WHITE HORSE: what changed
What changed
WHITE HORSE
NACE 03.110, Fishing and aquaculture
filed annual accounts (NBB)
Net result for the year
€130,135
2024 · €188,647-€58,512
Equity
€1.0m
2024 · €898,897+€112,269
Cash
€2,298
2024 · €1,185+€1,113
Balance sheet total
€2.1m
2024 · €2.1m-€33,181
Largest movements
Assets
- Tangible fixed assets -€35,690
down €35,690 (-2.1%), from €1.7m to €1.7m
Equity and liabilities
- Reserves +€113,935
up €113,935 (+17.4%), from €656,134 to €770,069
of which Distributable reserves: +€113,935
- Debts after one year -€100,724
down €100,724 (-21.6%), from €465,810 to €365,086
- Other debts -€38,914
down €38,914 (-7.0%), from €559,512 to €520,598
Income statement
- Gross operating margin -€103,047
down €103,047 (-26.1%), from €395,419 to €292,373
- Taxes -€27,871
down €27,871 (-33.0%), from €84,498 to €56,627
- Financial charges -€15,441
down €15,441 (-22.7%), from €68,036 to €52,594
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€188,647
Gross operating margin
-€103,047
Depreciation
+€445
Other operating charges
-€813
Financial income
+€1,590
Financial charges
+€15,441
Taxes
+€27,871
Result 2025
€130,135
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€124,791
Investment
-€8,811
Financing
-€114,867
Cash 2024
€1,185
From operations (derived)
+€124,791
Net result for the year
+€130,135
Depreciation
+€43,173
Deferred charges and accrued income
-€68
Trade debts
-€12,487
Tax, wage and social debts
+€2,952
Other debts
-€38,914
Investment (derived)
-€8,811
Investment in fixed assets (net)
-€7,483
Current investments
-€1,329
Financing
-€114,867
Debts after one year
-€100,724
Current portion of long-term debt
+€3,723
Contributions, distributions and other
-€17,866
Cash 2025
€2,298
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,099,812 | €2,066,631 | -€33,181 | -1.6% |
| Fixed assets | 21/28 | €1,918,001 | €1,882,311 | -€35,690 | -1.9% |
| Tangible fixed assets | 22/27 | €1,690,459 | €1,654,769 | -€35,690 | -2.1% |
| Land and buildings | 22 | €1,690,459 | €1,654,769 | -€35,690 | -2.1% |
| Financial fixed assets | 28 | €227,542 | €227,542 | = | 0.0% |
| Current assets | 29/58 | €181,811 | €184,320 | +€2,509 | +1.4% |
| Amounts receivable within one year | 40/41 | €3,176 | €3,176 | = | 0.0% |
| Trade receivables | 40 | €3,176 | €3,176 | = | 0.0% |
| Current investments | 50/53 | €175,761 | €177,090 | +€1,329 | +0.8% |
| Cash at bank and in hand | 54/58 | €1,185 | €2,298 | +€1,113 | +93.9% |
| Deferred charges and accrued income | 490/1 | €1,688 | €1,756 | +€68 | +4.0% |
| Total equity and liabilities | 10/49 | €2,099,812 | €2,066,631 | -€33,181 | -1.6% |
| Equity | 10/15 | €898,897 | €1,011,166 | +€112,269 | +12.5% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €656,134 | €770,069 | +€113,935 | +17.4% |
| Non-distributable reserves | 130/1 | €24,000 | €24,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €632,134 | €746,069 | +€113,935 | +18.0% |
| Profit (loss) carried forward | 14 | €2,763 | €1,097 | -€1,666 | -60.3% |
| Amounts payable | 17/49 | €1,200,915 | €1,055,465 | -€145,450 | -12.1% |
| Amounts payable after more than one year | 17 | €465,810 | €365,086 | -€100,724 | -21.6% |
| Financial debts | 170/4 | €465,810 | €365,086 | -€100,724 | -21.6% |
| Amounts payable within one year | 42/48 | €735,106 | €690,380 | -€44,726 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €96,090 | €99,813 | +€3,723 | +3.9% |
| Trade debts | 44 | €16,793 | €4,307 | -€12,487 | -74.4% |
| Suppliers | 440/4 | €16,793 | €4,307 | -€12,487 | -74.4% |
| Taxes, remuneration and social security | 45 | €62,711 | €65,663 | +€2,952 | +4.7% |
| Taxes | 450/3 | €60,211 | €65,663 | +€5,452 | +9.1% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €559,512 | €520,598 | -€38,914 | -7.0% |
| Non-recurring operating income | 76A | €24,574 | - | -€24,574 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,618 | €43,173 | -€445 | -1.0% |
| Other operating charges | 640/8 | €10,868 | €11,681 | +€813 | +7.5% |
| Gross operating margin | 9900 | €395,419 | €292,373 | -€103,047 | -26.1% |
| Operating profit (loss) | 9901 | €340,934 | €237,519 | -€103,414 | -30.3% |
| Financial income | 75/76B | €247 | €1,837 | +€1,590 | +644% |
| Recurring financial income | 75 | €247 | €1,837 | +€1,590 | +644% |
| Financial charges | 65/66B | €68,036 | €52,594 | -€15,441 | -22.7% |
| Recurring financial charges | 65 | €68,036 | €52,594 | -€15,441 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €273,145 | €186,762 | -€86,383 | -31.6% |
| Income taxes | 67/77 | €84,498 | €56,627 | -€27,871 | -33.0% |
| Profit (loss) for the period | 9904 | €188,647 | €130,135 | -€58,512 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €188,647 | €130,135 | -€58,512 | -31.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.