WHITE CAPITAL: 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.
WHITE CAPITAL
Largest movements
- Receivables after one year +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Receivables within one year -€7,380
down €7,380 (-60.9%), from €12,116 to €4,736
of which Other amounts receivable: -€9,292
- Cash +€3,250
up €3,250 (+17.4%), from €18,667 to €21,917
mainly Net result for the year (+€186,063) and Other debts (+€47,935)
- Other debts +€47,935
up €47,935 (+31.2%), from €153,750 to €201,685
- Gross operating margin +€30,317
up €30,317 (+20.0%), from €151,304 to €181,621
- Financial income +€2,075
up €2,075 (+51.9%), from €4,000 to €6,075
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 | €180,783 | €226,653 | +€45,870 | +25.4% |
| Current assets | 29/58 | €180,783 | €226,653 | +€45,870 | +25.4% |
| Amounts receivable after more than one year | 29 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Other amounts receivable | 291 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €12,116 | €4,736 | -€7,380 | -60.9% |
| Trade receivables | 40 | - | €1,912 | +€1,912 | |
| Other amounts receivable | 41 | €12,116 | €2,824 | -€9,292 | -76.7% |
| Cash at bank and in hand | 54/58 | €18,667 | €21,917 | +€3,250 | +17.4% |
| Total equity and liabilities | 10/49 | €180,783 | €226,653 | +€45,870 | +25.4% |
| Equity | 10/15 | €20,481 | €20,544 | +€63 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21 | €84 | +€63 | +300% |
| Amounts payable | 17/49 | €160,302 | €206,109 | +€45,807 | +28.6% |
| Amounts payable within one year | 42/48 | €160,302 | €206,109 | +€45,807 | +28.6% |
| Taxes, remuneration and social security | 45 | €6,552 | €4,424 | -€2,128 | -32.5% |
| Taxes | 450/3 | €6,552 | €4,424 | -€2,128 | -32.5% |
| Other amounts payable | 47/48 | €153,750 | €201,685 | +€47,935 | +31.2% |
| Other operating charges | 640/8 | €505 | €520 | +€15 | +3.0% |
| Gross operating margin | 9900 | €151,304 | €181,621 | +€30,317 | +20.0% |
| Operating profit (loss) | 9901 | €150,799 | €181,101 | +€30,302 | +20.1% |
| Financial income | 75/76B | €4,000 | €6,075 | +€2,075 | +51.9% |
| Recurring financial income | 75 | €4,000 | €6,075 | +€2,075 | +51.9% |
| Financial charges | 65/66B | €90 | €90 | = | 0.0% |
| Recurring financial charges | 65 | €90 | €90 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €154,709 | €187,086 | +€32,377 | +20.9% |
| Income taxes | 67/77 | €1,001 | €1,023 | +€22 | +2.2% |
| Profit (loss) for the period | 9904 | €153,708 | €186,063 | +€32,355 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,708 | €186,063 | +€32,355 | +21.0% |
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.