LEE & WHITE: what changed
Two fiscal 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.
LEE & WHITE
Largest movements
- Tangible fixed assets +€20,286
up €20,286 (+70.1%), from €28,938 to €49,224
of which Furniture and vehicles: +€22,125
- Cash -€18,250
down €18,250 (-92.6%), from €19,707 to €1,457
mainly Investment in fixed assets (net) (-€38,551) and Net result for the year (-€16,336)
- Receivables within one year +€12,416
up €12,416 (+27.8%), from €44,734 to €57,149
of which Other amounts receivable: +€10,750
- Deferred charges and accrued income -€2,781
down €2,781 (-78.5%), from €3,542 to €761
- Debts after one year +€29,978
up €29,978 (+489.9%), from €6,119 to €36,097
- Profit (loss) carried forward -€16,336
down €16,336 (-83.3%), from €19,616 to €3,280
- Tax, wage and social debts -€6,782
down €6,782 (-38.8%), from €17,500 to €10,718
- Accrued charges and deferred income +€4,588
up €4,588 (+29408.2%), from €16 to €4,603
- Gross operating margin -€20,896
down €20,896 (-86.0%), from €24,283 to €3,388
- Depreciation -€3,037
down €3,037 (-14.3%), from €21,303 to €18,265
- Financial charges +€2,078
up €2,078 (+468.2%), from €444 to €2,522
- Taxes -€1,607
down €1,607 (-84.6%), from €1,900 to €293
- Other operating charges -€1,000
down €1,000 (-94.6%), from €1,058 to €57
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 | €99,921 | €111,591 | +€11,670 | +11.7% |
| Fixed assets | 21/28 | €31,938 | €52,224 | +€20,286 | +63.5% |
| Tangible fixed assets | 22/27 | €28,938 | €49,224 | +€20,286 | +70.1% |
| Land and buildings | 22 | €4,384 | €3,849 | -€536 | -12.2% |
| Furniture and vehicles | 24 | €20,390 | €42,514 | +€22,125 | +108.5% |
| Other tangible fixed assets | 26 | €4,164 | €2,861 | -€1,303 | -31.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €67,983 | €59,367 | -€8,616 | -12.7% |
| Amounts receivable within one year | 40/41 | €44,734 | €57,149 | +€12,416 | +27.8% |
| Trade receivables | 40 | €21,430 | €23,096 | +€1,666 | +7.8% |
| Other amounts receivable | 41 | €23,304 | €34,054 | +€10,750 | +46.1% |
| Cash at bank and in hand | 54/58 | €19,707 | €1,457 | -€18,250 | -92.6% |
| Deferred charges and accrued income | 490/1 | €3,542 | €761 | -€2,781 | -78.5% |
| Total equity and liabilities | 10/49 | €99,921 | €111,591 | +€11,670 | +11.7% |
| Equity | 10/15 | €57,910 | €41,573 | -€16,336 | -28.2% |
| Contributions | 10/11 | €8,700 | €8,700 | = | 0.0% |
| Reserves | 13 | €29,594 | €29,594 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €29,594 | €29,594 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,616 | €3,280 | -€16,336 | -83.3% |
| Amounts payable | 17/49 | €42,012 | €70,018 | +€28,006 | +66.7% |
| Amounts payable after more than one year | 17 | €6,119 | €36,097 | +€29,978 | +489.9% |
| Financial debts | 170/4 | €6,119 | €36,097 | +€29,978 | +489.9% |
| Amounts payable within one year | 42/48 | €35,877 | €29,318 | -€6,559 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €10,987 | €10,704 | -€283 | -2.6% |
| Trade debts | 44 | €7,390 | €7,896 | +€505 | +6.8% |
| Suppliers | 440/4 | €7,390 | €7,896 | +€505 | +6.8% |
| Taxes, remuneration and social security | 45 | €17,500 | €10,718 | -€6,782 | -38.8% |
| Taxes | 450/3 | €17,500 | €10,718 | -€6,782 | -38.8% |
| Accrued charges and deferred income | 492/3 | €16 | €4,603 | +€4,588 | +29408.2% |
| Non-recurring operating income | 76A | - | €2,084 | +€2,084 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,303 | €18,265 | -€3,037 | -14.3% |
| Other operating charges | 640/8 | €1,058 | €57 | -€1,000 | -94.6% |
| Non-recurring operating charges | 66A | €2 | €0 | -€2 | -100.0% |
| Gross operating margin | 9900 | €24,283 | €3,388 | -€20,896 | -86.0% |
| Operating profit (loss) | 9901 | €1,921 | -€14,935 | -€16,856 | |
| Financial income | 75/76B | €1,254 | €1,414 | +€160 | +12.8% |
| Recurring financial income | 75 | €1,254 | €1,414 | +€160 | +12.8% |
| Financial charges | 65/66B | €444 | €2,522 | +€2,078 | +468.2% |
| Recurring financial charges | 65 | €444 | €2,522 | +€2,078 | +468.2% |
| Profit (loss) for the period before taxes | 9903 | €2,731 | -€16,043 | -€18,774 | |
| Income taxes | 67/77 | €1,900 | €293 | -€1,607 | -84.6% |
| Profit (loss) for the period | 9904 | €831 | -€16,336 | -€17,167 | |
| Profit (loss) for the period to be appropriated | 9905 | €831 | -€16,336 | -€17,167 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.