Black Cod: 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.
Black Cod
Largest movements
- Tangible fixed assets -€64,193
down €64,193 (-96.3%), from €66,631 to €2,437
of which Furniture and vehicles: -€57,834
- Cash +€22,313
up €22,313 (+50.9%), from €43,819 to €66,133
mainly Investment in fixed assets (net) (+€63,091) and Debts after one year (+€28,072)
- Intangible fixed assets -€10,666
down €10,666 (-44.6%), from €23,928 to €13,262
- Reserves -€66,929
down €66,929 (-59.2%), from €113,009 to €46,079
- Tax, wage and social debts -€39,991
down €39,991 (-37.4%), from €107,012 to €67,021
of which Taxes: -€35,296
- Debts after one year +€28,072
up €28,072 (+105%), from €26,644 to €54,716
- Trade debts +€9,539
up €9,539 (+33.3%), from €28,660 to €38,199
- Current portion of long-term debt +€9,085
up €9,085 (+100%), from €9,045 to €18,130
- Gross operating margin -€20,682
down €20,682 (-7.2%), from €287,175 to €266,493
- Depreciation -€13,884
down €13,884 (-52.1%), from €26,653 to €12,768
- Staff costs -€10,574
down €10,574 (-4.4%), from €238,756 to €228,182
- Financial income -€7,981
down €7,981 (-97.6%), from €8,177 to €197
- Other operating charges -€6,561
down €6,561 (-61.4%), from €10,686 to €4,125
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 | €315,027 | €261,711 | -€53,316 | -16.9% |
| Fixed assets | 21/28 | €93,008 | €17,149 | -€75,859 | -81.6% |
| Intangible fixed assets | 21 | €23,928 | €13,262 | -€10,666 | -44.6% |
| Tangible fixed assets | 22/27 | €66,631 | €2,437 | -€64,193 | -96.3% |
| Plant, machinery and equipment | 23 | €7,035 | €675 | -€6,360 | -90.4% |
| Furniture and vehicles | 24 | €59,596 | €1,762 | -€57,834 | -97.0% |
| Financial fixed assets | 28 | €2,450 | €1,450 | -€1,000 | -40.8% |
| Current assets | 29/58 | €222,019 | €244,562 | +€22,543 | +10.2% |
| Amounts receivable within one year | 40/41 | €178,200 | €178,429 | +€229 | +0.1% |
| Trade receivables | 40 | €163,174 | €162,832 | -€342 | -0.2% |
| Other amounts receivable | 41 | €15,026 | €15,597 | +€571 | +3.8% |
| Cash at bank and in hand | 54/58 | €43,819 | €66,133 | +€22,313 | +50.9% |
| Total equity and liabilities | 10/49 | €315,027 | €261,711 | -€53,316 | -16.9% |
| Equity | 10/15 | €131,609 | €64,679 | -€66,929 | -50.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,009 | €46,079 | -€66,929 | -59.2% |
| Distributable reserves | 133 | €113,009 | €46,079 | -€66,929 | -59.2% |
| Amounts payable | 17/49 | €183,419 | €197,032 | +€13,613 | +7.4% |
| Amounts payable after more than one year | 17 | €26,644 | €54,716 | +€28,072 | +105% |
| Financial debts | 170/4 | €26,644 | €54,716 | +€28,072 | +105% |
| Amounts payable within one year | 42/48 | €156,774 | €142,315 | -€14,459 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €9,045 | €18,130 | +€9,085 | +100% |
| Trade debts | 44 | €28,660 | €38,199 | +€9,539 | +33.3% |
| Suppliers | 440/4 | €28,660 | €38,199 | +€9,539 | +33.3% |
| Taxes, remuneration and social security | 45 | €107,012 | €67,021 | -€39,991 | -37.4% |
| Taxes | 450/3 | €83,166 | €47,869 | -€35,296 | -42.4% |
| Remuneration and social security | 454/9 | €23,846 | €19,152 | -€4,695 | -19.7% |
| Other amounts payable | 47/48 | €12,057 | €18,965 | +€6,908 | +57.3% |
| Non-recurring operating income | 76A | - | €2,521 | +€2,521 | |
| Remuneration, social security and pensions | 62 | €238,756 | €228,182 | -€10,574 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,653 | €12,768 | -€13,884 | -52.1% |
| Other operating charges | 640/8 | €10,686 | €4,125 | -€6,561 | -61.4% |
| Gross operating margin | 9900 | €287,175 | €266,493 | -€20,682 | -7.2% |
| Operating profit (loss) | 9901 | €11,080 | €21,417 | +€10,337 | +93.3% |
| Financial income | 75/76B | €8,177 | €197 | -€7,981 | -97.6% |
| Recurring financial income | 75 | €8,177 | €197 | -€7,981 | -97.6% |
| Financial charges | 65/66B | €2,846 | €3,879 | +€1,033 | +36.3% |
| Recurring financial charges | 65 | €2,846 | €3,879 | +€1,033 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €16,412 | €17,735 | +€1,323 | +8.1% |
| Income taxes | 67/77 | €14,500 | €10,664 | -€3,836 | -26.5% |
| Profit (loss) for the period | 9904 | €1,912 | €7,071 | +€5,159 | +270% |
| Profit (loss) for the period to be appropriated | 9905 | €1,912 | €7,071 | +€5,159 | +270% |
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.