WHITE LIGHT: 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 LIGHT
NACE 82.300, Organisation of conventions and trade shows
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€26,362
2024 · €30,487-€56,850
Equity
€328,214
2024 · €355,966-€27,752
Cash
€180,112
2024 · €59,387+€120,725
Balance sheet total
€2.6m
2024 · €2.9m-€223,684
Largest movements
Assets
- Tangible fixed assets -€307,682
down €307,682 (-16.8%), from €1.8m to €1.5m
of which Leasing and similar rights: -€192,263
- Cash +€120,725
up €120,725 (+203%), from €59,387 to €180,112
mainly Depreciation (+€196,676) and Investment in fixed assets (net) (+€120,630)
- Receivables within one year -€53,407
down €53,407 (-10.3%), from €519,648 to €466,241
of which Trade receivables: -€196,283
Equity and liabilities
- Debts after one year -€152,075
down €152,075 (-12.3%), from €1.2m to €1.1m
- Trade debts -€52,294
down €52,294 (-11.8%), from €441,805 to €389,511
- Short-term financial debts +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Accrued charges and deferred income -€40,101
down €40,101 (-50.8%), from €78,863 to €38,762
- Tax, wage and social debts +€35,776
up €35,776 (+26.8%), from €133,441 to €169,218
of which Remuneration and social security: +€19,559
Income statement
- Staff costs +€78,424
up €78,424 (+11.1%), from €705,165 to €783,589
- Depreciation -€37,314
down €37,314 (-15.9%), from €233,990 to €196,676
- Gross operating margin -€12,902
down €12,902 (-1.2%), from €1.1m to €1.1m
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
€30,487
Gross operating margin
-€12,902
Staff costs
-€78,424
Depreciation
+€37,314
Provisions
+€1,398
Other operating charges
-€8,603
Other operating items
-€382
Financial income
+€1,241
Financial charges
+€630
Taxes
+€2,879
Result 2025
-€26,362
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
+€126,926
Investment
+€120,630
Financing
-€126,831
Cash 2024
€59,387
From operations (derived)
+€126,926
Net result for the year
-€26,362
Depreciation
+€196,676
Stocks and contracts
-€22,999
Receivables within one year
+€53,407
Deferred charges and accrued income
-€3,305
Provisions
-€9,661
Trade debts
-€52,294
Tax, wage and social debts
+€35,776
Other debts
-€4,211
Accrued charges and deferred income
-€40,101
Investment (derived)
+€120,630
Investment in fixed assets (net)
+€120,630
Financing
-€126,831
Debts after one year
-€152,075
Current portion of long-term debt
-€23,367
Short-term financial debts
+€50,000
Contributions, distributions and other
-€1,390
Cash 2025
€180,112
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,853,002 | €2,629,318 | -€223,684 | -7.8% |
| Fixed assets | 21/28 | €1,843,611 | €1,526,304 | -€317,307 | -17.2% |
| Intangible fixed assets | 21 | €12,262 | €2,637 | -€9,625 | -78.5% |
| Tangible fixed assets | 22/27 | €1,829,348 | €1,521,667 | -€307,682 | -16.8% |
| Land and buildings | 22 | €1,453,880 | €1,348,708 | -€105,172 | -7.2% |
| Plant, machinery and equipment | 23 | €75,837 | €51,324 | -€24,513 | -32.3% |
| Furniture and vehicles | 24 | €98,803 | €113,069 | +€14,266 | +14.4% |
| Leasing and similar rights | 25 | €200,828 | €8,565 | -€192,263 | -95.7% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €1,009,392 | €1,103,014 | +€93,622 | +9.3% |
| Amounts receivable after more than one year | 29 | €9,423 | €9,423 | = | 0.0% |
| Other amounts receivable | 291 | €9,423 | €9,423 | = | 0.0% |
| Stocks and contracts in progress | 3 | €333,923 | €356,922 | +€22,999 | +6.9% |
| Stocks | 30/36 | €249,523 | €253,022 | +€3,499 | +1.4% |
| Contracts in progress | 37 | €84,400 | €103,900 | +€19,500 | +23.1% |
| Amounts receivable within one year | 40/41 | €519,648 | €466,241 | -€53,407 | -10.3% |
