Whitestone Group: 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.
What changed
Whitestone Group
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.9m
2024 · -€688,855+€3.6m
Equity
€76.5m
2024 · €73.5m+€2.9m
Cash
€240,462
2024 · €399,279-€158,817
Balance sheet total
€76.8m
2024 · €76.7m+€133,345
Largest movements
Assets
- Current investments -€3.0m
down €3.0m (-44.3%), from €6.7m to €3.7m
of which Other investments: -€2.9m
- Financial fixed assets +€2.7m
up €2.7m (+3.9%), from €69.2m to €71.8m
of which Companies linked by participating interests: +€3.1m
Equity and liabilities
- Profit (loss) carried forward +€2.9m
up €2.9m, from -€2.2m to €649,703
- Short-term financial debts -€2.8m
down €2.8m (-100.0%), from €2.8m to €0
Income statement
- Financial income +€2.8m
up €2.8m (+454.6%), from €612,940 to €3.4m
of which Financial income: +€2.8m
- Other operating income +€316,387
up €316,387 (+12071.4%), from €2,621 to €319,008
- Services and other goods +€294,781
up €294,781 (+26.0%), from €1.1m to €1.4m
- Turnover +€279,971
up €279,971 (+64.6%), from €433,117 to €713,088
- Staff costs -€82,031
down €82,031 (-100.0%), from €82,031 to €0
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.
Result 2024
-€688,855
Turnover
+€279,971
Other operating income
+€316,387
Services and other goods
-€294,781
Staff costs
+€82,031
Depreciation
+€1,143
Other operating charges
+€317
Other operating items
+€441,130
Financial income
+€2.8m
Financial charges
-€7,556
Taxes
-€5,663
Result 2025
€2.9m
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.
From operations
+€2.4m
Investment
+€287,851
Financing
-€2.8m
Cash 2024
€399,279
From operations (derived)
+€2.4m
Net result for the year
+€2.9m
Depreciation
+€42,416
Receivables after one year
-€254,653
Receivables within one year
-€301,243
Deferred charges and accrued income
-€66,534
Trade debts
+€55,292
Accrued charges and deferred income
-€2,376
Investment (derived)
+€287,851
Investment in fixed assets (net)
-€2.7m
Current investments
+€3.0m
Financing
-€2.8m
Short-term financial debts
-€2.8m
Cash 2025
€240,462
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,665,846 | €76,799,192 | +€133,345 | +0.2% |
| Fixed assets | 21/28 | €69,363,467 | €71,985,287 | +€2.6m | +3.8% |
| Intangible fixed assets | 21 | €18,288 | €7,637 | -€10,651 | -58.2% |
| Tangible fixed assets | 22/27 | €182,677 | €152,178 | -€30,499 | -16.7% |
| Plant, machinery and equipment | 23 | €1,490 | €1,216 | -€274 | -18.4% |
| Furniture and vehicles | 24 | €35,540 | €28,070 | -€7,470 | -21.0% |
| Other tangible fixed assets | 26 | €145,647 | €122,892 | -€22,755 | -15.6% |
| Financial fixed assets | 28 | €69,162,502 | €71,825,471 | +€2.7m | +3.9% |
| Affiliated companies | 280/1 | €24,680,911 | €24,244,489 | -€436,422 | -1.8% |
| Participating interests | 280 | €23,706,892 | €23,746,195 | +€39,303 | +0.2% |
| Amounts receivable | 281 | €974,019 | €498,294 | -€475,725 | -48.8% |
| Companies linked by participating interests | 282/3 | €33,491,757 | €36,591,148 | +€3.1m | +9.3% |
| Participating interests | 282 | €32,935,273 | €35,385,272 | +€2.4m | +7.4% |
| Amounts receivable | 283 | €556,484 | €1,205,876 | +€649,392 | +116.7% |
| Other financial fixed assets | 284/8 | €10,989,834 | €10,989,834 | = | 0.0% |
| Shares | 284 | €10,989,634 | €10,989,634 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €7,302,379 | €4,813,905 | -€2.5m | -34.1% |
| Amounts receivable after more than one year | 29 | - | €254,653 | +€254,653 | |
| Other amounts receivable | 291 | - | €254,653 | +€254,653 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €211,961 | €513,203 | +€301,243 | +142.1% |
| Trade receivables | 40 | €60,819 | €240,081 | +€179,261 | +294.7% |
| Other amounts receivable | 41 | €151,141 | €273,123 | +€121,981 | +80.7% |
| Current investments | 50/53 | €6,656,566 | €3,704,480 | -€3.0m | -44.3% |
