The Whitebox: 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.
The Whitebox
Largest movements
- Receivables within one year +€75,344
up €75,344 (+257.5%), from €29,262 to €104,606
of which Trade receivables: +€99,403
- Tangible fixed assets +€10,687
new in 2025: €10,687
- Deferred charges and accrued income +€6,877
up €6,877 (+1575.3%), from €437 to €7,314
- Profit (loss) carried forward +€276,378
up €276,378 (+57.3%), from -€482,734 to -€206,355
- Other debts -€232,134
down €232,134 (-55.1%), from €421,672 to €189,538
- Tax, wage and social debts +€32,885
new in 2025: €32,885
of which Taxes: +€17,547
- Trade debts +€22,402
up €22,402 (+103.7%), from €21,609 to €44,011
- Accrued charges and deferred income -€6,050
no longer reported in 2025 (was €6,050)
- Staff costs +€171,105
new in 2025: €171,105
- Turnover +€122,528
up €122,528 (+84.2%), from €145,449 to €267,976
- Gross operating margin +€118,192
up €118,192, from -€23,345 to €94,847
- Purchases and services +€72,896
up €72,896 (+40.3%), from €180,663 to €253,559
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 | €34,798 | €128,279 | +€93,481 | +268.6% |
| Fixed assets | 21/28 | - | €10,687 | +€10,687 | |
| Tangible fixed assets | 22/27 | - | €10,687 | +€10,687 | |
| Plant, machinery and equipment | 23 | - | €10,687 | +€10,687 | |
| Current assets | 29/58 | €34,798 | €117,592 | +€82,794 | +237.9% |
| Amounts receivable within one year | 40/41 | €29,262 | €104,606 | +€75,344 | +257.5% |
| Trade receivables | 40 | €5,203 | €104,606 | +€99,403 | +1910.5% |
| Other amounts receivable | 41 | €24,059 | - | -€24,059 | |
| Cash at bank and in hand | 54/58 | €5,100 | €5,672 | +€572 | +11.2% |
| Deferred charges and accrued income | 490/1 | €437 | €7,314 | +€6,877 | +1575.3% |
| Total equity and liabilities | 10/49 | €34,798 | €128,279 | +€93,481 | +268.6% |
| Equity | 10/15 | -€414,534 | -€138,155 | +€276,378 | +66.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€482,734 | -€206,355 | +€276,378 | +57.3% |
| Amounts payable | 17/49 | €449,332 | €266,434 | -€182,898 | -40.7% |
| Amounts payable within one year | 42/48 | €443,282 | €266,434 | -€176,848 | -39.9% |
| Trade debts | 44 | €21,609 | €44,011 | +€22,402 | +103.7% |
| Suppliers | 440/4 | €21,609 | €44,011 | +€22,402 | +103.7% |
| Taxes, remuneration and social security | 45 | - | €32,885 | +€32,885 | |
| Taxes | 450/3 | - | €17,547 | +€17,547 | |
| Remuneration and social security | 454/9 | - | €15,338 | +€15,338 | |
| Other amounts payable | 47/48 | €421,672 | €189,538 | -€232,134 | -55.1% |
| Accrued charges and deferred income | 492/3 | €6,050 | - | -€6,050 | |
| Turnover | 70 | €145,449 | €267,976 | +€122,528 | +84.2% |
| Non-recurring operating income | 76A | €11,869 | - | -€11,869 | |
| Goods, raw materials, services and sundry goods | 60/61 | €180,663 | €253,559 | +€72,896 | +40.3% |
| Remuneration, social security and pensions | 62 | - | €171,105 | +€171,105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €2,248 | +€1,957 | +671.0% |
| Other operating charges | 640/8 | €1,610 | €4,199 | +€2,589 | +160.8% |
| Gross operating margin | 9900 | -€23,345 | €94,847 | +€118,192 | |
| Operating profit (loss) | 9901 | -€25,246 | -€82,705 | -€57,459 | -227.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €21,609 | €19,045 | -€2,564 | -11.9% |
| Recurring financial charges | 65 | €21,609 | €19,045 | -€2,564 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | -€46,855 | -€101,749 | -€54,893 | -117.2% |
| Income taxes | 67/77 | - | €673 | +€673 | |
| Profit (loss) for the period | 9904 | -€46,855 | -€102,422 | -€55,566 | -118.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,855 | -€102,422 | -€55,566 | -118.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.