WHITE PASS: what changed
Two fiscal 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 PASS
Largest movements
- Receivables within one year -€76,056
down €76,056 (-96.1%), from €79,117 to €3,061
of which Other amounts receivable: -€50,000
- Cash -€62,990
down €62,990 (-75.9%), from €83,027 to €20,037
mainly Contributions, distributions and other (-€163,333) and Tax, wage and social debts (-€26,222)
- Tangible fixed assets -€9,091
down €9,091 (-18.8%), from €48,231 to €39,140
of which Furniture and vehicles: -€7,345
- Profit (loss) carried forward -€119,913
down €119,913 (-71.6%), from €167,492 to €47,579
- Tax, wage and social debts -€26,222
down €26,222 (-85.9%), from €30,514 to €4,293
- Trade debts -€14,003
down €14,003 (-93.6%), from €14,961 to €957
- Other debts +€10,093
up €10,093 (+1111.8%), from €908 to €11,000
- Gross operating margin -€31,563
down €31,563 (-32.8%), from €96,313 to €64,749
- Taxes -€8,959
down €8,959 (-44.8%), from €20,001 to €11,042
- Depreciation +€6,138
up €6,138 (+138.6%), from €4,429 to €10,566
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.
Cash bridge derived
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 | €215,375 | €65,329 | -€150,046 | -69.7% |
| Fixed assets | 21/28 | €50,831 | €39,740 | -€11,091 | -21.8% |
| Tangible fixed assets | 22/27 | €48,231 | €39,140 | -€9,091 | -18.8% |
| Furniture and vehicles | 24 | €36,607 | €29,262 | -€7,345 | -20.1% |
| Other tangible fixed assets | 26 | €11,624 | €9,877 | -€1,747 | -15.0% |
| Financial fixed assets | 28 | €2,600 | €600 | -€2,000 | -76.9% |
| Current assets | 29/58 | €164,544 | €25,590 | -€138,955 | -84.4% |
| Amounts receivable within one year | 40/41 | €79,117 | €3,061 | -€76,056 | -96.1% |
| Trade receivables | 40 | €27,117 | €1,061 | -€26,056 | -96.1% |
| Other amounts receivable | 41 | €52,000 | €2,000 | -€50,000 | -96.2% |
| Cash at bank and in hand | 54/58 | €83,027 | €20,037 | -€62,990 | -75.9% |
| Deferred charges and accrued income | 490/1 | €2,401 | €2,492 | +€92 | +3.8% |
| Total equity and liabilities | 10/49 | €215,375 | €65,329 | -€150,046 | -69.7% |
| Equity | 10/15 | €168,992 | €49,079 | -€119,913 | -71.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,492 | €47,579 | -€119,913 | -71.6% |
| Amounts payable | 17/49 | €46,383 | €16,250 | -€30,133 | -65.0% |
| Amounts payable within one year | 42/48 | €46,383 | €16,250 | -€30,133 | -65.0% |
| Trade debts | 44 | €14,961 | €957 | -€14,003 | -93.6% |
| Suppliers | 440/4 | €14,961 | €957 | -€14,003 | -93.6% |
| Taxes, remuneration and social security | 45 | €30,514 | €4,293 | -€26,222 | -85.9% |
| Taxes | 450/3 | €30,514 | €4,293 | -€26,222 | -85.9% |
| Other amounts payable | 47/48 | €908 | €11,000 | +€10,093 | +1111.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,429 | €10,566 | +€6,138 | +138.6% |
| Other operating charges | 640/8 | €1,067 | €915 | -€152 | -14.3% |
| Gross operating margin | 9900 | €96,313 | €64,749 | -€31,563 | -32.8% |
| Operating profit (loss) | 9901 | €90,817 | €53,268 | -€37,549 | -41.3% |
| Financial income | 75/76B | €1,318 | €1,301 | -€16 | -1.2% |
| Recurring financial income | 75 | €1,318 | €1,301 | -€16 | -1.2% |
| Financial charges | 65/66B | €48 | €108 | +€60 | +124.2% |
| Recurring financial charges | 65 | €48 | €108 | +€60 | +124.2% |
| Profit (loss) for the period before taxes | 9903 | €92,087 | €54,462 | -€37,625 | -40.9% |
| Income taxes | 67/77 | €20,001 | €11,042 | -€8,959 | -44.8% |
| Profit (loss) for the period | 9904 | €72,086 | €43,420 | -€28,666 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,086 | €43,420 | -€28,666 | -39.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.