Blackbird: 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.
Blackbird
Largest movements
- Receivables within one year -€14,946
down €14,946 (-47.4%), from €31,530 to €16,584
of which Trade receivables: -€14,019
- Cash +€8,754
up €8,754 (+28.8%), from €30,359 to €39,113
mainly Receivables within one year (+€14,946) and Net result for the year (+€6,304)
- Current portion of long-term debt -€14,334
no longer reported in 2025 (was €14,334)
- Profit (loss) carried forward +€6,304
up €6,304 (+11.5%), from €54,742 to €61,046
- Other operating charges -€21,238
down €21,238 (-87.7%), from €24,218 to €2,980
- Gross operating margin -€14,254
down €14,254 (-31.7%), from €44,968 to €30,714
- Financial charges +€11,626
up €11,626 (+549.8%), from €2,115 to €13,741
- Depreciation +€1,534
up €1,534 (+40.3%), from €3,806 to €5,340
- Taxes -€931
down €931 (-28.4%), from €3,282 to €2,351
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 | €253,844 | €245,843 | -€8,001 | -3.2% |
| Fixed assets | 21/28 | €8,688 | €7,942 | -€746 | -8.6% |
| Tangible fixed assets | 22/27 | €8,688 | €7,942 | -€746 | -8.6% |
| Plant, machinery and equipment | 23 | - | €1,761 | +€1,761 | |
| Furniture and vehicles | 24 | €8,688 | €6,181 | -€2,507 | -28.9% |
| Current assets | 29/58 | €245,156 | €237,900 | -€7,256 | -3.0% |
| Stocks and contracts in progress | 3 | €180,000 | €180,000 | = | 0.0% |
| Stocks | 30/36 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,530 | €16,584 | -€14,946 | -47.4% |
| Trade receivables | 40 | €30,527 | €16,508 | -€14,019 | -45.9% |
| Other amounts receivable | 41 | €1,003 | €76 | -€927 | -92.4% |
| Cash at bank and in hand | 54/58 | €30,359 | €39,113 | +€8,754 | +28.8% |
| Deferred charges and accrued income | 490/1 | €3,267 | €2,204 | -€1,064 | -32.6% |
| Total equity and liabilities | 10/49 | €253,844 | €245,843 | -€8,001 | -3.2% |
| Equity | 10/15 | €64,742 | €71,046 | +€6,304 | +9.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,742 | €61,046 | +€6,304 | +11.5% |
| Amounts payable | 17/49 | €189,102 | €174,797 | -€14,306 | -7.6% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,102 | €24,797 | -€14,306 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €14,334 | - | -€14,334 | |
| Financial debts | 43 | €228 | - | -€228 | |
| Credit institutions | 430/8 | €228 | - | -€228 | |
| Trade debts | 44 | €4,928 | €5,887 | +€960 | +19.5% |
| Suppliers | 440/4 | €4,928 | €5,887 | +€960 | +19.5% |
| Taxes, remuneration and social security | 45 | €5,482 | €4,569 | -€913 | -16.7% |
| Taxes | 450/3 | €3,282 | €2,351 | -€931 | -28.4% |
| Remuneration and social security | 454/9 | €2,200 | €2,218 | +€18 | +0.8% |
| Other amounts payable | 47/48 | €14,131 | €14,341 | +€210 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,806 | €5,340 | +€1,534 | +40.3% |
| Other operating charges | 640/8 | €24,218 | €2,980 | -€21,238 | -87.7% |
| Gross operating margin | 9900 | €44,968 | €30,714 | -€14,254 | -31.7% |
| Operating profit (loss) | 9901 | €16,943 | €22,394 | +€5,450 | +32.2% |
| Financial income | 75/76B | €807 | €2 | -€805 | -99.7% |
| Recurring financial income | 75 | €807 | €2 | -€805 | -99.7% |
| Financial charges | 65/66B | €2,115 | €13,741 | +€11,626 | +549.8% |
| Recurring financial charges | 65 | €2,115 | €13,741 | +€11,626 | +549.8% |
| Profit (loss) for the period before taxes | 9903 | €15,636 | €8,655 | -€6,981 | -44.6% |
| Income taxes | 67/77 | €3,282 | €2,351 | -€931 | -28.4% |
| Profit (loss) for the period | 9904 | €12,354 | €6,304 | -€6,049 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,354 | €6,304 | -€6,049 | -49.0% |
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 8 October 2026 via checked.be.