| Own shares | 50 | €311,142 | €304,480 | -€6,662 | -2.1% |
| Other investments | 51/53 | €6,345,424 | €3,400,000 | -€2.9m | -46.4% |
| Cash at bank and in hand | 54/58 | €399,279 | €240,462 | -€158,817 | -39.8% |
| Deferred charges and accrued income | 490/1 | €34,573 | €101,107 | +€66,534 | +192.4% |
| Total equity and liabilities | 10/49 | €76,665,846 | €76,799,192 | +€133,345 | +0.2% |
| Equity | 10/15 | €73,547,566 | €76,457,995 | +€2.9m | +4.0% |
| Contributions | 10/11 | €75,428,413 | €75,428,413 | = | 0.0% |
| Capital | 10 | €23,851,399 | €23,851,399 | = | 0.0% |
| Issued capital | 100 | €23,851,399 | €23,851,399 | = | 0.0% |
| Contributions outside capital | 11 | €51,577,015 | €51,577,015 | = | 0.0% |
| Share premium | 1100/10 | €51,577,015 | €51,577,015 | = | 0.0% |
| Reserves | 13 | €345,684 | €379,879 | +€34,195 | +9.9% |
| Non-distributable reserves | 130/1 | €345,684 | €373,217 | +€27,533 | +8.0% |
| Legal reserve | 130 | €34,542 | €68,737 | +€34,195 | +99.0% |
| Own shares acquired | 1312 | €311,142 | €304,480 | -€6,662 | -2.1% |
| Distributable reserves | 133 | - | €6,662 | +€6,662 | |
| Profit (loss) carried forward | 14 | -€2,226,532 | €649,703 | +€2.9m | |
| Amounts payable | 17/49 | €3,118,280 | €341,196 | -€2.8m | -89.1% |
| Amounts payable within one year | 42/48 | €3,112,566 | €337,858 | -€2.8m | -89.1% |
| Financial debts | 43 | €2,830,000 | €0 | -€2.8m | -100.0% |
| Credit institutions | 430/8 | €2,830,000 | €0 | -€2.8m | -100.0% |
| Trade debts | 44 | €282,566 | €337,858 | +€55,292 | +19.6% |
| Suppliers | 440/4 | €279,866 | €334,991 | +€55,125 | +19.7% |
| Bills of exchange payable | 441 | €2,700 | €2,867 | +€167 | +6.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,714 | €3,338 | -€2,376 | -41.6% |
| Operating income | 70/76A | €438,613 | €1,032,095 | +€593,483 | +135.3% |
| Turnover | 70 | €433,117 | €713,088 | +€279,971 | +64.6% |
| Other operating income | 74 | €2,621 | €319,008 | +€316,387 | +12071.4% |
| Non-recurring operating income | 76A | €2,875 | €0 | -€2,875 | -100.0% |
| Operating charges | 60/66A | €1,704,873 | €1,472,159 | -€232,715 | -13.6% |
| Services and other goods | 61 | €1,132,604 | €1,427,385 | +€294,781 | +26.0% |
| Remuneration, social security and pensions | 62 | €82,031 | €0 | -€82,031 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,559 | €42,416 | -€1,143 | -2.6% |
| Other operating charges | 640/8 | €2,675 | €2,358 | -€317 | -11.8% |
| Non-recurring operating charges | 66A | €444,005 | €0 | -€444,005 | -100.0% |
| Operating profit (loss) | 9901 | -€1,266,261 | -€440,064 | +€826,197 | +65.2% |
| Financial income | 75/76B | €612,940 | €3,399,247 | +€2.8m | +454.6% |
| Recurring financial income | 75 | €478,188 | €3,240,770 | +€2.8m | +577.7% |
| Income from financial fixed assets | 750 | €174,807 | €3,129,628 | +€3.0m | +1690.3% |
| Income from current assets | 751 | €302,381 | €111,094 | -€191,287 | -63.3% |
| Other financial income | 752/9 | €1,000 | €48 | -€952 | -95.2% |
| Non-recurring financial income | 76B | €134,751 | €158,477 | +€23,725 | +17.6% |
| Financial charges | 65/66B | €41,197 | €48,754 | +€7,556 | +18.3% |
| Recurring financial charges | 65 | €41,197 | €48,754 | +€7,556 | +18.3% |
| Debt charges | 650 | - | €2,174 | +€2,174 | |
| Other financial charges | 652/9 | €41,197 | €46,579 | +€5,382 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€694,518 | €2,910,429 | +€3.6m | |
| Income taxes | 67/77 | -€5,663 | €0 | +€5,663 | |
| Taxes | 670/3 | €252 | €0 | -€252 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | €5,915 | €0 | -€5,915 | -100.0% |
| Profit (loss) for the period | 9904 | -€688,855 | €2,910,429 | +€3.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€688,855 | €2,910,429 | +€3.6m |
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 12 October 2026 via checked.be.