WHITE-TO-BLACK: 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-TO-BLACK
Largest movements
- Tangible fixed assets -€21,147
down €21,147 (-24.9%), from €84,828 to €63,681
of which Furniture and vehicles: -€20,656
- Cash +€5,041
up €5,041, from €0 to €5,041
mainly Other debts (+€45,041) and Depreciation (+€21,885)
- Other debts +€45,041
up €45,041 (+29.6%), from €152,291 to €197,332
- Profit (loss) carried forward -€37,699
down €37,699 (-56.8%), from -€66,328 to -€104,027
- Debts after one year -€21,726
down €21,726 (-32.9%), from €65,998 to €44,273
- Accrued charges and deferred income -€3,065
down €3,065 (-100%), from €3,065 to €0
- Financial charges -€8,698
down €8,698 (-72.4%), from €12,016 to €3,318
- Gross operating margin -€1,237
down €1,237 (-11.2%), from -€11,073 to -€12,310
- Depreciation +€159
up €159 (+0.7%), from €21,726 to €21,885
- Other operating charges -€125
down €125 (-65.5%), from €191 to €66
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 | €226,289 | €209,334 | -€16,955 | -7.5% |
| Fixed assets | 21/28 | €84,828 | €63,681 | -€21,147 | -24.9% |
| Tangible fixed assets | 22/27 | €84,828 | €63,681 | -€21,147 | -24.9% |
| Plant, machinery and equipment | 23 | €6,211 | €5,721 | -€490 | -7.9% |
| Furniture and vehicles | 24 | €78,616 | €57,960 | -€20,656 | -26.3% |
| Current assets | 29/58 | €141,461 | €145,653 | +€4,191 | +3.0% |
| Stocks and contracts in progress | 3 | €137,590 | €137,590 | = | 0.0% |
| Stocks | 30/36 | €137,590 | €137,590 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €358 | €966 | +€608 | +170% |
| Trade receivables | 40 | €175 | €0 | -€175 | -100% |
| Other amounts receivable | 41 | €183 | €966 | +€783 | +428% |
| Cash at bank and in hand | 54/58 | €0 | €5,041 | +€5,041 | |
| Deferred charges and accrued income | 490/1 | €3,513 | €2,055 | -€1,458 | -41.5% |
| Total equity and liabilities | 10/49 | €226,289 | €209,334 | -€16,955 | -7.5% |
| Equity | 10/15 | -€16,328 | -€54,027 | -€37,699 | -231% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,328 | -€104,027 | -€37,699 | -56.8% |
| Amounts payable | 17/49 | €242,617 | €263,361 | +€20,743 | +8.5% |
| Amounts payable after more than one year | 17 | €65,998 | €44,273 | -€21,726 | -32.9% |
| Financial debts | 170/4 | €65,998 | €44,273 | -€21,726 | -32.9% |
| Amounts payable within one year | 42/48 | €173,554 | €219,088 | +€45,534 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €20,834 | €21,726 | +€891 | +4.3% |
| Financial debts | 43 | €125 | €0 | -€125 | -100% |
| Credit institutions | 430/8 | €125 | €0 | -€125 | -100% |
| Trade debts | 44 | €176 | €30 | -€146 | -82.9% |
| Suppliers | 440/4 | €176 | €30 | -€146 | -82.9% |
| Taxes, remuneration and social security | 45 | €127 | €0 | -€127 | -100% |
| Taxes | 450/3 | €127 | €0 | -€127 | -100% |
| Other amounts payable | 47/48 | €152,291 | €197,332 | +€45,041 | +29.6% |
| Accrued charges and deferred income | 492/3 | €3,065 | €0 | -€3,065 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,726 | €21,885 | +€159 | +0.7% |
| Other operating charges | 640/8 | €191 | €66 | -€125 | -65.5% |
| Gross operating margin | 9900 | -€11,073 | -€12,310 | -€1,237 | -11.2% |
| Operating profit (loss) | 9901 | -€32,990 | -€34,261 | -€1,271 | -3.9% |
| Financial charges | 65/66B | €12,016 | €3,318 | -€8,698 | -72.4% |
| Recurring financial charges | 65 | €12,016 | €3,318 | -€8,698 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | -€45,006 | -€37,579 | +€7,427 | +16.5% |
| Income taxes | 67/77 | €127 | €120 | -€8 | -6.1% |
| Profit (loss) for the period | 9904 | -€45,133 | -€37,699 | +€7,435 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,133 | -€37,699 | +€7,435 | +16.5% |
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 27 October 2026 via checked.be.