NOBLE WHITE: what changed
NOBLE WHITE
Largest movements
- Stocks and contracts -€17,901
down €17,901 (-31.1%), from €57,559 to €39,657
- Receivables within one year -€8,908
down €8,908 (-50.5%), from €17,646 to €8,738
of which Trade receivables: -€14,209
- Cash +€5,301
up €5,301 (+39.8%), from €13,319 to €18,620
mainly Stocks and contracts (+€17,901) and Receivables within one year (+€8,908)
- Tangible fixed assets -€4,613
down €4,613 (-12.1%), from €37,973 to €33,360
of which Furniture and vehicles: -€3,311
- Trade debts -€15,216
down €15,216 (-62.4%), from €24,388 to €9,172
- Profit (loss) carried forward -€5,871
down €5,871 (-7.8%), from €75,756 to €69,884
- Accrued charges and deferred income -€4,063
no longer reported in 2025 (was €4,063)
- Tax, wage and social debts -€2,071
down €2,071 (-35.5%), from €5,837 to €3,766
- Gross operating margin -€16,709
down €16,709 (-96.1%), from €17,384 to €675
- Taxes -€3,250
no longer reported in 2025 (was €3,250)
- Depreciation +€831
up €831 (+17.4%), from €4,782 to €5,613
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,498 | €100,376 | -€26,122 | -20.7% |
| Fixed assets | 21/28 | €37,973 | €33,360 | -€4,613 | -12.1% |
| Tangible fixed assets | 22/27 | €37,973 | €33,360 | -€4,613 | -12.1% |
| Land and buildings | 22 | €20,926 | €19,624 | -€1,302 | -6.2% |
| Furniture and vehicles | 24 | €17,047 | €13,736 | -€3,311 | -19.4% |
| Current assets | 29/58 | €88,524 | €67,015 | -€21,509 | -24.3% |
| Stocks and contracts in progress | 3 | €57,559 | €39,657 | -€17,901 | -31.1% |
| Stocks | 30/36 | €57,559 | €39,657 | -€17,901 | -31.1% |
| Amounts receivable within one year | 40/41 | €17,646 | €8,738 | -€8,908 | -50.5% |
| Trade receivables | 40 | €14,209 | - | -€14,209 | |
| Other amounts receivable | 41 | €3,437 | €8,738 | +€5,301 | +154% |
| Cash at bank and in hand | 54/58 | €13,319 | €18,620 | +€5,301 | +39.8% |
| Total equity and liabilities | 10/49 | €126,498 | €100,376 | -€26,122 | -20.7% |
| Equity | 10/15 | €87,288 | €81,416 | -€5,871 | -6.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,532 | €8,532 | = | 0.0% |
| Distributable reserves | 133 | €8,532 | €8,532 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,756 | €69,884 | -€5,871 | -7.8% |
| Amounts payable | 17/49 | €39,210 | €18,959 | -€20,251 | -51.6% |
| Amounts payable within one year | 42/48 | €35,147 | €18,959 | -€16,187 | -46.1% |
| Trade debts | 44 | €24,388 | €9,172 | -€15,216 | -62.4% |
| Suppliers | 440/4 | €24,388 | €9,172 | -€15,216 | -62.4% |
| Taxes, remuneration and social security | 45 | €5,837 | €3,766 | -€2,071 | -35.5% |
| Taxes | 450/3 | €5,837 | €3,766 | -€2,071 | -35.5% |
| Other amounts payable | 47/48 | €4,922 | €6,021 | +€1,099 | +22.3% |
| Accrued charges and deferred income | 492/3 | €4,063 | - | -€4,063 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,782 | €5,613 | +€831 | +17.4% |
| Other operating charges | 640/8 | €647 | €799 | +€152 | +23.5% |
| Gross operating margin | 9900 | €17,384 | €675 | -€16,709 | -96.1% |
| Operating profit (loss) | 9901 | €11,955 | -€5,737 | -€17,692 | |
| Financial income | 75/76B | €10 | €6 | -€4 | -40.2% |
| Recurring financial income | 75 | €10 | €6 | -€4 | -40.2% |
| Financial charges | 65/66B | €182 | €140 | -€42 | -23.2% |
| Recurring financial charges | 65 | €182 | €140 | -€42 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €11,782 | -€5,871 | -€17,654 | |
| Income taxes | 67/77 | €3,250 | - | -€3,250 | |
| Profit (loss) for the period | 9904 | €8,532 | -€5,871 | -€14,403 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,532 | -€5,871 | -€14,403 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.