BLACKWOOD: 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.
BLACKWOOD
Largest movements
- Receivables within one year +€37,673
up €37,673 (+253%), from €14,875 to €52,547
of which Trade receivables: +€20,500
- Cash -€25,348
down €25,348 (-89.7%), from €28,273 to €2,925
mainly Receivables within one year (-€37,673) and Investment in fixed assets (net) (-€25,000)
- Tangible fixed assets +€3,680
up €3,680 (+6.8%), from €54,026 to €57,706
of which Land and buildings: +€24,622
- Reserves +€12,520
up €12,520 (+30.0%), from €41,794 to €54,315
- Tax, wage and social debts -€7,254
down €7,254 (-100%), from €7,254 to €0
- Debts after one year +€5,550
up €5,550 (+20.8%), from €26,724 to €32,274
- Trade debts +€3,991
up €3,991 (+94.4%), from €4,226 to €8,218
- Current portion of long-term debt +€1,197
up €1,197 (+9.8%), from €12,174 to €13,372
- Gross operating margin +€3,134
up €3,134 (+8.2%), from €38,184 to €41,318
- Other operating charges +€1,989
up €1,989 (+620%), from €321 to €2,310
- Financial income +€890
new in 2025: €890
- Depreciation +€675
up €675 (+3.3%), from €20,644 to €21,320
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 | €97,174 | €113,178 | +€16,005 | +16.5% |
| Fixed assets | 21/28 | €54,026 | €57,706 | +€3,680 | +6.8% |
| Tangible fixed assets | 22/27 | €54,026 | €57,706 | +€3,680 | +6.8% |
| Land and buildings | 22 | - | €24,622 | +€24,622 | |
| Plant, machinery and equipment | 23 | €7,433 | €4,231 | -€3,202 | -43.1% |
| Furniture and vehicles | 24 | €29,962 | €22,223 | -€7,739 | -25.8% |
| Leasing and similar rights | 25 | €11,087 | €4,420 | -€6,667 | -60.1% |
| Other tangible fixed assets | 26 | €5,543 | €2,210 | -€3,333 | -60.1% |
| Current assets | 29/58 | €43,148 | €55,473 | +€12,325 | +28.6% |
| Amounts receivable within one year | 40/41 | €14,875 | €52,547 | +€37,673 | +253% |
| Trade receivables | 40 | €350 | €20,850 | +€20,500 | +5,857% |
| Other amounts receivable | 41 | €14,525 | €31,697 | +€17,173 | +118% |
| Cash at bank and in hand | 54/58 | €28,273 | €2,925 | -€25,348 | -89.7% |
| Total equity and liabilities | 10/49 | €97,174 | €113,178 | +€16,005 | +16.5% |
| Equity | 10/15 | €46,794 | €59,315 | +€12,520 | +26.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,794 | €54,315 | +€12,520 | +30.0% |
| Distributable reserves | 133 | €41,794 | €54,315 | +€12,520 | +30.0% |
| Amounts payable | 17/49 | €50,379 | €53,864 | +€3,485 | +6.9% |
| Amounts payable after more than one year | 17 | €26,724 | €32,274 | +€5,550 | +20.8% |
| Financial debts | 170/4 | €26,724 | €32,274 | +€5,550 | +20.8% |
| Amounts payable within one year | 42/48 | €23,655 | €21,589 | -€2,066 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €12,174 | €13,372 | +€1,197 | +9.8% |
| Trade debts | 44 | €4,226 | €8,218 | +€3,991 | +94.4% |
| Suppliers | 440/4 | €4,226 | €8,218 | +€3,991 | +94.4% |
| Taxes, remuneration and social security | 45 | €7,254 | €0 | -€7,254 | -100% |
| Taxes | 450/3 | €7,254 | €0 | -€7,254 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,644 | €21,320 | +€675 | +3.3% |
| Other operating charges | 640/8 | €321 | €2,310 | +€1,989 | +620% |
| Gross operating margin | 9900 | €38,184 | €41,318 | +€3,134 | +8.2% |
| Operating profit (loss) | 9901 | €17,219 | €17,688 | +€469 | +2.7% |
| Financial income | 75/76B | - | €890 | +€890 | |
| Recurring financial income | 75 | - | €890 | +€890 | |
| Financial charges | 65/66B | €2,441 | €2,400 | -€41 | -1.7% |
| Recurring financial charges | 65 | €2,441 | €2,400 | -€41 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €14,778 | €16,179 | +€1,401 | +9.5% |
| Income taxes | 67/77 | €3,447 | €3,659 | +€211 | +6.1% |
| Profit (loss) for the period | 9904 | €11,331 | €12,520 | +€1,189 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,331 | €12,520 | +€1,189 | +10.5% |
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 29 October 2026 via checked.be.