THE WHALE: 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.
THE WHALE
Largest movements
- Receivables within one year +€61,037
up €61,037 (+554%), from €11,016 to €72,052
of which Trade receivables: +€64,091
- Stocks and contracts -€16,656
down €16,656 (-12.3%), from €135,168 to €118,512
- Cash +€9,659
up €9,659 (+5.4%), from €179,517 to €189,176
mainly Net result for the year (+€147,580) and Advances received (+€96,772)
- Advances received +€96,772
up €96,772 (+219%), from €44,177 to €140,948
- Other debts -€51,873
down €51,873 (-87.3%), from €59,423 to €7,550
- Profit (loss) carried forward +€39,053
up €39,053 (+38.7%), from €100,977 to €140,030
- Trade debts -€16,707
down €16,707 (-24.8%), from €67,243 to €50,536
- Short-term financial debts -€16,000
down €16,000 (-53.3%), from €30,000 to €14,000
- Gross operating margin +€52,376
up €52,376 (+19.9%), from €263,737 to €316,112
- Taxes +€15,525
up €15,525 (+50.7%), from €30,647 to €46,171
- Staff costs -€12,793
down €12,793 (-12.1%), from €106,166 to €93,373
- Depreciation +€3,394
up €3,394 (+15.9%), from €21,278 to €24,672
- Financial income +€3,317
up €3,317 (+1,323%), from €251 to €3,567
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 | €422,890 | €469,161 | +€46,272 | +10.9% |
| Fixed assets | 21/28 | €84,125 | €77,364 | -€6,761 | -8.0% |
| Intangible fixed assets | 21 | €16,992 | €13,428 | -€3,564 | -21.0% |
| Tangible fixed assets | 22/27 | €52,701 | €49,504 | -€3,197 | -6.1% |
| Plant, machinery and equipment | 23 | €2,586 | €1,398 | -€1,189 | -46.0% |
| Furniture and vehicles | 24 | €18,247 | €8,081 | -€10,166 | -55.7% |
| Other tangible fixed assets | 26 | €31,868 | €40,025 | +€8,157 | +25.6% |
| Financial fixed assets | 28 | €14,432 | €14,432 | = | 0.0% |
| Current assets | 29/58 | €338,765 | €391,798 | +€53,033 | +15.7% |
| Stocks and contracts in progress | 3 | €135,168 | €118,512 | -€16,656 | -12.3% |
| Stocks | 30/36 | €135,168 | €118,512 | -€16,656 | -12.3% |
| Amounts receivable within one year | 40/41 | €11,016 | €72,052 | +€61,037 | +554% |
| Trade receivables | 40 | €1,099 | €65,190 | +€64,091 | +5,832% |
| Other amounts receivable | 41 | €9,917 | €6,862 | -€3,055 | -30.8% |
| Cash at bank and in hand | 54/58 | €179,517 | €189,176 | +€9,659 | +5.4% |
| Deferred charges and accrued income | 490/1 | €13,065 | €12,058 | -€1,007 | -7.7% |
| Total equity and liabilities | 10/49 | €422,890 | €469,161 | +€46,272 | +10.9% |
| Equity | 10/15 | €120,977 | €160,030 | +€39,053 | +32.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,977 | €140,030 | +€39,053 | +38.7% |
| Amounts payable | 17/49 | €301,913 | €309,132 | +€7,219 | +2.4% |
| Amounts payable after more than one year | 17 | €30,503 | €20,830 | -€9,673 | -31.7% |
| Financial debts | 170/4 | €30,503 | €20,830 | -€9,673 | -31.7% |
| Amounts payable within one year | 42/48 | €268,119 | €288,301 | +€20,182 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €31,582 | €26,605 | -€4,977 | -15.8% |
| Financial debts | 43 | €30,000 | €14,000 | -€16,000 | -53.3% |
| Credit institutions | 430/8 | €30,000 | €14,000 | -€16,000 | -53.3% |
| Trade debts | 44 | €67,243 | €50,536 | -€16,707 | -24.8% |
| Suppliers | 440/4 | €67,243 | €50,536 | -€16,707 | -24.8% |
| Advances received on contracts in progress | 46 | €44,177 | €140,948 | +€96,772 | +219% |
| Taxes, remuneration and social security | 45 | €35,695 | €48,662 | +€12,967 | +36.3% |
| Taxes | 450/3 | €16,204 | €43,855 | +€27,651 | +171% |
| Remuneration and social security | 454/9 | €19,491 | €4,807 | -€14,684 | -75.3% |
| Other amounts payable | 47/48 | €59,423 | €7,550 | -€51,873 | -87.3% |
| Accrued charges and deferred income | 492/3 | €3,291 | €0 | -€3,291 | -100% |
| Remuneration, social security and pensions | 62 | €106,166 | €93,373 | -€12,793 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,278 | €24,672 | +€3,394 | +15.9% |
| Other operating charges | 640/8 | €1,289 | €1,105 | -€184 | -14.3% |
| Gross operating margin | 9900 | €263,737 | €316,112 | +€52,376 | +19.9% |
| Operating profit (loss) | 9901 | €135,004 | €196,963 | +€61,959 | +45.9% |
| Financial income | 75/76B | €251 | €3,567 | +€3,317 | +1,323% |
| Recurring financial income | 75 | €251 | €3,567 | +€3,317 | +1,323% |
| Financial charges | 65/66B | €5,597 | €6,779 | +€1,182 | +21.1% |
| Recurring financial charges | 65 | €5,597 | €6,779 | +€1,182 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €129,658 | €193,751 | +€64,094 | +49.4% |
| Income taxes | 67/77 | €30,647 | €46,171 | +€15,525 | +50.7% |
| Profit (loss) for the period | 9904 | €99,011 | €147,580 | +€48,569 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,011 | €147,580 | +€48,569 | +49.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.