White Elephant: 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 Elephant
Largest movements
- Receivables within one year +€38,791
up €38,791 (+469%), from €8,268 to €47,059
of which Trade receivables: +€33,306
- Cash +€31,792
up €31,792 (+9.7%), from €327,022 to €358,814
mainly Other debts (+€325,954) and Net result for the year (+€111,587)
- Financial fixed assets +€15,000
up €15,000 (+300%), from €5,000 to €20,000
- Tangible fixed assets -€14,986
down €14,986 (-60.1%), from €24,932 to €9,946
of which Furniture and vehicles: -€14,583
- Other debts +€325,954
up €325,954 (+5,833%), from €5,588 to €331,542
- Profit (loss) carried forward -€211,898
down €211,898 (-65.5%), from €323,486 to €111,588
- Tax, wage and social debts -€29,737
down €29,737 (-71.6%), from €41,525 to €11,787
of which Taxes: -€27,737
- Debts after one year -€10,646
down €10,646 (-100%), from €10,646 to €0
- Current portion of long-term debt -€5,323
down €5,323 (-33.3%), from €15,969 to €10,646
- Gross operating margin +€20,452
up €20,452 (+14.2%), from €144,183 to €164,635
- Taxes +€10,431
up €10,431 (+37.1%), from €28,085 to €38,515
- Financial charges +€2,783
up €2,783, from -€563 to €2,221
- Financial income +€2,398
up €2,398 (+325%), from €738 to €3,136
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 | €402,536 | €473,254 | +€70,718 | +17.6% |
| Fixed assets | 21/28 | €29,932 | €29,946 | +€14 | 0.0% |
| Tangible fixed assets | 22/27 | €24,932 | €9,946 | -€14,986 | -60.1% |
| Plant, machinery and equipment | 23 | €1,279 | €877 | -€403 | -31.5% |
| Furniture and vehicles | 24 | €23,653 | €9,070 | -€14,583 | -61.7% |
| Financial fixed assets | 28 | €5,000 | €20,000 | +€15,000 | +300% |
| Current assets | 29/58 | €372,604 | €443,308 | +€70,704 | +19.0% |
| Amounts receivable within one year | 40/41 | €8,268 | €47,059 | +€38,791 | +469% |
| Trade receivables | 40 | €6,353 | €39,659 | +€33,306 | +524% |
| Other amounts receivable | 41 | €1,915 | €7,400 | +€5,485 | +286% |
| Current investments | 50/53 | €35,686 | €35,686 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €327,022 | €358,814 | +€31,792 | +9.7% |
| Deferred charges and accrued income | 490/1 | €1,628 | €1,749 | +€121 | +7.5% |
| Total equity and liabilities | 10/49 | €402,536 | €473,254 | +€70,718 | +17.6% |
| Equity | 10/15 | €328,486 | €116,588 | -€211,898 | -64.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €323,486 | €111,588 | -€211,898 | -65.5% |
| Amounts payable | 17/49 | €74,050 | €356,667 | +€282,616 | +382% |
| Amounts payable after more than one year | 17 | €10,646 | €0 | -€10,646 | -100% |
| Financial debts | 170/4 | €10,646 | €0 | -€10,646 | -100% |
| Amounts payable within one year | 42/48 | €63,404 | €354,486 | +€291,082 | +459% |
| Current portion of amounts payable after more than one year | 42 | €15,969 | €10,646 | -€5,323 | -33.3% |
| Trade debts | 44 | €322 | €511 | +€189 | +58.6% |
| Suppliers | 440/4 | €322 | €511 | +€189 | +58.6% |
| Taxes, remuneration and social security | 45 | €41,525 | €11,787 | -€29,737 | -71.6% |
| Taxes | 450/3 | €38,525 | €10,787 | -€27,737 | -72.0% |
| Remuneration and social security | 454/9 | €3,000 | €1,000 | -€2,000 | -66.7% |
| Other amounts payable | 47/48 | €5,588 | €331,542 | +€325,954 | +5,833% |
| Accrued charges and deferred income | 492/3 | €0 | €2,180 | +€2,180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,986 | €14,986 | +€0 | 0.0% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €144,183 | €164,635 | +€20,452 | +14.2% |
| Operating profit (loss) | 9901 | €128,747 | €149,187 | +€20,440 | +15.9% |
| Financial income | 75/76B | €738 | €3,136 | +€2,398 | +325% |
| Recurring financial income | 75 | €738 | €3,136 | +€2,398 | +325% |
| Financial charges | 65/66B | -€563 | €2,221 | +€2,783 | |
| Recurring financial charges | 65 | -€563 | €2,221 | +€2,783 | |
| Profit (loss) for the period before taxes | 9903 | €130,048 | €150,102 | +€20,054 | +15.4% |
| Income taxes | 67/77 | €28,085 | €38,515 | +€10,431 | +37.1% |
| Profit (loss) for the period | 9904 | €101,963 | €111,587 | +€9,624 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,963 | €111,587 | +€9,624 | +9.4% |
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 26 October 2026 via checked.be.