WHITE WAY: 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 WAY
Largest movements
- Stocks and contracts -€13,795
down €13,795 (-37.1%), from €37,169 to €23,374
- Receivables within one year +€2,409
up €2,409 (+70.3%), from €3,427 to €5,835
of which Trade receivables: +€2,559
- Cash -€627
down €627 (-38.2%), from €1,642 to €1,015
mainly Net result for the year (-€7,247) and Trade debts (-€4,080)
- Profit (loss) carried forward -€7,247
down €7,247 (-20.8%), from -€34,905 to -€42,152
- Trade debts -€4,080
down €4,080 (-73.0%), from €5,589 to €1,509
- Other debts -€541
down €541 (-1.8%), from €29,554 to €29,013
- Gross operating margin -€3,275
down €3,275 (-128.5%), from -€2,548 to -€5,823
- Financial charges -€646
down €646 (-43.3%), from €1,490 to €844
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 | €42,238 | €30,370 | -€11,867 | -28.1% |
| Current assets | 29/58 | €42,238 | €30,370 | -€11,867 | -28.1% |
| Stocks and contracts in progress | 3 | €37,169 | €23,374 | -€13,795 | -37.1% |
| Stocks | 30/36 | €37,169 | €23,374 | -€13,795 | -37.1% |
| Amounts receivable within one year | 40/41 | €3,427 | €5,835 | +€2,409 | +70.3% |
| Trade receivables | 40 | €2,282 | €4,840 | +€2,559 | +112.2% |
| Other amounts receivable | 41 | €1,145 | €995 | -€150 | -13.1% |
| Cash at bank and in hand | 54/58 | €1,642 | €1,015 | -€627 | -38.2% |
| Deferred charges and accrued income | 490/1 | - | €145 | +€145 | |
| Total equity and liabilities | 10/49 | €42,238 | €30,370 | -€11,867 | -28.1% |
| Equity | 10/15 | -€12,905 | -€20,152 | -€7,247 | -56.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,905 | -€42,152 | -€7,247 | -20.8% |
| Amounts payable | 17/49 | €55,143 | €50,523 | -€4,621 | -8.4% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €35,143 | €30,523 | -€4,621 | -13.1% |
| Trade debts | 44 | €5,589 | €1,509 | -€4,080 | -73.0% |
| Suppliers | 440/4 | €5,589 | €1,509 | -€4,080 | -73.0% |
| Other amounts payable | 47/48 | €29,554 | €29,013 | -€541 | -1.8% |
| Other operating charges | 640/8 | €583 | €585 | +€2 | +0.4% |
| Gross operating margin | 9900 | -€2,548 | -€5,823 | -€3,275 | -128.5% |
| Operating profit (loss) | 9901 | -€3,131 | -€6,409 | -€3,277 | -104.7% |
| Financial income | 75/76B | €7 | €6 | -€1 | -12.5% |
| Recurring financial income | 75 | €7 | €6 | -€1 | -12.5% |
| Financial charges | 65/66B | €1,490 | €844 | -€646 | -43.3% |
| Recurring financial charges | 65 | €1,490 | €844 | -€646 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,614 | -€7,247 | -€2,632 | -57.0% |
| Profit (loss) for the period | 9904 | -€4,614 | -€7,247 | -€2,632 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,614 | -€7,247 | -€2,632 | -57.0% |
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.