White Stone Capital: 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 Stone Capital
Largest movements
- Receivables within one year +€249,293
up €249,293 (+340%), from €73,299 to €322,592
of which Trade receivables: +€320,550
- Financial fixed assets -€92,633
no longer reported in 2025 (was €92,633)
- Tangible fixed assets -€92,252
down €92,252 (-9.0%), from €1.0m to €935,023
of which Land and buildings: -€63,749
- Cash -€90,667
down €90,667 (-50.0%), from €181,277 to €90,610
mainly Receivables within one year (-€249,293) and Trade debts (-€106,186)
- Trade debts -€106,186
down €106,186 (-81.8%), from €129,776 to €23,589
- Other debts +€102,637
up €102,637 (+38.8%), from €264,385 to €367,022
- Debts after one year -€48,492
down €48,492 (-7.1%), from €679,048 to €630,556
- Profit (loss) carried forward +€21,280
up €21,280 (+38.8%), from -€54,846 to -€33,566
- Gross operating margin +€44,071
up €44,071 (+32.4%), from €135,886 to €179,957
- Financial charges -€18,764
down €18,764 (-42.0%), from €44,694 to €25,931
- Depreciation +€17,123
up €17,123 (+22.5%), from €76,186 to €93,309
- Financial income -€9,683
down €9,683 (-100.0%), from €9,684 to €2
- Taxes +€7,187
up €7,187 (+109%), from €6,585 to €13,772
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 | €1,378,865 | €1,350,147 | -€28,718 | -2.1% |
| Fixed assets | 21/28 | €1,119,908 | €935,023 | -€184,885 | -16.5% |
| Tangible fixed assets | 22/27 | €1,027,276 | €935,023 | -€92,252 | -9.0% |
| Land and buildings | 22 | €986,941 | €923,192 | -€63,749 | -6.5% |
| Plant, machinery and equipment | 23 | €2,068 | €2,215 | +€147 | +7.1% |
| Furniture and vehicles | 24 | €38,266 | €9,616 | -€28,650 | -74.9% |
| Financial fixed assets | 28 | €92,633 | - | -€92,633 | |
| Current assets | 29/58 | €258,956 | €415,124 | +€156,168 | +60.3% |
| Amounts receivable within one year | 40/41 | €73,299 | €322,592 | +€249,293 | +340% |
| Trade receivables | 40 | - | €320,550 | +€320,550 | |
| Other amounts receivable | 41 | €73,299 | €2,042 | -€71,257 | -97.2% |
| Cash at bank and in hand | 54/58 | €181,277 | €90,610 | -€90,667 | -50.0% |
| Deferred charges and accrued income | 490/1 | €4,380 | €1,921 | -€2,459 | -56.1% |
| Total equity and liabilities | 10/49 | €1,378,865 | €1,350,147 | -€28,718 | -2.1% |
| Equity | 10/15 | €245,154 | €266,434 | +€21,280 | +8.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,846 | -€33,566 | +€21,280 | +38.8% |
| Amounts payable | 17/49 | €1,133,711 | €1,083,713 | -€49,997 | -4.4% |
| Amounts payable after more than one year | 17 | €679,048 | €630,556 | -€48,492 | -7.1% |
| Financial debts | 170/4 | €679,048 | €630,556 | -€48,492 | -7.1% |
| Amounts payable within one year | 42/48 | €454,663 | €453,157 | -€1,505 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €48,492 | €48,492 | = | 0.0% |
| Trade debts | 44 | €129,776 | €23,589 | -€106,186 | -81.8% |
| Suppliers | 440/4 | €129,776 | €23,589 | -€106,186 | -81.8% |
| Taxes, remuneration and social security | 45 | €12,010 | €14,054 | +€2,043 | +17.0% |
| Taxes | 450/3 | €12,010 | €14,054 | +€2,043 | +17.0% |
| Other amounts payable | 47/48 | €264,385 | €367,022 | +€102,637 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,186 | €93,309 | +€17,123 | +22.5% |
| Other operating charges | 640/8 | €8,141 | €13,765 | +€5,624 | +69.1% |
| Non-recurring operating charges | 66A | - | €11,902 | +€11,902 | |
| Gross operating margin | 9900 | €135,886 | €179,957 | +€44,071 | +32.4% |
| Operating profit (loss) | 9901 | €51,559 | €60,981 | +€9,422 | +18.3% |
| Financial income | 75/76B | €9,684 | €2 | -€9,683 | -100.0% |
| Recurring financial income | 75 | €9,684 | €2 | -€9,683 | -100.0% |
| Financial charges | 65/66B | €44,694 | €25,931 | -€18,764 | -42.0% |
| Recurring financial charges | 65 | €44,694 | €25,931 | -€18,764 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €16,549 | €35,052 | +€18,503 | +112% |
| Income taxes | 67/77 | €6,585 | €13,772 | +€7,187 | +109% |
| Profit (loss) for the period | 9904 | €9,964 | €21,280 | +€11,316 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €9,964 | €21,280 | +€11,316 | +114% |
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 29 October 2026 via checked.be.