WHITE ZEBRA: 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 ZEBRA
Largest movements
- Receivables within one year +€68,050
up €68,050 (+162%), from €42,128 to €110,177
of which Trade receivables: +€40,760
- Deferred charges and accrued income +€31,377
up €31,377 (+37.8%), from €83,034 to €114,411
- Tangible fixed assets -€28,017
down €28,017 (-4.5%), from €625,979 to €597,961
of which Land and buildings: -€16,028
- Other debts +€105,928
up €105,928 (+1,122%), from €9,440 to €115,368
- Debts after one year -€85,195
down €85,195 (-14.3%), from €595,692 to €510,496
- Reserves +€21,265
up €21,265 (+31.9%), from €66,582 to €87,847
- Trade debts +€14,804
up €14,804 (+62.3%), from €23,744 to €38,549
- Gross operating margin -€62,108
down €62,108 (-33.2%), from €186,916 to €124,808
- Other operating charges -€14,324
down €14,324 (-91.4%), from €15,673 to €1,350
- Financial income +€10,261
up €10,261 (+68.4%), from €15,000 to €25,261
- Taxes -€7,259
down €7,259 (-67.0%), from €10,835 to €3,577
- Staff costs -€4,894
down €4,894 (-9.6%), from €50,829 to €45,936
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 | €829,680 | €895,664 | +€65,984 | +8.0% |
| Fixed assets | 21/28 | €692,096 | €662,559 | -€29,537 | -4.3% |
| Intangible fixed assets | 21 | €6,117 | €4,597 | -€1,520 | -24.8% |
| Tangible fixed assets | 22/27 | €625,979 | €597,961 | -€28,017 | -4.5% |
| Land and buildings | 22 | €507,565 | €491,537 | -€16,028 | -3.2% |
| Plant, machinery and equipment | 23 | €4,544 | €3,079 | -€1,466 | -32.3% |
| Furniture and vehicles | 24 | €113,870 | €103,346 | -€10,524 | -9.2% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €137,583 | €233,105 | +€95,522 | +69.4% |
| Amounts receivable within one year | 40/41 | €42,128 | €110,177 | +€68,050 | +162% |
| Trade receivables | 40 | €35,539 | €76,299 | +€40,760 | +115% |
| Other amounts receivable | 41 | €6,589 | €33,878 | +€27,290 | +414% |
| Cash at bank and in hand | 54/58 | €12,422 | €8,517 | -€3,905 | -31.4% |
| Deferred charges and accrued income | 490/1 | €83,034 | €114,411 | +€31,377 | +37.8% |
| Total equity and liabilities | 10/49 | €829,680 | €895,664 | +€65,984 | +8.0% |
| Equity | 10/15 | €130,247 | €151,513 | +€21,265 | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,582 | €87,847 | +€21,265 | +31.9% |
| Distributable reserves | 133 | €66,582 | €87,847 | +€21,265 | +31.9% |
| Profit (loss) carried forward | 14 | €45,065 | €45,065 | = | 0.0% |
| Amounts payable | 17/49 | €699,432 | €744,151 | +€44,719 | +6.4% |
| Amounts payable after more than one year | 17 | €595,692 | €510,496 | -€85,195 | -14.3% |
| Financial debts | 170/4 | €595,692 | €510,496 | -€85,195 | -14.3% |
| Amounts payable within one year | 42/48 | €103,741 | €233,655 | +€129,914 | +125% |
| Current portion of amounts payable after more than one year | 42 | €58,786 | €63,030 | +€4,244 | +7.2% |
| Trade debts | 44 | €23,744 | €38,549 | +€14,804 | +62.3% |
| Suppliers | 440/4 | €23,744 | €38,549 | +€14,804 | +62.3% |
| Advances received on contracts in progress | 46 | €2,590 | - | -€2,590 | |
| Taxes, remuneration and social security | 45 | €9,180 | €16,708 | +€7,528 | +82.0% |
| Taxes | 450/3 | €4,143 | €10,959 | +€6,816 | +165% |
| Remuneration and social security | 454/9 | €5,038 | €5,749 | +€712 | +14.1% |
| Other amounts payable | 47/48 | €9,440 | €115,368 | +€105,928 | +1,122% |
| Remuneration, social security and pensions | 62 | €50,829 | €45,936 | -€4,894 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,493 | €58,883 | +€2,390 | +4.2% |
| Other operating charges | 640/8 | €15,673 | €1,350 | -€14,324 | -91.4% |
| Gross operating margin | 9900 | €186,916 | €124,808 | -€62,108 | -33.2% |
| Operating profit (loss) | 9901 | €63,920 | €18,639 | -€45,281 | -70.8% |
| Financial income | 75/76B | €15,000 | €25,261 | +€10,261 | +68.4% |
| Recurring financial income | 75 | €15,000 | €25,261 | +€10,261 | +68.4% |
| Financial charges | 65/66B | €23,020 | €19,058 | -€3,962 | -17.2% |
| Recurring financial charges | 65 | €23,020 | €19,058 | -€3,962 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €55,901 | €24,842 | -€31,058 | -55.6% |
| Income taxes | 67/77 | €10,835 | €3,577 | -€7,259 | -67.0% |
| Profit (loss) for the period | 9904 | €45,065 | €21,265 | -€23,800 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,065 | €21,265 | -€23,800 | -52.8% |
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 18 October 2026 via checked.be.