WHITE DYNAMICS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-03-2026 PDF all 9 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€952
2024 · €636
Working capital
€7,444▼ 11.3%
2024 · €8,396
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€802
2025
20192025
Net result
-€952
2025
lowest quarter of the sector
20192025
Equity
€7,534
▼ 11.2%
2025
lowest quarter of the sector
20192025
Total assets
€9,027
▼ 17.9%
2025
lowest quarter of the sector
20192025
Debt
€1,493
▼ 40.6%
2025
20192025
Working capital
€7,444
▼ 11.3%
2025
middle half of the sector
20192025
Solvency
83.5%
▲ 6.3pp
2025
highest quarter of the sector
20192025
Current ratio
5.99
▲ 1.64
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-10.5%
▼ 16.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€5,409--€2,413▲ 55.4%€1,959-€620€2,925€1,228▼ 58.0%-€802
Net result-€8,560--€2,553below the sector's middle half▲ 70.2%€1,849within the sector's middle half-€816below the sector's middle half€2,766below the sector's middle half€636below the sector's middle half▼ 77.0%-€952below the sector's middle half
Equity€6,603-€4,050below the sector's middle half▼ 38.7%€5,899below the sector's middle half▲ 45.7%€5,083below the sector's middle half▼ 13.8%€7,850below the sector's middle half▲ 54.4%€8,486below the sector's middle half▲ 8.1%€7,534below the sector's middle half▼ 11.2%
Total assets€8,236-€4,713below the sector's middle half▼ 42.8%€6,671below the sector's middle half▲ 41.5%€7,270below the sector's middle half▲ 9.0%€7,979below the sector's middle half▲ 9.8%€10,998below the sector's middle half▲ 37.8%€9,027below the sector's middle half▼ 17.9%
Debt€1,633-€663▼ 59.4%€772▲ 16.4%€2,187▲ 183%€129▼ 94.1%€2,512▲ 19×€1,493▼ 40.6%
Working capital€6,513-€3,960below the sector's middle half▼ 39.2%€5,809below the sector's middle half▲ 46.7%€4,993below the sector's middle half▼ 14.0%€7,760below the sector's middle half▲ 55.4%€8,396below the sector's middle half▲ 8.2%€7,444within the sector's middle half▼ 11.3%
Solvency80.2%-88.4%above the sector's middle half69.9%above the sector's middle half▼ 18.5pp98.4%above the sector's middle half▲ 28.5pp77.2%within the sector's middle half▼ 21.2pp83.5%above the sector's middle half▲ 6.3pp
Current ratio4.99-8.52above the sector's middle half3.28within the sector's middle half▼ 5.2460.93above the sector's middle half▲ 57.644.34within the sector's middle half▼ 56.585.99above the sector's middle half▲ 1.64
Return on assets (ROA)-103.9%-27.7%above the sector's middle half-11.2%below the sector's middle half▼ 38.9pp34.7%above the sector's middle half▲ 45.9pp5.8%within the sector's middle half▼ 28.9pp-10.5%below the sector's middle half▼ 16.3pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €802, after a profit of €1,228 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9,027
Fixed assets
€90 =
Current assets
€8,937 ▼ 18.1%
Equity and liabilities €9,027
Equity
€7,534 ▼ 11.2%
Debt
€1,493 ▼ 40.6%
Debt's share of the balance-sheet total falls from 22.8% to 16.5%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.20▼
2024 · 0.30
ROE
-12.6%▼
2024 · 7.5%
Debt ≤ 1 year
€1,493▼
2024 · €2,512
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | - | €419 | €384 | €412 | ▲ 7.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €5,885 | - | - |
| Gross operating margin9900 | -€5,062 | -€2,066 | €1,959 | -€620 | €3,344 | €7,497 | -€390 | - |
| Operating profit (loss)9901 | -€5,409 | -€2,413 | €1,959 | -€620 | €2,925 | €1,228 | -€802 | - |
| Financial charges65/66B | - | - | €110 | €196 | €160 | €153 | €150 | ▼ 2.0% |
