White Flag: what changed
Two fiscal 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 Flag
Largest movements
- Cash +€16,149
up €16,149 (+40.9%), from €39,524 to €55,672
mainly Net result for the year (+€26,309) and Depreciation (+€9,466)
- Tangible fixed assets +€5,722
up €5,722 (+15.3%), from €37,317 to €43,039
of which Plant, machinery and equipment: +€3,477
- Receivables within one year -€1,857
down €1,857 (-85.3%), from €2,177 to €320
- Reserves +€26,000
up €26,000 (+52.7%), from €49,300 to €75,300
- Tax, wage and social debts -€5,372
down €5,372 (-18.8%), from €28,579 to €23,207
of which Taxes: -€5,372
- Trade debts -€1,363
no longer reported in 2025 (was €1,363)
- Gross operating margin -€9,682
down €9,682 (-15.7%), from €61,499 to €51,817
- Taxes -€3,045
down €3,045 (-19.1%), from €15,949 to €12,903
- Other operating charges +€1,857
up €1,857 (+140.1%), from €1,325 to €3,182
- Depreciation +€695
up €695 (+7.9%), from €8,771 to €9,466
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 | €81,930 | €101,429 | +€19,499 | +23.8% |
| Fixed assets | 21/28 | €37,317 | €43,039 | +€5,722 | +15.3% |
| Tangible fixed assets | 22/27 | €37,317 | €43,039 | +€5,722 | +15.3% |
| Plant, machinery and equipment | 23 | - | €3,477 | +€3,477 | |
| Furniture and vehicles | 24 | €37,317 | €39,562 | +€2,244 | +6.0% |
| Current assets | 29/58 | €44,613 | €58,390 | +€13,777 | +30.9% |
| Amounts receivable within one year | 40/41 | €2,177 | €320 | -€1,857 | -85.3% |
| Trade receivables | 40 | €2,177 | €320 | -€1,857 | -85.3% |
| Cash at bank and in hand | 54/58 | €39,524 | €55,672 | +€16,149 | +40.9% |
| Deferred charges and accrued income | 490/1 | €2,912 | €2,398 | -€514 | -17.6% |
| Total equity and liabilities | 10/49 | €81,930 | €101,429 | +€19,499 | +23.8% |
| Equity | 10/15 | €51,689 | €77,998 | +€26,309 | +50.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €49,300 | €75,300 | +€26,000 | +52.7% |
| Distributable reserves | 133 | €49,300 | €75,300 | +€26,000 | +52.7% |
| Profit (loss) carried forward | 14 | €1,389 | €1,698 | +€309 | +22.2% |
| Amounts payable | 17/49 | €30,241 | €23,431 | -€6,810 | -22.5% |
| Amounts payable within one year | 42/48 | €30,241 | €23,431 | -€6,810 | -22.5% |
| Trade debts | 44 | €1,363 | - | -€1,363 | |
| Suppliers | 440/4 | €1,363 | - | -€1,363 | |
| Taxes, remuneration and social security | 45 | €28,579 | €23,207 | -€5,372 | -18.8% |
| Taxes | 450/3 | €26,079 | €20,707 | -€5,372 | -20.6% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €298 | €224 | -€75 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,771 | €9,466 | +€695 | +7.9% |
| Other operating charges | 640/8 | €1,325 | €3,182 | +€1,857 | +140.1% |
| Gross operating margin | 9900 | €61,499 | €51,817 | -€9,682 | -15.7% |
| Operating profit (loss) | 9901 | €51,403 | €39,169 | -€12,234 | -23.8% |
| Financial income | 75/76B | €89 | €183 | +€94 | +105.9% |
| Recurring financial income | 75 | €89 | €183 | +€94 | +105.9% |
| Financial charges | 65/66B | €184 | €140 | -€44 | -24.1% |
| Recurring financial charges | 65 | €184 | €140 | -€44 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €51,308 | €39,212 | -€12,096 | -23.6% |
| Income taxes | 67/77 | €15,949 | €12,903 | -€3,045 | -19.1% |
| Profit (loss) for the period | 9904 | €35,359 | €26,309 | -€9,050 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,359 | €26,309 | -€9,050 | -25.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.