WHITE WALLS: 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 WALLS
Largest movements
- Receivables within one year +€68,642
up €68,642 (+65.5%), from €104,853 to €173,495
of which Other amounts receivable: +€79,678
- Tangible fixed assets +€36,402
new in 2025: €36,402
- Cash -€30,962
down €30,962 (-86.9%), from €35,623 to €4,661
mainly Receivables within one year (-€68,642) and Investment in fixed assets (net) (-€41,529)
- Tax, wage and social debts +€49,725
up €49,725 (+1,061%), from €4,688 to €54,413
- Profit (loss) carried forward +€13,217
up €13,217 (+12.7%), from €103,726 to €116,942
- Trade debts +€11,039
up €11,039 (+60.5%), from €18,246 to €29,285
- Gross operating margin +€5,656
up €5,656 (+16.8%), from €33,615 to €39,270
- Depreciation +€4,820
up €4,820 (+1,571%), from €307 to €5,127
- Other operating charges +€4,568
up €4,568 (+152%), from €2,996 to €7,564
- Taxes -€1,481
down €1,481 (-10.7%), from €13,870 to €12,389
- Financial charges +€865
up €865 (+801%), from €108 to €973
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 | €141,420 | €215,400 | +€73,980 | +52.3% |
| Fixed assets | 21/28 | - | €36,402 | +€36,402 | |
| Tangible fixed assets | 22/27 | - | €36,402 | +€36,402 | |
| Furniture and vehicles | 24 | - | €36,402 | +€36,402 | |
| Current assets | 29/58 | €141,420 | €178,999 | +€37,579 | +26.6% |
| Amounts receivable within one year | 40/41 | €104,853 | €173,495 | +€68,642 | +65.5% |
| Trade receivables | 40 | €90,496 | €79,460 | -€11,036 | -12.2% |
| Other amounts receivable | 41 | €14,358 | €94,035 | +€79,678 | +555% |
| Cash at bank and in hand | 54/58 | €35,623 | €4,661 | -€30,962 | -86.9% |
| Deferred charges and accrued income | 490/1 | €944 | €843 | -€101 | -10.7% |
| Total equity and liabilities | 10/49 | €141,420 | €215,400 | +€73,980 | +52.3% |
| Equity | 10/15 | €118,486 | €131,702 | +€13,217 | +11.2% |
| Contributions | 10/11 | €12,900 | €12,900 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,726 | €116,942 | +€13,217 | +12.7% |
| Amounts payable | 17/49 | €22,934 | €83,698 | +€60,763 | +265% |
| Amounts payable within one year | 42/48 | €22,934 | €83,698 | +€60,763 | +265% |
| Trade debts | 44 | €18,246 | €29,285 | +€11,039 | +60.5% |
| Suppliers | 440/4 | €18,246 | €29,285 | +€11,039 | +60.5% |
| Taxes, remuneration and social security | 45 | €4,688 | €54,413 | +€49,725 | +1,061% |
| Taxes | 450/3 | €4,688 | €54,413 | +€49,725 | +1,061% |
| Non-recurring operating income | 76A | - | €23,581 | +€23,581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307 | €5,127 | +€4,820 | +1,571% |
| Other operating charges | 640/8 | €2,996 | €7,564 | +€4,568 | +152% |
| Gross operating margin | 9900 | €33,615 | €39,270 | +€5,656 | +16.8% |
| Operating profit (loss) | 9901 | €30,312 | €26,579 | -€3,733 | -12.3% |
| Financial charges | 65/66B | €108 | €973 | +€865 | +801% |
| Recurring financial charges | 65 | €108 | €973 | +€865 | +801% |
| Profit (loss) for the period before taxes | 9903 | €30,204 | €25,606 | -€4,598 | -15.2% |
| Income taxes | 67/77 | €13,870 | €12,389 | -€1,481 | -10.7% |
| Profit (loss) for the period | 9904 | €16,334 | €13,217 | -€3,117 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,334 | €13,217 | -€3,117 | -19.1% |
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.