White Star Project: 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.
What changed
White Star Project
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,189
2024 · €11,423-€10,233
Equity
-€171,471
2024 · -€172,660+€1,189
Cash
€15,280
2024 · €28,793-€13,513
Balance sheet total
€2.2m
2024 · €2.3m-€61,856
Largest movements
Assets
- Tangible fixed assets -€47,271
down €47,271 (-2.1%), from €2.3m to €2.2m
of which Land and buildings: -€50,563
Equity and liabilities
- Debts after one year -€74,734
down €74,734 (-3.3%), from €2.3m to €2.2m
of which Financial debts: -€87,184
Income statement
- Gross operating margin -€7,290
down €7,290 (-6.8%), from €107,436 to €100,146
- Financial charges +€2,506
up €2,506 (+8.9%), from €28,079 to €30,585
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.
Result 2024
€11,423
Gross operating margin
-€7,290
Depreciation
+€77
Other operating charges
-€515
Financial charges
-€2,506
Result 2025
€1,189
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.
From operations
+€57,315
Investment
-€7,613
Financing
-€63,215
Cash 2024
€28,793
From operations (derived)
+€57,315
Net result for the year
+€1,189
Depreciation
+€54,884
Receivables within one year
+€1,000
Smaller working-capital items
+€61
Trade debts
-€744
Other debts
-€1,178
Accrued charges and deferred income
+€2,101
Investment (derived)
-€7,613
Investment in fixed assets (net)
-€7,613
Financing
-€63,215
Debts after one year
-€74,734
Current portion of long-term debt
+€1,520
Short-term financial debts
+€10,000
Cash 2025
€15,280
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,281,320 | €2,219,464 | -€61,856 | -2.7% |
| Fixed assets | 21/28 | €2,251,300 | €2,204,028 | -€47,271 | -2.1% |
| Tangible fixed assets | 22/27 | €2,251,300 | €2,204,028 | -€47,271 | -2.1% |
| Land and buildings | 22 | €2,177,742 | €2,127,179 | -€50,563 | -2.3% |
| Furniture and vehicles | 24 | €8,175 | €13,855 | +€5,680 | +69.5% |
| Other tangible fixed assets | 26 | €65,383 | €62,995 | -€2,388 | -3.7% |
| Current assets | 29/58 | €30,020 | €15,436 | -€14,584 | -48.6% |
| Amounts receivable within one year | 40/41 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | €1,000 | - | -€1,000 | |
| Cash at bank and in hand | 54/58 | €28,793 | €15,280 | -€13,513 | -46.9% |
| Deferred charges and accrued income | 490/1 | €227 | €156 | -€72 | -31.5% |
| Total equity and liabilities | 10/49 | €2,281,320 | €2,219,464 | -€61,856 | -2.7% |
| Equity | 10/15 | -€172,660 | -€171,471 | +€1,189 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,660 | -€191,471 | +€1,189 | +0.6% |
| Amounts payable | 17/49 | €2,453,980 | €2,390,935 | -€63,045 | -2.6% |
| Amounts payable after more than one year | 17 | €2,278,163 | €2,203,428 | -€74,734 | -3.3% |
| Financial debts | 170/4 | €1,478,163 | €1,390,978 | -€87,184 | -5.9% |
| Other amounts payable | 178/9 | €800,000 | €812,450 | +€12,450 | +1.6% |
| Amounts payable within one year | 42/48 | €175,369 | €184,958 | +€9,588 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €92,750 | €94,270 | +€1,520 | +1.6% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Other loans | 439 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €8,671 | €7,927 | -€744 | -8.6% |
| Suppliers | 440/4 | €8,671 | €7,927 | -€744 | -8.6% |
| Taxes, remuneration and social security | 45 | €10 | - | -€10 | |
| Taxes | 450/3 | €10 | - | -€10 | |
| Other amounts payable | 47/48 | €73,938 | €72,760 | -€1,178 | -1.6% |
| Accrued charges and deferred income | 492/3 | €448 | €2,549 | +€2,101 | +469.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,962 | €54,884 | -€77 | -0.1% |
| Other operating charges | 640/8 | €12,973 | €13,488 | +€515 | +4.0% |
| Gross operating margin | 9900 | €107,436 | €100,146 | -€7,290 | -6.8% |
| Operating profit (loss) | 9901 | €39,502 | €31,774 | -€7,727 | -19.6% |
| Financial charges | 65/66B | €28,079 | €30,585 | +€2,506 | +8.9% |
| Recurring financial charges | 65 | €28,079 | €30,585 | +€2,506 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €11,423 | €1,189 | -€10,233 | -89.6% |
| Profit (loss) for the period | 9904 | €11,423 | €1,189 | -€10,233 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,423 | €1,189 | -€10,233 | -89.6% |
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 12 October 2026 via checked.be.