WHITE GARDEN: 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 GARDEN
Largest movements
- Cash +€553,452
up €553,452 (+425%), from €130,376 to €683,828
mainly Net result for the year (+€1.2m) and Current investments (+€300,000)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Intangible fixed assets +€194,067
up €194,067 (+39.2%), from €495,000 to €689,067
- Tangible fixed assets -€58,114
down €58,114 (-7.5%), from €772,879 to €714,764
of which Land and buildings: -€41,167
- Profit (loss) carried forward +€1.1m
up €1.1m (+2,915%), from €38,566 to €1.2m
- Other debts -€566,583
down €566,583 (-85.8%), from €660,139 to €93,557
- Debts after one year -€217,347
down €217,347 (-13.6%), from €1.6m to €1.4m
- Financial income +€1.2m
up €1.2m (+12,416%), from €9,309 to €1.2m
of which Non-recurring financial income: +€1.2m
- Gross operating margin -€24,171
down €24,171 (-9.7%), from €248,924 to €224,753
- Depreciation +€24,099
up €24,099 (+20.7%), from €116,689 to €140,789
- Taxes -€15,296
down €15,296 (-59.3%), from €25,796 to €10,499
- Other operating charges -€3,657
down €3,657 (-58.7%), from €6,227 to €2,570
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 | €3,530,809 | €3,925,631 | +€394,822 | +11.2% |
| Fixed assets | 21/28 | €3,066,387 | €3,202,339 | +€135,953 | +4.4% |
| Intangible fixed assets | 21 | €495,000 | €689,067 | +€194,067 | +39.2% |
| Tangible fixed assets | 22/27 | €772,879 | €714,764 | -€58,114 | -7.5% |
| Land and buildings | 22 | €644,886 | €603,718 | -€41,167 | -6.4% |
| Furniture and vehicles | 24 | €21,327 | €16,232 | -€5,095 | -23.9% |
| Leasing and similar rights | 25 | €106,667 | €94,815 | -€11,852 | -11.1% |
| Financial fixed assets | 28 | €1,798,508 | €1,798,508 | = | 0.0% |
| Current assets | 29/58 | €464,422 | €723,292 | +€258,870 | +55.7% |
| Amounts receivable within one year | 40/41 | €15,520 | €25,176 | +€9,656 | +62.2% |
| Trade receivables | 40 | €15,520 | €13,428 | -€2,092 | -13.5% |
| Other amounts receivable | 41 | - | €11,748 | +€11,748 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €130,376 | €683,828 | +€553,452 | +425% |
| Deferred charges and accrued income | 490/1 | €18,526 | €14,288 | -€4,238 | -22.9% |
| Total equity and liabilities | 10/49 | €3,530,809 | €3,925,631 | +€394,822 | +11.2% |
| Equity | 10/15 | €1,016,206 | €2,178,768 | +€1.2m | +114% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €959,041 | €997,606 | +€38,566 | +4.0% |
| Tax-exempt reserves | 132 | €24,902 | €24,902 | = | 0.0% |
| Distributable reserves | 133 | €934,139 | €972,704 | +€38,566 | +4.1% |
| Profit (loss) carried forward | 14 | €38,566 | €1,162,562 | +€1.1m | +2,915% |
| Amounts payable | 17/49 | €2,514,603 | €1,746,863 | -€767,739 | -30.5% |
| Amounts payable after more than one year | 17 | €1,595,658 | €1,378,311 | -€217,347 | -13.6% |
| Financial debts | 170/4 | €1,595,658 | €1,378,311 | -€217,347 | -13.6% |
| Amounts payable within one year | 42/48 | €917,944 | €367,552 | -€550,392 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €195,610 | €216,643 | +€21,032 | +10.8% |
| Financial debts | 43 | €14,087 | - | -€14,087 | |
| Credit institutions | 430/8 | €14,087 | - | -€14,087 | |
| Trade debts | 44 | €14,003 | €21,331 | +€7,328 | +52.3% |
| Suppliers | 440/4 | €14,003 | €21,331 | +€7,328 | +52.3% |
| Taxes, remuneration and social security | 45 | €34,105 | €36,022 | +€1,916 | +5.6% |
| Taxes | 450/3 | €34,105 | €36,022 | +€1,916 | +5.6% |
| Other amounts payable | 47/48 | €660,139 | €93,557 | -€566,583 | -85.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,689 | €140,789 | +€24,099 | +20.7% |
| Other operating charges | 640/8 | €6,227 | €2,570 | -€3,657 | -58.7% |
| Gross operating margin | 9900 | €248,924 | €224,753 | -€24,171 | -9.7% |
| Operating profit (loss) | 9901 | €126,008 | €81,395 | -€44,613 | -35.4% |
| Financial income | 75/76B | €9,309 | €1,165,134 | +€1.2m | +12,416% |
| Recurring financial income | 75 | €9,309 | €15,134 | +€5,825 | +62.6% |
| Non-recurring financial income | 76B | - | €1,150,000 | +€1.2m | |
| Financial charges | 65/66B | €70,956 | €73,469 | +€2,513 | +3.5% |
| Recurring financial charges | 65 | €70,956 | €73,469 | +€2,513 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €64,361 | €1,173,061 | +€1.1m | +1,723% |
| Income taxes | 67/77 | €25,796 | €10,499 | -€15,296 | -59.3% |
| Profit (loss) for the period | 9904 | €38,566 | €1,162,562 | +€1.1m | +2,915% |
| Profit (loss) for the period to be appropriated | 9905 | €38,566 | €1,162,562 | +€1.1m | +2,915% |
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 28 October 2026 via checked.be.