WHITE FUND: 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 FUND
Largest movements
- Financial fixed assets +€2.9m
up €2.9m (+17.8%), from €16.6m to €19.5m
- Cash +€2.2m
up €2.2m (+59.0%), from €3.8m to €6.0m
mainly Contributions, distributions and other (+€6.0m)
- Receivables within one year +€375,975
up €375,975 (+368.4%), from €102,067 to €478,042
of which Other amounts receivable: +€383,598
- Contributions +€6.0m
up €6.0m (+24.5%), from €24.4m to €30.4m
- Profit (loss) carried forward -€326,406
down €326,406 (-7.5%), from -€4.3m to -€4.7m
- Purchases and services -€724,551
no longer reported in 2025 (was €724,551)
- Gross operating margin +€315,262
up €315,262 (+43.5%), from -€724,551 to -€409,289
- Financial income -€164,242
down €164,242 (-66.1%), from €248,537 to €84,295
of which Non-recurring financial income: -€214,345
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 | €20,444,002 | €26,007,170 | +€5.6m | +27.2% |
| Fixed assets | 21/28 | €16,550,503 | €19,492,533 | +€2.9m | +17.8% |
| Financial fixed assets | 28 | €16,550,503 | €19,492,533 | +€2.9m | +17.8% |
| Current assets | 29/58 | €3,893,500 | €6,514,637 | +€2.6m | +67.3% |
| Amounts receivable within one year | 40/41 | €102,067 | €478,042 | +€375,975 | +368.4% |
| Trade receivables | 40 | €7,623 | €0 | -€7,623 | -100.0% |
| Other amounts receivable | 41 | €94,444 | €478,042 | +€383,598 | +406.2% |
| Cash at bank and in hand | 54/58 | €3,757,241 | €5,973,052 | +€2.2m | +59.0% |
| Deferred charges and accrued income | 490/1 | €34,192 | €63,543 | +€29,351 | +85.8% |
| Total equity and liabilities | 10/49 | €20,444,002 | €26,007,170 | +€5.6m | +27.2% |
| Equity | 10/15 | €20,117,113 | €25,790,708 | +€5.7m | +28.2% |
| Contributions | 10/11 | €24,450,000 | €30,450,000 | +€6.0m | +24.5% |
| Capital | 10 | €24,450,000 | €30,450,000 | +€6.0m | +24.5% |
| Issued capital | 100 | €37,800,000 | €37,800,000 | = | 0.0% |
| Uncalled capital | 101 | €13,350,000 | €7,350,000 | -€6.0m | -44.9% |
| Profit (loss) carried forward | 14 | -€4,332,887 | -€4,659,292 | -€326,406 | -7.5% |
| Amounts payable | 17/49 | €326,889 | €216,462 | -€110,427 | -33.8% |
| Amounts payable within one year | 42/48 | €326,889 | €216,462 | -€110,427 | -33.8% |
| Trade debts | 44 | €326,669 | €216,462 | -€110,207 | -33.7% |
| Suppliers | 440/4 | €326,669 | €216,462 | -€110,207 | -33.7% |
| Taxes, remuneration and social security | 45 | €220 | €0 | -€220 | -100.0% |
| Taxes | 450/3 | €220 | €0 | -€220 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €724,551 | - | -€724,551 | |
| Other operating charges | 640/8 | €1,188 | €1,218 | +€31 | +2.6% |
| Gross operating margin | 9900 | -€724,551 | -€409,289 | +€315,262 | +43.5% |
| Operating profit (loss) | 9901 | -€725,738 | -€410,507 | +€315,231 | +43.4% |
| Financial income | 75/76B | €248,537 | €84,295 | -€164,242 | -66.1% |
| Recurring financial income | 75 | €34,192 | €84,295 | +€50,103 | +146.5% |
| Non-recurring financial income | 76B | €214,345 | €0 | -€214,345 | -100.0% |
| Financial charges | 65/66B | €168 | €193 | +€25 | +15.1% |
| Recurring financial charges | 65 | €168 | €193 | +€25 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | -€477,370 | -€326,406 | +€150,964 | +31.6% |
| Profit (loss) for the period | 9904 | -€477,370 | -€326,406 | +€150,964 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€477,370 | -€326,406 | +€150,964 | +31.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.