WHITE PANTHER: 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 PANTHER
Largest movements
- Cash -€39,678
down €39,678 (-58.6%), from €67,765 to €28,087
mainly Net result for the year (-€46,865) and Tax, wage and social debts (-€15,745)
- Receivables within one year -€28,450
down €28,450 (-33.2%), from €85,730 to €57,280
of which Other amounts receivable: -€14,262
- Profit (loss) carried forward -€82,036
down €82,036, from €35,171 to -€46,865
- Reserves +€26,887
up €26,887 (+29.1%), from €92,307 to €119,194
- Tax, wage and social debts -€15,745
down €15,745 (-65.2%), from €24,161 to €8,416
- Other debts +€1,918
new in 2025: €1,918
- Gross operating margin -€80,900
down €80,900, from €32,070 to -€48,831
- Financial income -€1,002
down €1,002 (-27.3%), from €3,672 to €2,671
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 | €153,495 | €85,367 | -€68,128 | -44.4% |
| Current assets | 29/58 | €153,495 | €85,367 | -€68,128 | -44.4% |
| Amounts receivable within one year | 40/41 | €85,730 | €57,280 | -€28,450 | -33.2% |
| Trade receivables | 40 | €17,077 | €2,889 | -€14,188 | -83.1% |
| Other amounts receivable | 41 | €68,653 | €54,391 | -€14,262 | -20.8% |
| Cash at bank and in hand | 54/58 | €67,765 | €28,087 | -€39,678 | -58.6% |
| Total equity and liabilities | 10/49 | €153,495 | €85,367 | -€68,128 | -44.4% |
| Equity | 10/15 | €128,978 | €73,829 | -€55,148 | -42.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €92,307 | €119,194 | +€26,887 | +29.1% |
| Distributable reserves | 133 | €92,307 | €119,194 | +€26,887 | +29.1% |
| Profit (loss) carried forward | 14 | €35,171 | -€46,865 | -€82,036 | |
| Amounts payable | 17/49 | €24,517 | €11,538 | -€12,980 | -52.9% |
| Amounts payable within one year | 42/48 | €24,517 | €11,538 | -€12,980 | -52.9% |
| Financial debts | 43 | €172 | €1,078 | +€906 | +528% |
| Credit institutions | 430/8 | €172 | €1,078 | +€906 | +528% |
| Trade debts | 44 | €184 | €126 | -€58 | -31.7% |
| Suppliers | 440/4 | €184 | €126 | -€58 | -31.7% |
| Taxes, remuneration and social security | 45 | €24,161 | €8,416 | -€15,745 | -65.2% |
| Taxes | 450/3 | €24,161 | €8,416 | -€15,745 | -65.2% |
| Other amounts payable | 47/48 | - | €1,918 | +€1,918 | |
| Other operating charges | 640/8 | €463 | €448 | -€16 | -3.4% |
| Gross operating margin | 9900 | €32,070 | -€48,831 | -€80,900 | |
| Operating profit (loss) | 9901 | €31,606 | -€49,278 | -€80,884 | |
| Financial income | 75/76B | €3,672 | €2,671 | -€1,002 | -27.3% |
| Recurring financial income | 75 | €3,672 | €2,671 | -€1,002 | -27.3% |
| Financial charges | 65/66B | €108 | €125 | +€17 | +16.2% |
| Recurring financial charges | 65 | €108 | €125 | +€17 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €35,171 | -€46,733 | -€81,904 | |
| Income taxes | 67/77 | - | €132 | +€132 | |
| Profit (loss) for the period | 9904 | €35,171 | -€46,865 | -€82,036 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,171 | -€46,865 | -€82,036 |
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 25 October 2026 via checked.be.