Whitewood Operations: 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.
Whitewood Operations
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-16.4%), from €9.8m to €8.2m
- Cash +€731,015
up €731,015 (+313%), from €233,732 to €964,747
mainly Net result for the year (+€4.5m) and Tax, wage and social debts (+€1.4m)
- Receivables within one year -€188,433
down €188,433 (-8.0%), from €2.4m to €2.2m
of which Other amounts receivable: -€671,254
- Tangible fixed assets +€128,277
up €128,277 (+86.5%), from €148,355 to €276,632
of which Furniture and vehicles: +€138,547
- Debts after one year -€2.7m
down €2.7m (-68.5%), from €3.9m to €1.2m
of which Other amounts payable: -€3.0m
- Tax, wage and social debts +€1.4m
up €1.4m (+272%), from €526,990 to €2.0m
of which Taxes: +€1.4m
- Profit (loss) carried forward +€1.1m
up €1.1m (+56.2%), from €2.0m to €3.1m
- Provisions -€750,000
down €750,000 (-100%), from €750,000 to €0
- Current portion of long-term debt -€325,000
down €325,000 (-24.5%), from €1.3m to €1.0m
- Gross operating margin +€4.0m
up €4.0m (+304%), from €1.3m to €5.4m
- Taxes +€1.3m
up €1.3m (+477%), from €272,600 to €1.6m
- Financial income +€945,502
up €945,502 (+348%), from €271,667 to €1.2m
- Provisions -€750,000
new in 2025: -€750,000
- Staff costs +€394,769
up €394,769 (+93.9%), from €420,200 to €814,969
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,625,515 | €11,705,324 | -€920,191 | -7.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,988,126 | €8,502,456 | -€1.5m | -14.9% |
| Tangible fixed assets | 22/27 | €148,355 | €276,632 | +€128,277 | +86.5% |
| Land and buildings | 22 | €65,641 | €55,371 | -€10,270 | -15.6% |
| Furniture and vehicles | 24 | €82,713 | €221,260 | +€138,547 | +168% |
| Financial fixed assets | 28 | €9,839,772 | €8,225,824 | -€1.6m | -16.4% |
| Current assets | 29/58 | €2,637,389 | €3,202,869 | +€565,480 | +21.4% |
| Amounts receivable within one year | 40/41 | €2,356,579 | €2,168,146 | -€188,433 | -8.0% |
| Trade receivables | 40 | €493,137 | €975,958 | +€482,821 | +97.9% |
| Other amounts receivable | 41 | €1,863,443 | €1,192,189 | -€671,254 | -36.0% |
| Cash at bank and in hand | 54/58 | €233,732 | €964,747 | +€731,015 | +313% |
| Deferred charges and accrued income | 490/1 | €47,078 | €69,976 | +€22,898 | +48.6% |
| Total equity and liabilities | 10/49 | €12,625,515 | €11,705,324 | -€920,191 | -7.3% |
| Equity | 10/15 | €2,053,239 | €3,169,647 | +€1.1m | +54.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,985,039 | €3,101,447 | +€1.1m | +56.2% |
| Provisions and deferred taxes | 16 | €750,000 | €0 | -€750,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €750,000 | €0 | -€750,000 | -100% |
| Other liabilities and charges | 164/5 | €750,000 | €0 | -€750,000 | -100% |
| Amounts payable | 17/49 | €9,822,276 | €8,535,677 | -€1.3m | -13.1% |
| Amounts payable after more than one year | 17 | €3,912,972 | €1,231,653 | -€2.7m | -68.5% |
| Financial debts | 170/4 | €673,542 | €1,010,295 | +€336,753 | +50.0% |
| Other amounts payable | 178/9 | €3,239,430 | €221,358 | -€3.0m | -93.2% |
| Amounts payable within one year | 42/48 | €5,909,304 | €7,298,097 | +€1.4m | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €1,325,000 | €1,000,000 | -€325,000 | -24.5% |
| Financial debts | 43 | €581,600 | €657,498 | +€75,898 | +13.0% |
| Credit institutions | 430/8 | €557,900 | €650,073 | +€92,173 | +16.5% |
| Other loans | 439 | €23,700 | €7,425 | -€16,275 | -68.7% |
| Trade debts | 44 | €2,770,844 | €2,769,172 | -€1,672 | -0.1% |
| Suppliers | 440/4 | €2,770,844 | €2,769,172 | -€1,672 | -0.1% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €526,990 | €1,962,586 | +€1.4m | +272% |
| Taxes | 450/3 | €446,687 | €1,834,196 | +€1.4m | +311% |
| Remuneration and social security | 454/9 | €80,303 | €128,390 | +€48,087 | +59.9% |
| Other amounts payable | 47/48 | €704,870 | €908,840 | +€203,971 | +28.9% |
| Accrued charges and deferred income | 492/3 | - | €5,927 | +€5,927 | |
| Remuneration, social security and pensions | 62 | €420,200 | €814,969 | +€394,769 | +93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,448 | €83,385 | +€51,937 | +165% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€750,000 | -€750,000 | |
| Other operating charges | 640/8 | €491 | €40,986 | +€40,495 | +8,251% |
| Gross operating margin | 9900 | €1,326,942 | €5,367,429 | +€4.0m | +304% |
| Operating profit (loss) | 9901 | €874,802 | €5,178,089 | +€4.3m | +492% |
| Financial income | 75/76B | €271,667 | €1,217,169 | +€945,502 | +348% |
| Recurring financial income | 75 | €271,667 | €1,217,169 | +€945,502 | +348% |
| Financial charges | 65/66B | €331,043 | €326,650 | -€4,394 | -1.3% |
| Recurring financial charges | 65 | €331,043 | €326,650 | -€4,394 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €815,426 | €6,068,608 | +€5.3m | +644% |
| Income taxes | 67/77 | €272,600 | €1,573,220 | +€1.3m | +477% |
| Profit (loss) for the period | 9904 | €542,826 | €4,495,387 | +€4.0m | +728% |
| Profit (loss) for the period to be appropriated | 9905 | €542,826 | €4,495,387 | +€4.0m | +728% |
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 23 October 2026 via checked.be.