WHITE DWARF: 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 DWARF
Largest movements
- Receivables within one year +€160,721
up €160,721 (+27.8%), from €579,046 to €739,767
of which Other amounts receivable: +€198,623
- Deferred charges and accrued income +€36,761
new in 2025: €36,761
- Profit (loss) carried forward +€104,558
up €104,558 (+33.6%), from -€310,771 to -€206,214
- Accrued charges and deferred income +€55,957
up €55,957 (+63.0%), from €88,823 to €144,779
- Short-term financial debts +€53,931
up €53,931, from €0 to €53,931
- Debts after one year -€37,051
down €37,051 (-6.2%), from €598,454 to €561,403
- Tax, wage and social debts +€20,297
up €20,297 (+41.2%), from €49,259 to €69,556
- Gross operating margin +€23,804
up €23,804 (+14.4%), from €165,571 to €189,375
- Other operating charges +€4,070
up €4,070 (+72.3%), from €5,632 to €9,702
- Depreciation -€3,854
down €3,854 (-6.1%), from €63,664 to €59,809
- Taxes +€3,308
up €3,308 (+11.0%), from €30,152 to €33,460
- Financial income +€3,184
up €3,184 (+9.5%), from €33,577 to €36,761
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 | €1,620,731 | €1,820,109 | +€199,377 | +12.3% |
| Fixed assets | 21/28 | €1,033,307 | €1,043,580 | +€10,273 | +1.0% |
| Tangible fixed assets | 22/27 | €1,033,307 | €1,043,580 | +€10,273 | +1.0% |
| Land and buildings | 22 | €1,028,856 | €1,035,766 | +€6,910 | +0.7% |
| Plant, machinery and equipment | 23 | €4,450 | €7,814 | +€3,363 | +75.6% |
| Current assets | 29/58 | €587,424 | €776,529 | +€189,105 | +32.2% |
| Amounts receivable within one year | 40/41 | €579,046 | €739,767 | +€160,721 | +27.8% |
| Trade receivables | 40 | €37,902 | €0 | -€37,902 | -100% |
| Other amounts receivable | 41 | €541,145 | €739,767 | +€198,623 | +36.7% |
| Cash at bank and in hand | 54/58 | €8,378 | €0 | -€8,378 | -100% |
| Deferred charges and accrued income | 490/1 | - | €36,761 | +€36,761 | |
| Total equity and liabilities | 10/49 | €1,620,731 | €1,820,109 | +€199,377 | +12.3% |
| Equity | 10/15 | €653,020 | €757,578 | +€104,558 | +16.0% |
| Contributions | 10/11 | €962,773 | €962,773 | = | 0.0% |
| Capital | 10 | €962,773 | €962,773 | = | 0.0% |
| Issued capital | 100 | €962,773 | €962,773 | = | 0.0% |
| Reserves | 13 | €1,018 | €1,018 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €398 | €398 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€310,771 | -€206,214 | +€104,558 | +33.6% |
| Amounts payable | 17/49 | €967,711 | €1,062,531 | +€94,820 | +9.8% |
| Amounts payable after more than one year | 17 | €598,454 | €561,403 | -€37,051 | -6.2% |
| Financial debts | 170/4 | €598,454 | €561,403 | -€37,051 | -6.2% |
| Amounts payable within one year | 42/48 | €280,434 | €356,348 | +€75,914 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €36,372 | €37,051 | +€679 | +1.9% |
| Financial debts | 43 | €0 | €53,931 | +€53,931 | |
| Credit institutions | 430/8 | €0 | €53,931 | +€53,931 | |
| Trade debts | 44 | €2,553 | €3,571 | +€1,018 | +39.9% |
| Suppliers | 440/4 | €2,553 | €3,571 | +€1,018 | +39.9% |
| Taxes, remuneration and social security | 45 | €49,259 | €69,556 | +€20,297 | +41.2% |
| Taxes | 450/3 | €49,259 | €69,556 | +€20,297 | +41.2% |
| Other amounts payable | 47/48 | €192,250 | €192,239 | -€10 | 0.0% |
| Accrued charges and deferred income | 492/3 | €88,823 | €144,779 | +€55,957 | +63.0% |
| Non-recurring operating income | 76A | - | €22,007 | +€22,007 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,664 | €59,809 | -€3,854 | -6.1% |
| Other operating charges | 640/8 | €5,632 | €9,702 | +€4,070 | +72.3% |
| Gross operating margin | 9900 | €165,571 | €189,375 | +€23,804 | +14.4% |
| Operating profit (loss) | 9901 | €96,275 | €119,864 | +€23,588 | +24.5% |
| Financial income | 75/76B | €33,577 | €36,761 | +€3,184 | +9.5% |
| Recurring financial income | 75 | €33,577 | €36,761 | +€3,184 | +9.5% |
| Financial charges | 65/66B | €18,327 | €18,608 | +€281 | +1.5% |
| Recurring financial charges | 65 | €18,327 | €18,608 | +€281 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €111,526 | €138,017 | +€26,492 | +23.8% |
| Income taxes | 67/77 | €30,152 | €33,460 | +€3,308 | +11.0% |
| Profit (loss) for the period | 9904 | €81,374 | €104,558 | +€23,184 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,374 | €104,558 | +€23,184 | +28.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.