Black Zebra: 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 Zebra
Largest movements
- Cash +€20,439
up €20,439 (+500%), from €4,088 to €24,527
mainly Depreciation (+€10,834) and Net result for the year (+€9,926)
- Tangible fixed assets -€9,736
down €9,736 (-63.1%), from €15,430 to €5,693
- Receivables within one year -€2,610
down €2,610 (-2.3%), from €115,630 to €113,021
- Profit (loss) carried forward +€9,926
up €9,926 (+26.0%), from -€38,169 to -€28,243
- Tax, wage and social debts -€1,693
down €1,693 (-8.8%), from €19,160 to €17,467
of which Remuneration and social security: -€3,312
- Gross operating margin +€48,849
up €48,849, from -€26,944 to €21,905
- Financial charges +€347
up €347 (+178%), from €195 to €541
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 | €135,756 | €143,979 | +€8,223 | +6.1% |
| Fixed assets | 21/28 | €15,430 | €5,693 | -€9,736 | -63.1% |
| Tangible fixed assets | 22/27 | €15,430 | €5,693 | -€9,736 | -63.1% |
| Furniture and vehicles | 24 | €15,430 | €5,693 | -€9,736 | -63.1% |
| Current assets | 29/58 | €120,326 | €138,286 | +€17,960 | +14.9% |
| Amounts receivable within one year | 40/41 | €115,630 | €113,021 | -€2,610 | -2.3% |
| Trade receivables | 40 | €115,630 | €113,021 | -€2,610 | -2.3% |
| Cash at bank and in hand | 54/58 | €4,088 | €24,527 | +€20,439 | +500% |
| Deferred charges and accrued income | 490/1 | €609 | €739 | +€130 | +21.4% |
| Total equity and liabilities | 10/49 | €135,756 | €143,979 | +€8,223 | +6.1% |
| Equity | 10/15 | -€18,169 | -€8,243 | +€9,926 | +54.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,169 | -€28,243 | +€9,926 | +26.0% |
| Amounts payable | 17/49 | €153,925 | €152,222 | -€1,703 | -1.1% |
| Amounts payable within one year | 42/48 | €153,925 | €151,692 | -€2,233 | -1.5% |
| Trade debts | 44 | €1,469 | €566 | -€903 | -61.5% |
| Suppliers | 440/4 | €1,469 | €566 | -€903 | -61.5% |
| Taxes, remuneration and social security | 45 | €19,160 | €17,467 | -€1,693 | -8.8% |
| Taxes | 450/3 | €9,224 | €10,843 | +€1,619 | +17.6% |
| Remuneration and social security | 454/9 | €9,936 | €6,624 | -€3,312 | -33.3% |
| Other amounts payable | 47/48 | €133,296 | €133,659 | +€363 | +0.3% |
| Accrued charges and deferred income | 492/3 | - | €530 | +€530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,818 | €10,834 | +€16 | +0.1% |
| Other operating charges | 640/8 | €387 | €462 | +€74 | +19.2% |
| Gross operating margin | 9900 | -€26,944 | €21,905 | +€48,849 | |
| Operating profit (loss) | 9901 | -€38,150 | €10,608 | +€48,758 | |
| Financial charges | 65/66B | €195 | €541 | +€347 | +178% |
| Recurring financial charges | 65 | €195 | €541 | +€347 | +178% |
| Profit (loss) for the period before taxes | 9903 | -€38,344 | €10,067 | +€48,411 | |
| Income taxes | 67/77 | €137 | €141 | +€4 | +2.8% |
| Profit (loss) for the period | 9904 | -€38,481 | €9,926 | +€48,408 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,481 | €9,926 | +€48,408 |
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 19 October 2026 via checked.be.