BLACKBOXX: 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.
BLACKBOXX
Largest movements
- Tangible fixed assets -€144,373
down €144,373 (-5.4%), from €2.7m to €2.5m
of which Land and buildings: -€111,120
- Cash +€34,400
up €34,400 (+53.2%), from €64,680 to €99,080
mainly Depreciation (+€154,466) and Current portion of long-term debt (+€44,252)
- Debts after one year -€190,916
down €190,916 (-7.1%), from €2.7m to €2.5m
of which Financial debts: -€196,878
- Current portion of long-term debt +€44,252
up €44,252 (+29.3%), from €150,911 to €195,163
- Staff costs +€18,630
up €18,630 (+25.4%), from €73,412 to €92,042
- Depreciation -€16,571
down €16,571 (-9.7%), from €171,037 to €154,466
- Gross operating margin +€6,801
up €6,801 (+1.7%), from €388,703 to €395,504
- Financial charges -€5,594
down €5,594 (-4.6%), from €121,569 to €115,975
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 | €2,800,017 | €2,674,977 | -€125,040 | -4.5% |
| Fixed assets | 21/28 | €2,691,836 | €2,547,053 | -€144,783 | -5.4% |
| Intangible fixed assets | 21 | €1,917 | €1,507 | -€410 | -21.4% |
| Tangible fixed assets | 22/27 | €2,689,918 | €2,545,546 | -€144,373 | -5.4% |
| Land and buildings | 22 | €2,452,784 | €2,341,664 | -€111,120 | -4.5% |
| Plant, machinery and equipment | 23 | €197,061 | €172,389 | -€24,672 | -12.5% |
| Furniture and vehicles | 24 | €40,073 | €31,493 | -€8,580 | -21.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €108,182 | €127,924 | +€19,743 | +18.2% |
| Amounts receivable within one year | 40/41 | €42,115 | €28,032 | -€14,083 | -33.4% |
| Trade receivables | 40 | €42,115 | €28,032 | -€14,083 | -33.4% |
| Cash at bank and in hand | 54/58 | €64,680 | €99,080 | +€34,400 | +53.2% |
| Deferred charges and accrued income | 490/1 | €1,387 | €812 | -€575 | -41.5% |
| Total equity and liabilities | 10/49 | €2,800,017 | €2,674,977 | -€125,040 | -4.5% |
| Equity | 10/15 | -€119,876 | -€106,087 | +€13,789 | +11.5% |
| Contributions | 10/11 | €529,500 | €529,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€649,376 | -€635,587 | +€13,789 | +2.1% |
| Amounts payable | 17/49 | €2,919,893 | €2,781,064 | -€138,829 | -4.8% |
| Amounts payable after more than one year | 17 | €2,693,265 | €2,502,349 | -€190,916 | -7.1% |
| Financial debts | 170/4 | €2,660,675 | €2,463,797 | -€196,878 | -7.4% |
| Other amounts payable | 178/9 | €32,590 | €38,552 | +€5,962 | +18.3% |
| Amounts payable within one year | 42/48 | €219,461 | €261,033 | +€41,572 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €150,911 | €195,163 | +€44,252 | +29.3% |
| Financial debts | 43 | €796 | €783 | -€12 | -1.6% |
| Other loans | 439 | €796 | €783 | -€12 | -1.6% |
| Trade debts | 44 | €25,493 | €24,238 | -€1,255 | -4.9% |
| Suppliers | 440/4 | €25,493 | €24,238 | -€1,255 | -4.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €30,418 | €31,797 | +€1,379 | +4.5% |
| Taxes | 450/3 | €22,779 | €23,013 | +€234 | +1.0% |
| Remuneration and social security | 454/9 | €7,639 | €8,784 | +€1,145 | +15.0% |
| Other amounts payable | 47/48 | €11,843 | €9,051 | -€2,792 | -23.6% |
| Accrued charges and deferred income | 492/3 | €7,167 | €17,682 | +€10,515 | +146.7% |
| Remuneration, social security and pensions | 62 | €73,412 | €92,042 | +€18,630 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,037 | €154,466 | -€16,571 | -9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,372 | +€2,372 | |
| Other operating charges | 640/8 | €16,142 | €16,684 | +€542 | +3.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €388,703 | €395,504 | +€6,801 | +1.7% |
| Operating profit (loss) | 9901 | €128,111 | €129,939 | +€1,829 | +1.4% |
| Financial income | 75/76B | €14 | €0 | -€14 | -100.0% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -100.0% |
| Financial charges | 65/66B | €121,569 | €115,975 | -€5,594 | -4.6% |
| Recurring financial charges | 65 | €121,569 | €115,975 | -€5,594 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €6,556 | €13,965 | +€7,409 | +113.0% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €6,382 | €13,789 | +€7,407 | +116.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,382 | €13,789 | +€7,407 | +116.1% |
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 7 October 2026 via checked.be.