WHALE: 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.
WHALE
Largest movements
- Financial fixed assets +€50,000
up €50,000 (+34352.5%), from €146 to €50,146
- Receivables within one year -€26,392
down €26,392 (-53.5%), from €49,320 to €22,927
of which Trade receivables: -€26,392
- Tangible fixed assets -€14,072
down €14,072 (-14.3%), from €98,170 to €84,098
of which Furniture and vehicles: -€12,736
- Cash -€4,217
down €4,217 (-34.4%), from €12,272 to €8,055
mainly Investment in fixed assets (net) (-€59,158) and Net result for the year (-€28,180)
- Deferred charges and accrued income +€2,004
up €2,004 (+155.9%), from €1,286 to €3,290
- Other debts +€63,497
up €63,497 (+320.7%), from €19,797 to €83,294
- Profit (loss) carried forward -€28,180
down €28,180 (-103.3%), from -€27,288 to -€55,468
- Debts after one year -€15,773
down €15,773 (-26.6%), from €59,392 to €43,619
- Trade debts -€8,404
down €8,404 (-27.6%), from €30,495 to €22,090
- Tax, wage and social debts -€4,252
down €4,252 (-29.9%), from €14,204 to €9,952
of which Taxes: -€5,002
- Gross operating margin -€11,530
down €11,530 (-91.6%), from €12,581 to €1,051
- Depreciation +€7,866
up €7,866 (+51.2%), from €15,363 to €23,229
- Financial charges +€2,512
up €2,512 (+122.5%), from €2,050 to €4,562
- Other operating charges -€1,565
down €1,565 (-54.6%), from €2,868 to €1,303
- Taxes -€188
down €188 (-57.8%), from €325 to €137
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 | €162,226 | €169,801 | +€7,575 | +4.7% |
| Fixed assets | 21/28 | €98,315 | €134,244 | +€35,928 | +36.5% |
| Tangible fixed assets | 22/27 | €98,170 | €84,098 | -€14,072 | -14.3% |
| Plant, machinery and equipment | 23 | - | €8,279 | +€8,279 | |
| Furniture and vehicles | 24 | €55,480 | €42,744 | -€12,736 | -23.0% |
| Leasing and similar rights | 25 | €29,920 | €22,017 | -€7,902 | -26.4% |
| Other tangible fixed assets | 26 | €12,770 | €11,057 | -€1,713 | -13.4% |
| Financial fixed assets | 28 | €146 | €50,146 | +€50,000 | +34352.5% |
| Current assets | 29/58 | €63,911 | €35,557 | -€28,354 | -44.4% |
| Stocks and contracts in progress | 3 | €1,034 | €1,286 | +€252 | +24.4% |
| Stocks | 30/36 | €1,034 | €1,286 | +€252 | +24.4% |
| Amounts receivable within one year | 40/41 | €49,320 | €22,927 | -€26,392 | -53.5% |
| Trade receivables | 40 | €49,220 | €22,827 | -€26,392 | -53.6% |
| Other amounts receivable | 41 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,272 | €8,055 | -€4,217 | -34.4% |
| Deferred charges and accrued income | 490/1 | €1,286 | €3,290 | +€2,004 | +155.9% |
| Total equity and liabilities | 10/49 | €162,226 | €169,801 | +€7,575 | +4.7% |
| Equity | 10/15 | -€11,748 | -€39,928 | -€28,180 | -239.9% |
| Contributions | 10/11 | €7,605 | €7,605 | = | 0.0% |
| Reserves | 13 | €7,935 | €7,935 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €5,935 | €5,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,288 | -€55,468 | -€28,180 | -103.3% |
| Amounts payable | 17/49 | €173,975 | €209,729 | +€35,754 | +20.6% |
| Amounts payable after more than one year | 17 | €59,392 | €43,619 | -€15,773 | -26.6% |
| Financial debts | 170/4 | €59,392 | €43,619 | -€15,773 | -26.6% |
| Amounts payable within one year | 42/48 | €114,582 | €166,110 | +€51,528 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €50,086 | €50,773 | +€687 | +1.4% |
| Trade debts | 44 | €30,495 | €22,090 | -€8,404 | -27.6% |
| Suppliers | 440/4 | €30,495 | €22,090 | -€8,404 | -27.6% |
| Taxes, remuneration and social security | 45 | €14,204 | €9,952 | -€4,252 | -29.9% |
| Taxes | 450/3 | €11,454 | €6,452 | -€5,002 | -43.7% |
| Remuneration and social security | 454/9 | €2,750 | €3,500 | +€750 | +27.3% |
| Other amounts payable | 47/48 | €19,797 | €83,294 | +€63,497 | +320.7% |
| Non-recurring operating income | 76A | €1,722 | €8,000 | +€6,278 | +364.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,363 | €23,229 | +€7,866 | +51.2% |
| Other operating charges | 640/8 | €2,868 | €1,303 | -€1,565 | -54.6% |
| Gross operating margin | 9900 | €12,581 | €1,051 | -€11,530 | -91.6% |
| Operating profit (loss) | 9901 | -€5,650 | -€23,481 | -€17,831 | -315.6% |
| Financial income | 75/76B | €136 | - | -€136 | |
| Recurring financial income | 75 | €136 | - | -€136 | |
| Financial charges | 65/66B | €2,050 | €4,562 | +€2,512 | +122.5% |
| Recurring financial charges | 65 | €2,050 | €4,562 | +€2,512 | +122.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,564 | -€28,043 | -€20,478 | -270.7% |
| Income taxes | 67/77 | €325 | €137 | -€188 | -57.8% |
| Profit (loss) for the period | 9904 | -€7,889 | -€28,180 | -€20,291 | -257.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,889 | -€28,180 | -€20,291 | -257.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.