WHITEBOX: 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.
WHITEBOX
Largest movements
- Cash -€93,978
down €93,978 (-56.9%), from €165,037 to €71,059
mainly Contributions, distributions and other (-€62,076) and Tax, wage and social debts (-€23,449)
- Tangible fixed assets -€26,504
down €26,504 (-14.1%), from €187,459 to €160,955
of which Furniture and vehicles: -€21,058
- Receivables within one year +€4,691
up €4,691 (+8.0%), from €58,387 to €63,078
of which Other amounts receivable: +€4,913
- Reserves -€62,076
down €62,076 (-25.9%), from €239,586 to €177,509
of which Distributable reserves: -€62,076
- Tax, wage and social debts -€23,449
down €23,449 (-76.8%), from €30,540 to €7,091
of which Taxes: -€24,581
- Profit (loss) carried forward -€18,894
down €18,894 (-198.8%), from -€9,502 to -€28,397
- Debts after one year -€10,768
down €10,768 (-12.1%), from €89,173 to €78,405
- Gross operating margin -€4,991
down €4,991 (-25.3%), from €19,757 to €14,766
- Write-downs +€3,200
new in 2025: €3,200
- Financial income -€1,358
down €1,358 (-72.6%), from €1,871 to €512
- Depreciation -€368
down €368 (-1.4%), from €26,872 to €26,504
- Other operating charges +€255
up €255 (+15.6%), from €1,640 to €1,895
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 | €412,188 | €295,509 | -€116,680 | -28.3% |
| Fixed assets | 21/28 | €187,659 | €161,155 | -€26,504 | -14.1% |
| Tangible fixed assets | 22/27 | €187,459 | €160,955 | -€26,504 | -14.1% |
| Land and buildings | 22 | €151,969 | €146,523 | -€5,446 | -3.6% |
| Furniture and vehicles | 24 | €35,489 | €14,431 | -€21,058 | -59.3% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €224,529 | €134,354 | -€90,176 | -40.2% |
| Amounts receivable within one year | 40/41 | €58,387 | €63,078 | +€4,691 | +8.0% |
| Trade receivables | 40 | €58,387 | €58,165 | -€222 | -0.4% |
| Other amounts receivable | 41 | - | €4,913 | +€4,913 | |
| Cash at bank and in hand | 54/58 | €165,037 | €71,059 | -€93,978 | -56.9% |
| Deferred charges and accrued income | 490/1 | €1,105 | €216 | -€889 | -80.5% |
| Total equity and liabilities | 10/49 | €412,188 | €295,509 | -€116,680 | -28.3% |
| Equity | 10/15 | €248,683 | €167,713 | -€80,971 | -32.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,586 | €177,509 | -€62,076 | -25.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €237,726 | €175,649 | -€62,076 | -26.1% |
| Profit (loss) carried forward | 14 | -€9,502 | -€28,397 | -€18,894 | -198.8% |
| Amounts payable | 17/49 | €163,505 | €127,796 | -€35,709 | -21.8% |
| Amounts payable after more than one year | 17 | €89,173 | €78,405 | -€10,768 | -12.1% |
| Financial debts | 170/4 | €89,173 | €78,405 | -€10,768 | -12.1% |
| Amounts payable within one year | 42/48 | €74,332 | €49,391 | -€24,941 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €12,250 | €11,159 | -€1,091 | -8.9% |
| Trade debts | 44 | €31,074 | €31,141 | +€67 | +0.2% |
| Suppliers | 440/4 | €31,074 | €31,141 | +€67 | +0.2% |
| Taxes, remuneration and social security | 45 | €30,540 | €7,091 | -€23,449 | -76.8% |
| Taxes | 450/3 | €30,540 | €5,959 | -€24,581 | -80.5% |
| Remuneration and social security | 454/9 | - | €1,132 | +€1,132 | |
| Other amounts payable | 47/48 | €468 | - | -€468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,872 | €26,504 | -€368 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,200 | +€3,200 | |
| Other operating charges | 640/8 | €1,640 | €1,895 | +€255 | +15.6% |
| Gross operating margin | 9900 | €19,757 | €14,766 | -€4,991 | -25.3% |
| Operating profit (loss) | 9901 | -€8,755 | -€16,833 | -€8,079 | -92.3% |
| Financial income | 75/76B | €1,871 | €512 | -€1,358 | -72.6% |
| Recurring financial income | 75 | €1,871 | €512 | -€1,358 | -72.6% |
| Financial charges | 65/66B | €2,275 | €2,223 | -€53 | -2.3% |
| Recurring financial charges | 65 | €2,275 | €2,223 | -€53 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€9,159 | -€18,543 | -€9,384 | -102.5% |
| Income taxes | 67/77 | €343 | €351 | +€8 | +2.4% |
| Profit (loss) for the period | 9904 | -€9,502 | -€18,894 | -€9,392 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,502 | -€18,894 | -€9,392 | -98.8% |
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 11 October 2026 via checked.be.