WHITE EM: 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 EM
Largest movements
- Cash -€32,770
down €32,770 (-25.1%), from €130,748 to €97,978
mainly Other debts (-€44,813) and Receivables within one year (-€19,292)
- Receivables within one year +€19,292
up €19,292 (+112.7%), from €17,115 to €36,407
of which Trade receivables: +€19,736
- Tangible fixed assets -€7,988
down €7,988 (-10.1%), from €79,236 to €71,249
of which Land and buildings: -€7,269
- Other debts -€44,813
down €44,813 (-51.5%), from €86,932 to €42,119
- Reserves +€16,481
up €16,481 (+16.8%), from €98,362 to €114,842
of which Distributable reserves: +€16,481
- Tax, wage and social debts +€4,702
up €4,702 (+27.7%), from €16,996 to €21,699
of which Taxes: +€6,458
- Gross operating margin -€19,918
down €19,918 (-18.2%), from €109,495 to €89,576
- Staff costs -€13,171
down €13,171 (-24.4%), from €53,956 to €40,785
- Depreciation -€5,999
down €5,999 (-39.9%), from €15,026 to €9,027
- Taxes +€4,912
up €4,912 (+53.0%), from €9,264 to €14,176
- Financial charges -€1,388
down €1,388 (-22.6%), from €6,137 to €4,749
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 | €230,504 | €208,206 | -€22,298 | -9.7% |
| Fixed assets | 21/28 | €79,236 | €71,249 | -€7,988 | -10.1% |
| Tangible fixed assets | 22/27 | €79,236 | €71,249 | -€7,988 | -10.1% |
| Land and buildings | 22 | €75,837 | €68,568 | -€7,269 | -9.6% |
| Furniture and vehicles | 24 | €3,399 | €2,680 | -€719 | -21.2% |
| Current assets | 29/58 | €151,268 | €136,957 | -€14,311 | -9.5% |
| Amounts receivable within one year | 40/41 | €17,115 | €36,407 | +€19,292 | +112.7% |
| Trade receivables | 40 | €15,865 | €35,601 | +€19,736 | +124.4% |
| Other amounts receivable | 41 | €1,250 | €806 | -€443 | -35.5% |
| Cash at bank and in hand | 54/58 | €130,748 | €97,978 | -€32,770 | -25.1% |
| Deferred charges and accrued income | 490/1 | €3,405 | €2,573 | -€833 | -24.5% |
| Total equity and liabilities | 10/49 | €230,504 | €208,206 | -€22,298 | -9.7% |
| Equity | 10/15 | €121,436 | €137,917 | +€16,481 | +13.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €98,362 | €114,842 | +€16,481 | +16.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €96,507 | €112,987 | +€16,481 | +17.1% |
| Profit (loss) carried forward | 14 | €4,525 | €4,525 | = | 0.0% |
| Amounts payable | 17/49 | €109,068 | €70,289 | -€38,779 | -35.6% |
| Amounts payable within one year | 42/48 | €108,958 | €70,289 | -€38,669 | -35.5% |
| Trade debts | 44 | €5,030 | €6,471 | +€1,441 | +28.7% |
| Suppliers | 440/4 | €5,030 | €6,471 | +€1,441 | +28.7% |
| Taxes, remuneration and social security | 45 | €16,996 | €21,699 | +€4,702 | +27.7% |
| Taxes | 450/3 | €9,472 | €15,930 | +€6,458 | +68.2% |
| Remuneration and social security | 454/9 | €7,525 | €5,769 | -€1,756 | -23.3% |
| Other amounts payable | 47/48 | €86,932 | €42,119 | -€44,813 | -51.5% |
| Accrued charges and deferred income | 492/3 | €110 | €0 | -€110 | -100.0% |
| Non-recurring operating income | 76A | - | €301 | +€301 | |
| Remuneration, social security and pensions | 62 | €53,956 | €40,785 | -€13,171 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,026 | €9,027 | -€5,999 | -39.9% |
| Other operating charges | 640/8 | €1,518 | €1,538 | +€20 | +1.3% |
| Gross operating margin | 9900 | €109,495 | €89,576 | -€19,918 | -18.2% |
| Operating profit (loss) | 9901 | €38,995 | €38,226 | -€769 | -2.0% |
| Financial income | 75/76B | €115 | €594 | +€480 | +418.7% |
| Recurring financial income | 75 | €115 | €594 | +€480 | +418.7% |
| Financial charges | 65/66B | €6,137 | €4,749 | -€1,388 | -22.6% |
| Recurring financial charges | 65 | €6,137 | €4,749 | -€1,388 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €32,972 | €34,071 | +€1,099 | +3.3% |
| Income taxes | 67/77 | €9,264 | €14,176 | +€4,912 | +53.0% |
| Profit (loss) for the period | 9904 | €23,709 | €19,896 | -€3,813 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,709 | €19,896 | -€3,813 | -16.1% |
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 12 October 2026 via checked.be.