| Trade receivables | 40 | €510,127 | €313,844 | -€196,283 | -38.5% |
| Other amounts receivable | 41 | €9,521 | €152,397 | +€142,876 | +1,501% |
| Cash at bank and in hand | 54/58 | €59,387 | €180,112 | +€120,725 | +203% |
| Deferred charges and accrued income | 490/1 | €87,011 | €90,316 | +€3,305 | +3.8% |
| Total equity and liabilities | 10/49 | €2,853,002 | €2,629,318 | -€223,684 | -7.8% |
| Equity | 10/15 | €355,966 | €328,214 | -€27,752 | -7.8% |
| Contributions | 10/11 | €149,000 | €149,000 | = | 0.0% |
| Capital | 10 | €149,000 | €149,000 | = | 0.0% |
| Issued capital | 100 | €149,000 | €149,000 | = | 0.0% |
| Reserves | 13 | €439,978 | €415,427 | -€24,552 | -5.6% |
| Non-distributable reserves | 130/1 | €14,900 | €14,900 | = | 0.0% |
| Legal reserve | 130 | €14,900 | €14,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €375,420 | €350,869 | -€24,552 | -6.5% |
| Distributable reserves | 133 | €49,658 | €49,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€251,082 | -€252,893 | -€1,811 | -0.7% |
| Investment grants | 15 | €18,070 | €16,680 | -€1,390 | -7.7% |
| Provisions and deferred taxes | 16 | €125,594 | €115,933 | -€9,661 | -7.7% |
| Deferred taxes | 168 | €125,594 | €115,933 | -€9,661 | -7.7% |
| Amounts payable | 17/49 | €2,371,442 | €2,185,171 | -€186,271 | -7.9% |
| Amounts payable after more than one year | 17 | €1,236,066 | €1,083,991 | -€152,075 | -12.3% |
| Financial debts | 170/4 | €1,236,066 | €1,083,991 | -€152,075 | -12.3% |
| Amounts payable within one year | 42/48 | €1,056,513 | €1,062,418 | +€5,905 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €227,056 | €203,689 | -€23,367 | -10.3% |
| Financial debts | 43 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Credit institutions | 430/8 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Trade debts | 44 | €441,805 | €389,511 | -€52,294 | -11.8% |
| Suppliers | 440/4 | €441,805 | €389,511 | -€52,294 | -11.8% |
| Taxes, remuneration and social security | 45 | €133,441 | €169,218 | +€35,776 | +26.8% |
| Taxes | 450/3 | €52,667 | €68,884 | +€16,217 | +30.8% |
| Remuneration and social security | 454/9 | €80,775 | €100,334 | +€19,559 | +24.2% |
| Other amounts payable | 47/48 | €4,211 | - | -€4,211 | |
| Accrued charges and deferred income | 492/3 | €78,863 | €38,762 | -€40,101 | -50.8% |
| Remuneration, social security and pensions | 62 | €705,165 | €783,589 | +€78,424 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,990 | €196,676 | -€37,314 | -15.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,398 | - | -€1,398 | |
| Other operating charges | 640/8 | €24,150 | €32,753 | +€8,603 | +35.6% |
| Non-recurring operating charges | 66A | - | €382 | +€382 | |
| Gross operating margin | 9900 | €1,073,227 | €1,060,325 | -€12,902 | -1.2% |
| Operating profit (loss) | 9901 | €108,525 | €46,925 | -€61,600 | -56.8% |
| Financial income | 75/76B | €2,305 | €3,546 | +€1,241 | +53.8% |
| Recurring financial income | 75 | €2,305 | €3,546 | +€1,241 | +53.8% |
| Financial charges | 65/66B | €82,203 | €81,573 | -€630 | -0.8% |
| Recurring financial charges | 65 | €82,203 | €81,573 | -€630 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €28,627 | -€31,103 | -€59,729 | |
| Transfer from deferred taxes | 780 | €9,661 | €9,661 | = | 0.0% |
| Income taxes | 67/77 | €7,800 | €4,921 | -€2,879 | -36.9% |
| Profit (loss) for the period | 9904 | €30,487 | -€26,362 | -€56,850 | |
| Transfer from tax-exempt reserves | 789 | €24,552 | €24,552 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,039 | -€1,811 | -€56,850 |
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 16 October 2026 via checked.be.