BLACKBOXED: 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.
BLACKBOXED
Largest movements
- Cash -€30,941
down €30,941 (-84.5%), from €36,609 to €5,668
mainly Trade debts (-€329,907) and Net result for the year (-€52,513)
- Intangible fixed assets -€12,903
down €12,903 (-55.8%), from €23,139 to €10,235
- Receivables within one year +€2,731
up €2,731 (+2.3%), from €117,867 to €120,598
of which Trade receivables: +€20,855
- Tangible fixed assets -€2,665
down €2,665 (-42.0%), from €6,347 to €3,682
of which Furniture and vehicles: -€2,278
- Trade debts -€329,907
down €329,907 (-98.8%), from €334,051 to €4,144
- Debts after one year +€283,917
new in 2025: €283,917
- Other debts +€75,287
up €75,287 (+41.7%), from €180,385 to €255,672
- Profit (loss) carried forward -€52,513
down €52,513 (-4.1%), from -€1.3m to -€1.3m
- Short-term financial debts -€23,877
down €23,877 (-11.7%), from €203,665 to €179,789
- Staff costs -€144,760
down €144,760 (-39.7%), from €364,368 to €219,608
- Gross operating margin +€97,612
up €97,612 (+94.8%), from €102,917 to €200,529
- Other operating charges -€39,112
down €39,112 (-94.1%), from €41,580 to €2,469
- Financial charges -€37,155
down €37,155 (-70.8%), from €52,503 to €15,349
of which Non-recurring financial charges: -€33,000
- Taxes +€12,359
up €12,359, from -€12,007 to €352
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 | €190,969 | €145,485 | -€45,484 | -23.8% |
| Fixed assets | 21/28 | €34,435 | €18,867 | -€15,569 | -45.2% |
| Intangible fixed assets | 21 | €23,139 | €10,235 | -€12,903 | -55.8% |
| Tangible fixed assets | 22/27 | €6,347 | €3,682 | -€2,665 | -42.0% |
| Plant, machinery and equipment | 23 | €842 | €455 | -€387 | -45.9% |
| Furniture and vehicles | 24 | €5,505 | €3,226 | -€2,278 | -41.4% |
| Financial fixed assets | 28 | €4,950 | €4,950 | = | 0.0% |
| Current assets | 29/58 | €156,534 | €126,619 | -€29,915 | -19.1% |
| Amounts receivable within one year | 40/41 | €117,867 | €120,598 | +€2,731 | +2.3% |
| Trade receivables | 40 | €99,743 | €120,598 | +€20,855 | +20.9% |
| Other amounts receivable | 41 | €18,124 | €0 | -€18,124 | -100.0% |
| Cash at bank and in hand | 54/58 | €36,609 | €5,668 | -€30,941 | -84.5% |
| Deferred charges and accrued income | 490/1 | €2,058 | €352 | -€1,706 | -82.9% |
| Total equity and liabilities | 10/49 | €190,969 | €145,485 | -€45,484 | -23.8% |
| Equity | 10/15 | -€558,453 | -€610,965 | -€52,513 | -9.4% |
| Contributions | 10/11 | €684,500 | €684,500 | = | 0.0% |
| Capital | 10 | €684,500 | €684,500 | = | 0.0% |
| Issued capital | 100 | €684,500 | €684,500 | = | 0.0% |
| Reserves | 13 | €37,319 | €37,319 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,099 | €30,099 | = | 0.0% |
| Legal reserve | 130 | €30,099 | €30,099 | = | 0.0% |
| Distributable reserves | 133 | €7,220 | €7,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,280,272 | -€1,332,785 | -€52,513 | -4.1% |
| Amounts payable | 17/49 | €749,422 | €756,451 | +€7,029 | +0.9% |
| Amounts payable after more than one year | 17 | - | €283,917 | +€283,917 | |
| Financial debts | 170/4 | - | €283,917 | +€283,917 | |
| Amounts payable within one year | 42/48 | €749,422 | €472,534 | -€276,888 | -36.9% |
| Financial debts | 43 | €203,665 | €179,789 | -€23,877 | -11.7% |
| Credit institutions | 430/8 | €203,665 | €179,789 | -€23,877 | -11.7% |
| Trade debts | 44 | €334,051 | €4,144 | -€329,907 | -98.8% |
| Suppliers | 440/4 | €334,051 | €4,144 | -€329,907 | -98.8% |
| Taxes, remuneration and social security | 45 | €31,321 | €32,929 | +€1,609 | +5.1% |
| Taxes | 450/3 | €126 | €7,285 | +€7,160 | +5705.1% |
| Remuneration and social security | 454/9 | €31,195 | €25,644 | -€5,551 | -17.8% |
| Other amounts payable | 47/48 | €180,385 | €255,672 | +€75,287 | +41.7% |
| Remuneration, social security and pensions | 62 | €364,368 | €219,608 | -€144,760 | -39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,147 | €15,569 | -€578 | -3.6% |
| Other operating charges | 640/8 | €41,580 | €2,469 | -€39,112 | -94.1% |
| Gross operating margin | 9900 | €102,917 | €200,529 | +€97,612 | +94.8% |
| Operating profit (loss) | 9901 | -€319,178 | -€37,116 | +€282,062 | +88.4% |
| Financial income | 75/76B | €1 | €305 | +€304 | +31624.0% |
| Recurring financial income | 75 | €1 | €305 | +€304 | +31624.0% |
| Financial charges | 65/66B | €52,503 | €15,349 | -€37,155 | -70.8% |
| Recurring financial charges | 65 | €19,503 | €15,349 | -€4,155 | -21.3% |
| Non-recurring financial charges | 66B | €33,000 | €0 | -€33,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€371,681 | -€52,161 | +€319,520 | +86.0% |
| Income taxes | 67/77 | -€12,007 | €352 | +€12,359 | |
| Profit (loss) for the period | 9904 | -€359,674 | -€52,513 | +€307,161 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€359,674 | -€52,513 | +€307,161 | +85.4% |
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 12 October 2026 via checked.be.