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.
Whale
Largest movements
- Intangible fixed assets +€441,005
up €441,005 (+69.3%), from €636,426 to €1.1m
- Cash +€108,959
up €108,959 (+13.0%), from €838,546 to €947,505
mainly Debts after one year (+€427,478) and Depreciation (+€249,586)
- Receivables within one year +€59,090
up €59,090 (+62.2%), from €95,072 to €154,162
of which Trade receivables: +€109,722
- Deferred charges and accrued income +€26,859
up €26,859 (+162%), from €16,604 to €43,463
- Profit (loss) carried forward +€2.1m
up €2.1m, from -€2.1m to €0
- Contributions -€1.9m
down €1.9m (-55.3%), from €3.4m to €1.5m
- Debts after one year +€427,478
up €427,478 (+1,627%), from €26,266 to €453,744
- Current portion of long-term debt +€36,832
up €36,832 (+103%), from €35,690 to €72,522
- Tax, wage and social debts +€23,417
up €23,417 (+33.3%), from €70,257 to €93,674
of which Taxes: +€30,667
- Gross operating margin +€812,855
up €812,855 (+196%), from €415,040 to €1.2m
- Depreciation +€90,789
up €90,789 (+57.2%), from €158,797 to €249,586
- Financial charges +€78,779
up €78,779 (+110%), from €71,812 to €150,591
- Staff costs -€35,685
down €35,685 (-5.2%), from €680,512 to €644,827
- Financial income -€29,244
down €29,244 (-95.7%), from €30,548 to €1,303
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 | €1,602,158 | €2,245,696 | +€643,537 | +40.2% |
| Fixed assets | 21/28 | €651,937 | €1,100,567 | +€448,629 | +68.8% |
| Intangible fixed assets | 21 | €636,426 | €1,077,432 | +€441,005 | +69.3% |
| Tangible fixed assets | 22/27 | €10,111 | €17,735 | +€7,624 | +75.4% |
| Furniture and vehicles | 24 | €9,648 | €17,609 | +€7,962 | +82.5% |
| Other tangible fixed assets | 26 | €463 | €126 | -€337 | -72.9% |
| Financial fixed assets | 28 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €950,221 | €1,145,129 | +€194,908 | +20.5% |
| Amounts receivable within one year | 40/41 | €95,072 | €154,162 | +€59,090 | +62.2% |
| Trade receivables | 40 | €10,097 | €119,819 | +€109,722 | +1,087% |
| Other amounts receivable | 41 | €84,974 | €34,343 | -€50,632 | -59.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €838,546 | €947,505 | +€108,959 | +13.0% |
| Deferred charges and accrued income | 490/1 | €16,604 | €43,463 | +€26,859 | +162% |
| Total equity and liabilities | 10/49 | €1,602,158 | €2,245,696 | +€643,537 | +40.2% |
| Equity | 10/15 | €1,336,744 | €1,516,243 | +€179,499 | +13.4% |
| Contributions | 10/11 | €3,389,851 | €1,516,243 | -€1.9m | -55.3% |
| Profit (loss) carried forward | 14 | -€2,053,107 | €0 | +€2.1m | |
| Amounts payable | 17/49 | €265,414 | €729,452 | +€464,038 | +175% |
| Amounts payable after more than one year | 17 | €26,266 | €453,744 | +€427,478 | +1,627% |
| Financial debts | 170/4 | €26,266 | €453,744 | +€427,478 | +1,627% |
| Amounts payable within one year | 42/48 | €231,345 | €275,708 | +€44,363 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €35,690 | €72,522 | +€36,832 | +103% |
| Financial debts | 43 | €18,466 | €6,680 | -€11,786 | -63.8% |
| Credit institutions | 430/8 | €2 | €0 | -€2 | -100% |
| Other loans | 439 | €18,464 | €6,680 | -€11,784 | -63.8% |
| Trade debts | 44 | €106,250 | €102,832 | -€3,418 | -3.2% |
| Suppliers | 440/4 | €106,250 | €102,832 | -€3,418 | -3.2% |
| Taxes, remuneration and social security | 45 | €70,257 | €93,674 | +€23,417 | +33.3% |
| Taxes | 450/3 | €0 | €30,667 | +€30,667 | |
| Remuneration and social security | 454/9 | €70,257 | €63,007 | -€7,250 | -10.3% |
| Other amounts payable | 47/48 | €681 | €0 | -€681 | -100% |
| Accrued charges and deferred income | 492/3 | €7,803 | €0 | -€7,803 | -100% |
| Non-recurring operating income | 76A | €2,656 | €0 | -€2,656 | -100% |
| Remuneration, social security and pensions | 62 | €680,512 | €644,827 | -€35,685 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,797 | €249,586 | +€90,789 | +57.2% |
| Other operating charges | 640/8 | €20,007 | €3,912 | -€16,095 | -80.4% |
| Non-recurring operating charges | 66A | €634 | €0 | -€634 | -100% |
| Gross operating margin | 9900 | €415,040 | €1,227,895 | +€812,855 | +196% |
| Operating profit (loss) | 9901 | -€444,910 | €329,570 | +€774,480 | |
| Financial income | 75/76B | €30,548 | €1,303 | -€29,244 | -95.7% |
| Recurring financial income | 75 | €30,548 | €1,303 | -€29,244 | -95.7% |
| Financial charges | 65/66B | €71,812 | €150,591 | +€78,779 | +110% |
| Recurring financial charges | 65 | €71,812 | €150,591 | +€78,779 | +110% |
| Profit (loss) for the period before taxes | 9903 | -€486,173 | €180,283 | +€666,456 | |
| Income taxes | 67/77 | €1,191 | €784 | -€407 | -34.2% |
| Profit (loss) for the period | 9904 | -€487,364 | €179,499 | +€666,863 | |
| Profit (loss) for the period to be appropriated | 9905 | -€487,364 | €179,499 | +€666,863 |
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 14 October 2026 via checked.be.