WHITE SWAN: 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 SWAN
Largest movements
- Receivables within one year +€400,503
up €400,503 (+88,189%), from €454 to €400,957
of which Other amounts receivable: +€400,503
- Receivables after one year -€400,000
down €400,000 (-100%), from €400,000 to €0
- Trade debts +€18,761
up €18,761 (+12.3%), from €152,228 to €170,989
- Other debts -€18,500
down €18,500 (-23.8%), from €77,623 to €59,123
- Gross operating margin -€4,300
down €4,300, from €1,926 to -€2,374
- Staff costs -€384
down €384 (-100%), from €384 to €0
- Other operating charges -€276
down €276 (-34.7%), from €796 to €519
- Taxes -€133
down €133 (-100%), from €133 to €0
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €621,413 | €618,740 | -€2,674 | -0.4% |
| Fixed assets | 21/28 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €620,913 | €618,240 | -€2,674 | -0.4% |
| Amounts receivable after more than one year | 29 | €400,000 | €0 | -€400,000 | -100% |
| Other amounts receivable | 291 | €400,000 | €0 | -€400,000 | -100% |
| Amounts receivable within one year | 40/41 | €454 | €400,957 | +€400,503 | +88,189% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €454 | €400,957 | +€400,503 | +88,189% |
| Cash at bank and in hand | 54/58 | €220,459 | €217,282 | -€3,177 | -1.4% |
| Total equity and liabilities | 10/49 | €621,413 | €618,740 | -€2,674 | -0.4% |
| Equity | 10/15 | €391,429 | €388,495 | -€2,934 | -0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €372,829 | €369,895 | -€2,934 | -0.8% |
| Distributable reserves | 133 | €372,829 | €369,895 | -€2,934 | -0.8% |
| Amounts payable | 17/49 | €229,985 | €230,245 | +€261 | +0.1% |
| Amounts payable within one year | 42/48 | €229,985 | €230,245 | +€261 | +0.1% |
| Trade debts | 44 | €152,228 | €170,989 | +€18,761 | +12.3% |
| Suppliers | 440/4 | €152,228 | €170,989 | +€18,761 | +12.3% |
| Taxes, remuneration and social security | 45 | €133 | €133 | = | 0.0% |
| Taxes | 450/3 | €133 | €133 | = | 0.0% |
| Other amounts payable | 47/48 | €77,623 | €59,123 | -€18,500 | -23.8% |
| Remuneration, social security and pensions | 62 | €384 | €0 | -€384 | -100% |
| Other operating charges | 640/8 | €796 | €519 | -€276 | -34.7% |
| Gross operating margin | 9900 | €1,926 | -€2,374 | -€4,300 | |
| Operating profit (loss) | 9901 | €746 | -€2,894 | -€3,639 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €702 | -€2,934 | -€3,636 | |
| Income taxes | 67/77 | €133 | €0 | -€133 | -100% |
| Profit (loss) for the period | 9904 | €569 | -€2,934 | -€3,503 | |
| Profit (loss) for the period to be appropriated | 9905 | €569 | -€2,934 | -€3,503 |
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.