THE BLACK DOOR: 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.
THE BLACK DOOR
Largest movements
- Stocks and contracts -€29.1m
no longer reported in 2025 (was €29.1m)
- Cash -€1.4m
down €1.4m (-39.8%), from €3.5m to €2.1m
mainly Advances received (-€29.9m) and Tax, wage and social debts (-€965,168)
- Receivables after one year -€578,100
no longer reported in 2025 (was €578,100)
- Receivables within one year -€459,889
down €459,889 (-47.9%), from €960,988 to €501,100
- Advances received -€29.9m
no longer reported in 2025 (was €29.9m)
- Tax, wage and social debts -€965,168
down €965,168 (-45.1%), from €2.1m to €1.2m
- Profit (loss) carried forward -€471,214
no longer reported in 2025 (was €471,214)
- Gross operating margin -€3.3m
down €3.3m (-85.8%), from €3.8m to €539,562
- Taxes -€832,083
down €832,083 (-78.7%), from €1.1m to €224,914
- Financial income -€80,360
down €80,360 (-82.0%), from €97,985 to €17,625
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 | €34,216,714 | €2,870,343 | -€31.3m | -91.6% |
| Fixed assets | 21/28 | - | €217,625 | +€217,625 | |
| Financial fixed assets | 28 | - | €217,625 | +€217,625 | |
| Current assets | 29/58 | €34,216,714 | €2,652,718 | -€31.6m | -92.2% |
| Amounts receivable after more than one year | 29 | €578,100 | - | -€578,100 | |
| Trade receivables | 290 | €578,100 | - | -€578,100 | |
| Stocks and contracts in progress | 3 | €29,113,077 | - | -€29.1m | |
| Contracts in progress | 37 | €29,113,077 | - | -€29.1m | |
| Amounts receivable within one year | 40/41 | €960,988 | €501,100 | -€459,889 | -47.9% |
| Other amounts receivable | 41 | €960,988 | €501,100 | -€459,889 | -47.9% |
| Cash at bank and in hand | 54/58 | €3,482,509 | €2,096,169 | -€1.4m | -39.8% |
| Deferred charges and accrued income | 490/1 | €82,039 | €55,450 | -€26,590 | -32.4% |
| Total equity and liabilities | 10/49 | €34,216,714 | €2,870,343 | -€31.3m | -91.6% |
| Equity | 10/15 | €1,171,214 | €700,000 | -€471,214 | -40.2% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €471,214 | - | -€471,214 | |
| Amounts payable | 17/49 | €33,045,499 | €2,170,343 | -€30.9m | -93.4% |
| Amounts payable within one year | 42/48 | €33,044,924 | €2,170,343 | -€30.9m | -93.4% |
| Trade debts | 44 | €17,281 | €196,925 | +€179,644 | +1,040% |
| Suppliers | 440/4 | €17,281 | €196,925 | +€179,644 | +1,040% |
| Advances received on contracts in progress | 46 | €29,885,655 | - | -€29.9m | |
| Taxes, remuneration and social security | 45 | €2,141,988 | €1,176,820 | -€965,168 | -45.1% |
| Taxes | 450/3 | €2,141,988 | €1,176,820 | -€965,168 | -45.1% |
| Other amounts payable | 47/48 | €1,000,000 | €796,598 | -€203,402 | -20.3% |
| Accrued charges and deferred income | 492/3 | €575 | - | -€575 | |
| Non-recurring operating income | 76A | €345,121 | - | -€345,121 | |
| Other operating charges | 640/8 | - | €4,814 | +€4,814 | |
| Gross operating margin | 9900 | €3,796,319 | €539,562 | -€3.3m | -85.8% |
| Operating profit (loss) | 9901 | €3,796,319 | €534,748 | -€3.3m | -85.9% |
| Financial income | 75/76B | €97,985 | €17,625 | -€80,360 | -82.0% |
| Recurring financial income | 75 | €97,985 | €17,625 | -€80,360 | -82.0% |
| Financial charges | 65/66B | €2,965 | €2,075 | -€891 | -30.0% |
| Recurring financial charges | 65 | €2,965 | €2,075 | -€891 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €3,891,339 | €550,298 | -€3.3m | -85.9% |
| Income taxes | 67/77 | €1,056,997 | €224,914 | -€832,083 | -78.7% |
| Profit (loss) for the period | 9904 | €2,834,342 | €325,384 | -€2.5m | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,834,342 | €325,384 | -€2.5m | -88.5% |
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 19 October 2026 via checked.be.