Blackbirds: 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.
Blackbirds
Largest movements
- Cash +€80,665
up €80,665 (+564%), from €14,306 to €94,971
mainly Trade debts (+€59,622) and Net result for the year (+€48,570)
- Receivables within one year +€46,656
up €46,656 (+56.3%), from €82,855 to €129,512
of which Trade receivables: +€92,591
- Tangible fixed assets +€22,645
up €22,645 (+4.1%), from €549,313 to €571,958
of which Furniture and vehicles: +€21,922
- Stocks and contracts -€15,828
down €15,828 (-49.9%), from €31,690 to €15,862
- Trade debts +€59,622
up €59,622 (+440%), from €13,541 to €73,164
- Debts after one year +€23,796
up €23,796 (+5.3%), from €450,764 to €474,560
- Tax, wage and social debts +€18,963
up €18,963 (+69.4%), from €27,314 to €46,277
of which Taxes: +€21,275
- Reserves +€17,480
up €17,480 (+11.8%), from €147,877 to €165,357
- Other debts +€13,376
up €13,376, from €0 to €13,376
- Staff costs -€46,116
down €46,116 (-31.5%), from €146,606 to €100,490
- Gross operating margin -€29,099
down €29,099 (-11.2%), from €260,472 to €231,373
- Taxes +€8,530
up €8,530 (+93.8%), from €9,096 to €17,626
- Depreciation -€5,442
down €5,442 (-15.4%), from €35,395 to €29,953
- Other operating charges -€3,311
down €3,311 (-43.3%), from €7,655 to €4,343
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 | €686,320 | €824,078 | +€137,758 | +20.1% |
| Fixed assets | 21/28 | €549,313 | €576,697 | +€27,384 | +5.0% |
| Intangible fixed assets | 21 | - | €4,739 | +€4,739 | |
| Tangible fixed assets | 22/27 | €549,313 | €571,958 | +€22,645 | +4.1% |
| Land and buildings | 22 | €446,786 | €435,707 | -€11,078 | -2.5% |
| Plant, machinery and equipment | 23 | €54,833 | €66,635 | +€11,801 | +21.5% |
| Furniture and vehicles | 24 | €44,044 | €65,966 | +€21,922 | +49.8% |
| Other tangible fixed assets | 26 | €3,650 | €3,650 | = | 0.0% |
| Current assets | 29/58 | €137,007 | €247,381 | +€110,374 | +80.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €31,690 | €15,862 | -€15,828 | -49.9% |
| Stocks | 30/36 | €31,690 | €15,862 | -€15,828 | -49.9% |
| Amounts receivable within one year | 40/41 | €82,855 | €129,512 | +€46,656 | +56.3% |
| Trade receivables | 40 | €36,685 | €129,277 | +€92,591 | +252% |
| Other amounts receivable | 41 | €46,170 | €235 | -€45,935 | -99.5% |
| Cash at bank and in hand | 54/58 | €14,306 | €94,971 | +€80,665 | +564% |
| Deferred charges and accrued income | 490/1 | €8,156 | €7,036 | -€1,119 | -13.7% |
| Total equity and liabilities | 10/49 | €686,320 | €824,078 | +€137,758 | +20.1% |
| Equity | 10/15 | €154,077 | €171,557 | +€17,480 | +11.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €147,877 | €165,357 | +€17,480 | +11.8% |
| Distributable reserves | 133 | €147,877 | €165,357 | +€17,480 | +11.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €532,243 | €652,521 | +€120,277 | +22.6% |
| Amounts payable after more than one year | 17 | €450,764 | €474,560 | +€23,796 | +5.3% |
| Financial debts | 170/4 | €450,764 | €474,560 | +€23,796 | +5.3% |
| Amounts payable within one year | 42/48 | €72,397 | €175,198 | +€102,801 | +142% |
| Current portion of amounts payable after more than one year | 42 | €31,541 | €40,352 | +€8,810 | +27.9% |
| Financial debts | 43 | - | €2,030 | +€2,030 | |
| Credit institutions | 430/8 | - | €2,030 | +€2,030 | |
| Trade debts | 44 | €13,541 | €73,164 | +€59,622 | +440% |
| Suppliers | 440/4 | €13,541 | €73,164 | +€59,622 | +440% |
| Taxes, remuneration and social security | 45 | €27,314 | €46,277 | +€18,963 | +69.4% |
| Taxes | 450/3 | €11,602 | €32,877 | +€21,275 | +183% |
| Remuneration and social security | 454/9 | €15,712 | €13,400 | -€2,312 | -14.7% |
| Other amounts payable | 47/48 | €0 | €13,376 | +€13,376 | |
| Accrued charges and deferred income | 492/3 | €9,083 | €2,763 | -€6,320 | -69.6% |
| Non-recurring operating income | 76A | - | €800 | +€800 | |
| Remuneration, social security and pensions | 62 | €146,606 | €100,490 | -€46,116 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,395 | €29,953 | -€5,442 | -15.4% |
| Other operating charges | 640/8 | €7,655 | €4,343 | -€3,311 | -43.3% |
| Non-recurring operating charges | 66A | - | €8,251 | +€8,251 | |
| Gross operating margin | 9900 | €260,472 | €231,373 | -€29,099 | -11.2% |
| Operating profit (loss) | 9901 | €70,817 | €88,335 | +€17,519 | +24.7% |
| Financial income | 75/76B | €1,125 | €884 | -€241 | -21.4% |
| Recurring financial income | 75 | €1,125 | €884 | -€241 | -21.4% |
| Financial charges | 65/66B | €22,156 | €23,023 | +€867 | +3.9% |
| Recurring financial charges | 65 | €22,156 | €23,023 | +€867 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €49,785 | €66,196 | +€16,411 | +33.0% |
| Income taxes | 67/77 | €9,096 | €17,626 | +€8,530 | +93.8% |
| Profit (loss) for the period | 9904 | €40,690 | €48,570 | +€7,880 | +19.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €40,690 | €48,570 | +€7,880 | +19.4% |
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 24 October 2026 via checked.be.