White & Moore Stables: 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 & Moore Stables
Largest movements
- Cash +€225,682
up €225,682 (+1,018%), from €22,171 to €247,853
mainly Depreciation (+€133,277) and Receivables within one year (+€82,540)
- Tangible fixed assets -€126,333
down €126,333 (-4.0%), from €3.2m to €3.0m
of which Land and buildings: -€112,640
- Receivables within one year -€82,540
down €82,540 (-66.1%), from €124,843 to €42,303
of which Trade receivables: -€82,040
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€52,883
up €52,883 (+20.2%), from €262,033 to €314,916
- Write-downs -€25,000
down €25,000 (-83.3%), from €30,000 to €5,000
- Staff costs -€15,801
down €15,801 (-12.2%), from €129,764 to €113,963
- Depreciation -€15,067
down €15,067 (-10.2%), from €148,344 to €133,277
- Other operating charges +€11,279
up €11,279 (+66.2%), from €17,034 to €28,313
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 | €3,509,092 | €3,506,935 | -€2,157 | -0.1% |
| Fixed assets | 21/28 | €3,157,540 | €3,030,717 | -€126,823 | -4.0% |
| Tangible fixed assets | 22/27 | €3,156,740 | €3,030,407 | -€126,333 | -4.0% |
| Land and buildings | 22 | €3,131,714 | €3,019,074 | -€112,640 | -3.6% |
| Plant, machinery and equipment | 23 | €25,026 | €11,333 | -€13,693 | -54.7% |
| Financial fixed assets | 28 | €800 | €310 | -€490 | -61.3% |
| Current assets | 29/58 | €351,552 | €476,218 | +€124,666 | +35.5% |
| Stocks and contracts in progress | 3 | €185,000 | €176,500 | -€8,500 | -4.6% |
| Stocks | 30/36 | €185,000 | €176,500 | -€8,500 | -4.6% |
| Amounts receivable within one year | 40/41 | €124,843 | €42,303 | -€82,540 | -66.1% |
| Trade receivables | 40 | €119,163 | €37,123 | -€82,040 | -68.8% |
| Other amounts receivable | 41 | €5,680 | €5,180 | -€500 | -8.8% |
| Current investments | 50/53 | €6,655 | €6,655 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,171 | €247,853 | +€225,682 | +1,018% |
| Deferred charges and accrued income | 490/1 | €12,883 | €2,907 | -€9,976 | -77.4% |
| Total equity and liabilities | 10/49 | €3,509,092 | €3,506,935 | -€2,157 | -0.1% |
| Equity | 10/15 | €2,668,321 | €2,665,651 | -€2,670 | -0.1% |
| Contributions | 10/11 | €3,945,299 | €3,945,299 | = | 0.0% |
| Reserves | 13 | €412,399 | €396,824 | -€15,575 | -3.8% |
| Tax-exempt reserves | 132 | €388,137 | €372,562 | -€15,575 | -4.0% |
| Distributable reserves | 133 | €24,262 | €24,262 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,689,376 | -€1,676,472 | +€12,904 | +0.8% |
| Amounts payable | 17/49 | €840,771 | €841,284 | +€513 | +0.1% |
| Amounts payable within one year | 42/48 | €831,492 | €806,234 | -€25,258 | -3.0% |
| Trade debts | 44 | €45,055 | €19,604 | -€25,451 | -56.5% |
| Suppliers | 440/4 | €45,055 | €19,604 | -€25,451 | -56.5% |
| Taxes, remuneration and social security | 45 | €16,842 | €7,757 | -€9,085 | -53.9% |
| Taxes | 450/3 | €16,775 | €7,757 | -€9,018 | -53.8% |
| Remuneration and social security | 454/9 | €67 | €0 | -€67 | -100% |
| Other amounts payable | 47/48 | €769,595 | €778,874 | +€9,279 | +1.2% |
| Accrued charges and deferred income | 492/3 | €9,279 | €35,049 | +€25,771 | +278% |
| Remuneration, social security and pensions | 62 | €129,764 | €113,963 | -€15,801 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,344 | €133,277 | -€15,067 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Other operating charges | 640/8 | €17,034 | €28,313 | +€11,279 | +66.2% |
| Gross operating margin | 9900 | €262,033 | €314,916 | +€52,883 | +20.2% |
| Operating profit (loss) | 9901 | -€63,109 | €34,363 | +€97,472 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €40,599 | €36,446 | -€4,154 | -10.2% |
| Recurring financial charges | 65 | €40,599 | €36,446 | -€4,154 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€103,708 | -€2,083 | +€101,625 | +98.0% |
| Income taxes | 67/77 | €100 | €587 | +€487 | +486% |
| Profit (loss) for the period | 9904 | -€103,809 | -€2,670 | +€101,138 | +97.4% |
| Transfer from tax-exempt reserves | 789 | €15,712 | €15,575 | -€137 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,097 | €12,904 | +€101,001 |
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.