White Tee: what changed
Two fiscal 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 Tee
Largest movements
- Tangible fixed assets -€156,462
down €156,462 (-26.5%), from €589,734 to €433,272
of which Other tangible fixed assets: -€137,160
- Cash -€33,533
down €33,533 (-41.8%), from €80,143 to €46,610
mainly Contributions, distributions and other (-€165,000) and Other debts (-€105,802)
- Reserves -€141,015
down €141,015 (-39.1%), from €360,871 to €219,856
- Other debts -€105,802
down €105,802 (-45.9%), from €230,533 to €124,731
- Tax, wage and social debts +€42,938
up €42,938 (+700.2%), from €6,132 to €49,071
- Current portion of long-term debt +€23,627
up €23,627 (+76.3%), from €30,954 to €54,582
- Debts after one year +€16,628
up €16,628 (+5.9%), from €281,894 to €298,522
- Gross operating margin -€27,287
down €27,287 (-19.7%), from €138,446 to €111,159
- Other operating charges +€11,939
up €11,939 (+954.7%), from €1,251 to €13,190
- Depreciation +€8,026
up €8,026 (+17.5%), from €45,733 to €53,759
- Financial income +€6,893
up €6,893 (+16873.7%), from €41 to €6,934
of which Financial income: +€6,893
- Taxes -€4,002
down €4,002 (-24.5%), from €16,343 to €12,341
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 | €953,835 | €770,323 | -€183,512 | -19.2% |
| Fixed assets | 21/28 | €693,288 | €536,826 | -€156,462 | -22.6% |
| Tangible fixed assets | 22/27 | €589,734 | €433,272 | -€156,462 | -26.5% |
| Plant, machinery and equipment | 23 | €3,491 | €2,675 | -€816 | -23.4% |
| Furniture and vehicles | 24 | €95,296 | €76,810 | -€18,486 | -19.4% |
| Other tangible fixed assets | 26 | €490,947 | €353,786 | -€137,160 | -27.9% |
| Financial fixed assets | 28 | €103,554 | €103,554 | = | 0.0% |
| Current assets | 29/58 | €260,548 | €233,497 | -€27,050 | -10.4% |
| Amounts receivable within one year | 40/41 | €172,283 | €180,605 | +€8,322 | +4.8% |
| Trade receivables | 40 | €92,019 | €90,263 | -€1,757 | -1.9% |
| Other amounts receivable | 41 | €80,264 | €90,343 | +€10,079 | +12.6% |
| Current investments | 50/53 | €4,065 | €3,349 | -€716 | -17.6% |
| Cash at bank and in hand | 54/58 | €80,143 | €46,610 | -€33,533 | -41.8% |
| Deferred charges and accrued income | 490/1 | €4,057 | €2,934 | -€1,123 | -27.7% |
| Total equity and liabilities | 10/49 | €953,835 | €770,323 | -€183,512 | -19.2% |
| Equity | 10/15 | €379,471 | €238,456 | -€141,015 | -37.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,871 | €219,856 | -€141,015 | -39.1% |
| Distributable reserves | 133 | €360,871 | €219,856 | -€141,015 | -39.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €574,365 | €531,867 | -€42,497 | -7.4% |
| Amounts payable after more than one year | 17 | €281,894 | €298,522 | +€16,628 | +5.9% |
| Financial debts | 170/4 | €281,894 | €298,522 | +€16,628 | +5.9% |
| Amounts payable within one year | 42/48 | €285,292 | €233,217 | -€52,075 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €30,954 | €54,582 | +€23,627 | +76.3% |
| Financial debts | 43 | €4,307 | €0 | -€4,307 | -100.0% |
| Credit institutions | 430/8 | €4,307 | €0 | -€4,307 | -100.0% |
| Trade debts | 44 | €13,366 | €4,834 | -€8,531 | -63.8% |
| Suppliers | 440/4 | €13,366 | €4,834 | -€8,531 | -63.8% |
| Taxes, remuneration and social security | 45 | €6,132 | €49,071 | +€42,938 | +700.2% |
| Taxes | 450/3 | €6,132 | €49,071 | +€42,938 | +700.2% |
| Other amounts payable | 47/48 | €230,533 | €124,731 | -€105,802 | -45.9% |
| Accrued charges and deferred income | 492/3 | €7,179 | €128 | -€7,051 | -98.2% |
| Non-recurring operating income | 76A | €15,000 | €31,360 | +€16,360 | +109.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,733 | €53,759 | +€8,026 | +17.5% |
| Other operating charges | 640/8 | €1,251 | €13,190 | +€11,939 | +954.7% |
| Gross operating margin | 9900 | €138,446 | €111,159 | -€27,287 | -19.7% |
| Operating profit (loss) | 9901 | €91,462 | €44,210 | -€47,253 | -51.7% |
| Financial income | 75/76B | €41 | €6,934 | +€6,893 | +16873.7% |
| Recurring financial income | 75 | €41 | €6,934 | +€6,893 | +16873.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,435 | €14,817 | +€382 | +2.6% |
| Recurring financial charges | 65 | €14,435 | €14,817 | +€382 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €77,068 | €36,326 | -€40,742 | -52.9% |
| Income taxes | 67/77 | €16,343 | €12,341 | -€4,002 | -24.5% |
| Profit (loss) for the period | 9904 | €60,725 | €23,985 | -€36,741 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,725 | €23,985 | -€36,741 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.