WHITE RUSSIAN: 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 RUSSIAN
Largest movements
- Cash +€42,689
up €42,689 (+28.6%), from €149,091 to €191,780
mainly Other debts (+€75,471) and Receivables within one year (+€36,941)
- Receivables within one year -€36,941
down €36,941 (-88.1%), from €41,937 to €4,995
of which Trade receivables: -€41,158
- Other debts +€75,471
up €75,471 (+99.3%), from €75,968 to €151,439
- Reserves -€35,811
down €35,811 (-11.6%), from €309,746 to €273,934
- Trade debts -€16,855
down €16,855 (-95.0%), from €17,745 to €890
- Tax, wage and social debts -€15,385
down €15,385 (-55.5%), from €27,736 to €12,351
of which Taxes: -€13,019
- Gross operating margin -€52,259
down €52,259 (-57.6%), from €90,719 to €38,460
- Financial income +€10,780
up €10,780 (+729%), from €1,479 to €12,260
- Taxes -€9,559
down €9,559 (-39.0%), from €24,540 to €14,982
- Write-downs -€3,706
down €3,706 (-100%), from €3,706 to €0
- Financial charges +€1,870
up €1,870 (+62.8%), from €2,976 to €4,846
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 | €442,201 | €450,202 | +€8,000 | +1.8% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €442,201 | €450,202 | +€8,000 | +1.8% |
| Amounts receivable within one year | 40/41 | €41,937 | €4,995 | -€36,941 | -88.1% |
| Trade receivables | 40 | €41,937 | €778 | -€41,158 | -98.1% |
| Other amounts receivable | 41 | €0 | €4,217 | +€4,217 | |
| Current investments | 50/53 | €250,000 | €250,000 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €149,091 | €191,780 | +€42,689 | +28.6% |
| Deferred charges and accrued income | 490/1 | €1,174 | €3,427 | +€2,253 | +192% |
| Total equity and liabilities | 10/49 | €442,201 | €450,202 | +€8,000 | +1.8% |
| Equity | 10/15 | €318,038 | €282,227 | -€35,811 | -11.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €309,746 | €273,934 | -€35,811 | -11.6% |
| Distributable reserves | 133 | €309,746 | €273,934 | -€35,811 | -11.6% |
| Profit (loss) carried forward | 14 | €2,092 | €2,092 | = | 0.0% |
| Amounts payable | 17/49 | €124,163 | €167,975 | +€43,812 | +35.3% |
| Amounts payable within one year | 42/48 | €121,450 | €164,681 | +€43,231 | +35.6% |
| Trade debts | 44 | €17,745 | €890 | -€16,855 | -95.0% |
| Suppliers | 440/4 | €17,745 | €890 | -€16,855 | -95.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,736 | €12,351 | -€15,385 | -55.5% |
| Taxes | 450/3 | €25,371 | €12,351 | -€13,019 | -51.3% |
| Remuneration and social security | 454/9 | €2,366 | €0 | -€2,366 | -100% |
| Other amounts payable | 47/48 | €75,968 | €151,439 | +€75,471 | +99.3% |
| Accrued charges and deferred income | 492/3 | €2,714 | €3,294 | +€581 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198 | €0 | -€198 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,706 | €0 | -€3,706 | -100% |
| Other operating charges | 640/8 | €1,307 | €1,202 | -€104 | -8.0% |
| Gross operating margin | 9900 | €90,719 | €38,460 | -€52,259 | -57.6% |
| Operating profit (loss) | 9901 | €85,508 | €37,257 | -€48,250 | -56.4% |
| Financial income | 75/76B | €1,479 | €12,260 | +€10,780 | +729% |
| Recurring financial income | 75 | €1,479 | €12,260 | +€10,780 | +729% |
| Financial charges | 65/66B | €2,976 | €4,846 | +€1,870 | +62.8% |
| Recurring financial charges | 65 | €2,976 | €4,846 | +€1,870 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | €84,011 | €44,670 | -€39,340 | -46.8% |
| Income taxes | 67/77 | €24,540 | €14,982 | -€9,559 | -39.0% |
| Profit (loss) for the period | 9904 | €59,470 | €29,689 | -€29,781 | -50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,470 | €29,689 | -€29,781 | -50.1% |
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 23 October 2026 via checked.be.