WHITELANE RESEARCH: 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.
WHITELANE RESEARCH
Largest movements
- Receivables within one year -€182,057
down €182,057 (-27.8%), from €653,963 to €471,907
of which Other amounts receivable: -€110,870
- Deferred charges and accrued income +€21,894
up €21,894 (+54.1%), from €40,504 to €62,398
- Trade debts -€208,619
down €208,619 (-57.4%), from €363,490 to €154,871
- Accrued charges and deferred income +€109,562
new in 2025: €109,562
- Short-term financial debts -€52,449
down €52,449 (-54.8%), from €95,629 to €43,180
- Other debts -€13,225
down €13,225 (-91.6%), from €14,440 to €1,215
- Gross operating margin +€8,456
up €8,456 (+45.7%), from €18,485 to €26,941
- Taxes +€8,004
up €8,004 (+200%), from €3,999 to €12,003
- Financial charges -€7,831
down €7,831 (-47.0%), from €16,657 to €8,826
- Write-downs +€1,000
new in 2025: €1,000
- Financial income -€513
down €513 (-90.0%), from €570 to €57
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 | €694,844 | €540,581 | -€154,263 | -22.2% |
| Current assets | 29/58 | €694,844 | €540,581 | -€154,263 | -22.2% |
| Amounts receivable within one year | 40/41 | €653,963 | €471,907 | -€182,057 | -27.8% |
| Trade receivables | 40 | €516,060 | €444,873 | -€71,187 | -13.8% |
| Other amounts receivable | 41 | €137,903 | €27,033 | -€110,870 | -80.4% |
| Cash at bank and in hand | 54/58 | €377 | €6,276 | +€5,899 | +1,564% |
| Deferred charges and accrued income | 490/1 | €40,504 | €62,398 | +€21,894 | +54.1% |
| Total equity and liabilities | 10/49 | €694,844 | €540,581 | -€154,263 | -22.2% |
| Equity | 10/15 | €216,526 | €221,287 | +€4,761 | +2.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €182,237 | €186,998 | +€4,761 | +2.6% |
| Distributable reserves | 133 | €182,237 | €186,998 | +€4,761 | +2.6% |
| Profit (loss) carried forward | 14 | €13,829 | €13,829 | = | 0.0% |
| Amounts payable | 17/49 | €478,318 | €319,293 | -€159,025 | -33.2% |
| Amounts payable within one year | 42/48 | €478,318 | €209,732 | -€268,586 | -56.2% |
| Financial debts | 43 | €95,629 | €43,180 | -€52,449 | -54.8% |
| Credit institutions | 430/8 | €95,629 | €43,180 | -€52,449 | -54.8% |
| Trade debts | 44 | €363,490 | €154,871 | -€208,619 | -57.4% |
| Suppliers | 440/4 | €363,490 | €154,871 | -€208,619 | -57.4% |
| Taxes, remuneration and social security | 45 | €4,759 | €10,465 | +€5,706 | +120% |
| Taxes | 450/3 | €4,759 | €10,465 | +€5,706 | +120% |
| Other amounts payable | 47/48 | €14,440 | €1,215 | -€13,225 | -91.6% |
| Accrued charges and deferred income | 492/3 | - | €109,562 | +€109,562 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,000 | +€1,000 | |
| Other operating charges | 640/8 | €740 | €408 | -€332 | -44.9% |
| Gross operating margin | 9900 | €18,485 | €26,941 | +€8,456 | +45.7% |
| Operating profit (loss) | 9901 | €17,745 | €25,533 | +€7,789 | +43.9% |
| Financial income | 75/76B | €570 | €57 | -€513 | -90.0% |
| Recurring financial income | 75 | €570 | €57 | -€513 | -90.0% |
| Financial charges | 65/66B | €16,657 | €8,826 | -€7,831 | -47.0% |
| Recurring financial charges | 65 | €16,657 | €8,826 | -€7,831 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €1,659 | €16,765 | +€15,106 | +911% |
| Income taxes | 67/77 | €3,999 | €12,003 | +€8,004 | +200% |
| Profit (loss) for the period | 9904 | -€2,340 | €4,761 | +€7,102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,340 | €4,761 | +€7,102 |
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 15 October 2026 via checked.be.