White Blackbird: 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.
White Blackbird
Largest movements
- Receivables within one year -€6,000
down €6,000 (-100%), from €6,000 to €0
- Cash -€4,363
down €4,363 (-6.1%), from €72,037 to €67,674
mainly Net result for the year (-€17,414) and Trade debts (-€2,095)
- Formation expenses -€1,658
down €1,658 (-60.1%), from €2,760 to €1,102
- Profit (loss) carried forward -€17,414
down €17,414 (-2.6%), from -€667,325 to -€684,739
- Debts after one year +€7,439
up €7,439 (+1.0%), from €743,877 to €751,316
- Trade debts -€2,095
down €2,095 (-31.6%), from €6,631 to €4,536
- Financial charges -€527,584
down €527,584 (-98.5%), from €535,654 to €8,070
of which Non-recurring financial charges: -€527,725
- Services and other goods -€6,095
down €6,095 (-46.0%), from €13,254 to €7,159
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 | €108,572 | €96,551 | -€12,021 | -11.1% |
| Formation expenses | 20 | €2,760 | €1,102 | -€1,658 | -60.1% |
| Fixed assets | 21/28 | €27,775 | €27,775 | = | 0.0% |
| Financial fixed assets | 28 | €27,775 | €27,775 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €27,775 | €27,775 | = | 0.0% |
| Participating interests | 282 | €27,775 | €27,775 | = | 0.0% |
| Current assets | 29/58 | €78,037 | €67,674 | -€10,363 | -13.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,000 | €0 | -€6,000 | -100% |
| Trade receivables | 40 | €6,000 | €0 | -€6,000 | -100% |
| Cash at bank and in hand | 54/58 | €72,037 | €67,674 | -€4,363 | -6.1% |
| Total equity and liabilities | 10/49 | €108,572 | €96,551 | -€12,021 | -11.1% |
| Equity | 10/15 | -€642,325 | -€659,739 | -€17,414 | -2.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€667,325 | -€684,739 | -€17,414 | -2.6% |
| Amounts payable | 17/49 | €750,897 | €756,290 | +€5,393 | +0.7% |
| Amounts payable after more than one year | 17 | €743,877 | €751,316 | +€7,439 | +1.0% |
| Financial debts | 170/4 | €743,877 | €751,316 | +€7,439 | +1.0% |
| Other loans | 174 | €743,877 | €751,316 | +€7,439 | +1.0% |
| Amounts payable within one year | 42/48 | €6,631 | €4,536 | -€2,095 | -31.6% |
| Trade debts | 44 | €6,631 | €4,536 | -€2,095 | -31.6% |
| Suppliers | 440/4 | €6,631 | €4,536 | -€2,095 | -31.6% |
| Accrued charges and deferred income | 492/3 | €389 | €438 | +€49 | +12.6% |
| Operating charges | 60/66A | €15,426 | €9,345 | -€6,081 | -39.4% |
| Services and other goods | 61 | €13,254 | €7,159 | -€6,095 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,658 | €1,658 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Operating profit (loss) | 9901 | -€15,426 | -€9,345 | +€6,081 | +39.4% |
| Financial charges | 65/66B | €535,654 | €8,070 | -€527,584 | -98.5% |
| Recurring financial charges | 65 | €7,929 | €8,070 | +€141 | +1.8% |
| Debt charges | 650 | €7,369 | €7,443 | +€74 | +1.0% |
| Other financial charges | 652/9 | €560 | €627 | +€67 | +12.0% |
| Non-recurring financial charges | 66B | €527,725 | €0 | -€527,725 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€551,079 | -€17,414 | +€533,665 | +96.8% |
| Profit (loss) for the period | 9904 | -€551,079 | -€17,414 | +€533,665 | +96.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€551,079 | -€17,414 | +€533,665 | +96.8% |
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 30 October 2026 via checked.be.