White Hall: 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.
What changed
White Hall
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €2.3m+€354,712
Equity
€39.2m
2024 · €36.5m+€2.7m
Cash
€2.4m
2024 · €1.5m+€907,486
Balance sheet total
€39.6m
2024 · €36.7m+€2.9m
Largest movements
Assets
- Current investments +€2.9m
up €2.9m (+21.7%), from €13.3m to €16.1m
- Tangible fixed assets -€1.0m
down €1.0m (-5.4%), from €19.1m to €18.1m
of which Land and buildings: -€602,102
- Cash +€907,486
up €907,486 (+61.1%), from €1.5m to €2.4m
mainly Net result for the year (+€2.7m) and Depreciation (+€896,270)
Equity and liabilities
- Reserves +€2.7m
up €2.7m (+7.5%), from €35.5m to €38.1m
of which Distributable reserves: +€2.7m
Income statement
- Gross operating margin +€827,938
up €827,938 (+29.7%), from €2.8m to €3.6m
- Financial charges +€616,723
up €616,723 (+1,127%), from €54,731 to €671,454
- Financial income +€416,837
up €416,837 (+36.9%), from €1.1m to €1.5m
- Taxes +€244,536
up €244,536 (+40.1%), from €610,421 to €854,957
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.
Result 2024
€2.3m
Gross operating margin
+€827,938
Depreciation
+€7,274
Other operating charges
-€36,078
Financial income
+€416,837
Financial charges
-€616,723
Other financial items
+€1
Taxes
-€244,536
Deferred taxes and other
-€1
Result 2025
€2.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.7m
Investment
-€2.7m
Financing
+€0
Cash 2024
€1.5m
From operations (derived)
+€3.7m
Net result for the year
+€2.7m
Depreciation
+€896,270
Receivables within one year
-€153,570
Deferred charges and accrued income
+€19,262
Trade debts
-€27,241
Tax, wage and social debts
+€59,637
Other debts
+€184,669
Accrued charges and deferred income
+€383
Investment (derived)
-€2.7m
Investment in fixed assets (net)
+€126,513
Current investments
-€2.9m
Financing
+€0
Contributions, distributions and other
+€0
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,687,382 | €39,580,839 | +€2.9m | +7.9% |
| Fixed assets | 21/28 | €21,092,520 | €20,069,736 | -€1.0m | -4.8% |
| Tangible fixed assets | 22/27 | €19,107,588 | €18,084,805 | -€1.0m | -5.4% |
| Land and buildings | 22 | €16,832,693 | €16,230,591 | -€602,102 | -3.6% |
| Plant, machinery and equipment | 23 | €1,302,207 | €1,129,735 | -€172,472 | -13.2% |
| Furniture and vehicles | 24 | €724,479 | €724,479 | +€0 | 0.0% |
| Other tangible fixed assets | 26 | €248,209 | €0 | -€248,209 | -100% |
| Financial fixed assets | 28 | €1,984,931 | €1,984,931 | +€0 | 0.0% |
| Current assets | 29/58 | €15,594,862 | €19,511,102 | +€3.9m | +25.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €786,384 | €939,954 | +€153,570 | +19.5% |
| Trade receivables | 40 | €124,800 | €637,044 | +€512,244 | +410% |
| Other amounts receivable | 41 | €661,584 | €302,910 | -€358,674 | -54.2% |
| Current investments | 50/53 | €13,267,305 | €16,141,751 | +€2.9m | +21.7% |
| Cash at bank and in hand | 54/58 | €1,485,523 | €2,393,009 | +€907,486 | +61.1% |
| Deferred charges and accrued income | 490/1 | €55,650 | €36,388 | -€19,262 | -34.6% |
| Total equity and liabilities | 10/49 | €36,687,382 | €39,580,839 | +€2.9m | +7.9% |
| Equity | 10/15 | €36,528,232 | €39,204,242 | +€2.7m | +7.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €35,466,732 | €38,142,742 | +€2.7m | +7.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €35,460,582 | €38,136,592 | +€2.7m | +7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €159,149 | €376,597 | +€217,448 | +137% |
| Amounts payable within one year | 42/48 | €143,234 | €360,299 | +€217,065 | +152% |
| Trade debts | 44 | €44,695 | €17,454 | -€27,241 | -60.9% |
| Suppliers | 440/4 | €44,695 | €17,454 | -€27,241 | -60.9% |
| Taxes, remuneration and social security | 45 | €98,539 | €158,176 | +€59,637 | +60.5% |
| Taxes | 450/3 | €98,539 | €133,176 | +€34,637 | +35.2% |
| Remuneration and social security | 454/9 | - | €25,000 | +€25,000 | |
| Other amounts payable | 47/48 | - | €184,669 | +€184,669 | |
| Accrued charges and deferred income | 492/3 | €15,915 | €16,298 | +€383 | +2.4% |
| Non-recurring operating income | 76A | - | €142,742 | +€142,742 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903,544 | €896,270 | -€7,274 | -0.8% |
| Other operating charges | 640/8 | €24,757 | €60,835 | +€36,078 | +146% |
| Gross operating margin | 9900 | €2,785,483 | €3,613,421 | +€827,938 | +29.7% |
| Operating profit (loss) | 9901 | €1,857,182 | €2,656,316 | +€799,134 | +43.0% |
| Financial income | 75/76B | €1,129,268 | €1,546,105 | +€416,837 | +36.9% |
| Recurring financial income | 75 | €1,129,268 | €1,546,105 | +€416,837 | +36.9% |
| Financial charges | 65/66B | €54,731 | €671,454 | +€616,723 | +1,127% |
| Recurring financial charges | 65 | €54,731 | €671,454 | +€616,723 | +1,127% |
| Profit (loss) for the period before taxes | 9903 | €2,931,718 | €3,530,967 | +€599,249 | +20.4% |
| Income taxes | 67/77 | €610,421 | €854,957 | +€244,536 | +40.1% |
| Profit (loss) for the period | 9904 | €2,321,298 | €2,676,010 | +€354,712 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,321,298 | €2,676,010 | +€354,712 | +15.3% |
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 14 October 2026 via checked.be.