WHITE WHALE: 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 WHALE
Largest movements
- Receivables within one year +€20,091
up €20,091 (+21.0%), from €95,701 to €115,791
of which Trade receivables: +€22,438
- Financial fixed assets +€9,527
new in 2025: €9,527
- Deferred charges and accrued income +€2,112
new in 2025: €2,112
- Trade debts +€38,108
up €38,108 (+39.7%), from €96,045 to €134,153
- Accrued charges and deferred income -€11,352
no longer reported in 2025 (was €11,352)
- Profit (loss) carried forward +€5,518
up €5,518 (+237%), from €2,324 to €7,842
- Gross operating margin +€5,559
up €5,559 (+131%), from €4,241 to €9,801
- Taxes +€2,274
up €2,274 (+294%), from €773 to €3,047
- Financial charges +€202
up €202 (+35.8%), from €565 to €767
- Depreciation -€102
down €102 (-17.5%), from €580 to €479
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 | €134,626 | €167,655 | +€33,029 | +24.5% |
| Fixed assets | 21/28 | €2,327 | €12,189 | +€9,862 | +424% |
| Tangible fixed assets | 22/27 | €2,327 | €2,663 | +€335 | +14.4% |
| Furniture and vehicles | 24 | €2,327 | €2,663 | +€335 | +14.4% |
| Financial fixed assets | 28 | - | €9,527 | +€9,527 | |
| Current assets | 29/58 | €132,299 | €155,466 | +€23,167 | +17.5% |
| Amounts receivable within one year | 40/41 | €95,701 | €115,791 | +€20,091 | +21.0% |
| Trade receivables | 40 | €72,933 | €95,370 | +€22,438 | +30.8% |
| Other amounts receivable | 41 | €22,768 | €20,421 | -€2,347 | -10.3% |
| Cash at bank and in hand | 54/58 | €36,598 | €37,562 | +€964 | +2.6% |
| Deferred charges and accrued income | 490/1 | - | €2,112 | +€2,112 | |
| Total equity and liabilities | 10/49 | €134,626 | €167,655 | +€33,029 | +24.5% |
| Equity | 10/15 | €26,324 | €31,842 | +€5,518 | +21.0% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,324 | €7,842 | +€5,518 | +237% |
| Amounts payable | 17/49 | €108,302 | €135,813 | +€27,511 | +25.4% |
| Amounts payable within one year | 42/48 | €96,950 | €135,813 | +€38,863 | +40.1% |
| Trade debts | 44 | €96,045 | €134,153 | +€38,108 | +39.7% |
| Suppliers | 440/4 | €96,045 | €134,153 | +€38,108 | +39.7% |
| Taxes, remuneration and social security | 45 | €773 | €781 | +€8 | +1.1% |
| Taxes | 450/3 | €773 | €781 | +€8 | +1.1% |
| Other amounts payable | 47/48 | €132 | €879 | +€747 | +565% |
| Accrued charges and deferred income | 492/3 | €11,352 | - | -€11,352 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €580 | €479 | -€102 | -17.5% |
| Gross operating margin | 9900 | €4,241 | €9,801 | +€5,559 | +131% |
| Operating profit (loss) | 9901 | €3,661 | €9,322 | +€5,661 | +155% |
| Financial income | 75/76B | €0 | €10 | +€10 | +48,650% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +48,650% |
| Financial charges | 65/66B | €565 | €767 | +€202 | +35.8% |
| Recurring financial charges | 65 | €565 | €767 | +€202 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €3,096 | €8,565 | +€5,469 | +177% |
| Income taxes | 67/77 | €773 | €3,047 | +€2,274 | +294% |
| Profit (loss) for the period | 9904 | €2,324 | €5,518 | +€3,194 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €2,324 | €5,518 | +€3,194 | +137% |
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 20 October 2026 via checked.be.