THEBLACKBOX.ORG: 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.
THEBLACKBOX.ORG
Largest movements
- Tangible fixed assets -€43,082
down €43,082 (-50.8%), from €84,737 to €41,655
- Receivables within one year -€5,481
down €5,481 (-33.8%), from €16,214 to €10,733
of which Trade receivables: -€4,966
- Debts after one year -€32,432
down €32,432 (-50.8%), from €63,816 to €31,384
- Profit (loss) carried forward -€16,444
down €16,444 (-48.9%), from -€33,596 to -€50,040
- Short-term financial debts +€4,397
up €4,397, from €0 to €4,397
- Tax, wage and social debts -€2,728
down €2,728 (-46.7%), from €5,847 to €3,118
of which Remuneration and social security: -€2,144
- Other debts +€1,488
up €1,488 (+6.5%), from €22,748 to €24,236
- Depreciation +€2,733
up €2,733 (+6.8%), from €40,349 to €43,082
- Gross operating margin -€2,703
down €2,703 (-7.5%), from €36,253 to €33,550
- Financial charges -€1,001
down €1,001 (-16.8%), from €5,976 to €4,974
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.
Cash bridge derived
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 | €111,690 | €64,313 | -€47,378 | -42.4% |
| Fixed assets | 21/28 | €85,293 | €42,211 | -€43,082 | -50.5% |
| Tangible fixed assets | 22/27 | €84,737 | €41,655 | -€43,082 | -50.8% |
| Land and buildings | 22 | €50,894 | €30,189 | -€20,706 | -40.7% |
| Plant, machinery and equipment | 23 | €15,492 | €9,652 | -€5,840 | -37.7% |
| Furniture and vehicles | 24 | €18,350 | €1,814 | -€16,536 | -90.1% |
| Financial fixed assets | 28 | €556 | €556 | = | 0.0% |
| Current assets | 29/58 | €26,397 | €22,102 | -€4,295 | -16.3% |
| Amounts receivable within one year | 40/41 | €16,214 | €10,733 | -€5,481 | -33.8% |
| Trade receivables | 40 | €15,699 | €10,733 | -€4,966 | -31.6% |
| Other amounts receivable | 41 | €515 | €0 | -€515 | -100.0% |
| Cash at bank and in hand | 54/58 | €4,499 | €5,253 | +€754 | +16.7% |
| Deferred charges and accrued income | 490/1 | €5,684 | €6,116 | +€432 | +7.6% |
| Total equity and liabilities | 10/49 | €111,690 | €64,313 | -€47,378 | -42.4% |
| Equity | 10/15 | -€18,693 | -€35,137 | -€16,444 | -88.0% |
| Contributions | 10/11 | €13,048 | €13,048 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,596 | -€50,040 | -€16,444 | -48.9% |
| Amounts payable | 17/49 | €130,383 | €99,450 | -€30,933 | -23.7% |
| Amounts payable after more than one year | 17 | €63,816 | €31,384 | -€32,432 | -50.8% |
| Financial debts | 170/4 | €63,816 | €31,384 | -€32,432 | -50.8% |
| Amounts payable within one year | 42/48 | €66,567 | €68,066 | +€1,499 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €32,982 | €32,432 | -€550 | -1.7% |
| Financial debts | 43 | €0 | €4,397 | +€4,397 | |
| Credit institutions | 430/8 | €0 | €4,397 | +€4,397 | |
| Trade debts | 44 | €4,990 | €3,883 | -€1,107 | -22.2% |
| Suppliers | 440/4 | €4,990 | €3,883 | -€1,107 | -22.2% |
| Taxes, remuneration and social security | 45 | €5,847 | €3,118 | -€2,728 | -46.7% |
| Taxes | 450/3 | €3,703 | €3,118 | -€585 | -15.8% |
| Remuneration and social security | 454/9 | €2,144 | €0 | -€2,144 | -100.0% |
| Other amounts payable | 47/48 | €22,748 | €24,236 | +€1,488 | +6.5% |
| Remuneration, social security and pensions | 62 | €329 | €0 | -€329 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,349 | €43,082 | +€2,733 | +6.8% |
| Other operating charges | 640/8 | €1,927 | €1,955 | +€29 | +1.5% |
| Gross operating margin | 9900 | €36,253 | €33,550 | -€2,703 | -7.5% |
| Operating profit (loss) | 9901 | -€6,352 | -€11,488 | -€5,135 | -80.8% |
| Financial income | 75/76B | €57 | €18 | -€39 | -68.7% |
| Recurring financial income | 75 | €57 | €18 | -€39 | -68.7% |
| Financial charges | 65/66B | €5,976 | €4,974 | -€1,001 | -16.8% |
| Recurring financial charges | 65 | €5,976 | €4,974 | -€1,001 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,271 | -€16,444 | -€4,173 | -34.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€12,271 | -€16,444 | -€4,173 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,271 | -€16,444 | -€4,173 | -34.0% |
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 10 October 2026 via checked.be.