WHITE SUN: 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 SUN
Largest movements
- Cash -€49,863
down €49,863 (-6.1%), from €814,589 to €764,726
mainly Advances received (-€81,457) and Receivables within one year (-€33,954)
- Tangible fixed assets -€40,053
down €40,053 (-26.6%), from €150,336 to €110,283
of which Furniture and vehicles: -€39,441
- Receivables within one year +€33,954
up €33,954 (+112.0%), from €30,305 to €64,258
of which Other amounts receivable: +€42,744
- Advances received -€81,457
down €81,457 (-7.0%), from €1.2m to €1.1m
- Reserves +€70,259
up €70,259 (+20.6%), from €340,872 to €411,131
of which Distributable reserves: +€107,600
- Trade debts +€47,728
up €47,728 (+71.8%), from €66,460 to €114,188
- Other debts -€27,500
down €27,500 (-98.5%), from €27,933 to €433
- Accrued charges and deferred income -€26,988
down €26,988 (-27.6%), from €97,694 to €70,706
- Gross operating margin -€56,689
down €56,689 (-12.3%), from €460,114 to €403,424
- Staff costs +€26,442
up €26,442 (+12.0%), from €220,838 to €247,280
- Taxes -€22,678
down €22,678 (-41.5%), from €54,703 to €32,025
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 | €1,858,701 | €1,794,384 | -€64,317 | -3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €150,336 | €110,283 | -€40,053 | -26.6% |
| Tangible fixed assets | 22/27 | €150,336 | €110,283 | -€40,053 | -26.6% |
| Land and buildings | 22 | €1,265 | €1,138 | -€126 | -10.0% |
| Plant, machinery and equipment | 23 | €5,760 | €5,275 | -€485 | -8.4% |
| Furniture and vehicles | 24 | €143,311 | €103,870 | -€39,441 | -27.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €1,708,365 | €1,684,100 | -€24,264 | -1.4% |
| Amounts receivable within one year | 40/41 | €30,305 | €64,258 | +€33,954 | +112.0% |
| Trade receivables | 40 | €23,272 | €14,482 | -€8,790 | -37.8% |
| Other amounts receivable | 41 | €7,032 | €49,776 | +€42,744 | +607.8% |
| Cash at bank and in hand | 54/58 | €814,589 | €764,726 | -€49,863 | -6.1% |
| Deferred charges and accrued income | 490/1 | €863,472 | €855,116 | -€8,355 | -1.0% |
| Total equity and liabilities | 10/49 | €1,858,701 | €1,794,384 | -€64,317 | -3.5% |
| Equity | 10/15 | €402,372 | €472,631 | +€70,259 | +17.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €340,872 | €411,131 | +€70,259 | +20.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,704 | €6,363 | -€37,341 | -85.4% |
| Distributable reserves | 133 | €291,018 | €398,618 | +€107,600 | +37.0% |
| Amounts payable | 17/49 | €1,456,329 | €1,321,753 | -€134,576 | -9.2% |
| Amounts payable after more than one year | 17 | €32,274 | €7,350 | -€24,924 | -77.2% |
| Financial debts | 170/4 | €32,274 | €7,350 | -€24,924 | -77.2% |
| Amounts payable within one year | 42/48 | €1,326,361 | €1,243,697 | -€82,664 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €42,352 | €24,924 | -€17,429 | -41.2% |
| Trade debts | 44 | €66,460 | €114,188 | +€47,728 | +71.8% |
| Suppliers | 440/4 | €66,460 | €114,188 | +€47,728 | +71.8% |
| Advances received on contracts in progress | 46 | €1,158,056 | €1,076,599 | -€81,457 | -7.0% |
| Taxes, remuneration and social security | 45 | €31,560 | €27,554 | -€4,006 | -12.7% |
| Taxes | 450/3 | €8,718 | €8,753 | +€35 | +0.4% |
| Remuneration and social security | 454/9 | €22,842 | €18,801 | -€4,042 | -17.7% |
| Other amounts payable | 47/48 | €27,933 | €433 | -€27,500 | -98.5% |
| Accrued charges and deferred income | 492/3 | €97,694 | €70,706 | -€26,988 | -27.6% |
| Remuneration, social security and pensions | 62 | €220,838 | €247,280 | +€26,442 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,944 | €40,953 | +€9 | 0.0% |
| Other operating charges | 640/8 | €1,454 | €706 | -€748 | -51.4% |
| Non-recurring operating charges | 66A | €1,895 | €1,087 | -€808 | -42.6% |
| Gross operating margin | 9900 | €460,114 | €403,424 | -€56,689 | -12.3% |
| Operating profit (loss) | 9901 | €194,983 | €113,398 | -€81,585 | -41.8% |
| Financial income | 75/76B | €10,177 | €11,066 | +€890 | +8.7% |
| Recurring financial income | 75 | €10,177 | €11,066 | +€890 | +8.7% |
| Financial charges | 65/66B | €21,161 | €22,181 | +€1,020 | +4.8% |
| Recurring financial charges | 65 | €21,161 | €22,181 | +€1,020 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €183,999 | €102,284 | -€81,715 | -44.4% |
| Income taxes | 67/77 | €54,703 | €32,025 | -€22,678 | -41.5% |
| Profit (loss) for the period | 9904 | €129,296 | €70,259 | -€59,037 | -45.7% |
| Transfer from tax-exempt reserves | 789 | - | €37,341 | +€37,341 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,296 | €107,600 | -€21,696 | -16.8% |
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 9 October 2026 via checked.be.