The Black Ship: 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.
What changed
The Black Ship
NACE 47.640, Retail sale of games and toys
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€82,402
2024 · €337,041-€254,639
Equity
€518,184
2024 · €435,782+€82,402
Cash
€1,194
2024 · €382+€812
Balance sheet total
€1.2m
2024 · €702,205+€463,956
Largest movements
Assets
- Financial fixed assets +€312,509
up €312,509 (+88.6%), from €352,650 to €665,159
- Receivables within one year +€137,406
up €137,406 (+82.6%), from €166,292 to €303,698
of which Other amounts receivable: +€121,964
Equity and liabilities
- Other debts +€204,981
up €204,981 (+102%), from €200,847 to €405,828
- Short-term financial debts +€173,543
up €173,543 (+9,656%), from €1,797 to €175,340
- Profit (loss) carried forward +€82,402
up €82,402 (+24.4%), from €337,041 to €419,442
- Debts after one year -€21,125
down €21,125 (-56.5%), from €37,380 to €16,255
- Provisions +€17,475
new in 2025: €17,475
Income statement
- Financial income -€265,230
down €265,230 (-72.7%), from €365,030 to €99,800
- Other operating charges -€22,497
down €22,497 (-92.9%), from €24,224 to €1,727
- Provisions +€17,475
new in 2025: €17,475
- Gross operating margin +€6,929
up €6,929 (+104%), from €6,690 to €13,619
- Depreciation +€1,888
up €1,888 (+27.9%), from €6,775 to €8,663
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.
Result 2024
€337,041
Gross operating margin
+€6,929
Depreciation
-€1,888
Provisions
-€17,475
Other operating charges
+€22,497
Financial income
-€265,230
Financial charges
+€601
Taxes
-€74
Result 2025
€82,402
raises the resultlowers the result
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.
From operations
+€179,754
Investment
-€332,231
Financing
+€153,289
Cash 2024
€382
From operations (derived)
+€179,754
Net result for the year
+€82,402
Depreciation
+€8,663
Stocks and contracts
-€4,441
Receivables within one year
-€137,406
Deferred charges and accrued income
+€2,271
Provisions
+€17,475
Trade debts
+€6,331
Tax, wage and social debts
-€521
Other debts
+€204,981
Investment (derived)
-€332,231
Investment in fixed assets (net)
-€332,231
Financing
+€153,289
Debts after one year
-€21,125
Current portion of long-term debt
+€871
Short-term financial debts
+€173,543
Cash 2025
€1,194
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €702,205 | €1,166,161 | +€463,956 | +66.1% |
| Fixed assets | 21/28 | €531,720 | €855,288 | +€323,568 | +60.9% |
| Tangible fixed assets | 22/27 | €179,070 | €190,129 | +€11,059 | +6.2% |
| Land and buildings | 22 | €16,291 | €15,241 | -€1,050 | -6.4% |
| Furniture and vehicles | 24 | €149,964 | €149,414 | -€550 | -0.4% |
| Other tangible fixed assets | 26 | €12,815 | €25,474 | +€12,659 | +98.8% |
| Financial fixed assets | 28 | €352,650 | €665,159 | +€312,509 | +88.6% |
| Current assets | 29/58 | €170,485 | €310,874 | +€140,388 | +82.3% |
| Stocks and contracts in progress | 3 | - | €4,441 | +€4,441 | |
| Stocks | 30/36 | - | €4,441 | +€4,441 | |
| Amounts receivable within one year | 40/41 | €166,292 | €303,698 | +€137,406 | +82.6% |
| Trade receivables | 40 | €5,025 | €20,467 | +€15,442 | +307% |
| Other amounts receivable | 41 | €161,267 | €283,231 | +€121,964 | +75.6% |
| Cash at bank and in hand | 54/58 | €382 | €1,194 | +€812 | +212% |
| Deferred charges and accrued income | 490/1 | €3,811 | €1,540 | -€2,271 | -59.6% |
| Total equity and liabilities | 10/49 | €702,205 | €1,166,161 | +€463,956 | +66.1% |
| Equity | 10/15 | €435,782 | €518,184 | +€82,402 | +18.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,542 | €92,542 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,168 | €2,168 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,168 | €2,168 | = | 0.0% |
| Distributable reserves | 133 | €90,373 | €90,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | €337,041 | €419,442 | +€82,402 | +24.4% |
| Provisions and deferred taxes | 16 | - | €17,475 | +€17,475 | |
| Provisions for liabilities and charges | 160/5 | - | €17,475 | +€17,475 | |
| Environmental obligations | 163 | - | €17,475 | +€17,475 | |
| Amounts payable | 17/49 | €266,423 | €630,503 | +€364,080 | +137% |
| Amounts payable after more than one year | 17 | €37,380 | €16,255 | -€21,125 | -56.5% |
| Financial debts | 170/4 | €37,380 | €16,255 | -€21,125 | -56.5% |
| Amounts payable within one year | 42/48 | €229,043 | €614,248 | +€385,205 | +168% |
| Current portion of amounts payable after more than one year | 42 | €20,254 | €21,125 | +€871 | +4.3% |
| Financial debts | 43 | €1,797 | €175,340 | +€173,543 | +9,656% |
| Credit institutions | 430/8 | €1,797 | €175,340 | +€173,543 | +9,656% |
| Trade debts | 44 | €5,625 | €11,955 | +€6,331 | +113% |
| Suppliers | 440/4 | €5,625 | €11,955 | +€6,331 | +113% |
| Taxes, remuneration and social security | 45 | €521 | €0 | -€521 | -100% |
| Taxes | 450/3 | €521 | €0 | -€521 | -100% |
| Other amounts payable | 47/48 | €200,847 | €405,828 | +€204,981 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,775 | €8,663 | +€1,888 | +27.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €17,475 | +€17,475 | |
| Other operating charges | 640/8 | €24,224 | €1,727 | -€22,497 | -92.9% |
| Gross operating margin | 9900 | €6,690 | €13,619 | +€6,929 | +104% |
| Operating profit (loss) | 9901 | -€24,309 | -€14,246 | +€10,063 | +41.4% |
| Financial income | 75/76B | €365,030 | €99,800 | -€265,230 | -72.7% |
| Recurring financial income | 75 | €365,030 | €99,800 | -€265,230 | -72.7% |
| Financial charges | 65/66B | €3,424 | €2,823 | -€601 | -17.6% |
| Recurring financial charges | 65 | €3,424 | €2,823 | -€601 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €337,297 | €82,732 | -€254,565 | -75.5% |
| Income taxes | 67/77 | €256 | €330 | +€74 | +28.9% |
| Profit (loss) for the period | 9904 | €337,041 | €82,402 | -€254,639 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €337,041 | €82,402 | -€254,639 | -75.6% |
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 28 October 2026 via checked.be.