THE BLACK KNIFE: 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 KNIFE
Largest movements
- Tangible fixed assets -€54,089
down €54,089 (-14.1%), from €384,792 to €330,703
of which Other tangible fixed assets: -€46,630
- Cash +€5,343
up €5,343 (+43.7%), from €12,233 to €17,575
mainly Debts after one year (+€114,478) and Depreciation (+€55,143)
- Profit (loss) carried forward -€180,105
down €180,105 (-27.0%), from -€667,244 to -€847,349
- Debts after one year +€114,478
up €114,478 (+11.6%), from €986,850 to €1.1m
- Tax, wage and social debts +€8,361
up €8,361 (+40.3%), from €20,748 to €29,109
of which Taxes: +€4,769
- Advances received +€7,860
up €7,860 (+61.9%), from €12,694 to €20,554
- Trade debts -€5,060
down €5,060 (-18.9%), from €26,727 to €21,667
- Staff costs +€32,513
up €32,513 (+21.4%), from €152,142 to €184,655
- Gross operating margin +€29,274
up €29,274 (+77.9%), from €37,600 to €66,873
- Financial charges -€2,666
down €2,666 (-32.1%), from €8,312 to €5,646
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 | €438,718 | €382,298 | -€56,421 | -12.9% |
| Formation expenses | 20 | €1,649 | €596 | -€1,054 | -63.9% |
| Fixed assets | 21/28 | €390,792 | €336,703 | -€54,089 | -13.8% |
| Tangible fixed assets | 22/27 | €384,792 | €330,703 | -€54,089 | -14.1% |
| Plant, machinery and equipment | 23 | €52,846 | €45,387 | -€7,459 | -14.1% |
| Other tangible fixed assets | 26 | €331,946 | €285,316 | -€46,630 | -14.0% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €46,277 | €44,999 | -€1,278 | -2.8% |
| Stocks and contracts in progress | 3 | €23,462 | €19,456 | -€4,006 | -17.1% |
| Stocks | 30/36 | €23,462 | €19,456 | -€4,006 | -17.1% |
| Amounts receivable within one year | 40/41 | €1,348 | €938 | -€410 | -30.4% |
| Trade receivables | 40 | €536 | €52 | -€484 | -90.3% |
| Other amounts receivable | 41 | €813 | €886 | +€73 | +9.0% |
| Cash at bank and in hand | 54/58 | €12,233 | €17,575 | +€5,343 | +43.7% |
| Deferred charges and accrued income | 490/1 | €9,234 | €7,030 | -€2,203 | -23.9% |
| Total equity and liabilities | 10/49 | €438,718 | €382,298 | -€56,421 | -12.9% |
| Equity | 10/15 | -€662,244 | -€842,349 | -€180,105 | -27.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€667,244 | -€847,349 | -€180,105 | -27.0% |
| Amounts payable | 17/49 | €1,100,963 | €1,224,647 | +€123,684 | +11.2% |
| Amounts payable after more than one year | 17 | €986,850 | €1,101,327 | +€114,478 | +11.6% |
| Financial debts | 170/4 | €986,850 | €1,101,327 | +€114,478 | +11.6% |
| Amounts payable within one year | 42/48 | €114,113 | €123,320 | +€9,207 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €19,464 | €19,822 | +€358 | +1.8% |
| Trade debts | 44 | €26,727 | €21,667 | -€5,060 | -18.9% |
| Suppliers | 440/4 | €26,727 | €21,667 | -€5,060 | -18.9% |
| Advances received on contracts in progress | 46 | €12,694 | €20,554 | +€7,860 | +61.9% |
| Taxes, remuneration and social security | 45 | €20,748 | €29,109 | +€8,361 | +40.3% |
| Taxes | 450/3 | €2,967 | €7,737 | +€4,769 | +161% |
| Remuneration and social security | 454/9 | €17,781 | €21,372 | +€3,591 | +20.2% |
| Other amounts payable | 47/48 | €34,480 | €32,167 | -€2,312 | -6.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €152,142 | €184,655 | +€32,513 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,143 | €55,143 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,712 | €1,408 | -€304 | -17.8% |
| Gross operating margin | 9900 | €37,600 | €66,873 | +€29,274 | +77.9% |
| Operating profit (loss) | 9901 | -€171,397 | -€174,332 | -€2,936 | -1.7% |
| Financial income | 75/76B | €4 | €9 | +€5 | +110% |
| Recurring financial income | 75 | €4 | €9 | +€5 | +110% |
| Financial charges | 65/66B | €8,312 | €5,646 | -€2,666 | -32.1% |
| Recurring financial charges | 65 | €8,312 | €5,646 | -€2,666 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | -€179,704 | -€179,969 | -€265 | -0.1% |
| Income taxes | 67/77 | €128 | €136 | +€8 | +6.2% |
| Profit (loss) for the period | 9904 | -€179,832 | -€180,105 | -€273 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€179,832 | -€180,105 | -€273 | -0.2% |
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.