BlackWall: 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.
BlackWall
Largest movements
- Stocks and contracts +€207,998
up €207,998 (+53.4%), from €389,612 to €597,610
- Receivables within one year +€62,250
new in 2025: €62,250
- Cash +€31,430
up €31,430 (+4,747%), from €662 to €32,092
mainly Debts after one year (+€170,000) and Net result for the year (+€119,792)
- Debts after one year +€170,000
up €170,000 (+60.7%), from €280,000 to €450,000
- Other debts +€91,803
up €91,803 (+74.0%), from €124,031 to €215,834
- Profit (loss) carried forward +€20,792
up €20,792, from -€19,027 to €1,765
- Trade debts +€18,984
up €18,984 (+2,009%), from €945 to €19,929
- Gross operating margin +€145,901
up €145,901, from -€9,439 to €136,461
- Financial charges +€7,491
up €7,491 (+88.8%), from €8,439 to €15,929
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 | €390,355 | €692,081 | +€301,726 | +77.3% |
| Formation expenses | 20 | €81 | - | -€81 | |
| Current assets | 29/58 | €390,274 | €692,081 | +€301,806 | +77.3% |
| Stocks and contracts in progress | 3 | €389,612 | €597,610 | +€207,998 | +53.4% |
| Stocks | 30/36 | €389,612 | €597,610 | +€207,998 | +53.4% |
| Amounts receivable within one year | 40/41 | - | €62,250 | +€62,250 | |
| Trade receivables | 40 | - | €62,250 | +€62,250 | |
| Cash at bank and in hand | 54/58 | €662 | €32,092 | +€31,430 | +4,747% |
| Deferred charges and accrued income | 490/1 | - | €128 | +€128 | |
| Total equity and liabilities | 10/49 | €390,355 | €692,081 | +€301,726 | +77.3% |
| Equity | 10/15 | -€16,027 | €4,765 | +€20,792 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,027 | €1,765 | +€20,792 | |
| Amounts payable | 17/49 | €406,382 | €687,315 | +€280,933 | +69.1% |
| Amounts payable after more than one year | 17 | €280,000 | €450,000 | +€170,000 | +60.7% |
| Financial debts | 170/4 | €280,000 | €450,000 | +€170,000 | +60.7% |
| Amounts payable within one year | 42/48 | €126,382 | €237,315 | +€110,933 | +87.8% |
| Trade debts | 44 | €945 | €19,929 | +€18,984 | +2,009% |
| Suppliers | 440/4 | €945 | €19,929 | +€18,984 | +2,009% |
| Taxes, remuneration and social security | 45 | €1,406 | €1,552 | +€146 | +10.4% |
| Taxes | 450/3 | €1,406 | €1,552 | +€146 | +10.4% |
| Other amounts payable | 47/48 | €124,031 | €215,834 | +€91,803 | +74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,149 | €81 | -€1,068 | -93.0% |
| Gross operating margin | 9900 | -€9,439 | €136,461 | +€145,901 | |
| Operating profit (loss) | 9901 | -€10,588 | €136,381 | +€146,969 | |
| Financial charges | 65/66B | €8,439 | €15,929 | +€7,491 | +88.8% |
| Recurring financial charges | 65 | €8,439 | €15,929 | +€7,491 | +88.8% |
| Profit (loss) for the period before taxes | 9903 | -€19,027 | €120,452 | +€139,479 | |
| Income taxes | 67/77 | - | €659 | +€659 | |
| Profit (loss) for the period | 9904 | -€19,027 | €119,792 | +€138,819 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,027 | €119,792 | +€138,819 |
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 18 October 2026 via checked.be.