| Recurring financial charges65 | €149 | €140 | €110 | €196 | €160 | €153 | €150 | ▼ 2.0% |
| Profit (loss) for the period before taxes9903 | -€5,558 | -€2,553 | €1,849 | -€816 | €2,766 | €1,075 | -€952 | - |
| Income taxes67/77 | €3,002 | - | - | - | - | €439 | - | - |
| Profit (loss) for the period9904 | -€8,560 | -€2,553 | €1,849 | -€816 | €2,766 | €636 | -€952 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,560 | -€2,553 | €1,849 | -€816 | €2,766 | €636 | -€952 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €8,236 | €4,713 | €6,671 | €7,270 | €7,979 | €10,998 | €9,027 | ▼ 17.9% |
| Fixed assets21/28 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | = |
| Financial fixed assets28 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | = |
| Current assets29/58 | €8,146 | €4,623 | €6,581 | €7,180 | €7,889 | €10,908 | €8,937 | ▼ 18.1% |
| Amounts receivable within one year40/41 | €598 | €860 | €6,186 | €6,862 | €6,778 | €6,111 | - | - |
| Trade receivables40 | - | - | €5,800 | €6,821 | €6,630 | €6,111 | - | - |
| Other amounts receivable41 | - | - | €386 | €41 | €148 | - | - | - |
| Cash at bank and in hand54/58 | €7,548 | €3,625 | €330 | €318 | €1,111 | €4,797 | €8,937 | ▲ 86.3% |
| Deferred charges and accrued income490/1 | - | - | €65 | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €8,236 | €4,713 | €6,671 | €7,270 | €7,979 | €10,998 | €9,027 | ▼ 17.9% |
| Equity10/15 | €6,603 | €4,050 | €5,899 | €5,083 | €7,850 | €8,486 | €7,534 | ▼ 11.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - | - |
| Profit (loss) carried forward14 | €403 | -€2,150 | -€301 | -€1,117 | €1,650 | €2,286 | €1,334 | ▼ 41.6% |
| Amounts payable17/49 | €1,633 | €663 | €772 | €2,187 | €129 | €2,512 | €1,493 | ▼ 40.6% |
| Amounts payable within one year42/48 | €1,633 | €663 | €772 | €2,187 | €129 | €2,512 | €1,493 | ▼ 40.6% |
| Trade debts44 | €1,262 | €270 | - | - | €119 | €416 | €741 | ▲ 78.1% |
| Suppliers440/4 | - | - | - | - | €119 | €416 | €741 | ▲ 78.1% |
| Taxes, remuneration and social security45 | - | - | - | €133 | €10 | €2,032 | €691 | ▼ 66.0% |
| Taxes450/3 | - | - | - | €133 | €10 | €2,032 | €691 | ▼ 66.0% |
| Other amounts payable47/48 | - | - | €772 | €2,054 | - | €64 | €61 | ▼ 4.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,560 | -€2,553 | €1,849 | -€816 | €2,766 | €636 | -€952 | - |
| Operating cash flow (approximation) | -€8,560 | -€2,553 | €1,849 | -€816 | €2,766 | €636 | -€952 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€3,923 | -€3,295 | -€12 | €793 | €3,686 | €4,140 | ▲ 12.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,805 companies had the same profile as WHITE DYNAMICS has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of WHITE DYNAMICS itself is lower: < 0.1% within 12 months. It rests on far more data about WHITE DYNAMICS than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,805 companies, not a prediction for WHITE DYNAMICS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-03-2026 | 2026-00048130 | |
| 30-09-2024 | micro format | 05-03-2025 | 2025-00043935 | |
| 30-09-2023 | micro format | 03-01-2024 | 2024-00543965 | |
| 30-09-2022 | full format | 23-05-2023 | 2023-00100247 | |
| 30-09-2021 | full format | 05-04-2022 | 2022-20001817 | |
| 30-09-2020 | full format | 28-04-2021 | 2021-11800136 | |
| 30-09-2019 | full format | 30-09-2020 | 2020-57600339 | |
| 30-09-2018 | full format | 28-03-2019 | 2019-08300087 | |
| 30-09-2017 | full format | 04-04-2018 | 2018-09300253 |