -€670 | |
| Other operating charges | 640/8 | €1,196 | €759 | -€436 | -36.5% |
| Gross operating margin | 9900 | €42,705 | €36,915 | -€5,790 | -13.6% |
| Operating profit (loss) | 9901 | €27,729 | €23,014 | -€4,714 | -17.0% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €2,138 | €976 | -€1,162 | -54.3% |
| Recurring financial charges | 65 | €2,138 | €976 | -€1,162 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €25,600 | €22,038 | -€3,562 | -13.9% |
| Income taxes | 67/77 | €7,346 | €6,368 | -€978 | -13.3% |
| Profit (loss) for the period | 9904 | €18,254 | €15,670 | -€2,584 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,254 | €15,670 | -€2,584 | -14.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.