WHITE ROSE: 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 ROSE
Largest movements
- Tangible fixed assets -€242,524
down €242,524 (-7.0%), from €3.4m to €3.2m
of which Land and buildings: -€229,690
- Cash -€90,058
down €90,058 (-84.4%), from €106,652 to €16,594
mainly Debts after one year (-€203,110) and Net result for the year (-€71,944)
- Debts after one year -€203,110
down €203,110 (-9.8%), from €2.1m to €1.9m
- Profit (loss) carried forward -€71,944
down €71,944 (-2.2%), from -€3.2m to -€3.3m
- Trade debts -€67,468
down €67,468 (-96.3%), from €70,089 to €2,621
- Gross operating margin +€58,571
up €58,571 (+38.2%), from €153,335 to €211,907
- Financial charges -€2,529
down €2,529 (-8.9%), from €28,300 to €25,771
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 | €4,047,119 | €3,732,995 | -€314,125 | -7.8% |
| Fixed assets | 21/28 | €3,445,486 | €3,202,963 | -€242,524 | -7.0% |
| Tangible fixed assets | 22/27 | €3,445,486 | €3,202,963 | -€242,524 | -7.0% |
| Land and buildings | 22 | €3,375,555 | €3,145,865 | -€229,690 | -6.8% |
| Plant, machinery and equipment | 23 | €69,931 | €57,098 | -€12,833 | -18.4% |
| Current assets | 29/58 | €601,633 | €530,032 | -€71,601 | -11.9% |
| Amounts receivable within one year | 40/41 | €483,982 | €497,398 | +€13,416 | +2.8% |
| Trade receivables | 40 | €46,246 | €52,048 | +€5,802 | +12.5% |
| Other amounts receivable | 41 | €437,736 | €445,350 | +€7,614 | +1.7% |
| Cash at bank and in hand | 54/58 | €106,652 | €16,594 | -€90,058 | -84.4% |
| Deferred charges and accrued income | 490/1 | €10,999 | €16,040 | +€5,041 | +45.8% |
| Total equity and liabilities | 10/49 | €4,047,119 | €3,732,995 | -€314,125 | -7.8% |
| Equity | 10/15 | €1,688,573 | €1,616,629 | -€71,944 | -4.3% |
| Contributions | 10/11 | €3,541,500 | €3,541,500 | = | 0.0% |
| Contributions outside capital | 11 | €3,541,500 | €3,541,500 | = | 0.0% |
| Other | 1109/19 | €3,541,500 | €3,541,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,370,000 | €1,370,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,222,927 | -€3,294,871 | -€71,944 | -2.2% |
| Amounts payable | 17/49 | €2,358,546 | €2,116,366 | -€242,180 | -10.3% |
| Amounts payable after more than one year | 17 | €2,064,329 | €1,861,219 | -€203,110 | -9.8% |
| Financial debts | 170/4 | €2,064,329 | €1,861,219 | -€203,110 | -9.8% |
| Amounts payable within one year | 42/48 | €280,334 | €237,743 | -€42,591 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €200,798 | €203,110 | +€2,313 | +1.2% |
| Trade debts | 44 | €70,089 | €2,621 | -€67,468 | -96.3% |
| Suppliers | 440/4 | €70,089 | €2,621 | -€67,468 | -96.3% |
| Taxes, remuneration and social security | 45 | - | €22,565 | +€22,565 | |
| Taxes | 450/3 | - | €22,565 | +€22,565 | |
| Other amounts payable | 47/48 | €9,447 | €9,447 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,883 | €17,404 | +€3,521 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,502 | €242,524 | +€1,021 | +0.4% |
| Other operating charges | 640/8 | €23,924 | €23,170 | -€754 | -3.2% |
| Gross operating margin | 9900 | €153,335 | €211,907 | +€58,571 | +38.2% |
| Operating profit (loss) | 9901 | -€112,091 | -€53,787 | +€58,304 | +52.0% |
| Financial income | 75/76B | €7,634 | €7,614 | -€21 | -0.3% |
| Recurring financial income | 75 | €7,634 | €7,614 | -€21 | -0.3% |
| Financial charges | 65/66B | €28,300 | €25,771 | -€2,529 | -8.9% |
| Recurring financial charges | 65 | €28,300 | €25,771 | -€2,529 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | -€132,756 | -€71,944 | +€60,812 | +45.8% |
| Profit (loss) for the period | 9904 | -€132,756 | -€71,944 | +€60,812 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,756 | -€71,944 | +€60,812 | +45.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.