HET WITTE PAARD: 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.
HET WITTE PAARD
Largest movements
- Tangible fixed assets +€14,658
up €14,658 (+179%), from €8,178 to €22,835
of which Plant, machinery and equipment: +€9,056
- Receivables within one year +€6,520
up €6,520 (+170%), from €3,840 to €10,360
of which Other amounts receivable: +€3,280
- Deferred charges and accrued income +€3,148
up €3,148 (+72.5%), from €4,344 to €7,492
- Cash +€2,888
up €2,888 (+29.4%), from €9,819 to €12,707
mainly Trade debts (+€22,224) and Other debts (+€8,951)
- Stocks and contracts -€814
down €814 (-3.5%), from €23,024 to €22,210
- Trade debts +€22,224
up €22,224 (+98.3%), from €22,607 to €44,830
- Other debts +€8,951
up €8,951 (+14.6%), from €61,378 to €70,329
- Profit (loss) carried forward -€3,004
down €3,004 (-4.9%), from -€61,436 to -€64,439
- Accrued charges and deferred income -€2,850
down €2,850 (-26.5%), from €10,776 to €7,926
- Tax, wage and social debts +€1,200
up €1,200 (+20.8%), from €5,759 to €6,959
of which Remuneration and social security: +€1,198
- Gross operating margin +€51,938
up €51,938 (+82.5%), from €62,938 to €114,877
- Staff costs +€27,634
up €27,634 (+31.3%), from €88,227 to €115,860
- Financial income -€1,964
down €1,964 (-90.1%), from €2,180 to €216
- Other operating charges -€1,654
down €1,654 (-79.9%), from €2,070 to €416
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 | €49,205 | €75,605 | +€26,400 | +53.7% |
| Fixed assets | 21/28 | €8,178 | €22,835 | +€14,658 | +179% |
| Tangible fixed assets | 22/27 | €8,178 | €22,835 | +€14,658 | +179% |
| Plant, machinery and equipment | 23 | €8,178 | €17,234 | +€9,056 | +111% |
| Other tangible fixed assets | 26 | - | €5,601 | +€5,601 | |
| Current assets | 29/58 | €41,027 | €52,769 | +€11,742 | +28.6% |
| Stocks and contracts in progress | 3 | €23,024 | €22,210 | -€814 | -3.5% |
| Stocks | 30/36 | €23,024 | €22,210 | -€814 | -3.5% |
| Amounts receivable within one year | 40/41 | €3,840 | €10,360 | +€6,520 | +170% |
| Trade receivables | 40 | €1,064 | €4,305 | +€3,240 | +304% |
| Other amounts receivable | 41 | €2,775 | €6,055 | +€3,280 | +118% |
| Cash at bank and in hand | 54/58 | €9,819 | €12,707 | +€2,888 | +29.4% |
| Deferred charges and accrued income | 490/1 | €4,344 | €7,492 | +€3,148 | +72.5% |
| Total equity and liabilities | 10/49 | €49,205 | €75,605 | +€26,400 | +53.7% |
| Equity | 10/15 | -€51,436 | -€54,439 | -€3,004 | -5.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,436 | -€64,439 | -€3,004 | -4.9% |
| Amounts payable | 17/49 | €100,641 | €130,044 | +€29,403 | +29.2% |
| Amounts payable within one year | 42/48 | €89,865 | €122,118 | +€32,254 | +35.9% |
| Financial debts | 43 | €121 | €0 | -€121 | -100% |
| Credit institutions | 430/8 | €121 | €0 | -€121 | -100% |
| Trade debts | 44 | €22,607 | €44,830 | +€22,224 | +98.3% |
| Suppliers | 440/4 | €22,607 | €44,830 | +€22,224 | +98.3% |
| Taxes, remuneration and social security | 45 | €5,759 | €6,959 | +€1,200 | +20.8% |
| Taxes | 450/3 | €53 | €55 | +€2 | +3.9% |
| Remuneration and social security | 454/9 | €5,706 | €6,904 | +€1,198 | +21.0% |
| Other amounts payable | 47/48 | €61,378 | €70,329 | +€8,951 | +14.6% |
| Accrued charges and deferred income | 492/3 | €10,776 | €7,926 | -€2,850 | -26.5% |
| Non-recurring operating income | 76A | - | €286 | +€286 | |
| Remuneration, social security and pensions | 62 | €88,227 | €115,860 | +€27,634 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €989 | €1,355 | +€365 | +36.9% |
| Other operating charges | 640/8 | €2,070 | €416 | -€1,654 | -79.9% |
| Gross operating margin | 9900 | €62,938 | €114,877 | +€51,938 | +82.5% |
| Operating profit (loss) | 9901 | -€28,348 | -€2,754 | +€25,594 | +90.3% |
| Financial income | 75/76B | €2,180 | €216 | -€1,964 | -90.1% |
| Recurring financial income | 75 | €2,180 | €216 | -€1,964 | -90.1% |
| Financial charges | 65/66B | €617 | €466 | -€151 | -24.5% |
| Recurring financial charges | 65 | €617 | €466 | -€151 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,785 | -€3,004 | +€23,781 | +88.8% |
| Profit (loss) for the period | 9904 | -€26,785 | -€3,004 | +€23,781 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,785 | -€3,004 | +€23,781 | +88.8% |
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 14 October 2026 via checked.be.