BLACKBAY: what changed
What changed
BLACKBAY
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€21,133
2024 · -€28,792+€49,925
Equity
-€79,140
2024 · -€100,272+€21,133
Cash
€2,874
2024 · €6,303-€3,428
Balance sheet total
€1.1m
2024 · €970,319+€101,106
Largest movements
Assets
- Stocks and contracts +€94,447
up €94,447 (+10.1%), from €934,982 to €1.0m
- Tangible fixed assets +€34,751
up €34,751 (+53,192%), from €65 to €34,816
- Receivables within one year -€24,548
down €24,548 (-85.4%), from €28,756 to €4,208
of which Trade receivables: -€15,618
Equity and liabilities
- Debts after one year +€477,221
up €477,221 (+11,021%), from €4,330 to €481,551
of which Financial debts: +€477,196
- Short-term financial debts -€281,980
down €281,980 (-43.4%), from €649,480 to €367,500
- Other debts -€137,237
down €137,237 (-33.9%), from €404,577 to €267,340
- Current portion of long-term debt +€25,201
new in 2025: €25,201
- Profit (loss) carried forward +€21,133
up €21,133 (+11.6%), from -€182,772 to -€161,640
Income statement
- Gross operating margin +€55,882
up €55,882 (+702%), from €7,966 to €63,848
- Depreciation +€7,636
up €7,636 (+953%), from €801 to €8,436
- Other operating charges -€3,602
down €3,602 (-63.0%), from €5,720 to €2,118
- Financial charges +€1,924
up €1,924 (+6.4%), from €30,237 to €32,161
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€28,792
Gross operating margin
+€55,882
Depreciation
-€7,636
Other operating charges
+€3,602
Financial income
+€0
Financial charges
-€1,924
Result 2025
€21,133
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€180,585
Investment
-€43,285
Financing
+€220,442
Cash 2024
€6,303
From operations (derived)
-€180,585
Net result for the year
+€21,133
Depreciation
+€8,436
Stocks and contracts
-€94,447
Receivables within one year
+€24,548
Smaller working-capital items
+€265
Trade debts
-€5,286
Tax, wage and social debts
+€2,004
Other debts
-€137,237
Investment (derived)
-€43,285
Investment in fixed assets (net)
-€43,285
Financing
+€220,442
Debts after one year
+€477,221
Current portion of long-term debt
+€25,201
Short-term financial debts
-€281,980
Cash 2025
€2,874
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €970,319 | €1,071,425 | +€101,106 | +10.4% |
| Fixed assets | 21/28 | €65 | €34,914 | +€34,849 | +53,343% |
| Tangible fixed assets | 22/27 | €65 | €34,816 | +€34,751 | +53,192% |
| Furniture and vehicles | 24 | €65 | €34,816 | +€34,751 | +53,192% |
| Financial fixed assets | 28 | - | €98 | +€98 | |
| Current assets | 29/58 | €970,254 | €1,036,511 | +€66,257 | +6.8% |
| Stocks and contracts in progress | 3 | €934,982 | €1,029,429 | +€94,447 | +10.1% |
| Stocks | 30/36 | €934,982 | €1,029,429 | +€94,447 | +10.1% |
| Amounts receivable within one year | 40/41 | €28,756 | €4,208 | -€24,548 | -85.4% |
| Trade receivables | 40 | €16,166 | €548 | -€15,618 | -96.6% |
| Other amounts receivable | 41 | €12,590 | €3,660 | -€8,930 | -70.9% |
| Cash at bank and in hand | 54/58 | €6,303 | €2,874 | -€3,428 | -54.4% |
| Deferred charges and accrued income | 490/1 | €214 | - | -€214 | |
| Total equity and liabilities | 10/49 | €970,319 | €1,071,425 | +€101,106 | +10.4% |
| Equity | 10/15 | -€100,272 | -€79,140 | +€21,133 | +21.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€182,772 | -€161,640 | +€21,133 | +11.6% |
| Amounts payable | 17/49 | €1,070,592 | €1,150,565 | +€79,973 | +7.5% |
| Amounts payable after more than one year | 17 | €4,330 | €481,551 | +€477,221 | +11,021% |
| Financial debts | 170/4 | - | €477,196 | +€477,196 | |
| Other amounts payable | 178/9 | €4,330 | €4,355 | +€25 | +0.6% |
| Amounts payable within one year | 42/48 | €1,062,263 | €664,964 | -€397,299 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | - | €25,201 | +€25,201 | |
| Financial debts | 43 | €649,480 | €367,500 | -€281,980 | -43.4% |
| Credit institutions | 430/8 | €649,480 | €367,500 | -€281,980 | -43.4% |
| Trade debts | 44 | €8,206 | €2,919 | -€5,286 | -64.4% |
| Suppliers | 440/4 | €8,206 | €2,919 | -€5,286 | -64.4% |
| Taxes, remuneration and social security | 45 | - | €2,004 | +€2,004 | |
| Taxes | 450/3 | - | €2,004 | +€2,004 | |
| Other amounts payable | 47/48 | €404,577 | €267,340 | -€137,237 | -33.9% |
| Accrued charges and deferred income | 492/3 | €3,999 | €4,049 | +€51 | +1.3% |
| Non-recurring operating income | 76A | - | €79,256 | +€79,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €801 | €8,436 | +€7,636 | +953% |
| Other operating charges | 640/8 | €5,720 | €2,118 | -€3,602 | -63.0% |
| Gross operating margin | 9900 | €7,966 | €63,848 | +€55,882 | +702% |
| Operating profit (loss) | 9901 | €1,444 | €53,293 | +€51,849 | +3,590% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €30,237 | €32,161 | +€1,924 | +6.4% |
| Recurring financial charges | 65 | €30,237 | €32,161 | +€1,924 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€28,792 | €21,133 | +€49,925 | |
| Profit (loss) for the period | 9904 | -€28,792 | €21,133 | +€49,925 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,792 | €21,133 | +€49,925 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.