The White Engine: 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.
What changed
The White Engine
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€137,774
2024 · €52,291+€85,483
Equity
€835,994
2024 · €698,220+€137,774
Cash
€14,840
2024 · €6,076+€8,765
Balance sheet total
€2.4m
2024 · €2.4m-€24,559
Largest movements
Assets
- Financial fixed assets +€108,785
up €108,785 (+17.2%), from €633,676 to €742,461
- Receivables after one year -€100,000
down €100,000 (-45.5%), from €220,000 to €120,000
- Tangible fixed assets -€67,882
down €67,882 (-4.3%), from €1.6m to €1.5m
of which Land and buildings: -€34,108
Equity and liabilities
- Reserves +€137,774
up €137,774 (+19.8%), from €697,220 to €834,994
- Other debts -€121,616
down €121,616 (-9.6%), from €1.3m to €1.2m
Income statement
- Gross operating margin +€73,587
up €73,587 (+30.4%), from €241,981 to €315,569
- Taxes +€42,136
up €42,136 (+155%), from €27,163 to €69,298
- Financial income +€16,127
up €16,127 (+48.3%), from €33,387 to €49,514
- Depreciation +€12,320
up €12,320 (+21.2%), from €58,240 to €70,560
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.
Result 2024
€52,291
Gross operating margin
+€73,587
Staff costs
+€476
Depreciation
-€12,320
Other operating charges
-€661
Other operating items
+€48,077
Financial income
+€16,127
Financial charges
+€2,332
Taxes
-€42,136
Result 2025
€137,774
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€120,228
Investment
-€111,463
Financing
€0
Cash 2024
€6,076
From operations (derived)
+€120,228
Net result for the year
+€137,774
Depreciation
+€70,560
Receivables after one year
+€100,000
Receivables within one year
-€24,326
Deferred charges and accrued income
-€1,447
Trade debts
-€6,861
Tax, wage and social debts
-€23,651
Other debts
-€121,616
Accrued charges and deferred income
-€10,205
Investment (derived)
-€111,463
Investment in fixed assets (net)
-€111,463
Cash 2025
€14,840
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,440,366 | €2,415,806 | -€24,559 | -1.0% |
| Fixed assets | 21/28 | €2,195,247 | €2,236,150 | +€40,903 | +1.9% |
| Tangible fixed assets | 22/27 | €1,561,571 | €1,493,689 | -€67,882 | -4.3% |
| Land and buildings | 22 | €1,372,843 | €1,338,735 | -€34,108 | -2.5% |
| Plant, machinery and equipment | 23 | €111,436 | €99,257 | -€12,179 | -10.9% |
| Furniture and vehicles | 24 | €77,293 | €55,698 | -€21,595 | -27.9% |
| Financial fixed assets | 28 | €633,676 | €742,461 | +€108,785 | +17.2% |
| Current assets | 29/58 | €245,118 | €179,656 | -€65,462 | -26.7% |
| Amounts receivable after more than one year | 29 | €220,000 | €120,000 | -€100,000 | -45.5% |
| Other amounts receivable | 291 | €220,000 | €120,000 | -€100,000 | -45.5% |
| Amounts receivable within one year | 40/41 | €15,949 | €40,275 | +€24,326 | +153% |
| Trade receivables | 40 | €6,050 | €32,382 | +€26,332 | +435% |
| Other amounts receivable | 41 | €9,899 | €7,894 | -€2,006 | -20.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €6,076 | €14,840 | +€8,765 | +144% |
| Deferred charges and accrued income | 490/1 | €3,094 | €4,540 | +€1,447 | +46.8% |
| Total equity and liabilities | 10/49 | €2,440,366 | €2,415,806 | -€24,559 | -1.0% |
| Equity | 10/15 | €698,220 | €835,994 | +€137,774 | +19.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €697,220 | €834,994 | +€137,774 | +19.8% |
| Distributable reserves | 133 | €697,220 | €834,994 | +€137,774 | +19.8% |
| Amounts payable | 17/49 | €1,742,146 | €1,579,813 | -€162,333 | -9.3% |
| Amounts payable after more than one year | 17 | €390,500 | €390,500 | = | 0.0% |
| Financial debts | 170/4 | €390,500 | €390,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,321,986 | €1,169,858 | -€152,128 | -11.5% |
| Trade debts | 44 | €8,689 | €1,828 | -€6,861 | -79.0% |
| Suppliers | 440/4 | €8,689 | €1,828 | -€6,861 | -79.0% |
| Taxes, remuneration and social security | 45 | €41,146 | €17,495 | -€23,651 | -57.5% |
| Taxes | 450/3 | €39,189 | €15,584 | -€23,604 | -60.2% |
| Remuneration and social security | 454/9 | €1,957 | €1,911 | -€47 | -2.4% |
| Other amounts payable | 47/48 | €1,272,151 | €1,150,535 | -€121,616 | -9.6% |
| Accrued charges and deferred income | 492/3 | €29,660 | €19,455 | -€10,205 | -34.4% |
| Non-recurring operating income | 76A | €11,041 | €0 | -€11,041 | -100% |
| Remuneration, social security and pensions | 62 | €21,124 | €20,648 | -€476 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,240 | €70,560 | +€12,320 | +21.2% |
| Other operating charges | 640/8 | €4,658 | €5,319 | +€661 | +14.2% |
| Non-recurring operating charges | 66A | €48,077 | €0 | -€48,077 | -100% |
| Gross operating margin | 9900 | €241,981 | €315,569 | +€73,587 | +30.4% |
| Operating profit (loss) | 9901 | €109,882 | €219,042 | +€109,159 | +99.3% |
| Financial income | 75/76B | €33,387 | €49,514 | +€16,127 | +48.3% |
| Recurring financial income | 75 | €33,387 | €49,514 | +€16,127 | +48.3% |
| Financial charges | 65/66B | €63,815 | €61,483 | -€2,332 | -3.7% |
| Recurring financial charges | 65 | €63,815 | €61,483 | -€2,332 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €79,454 | €207,072 | +€127,619 | +161% |
| Income taxes | 67/77 | €27,163 | €69,298 | +€42,136 | +155% |
| Profit (loss) for the period | 9904 | €52,291 | €137,774 | +€85,483 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €52,291 | €137,774 | +€85,483 | +163% |
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 29 October 2026 via checked.be.