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
- Receivables within one year +€60,597
up €60,597 (+33.3%), from €181,994 to €242,592
of which Trade receivables: +€61,099
- Cash -€41,471
down €41,471 (-27.9%), from €148,823 to €107,352
mainly Receivables within one year (-€60,597) and Current portion of long-term debt (-€46,319)
- Current portion of long-term debt -€46,319
down €46,319 (-78.2%), from €59,222 to €12,903
- Trade debts +€31,397
up €31,397 (+99.8%), from €31,472 to €62,868
- Accrued charges and deferred income +€28,602
up €28,602 (+186%), from €15,398 to €44,000
- Reserves +€21,201
up €21,201 (+11.3%), from €188,249 to €209,450
- Other debts -€14,380
down €14,380 (-100%), from €14,380 to €0
- Staff costs -€102,843
down €102,843 (-22.6%), from €455,433 to €352,590
- Gross operating margin -€77,322
down €77,322 (-14.4%), from €537,019 to €459,697
- Write-downs +€16,000
new in 2025: €16,000
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 | €393,852 | €411,987 | +€18,135 | +4.6% |
| Fixed assets | 21/28 | €51,000 | €53,361 | +€2,361 | +4.6% |
| Tangible fixed assets | 22/27 | €45,099 | €47,438 | +€2,339 | +5.2% |
| Plant, machinery and equipment | 23 | €6,720 | €20,013 | +€13,294 | +198% |
| Furniture and vehicles | 24 | €498 | €270 | -€228 | -45.7% |
| Leasing and similar rights | 25 | €37,881 | €27,155 | -€10,727 | -28.3% |
| Financial fixed assets | 28 | €5,902 | €5,923 | +€22 | +0.4% |
| Current assets | 29/58 | €342,851 | €358,625 | +€15,774 | +4.6% |
| Amounts receivable within one year | 40/41 | €181,994 | €242,592 | +€60,597 | +33.3% |
| Trade receivables | 40 | €180,920 | €242,019 | +€61,099 | +33.8% |
| Other amounts receivable | 41 | €1,075 | €573 | -€502 | -46.7% |
| Cash at bank and in hand | 54/58 | €148,823 | €107,352 | -€41,471 | -27.9% |
| Deferred charges and accrued income | 490/1 | €12,034 | €8,682 | -€3,352 | -27.9% |
| Total equity and liabilities | 10/49 | €393,852 | €411,987 | +€18,135 | +4.6% |
| Equity | 10/15 | €194,449 | €215,650 | +€21,201 | +10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €188,249 | €209,450 | +€21,201 | +11.3% |
| Distributable reserves | 133 | €188,249 | €209,450 | +€21,201 | +11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €199,403 | €196,337 | -€3,066 | -1.5% |
| Amounts payable after more than one year | 17 | €21,330 | €7,282 | -€14,048 | -65.9% |
| Financial debts | 170/4 | €21,330 | €7,282 | -€14,048 | -65.9% |
| Amounts payable within one year | 42/48 | €162,674 | €145,055 | -€17,619 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €59,222 | €12,903 | -€46,319 | -78.2% |
| Trade debts | 44 | €31,472 | €62,868 | +€31,397 | +99.8% |
| Suppliers | 440/4 | €31,472 | €62,868 | +€31,397 | +99.8% |
| Taxes, remuneration and social security | 45 | €57,600 | €69,283 | +€11,683 | +20.3% |
| Taxes | 450/3 | €17,417 | €28,332 | +€10,915 | +62.7% |
| Remuneration and social security | 454/9 | €40,183 | €40,951 | +€768 | +1.9% |
| Other amounts payable | 47/48 | €14,380 | €0 | -€14,380 | -100% |
| Accrued charges and deferred income | 492/3 | €15,398 | €44,000 | +€28,602 | +186% |
| Non-recurring operating income | 76A | €0 | €2,262 | +€2,262 | |
| Remuneration, social security and pensions | 62 | €455,433 | €352,590 | -€102,843 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,346 | €16,283 | -€2,063 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,000 | +€16,000 | |
| Other operating charges | 640/8 | €4,536 | €4,455 | -€81 | -1.8% |
| Gross operating margin | 9900 | €537,019 | €459,697 | -€77,322 | -14.4% |
| Operating profit (loss) | 9901 | €58,704 | €70,370 | +€11,666 | +19.9% |
| Financial income | 75/76B | €66 | €4,930 | +€4,864 | +7,372% |
| Recurring financial income | 75 | €66 | €4,930 | +€4,864 | +7,372% |
| Financial charges | 65/66B | €5,419 | €8,656 | +€3,236 | +59.7% |
| Recurring financial charges | 65 | €5,419 | €8,656 | +€3,236 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €53,351 | €66,644 | +€13,294 | +24.9% |
| Income taxes | 67/77 | €18,980 | €21,971 | +€2,991 | +15.8% |
| Profit (loss) for the period | 9904 | €34,371 | €44,673 | +€10,302 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,371 | €44,673 | +€10,302 | +30.0% |
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 22 October 2026 via checked.be.