Blackbird Management: 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.
Blackbird Management
Largest movements
- Financial fixed assets +€3.8m
new in 2026: €3.8m
- Cash -€205,621
down €205,621 (-66.0%), from €311,330 to €105,709
mainly Investment in fixed assets (net) (-€3.8m) and Smaller working-capital items (-€1,972)
- Contributions +€1.9m
up €1.9m (+9,333%), from €20,000 to €1.9m
- Debts after one year +€641,667
new in 2026: €641,667
- Reserves +€481,735
up €481,735 (+167%), from €289,031 to €770,765
- Current portion of long-term debt +€320,833
new in 2026: €320,833
- Other debts +€243,367
up €243,367 (+4,173%), from €5,832 to €249,199
- Financial income +€661,080
up €661,080 (+50,164%), from €1,318 to €662,398
- Taxes +€89,442
up €89,442 (+196%), from €45,673 to €135,114
- Gross operating margin +€41,070
up €41,070 (+19.1%), from €214,642 to €255,712
- Other operating charges +€10,368
up €10,368 (+516%), from €2,008 to €12,376
- Depreciation -€7,860
down €7,860 (-57.8%), from €13,607 to €5,747
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €378,207 | €3,972,146 | +€3.6m | +950% |
| Fixed assets | 21/28 | €40,061 | €3,864,726 | +€3.8m | +9,547% |
| Tangible fixed assets | 22/27 | €40,061 | €73,060 | +€32,999 | +82.4% |
| Furniture and vehicles | 24 | €40,061 | €73,060 | +€32,999 | +82.4% |
| Financial fixed assets | 28 | - | €3,791,666 | +€3.8m | |
| Current assets | 29/58 | €338,146 | €107,420 | -€230,726 | -68.2% |
| Amounts receivable within one year | 40/41 | €26,167 | €0 | -€26,167 | -100% |
| Trade receivables | 40 | €25,507 | €0 | -€25,507 | -100% |
| Other amounts receivable | 41 | €660 | €0 | -€660 | -100% |
| Cash at bank and in hand | 54/58 | €311,330 | €105,709 | -€205,621 | -66.0% |
| Deferred charges and accrued income | 490/1 | €649 | €1,711 | +€1,062 | +164% |
| Total equity and liabilities | 10/49 | €378,207 | €3,972,146 | +€3.6m | +950% |
| Equity | 10/15 | €309,031 | €2,657,432 | +€2.3m | +760% |
| Contributions | 10/11 | €20,000 | €1,886,667 | +€1.9m | +9,333% |
| Reserves | 13 | €289,031 | €770,765 | +€481,735 | +167% |
| Distributable reserves | 133 | €289,031 | €770,765 | +€481,735 | +167% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €69,177 | €1,314,714 | +€1.2m | +1,801% |
| Amounts payable after more than one year | 17 | - | €641,667 | +€641,667 | |
| Financial debts | 170/4 | - | €641,667 | +€641,667 | |
| Amounts payable within one year | 42/48 | €68,367 | €673,048 | +€604,681 | +884% |
| Current portion of amounts payable after more than one year | 42 | - | €320,833 | +€320,833 | |
| Trade debts | 44 | €118 | €18 | -€100 | -85.1% |
| Suppliers | 440/4 | €118 | €18 | -€100 | -85.1% |
| Taxes, remuneration and social security | 45 | €62,417 | €102,998 | +€40,581 | +65.0% |
| Taxes | 450/3 | €61,037 | €101,618 | +€40,581 | +66.5% |
| Remuneration and social security | 454/9 | €1,380 | €1,380 | = | 0.0% |
| Other amounts payable | 47/48 | €5,832 | €249,199 | +€243,367 | +4,173% |
| Accrued charges and deferred income | 492/3 | €809 | €0 | -€809 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,607 | €5,747 | -€7,860 | -57.8% |
| Other operating charges | 640/8 | €2,008 | €12,376 | +€10,368 | +516% |
| Gross operating margin | 9900 | €214,642 | €255,712 | +€41,070 | +19.1% |
| Operating profit (loss) | 9901 | €199,027 | €237,589 | +€38,562 | +19.4% |
| Financial income | 75/76B | €1,318 | €662,398 | +€661,080 | +50,164% |
| Recurring financial income | 75 | €1,318 | €662,398 | +€661,080 | +50,164% |
| Financial charges | 65/66B | €610 | €3,138 | +€2,528 | +414% |
| Recurring financial charges | 65 | €610 | €3,138 | +€2,528 | +414% |
| Profit (loss) for the period before taxes | 9903 | €199,735 | €896,849 | +€697,114 | +349% |
| Income taxes | 67/77 | €45,673 | €135,114 | +€89,442 | +196% |
| Profit (loss) for the period | 9904 | €154,062 | €761,735 | +€607,672 | +394% |
| Profit (loss) for the period to be appropriated | 9905 | €154,062 | €761,735 | +€607,672 | +394% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.