WARCO
ActiveSummary
WARCO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €775k and a net result of €143k. Equity is growing by ~4.5% per year across the filed fiscal years. Its solvency ranks better than 50% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▲+25
Solvency69▲+12
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity ample (current ratio 1.75 against 1.4 in 2024; short-term debt: 54.7% and cash: 12.8% of total assets), but 56% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44%
Return on assets
8.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
7 d early
2023
78 d early
2022
31 d late
2021
6 d early
2020
8 d early
2019
8 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€775k▲ 22.6%
2024 · €632k
2018: €486k
2019: €502k▲ +3.3% vs 2018
2020: €603k▲ +20.2% vs 2019
2021: €830k▲ +37.5% vs 2020highest in 8 years
2022: €471k▼ -43.2% vs 2021lowest in 8 years
2023: €615k▲ +30.6% vs 2022
2024: €632k▲ +2.8% vs 2023
2025: €775k▲ +22.6% vs 2024
2018 → 2025
Total assets
€1.76M▼ 9.7%
2024 · €1.95M
2018: €2.06M
2019: €1.56M▼ -24.0% vs 2018lowest in 8 years
2020: €2.27M▲ +44.9% vs 2019
2021: €2.39M▲ +5.6% vs 2020highest in 8 years
2022: €1.95M▼ -18.6% vs 2021
2023: €1.81M▼ -7.2% vs 2022
2024: €1.95M▲ +7.9% vs 2023
2025: €1.76M▼ -9.7% vs 2024
2018 → 2025
Net result
€143k▲ 735%
2024 · €17k
2018: €1k
2019: €66k▲ +4658% vs 2018
2020: €151k▲ +130% vs 2019
2021: €216k▲ +42.8% vs 2020highest in 8 years
2022: €-359k▼ -266% vs 2021lowest in 8 years
2023: €144k▲ +140% vs 2022
2024: €17k▼ -88.1% vs 2023
2025: €143k▲ +735% vs 2024
2018 → 2025
Working capital
€723k▲ 37.5%
2024 · €526k
2018: €427k
2019: €430k▲ +0.7% vs 2018
2020: €511k▲ +18.9% vs 2019
2021: €795k▲ +55.7% vs 2020highest in 8 years
2022: €297k▼ -62.6% vs 2021lowest in 8 years
2023: €464k▲ +55.9% vs 2022
2024: €526k▲ +13.4% vs 2023
2025: €723k▲ +37.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€830k-€471k▼ 43.2%€615k▲ 30.6%€632k▲ 2.8%€775k▲ 22.6%
2021: €830khighest in 5 years
2022: €471k▼ -43.2% vs 2021lowest in 5 years
2023: €615k▲ +30.6% vs 2022
2024: €632k▲ +2.8% vs 2023
2025: €775k▲ +22.6% vs 2024
Operating result€448k-€-284k€226k€101k▼ 55.3%€223k▲ 120%
2021: €448khighest in 5 years
2022: €-284k▼ -163% vs 2021lowest in 5 years
2023: €226k▲ +180% vs 2022
2024: €101k▼ -55.3% vs 2023
2025: €223k▲ +120% vs 2024
Net result€216k-€-359k€144k€17k▼ 88.1%€143k▲ 735%
2021: €216khighest in 5 years
2022: €-359k▼ -266% vs 2021lowest in 5 years
2023: €144k▲ +140% vs 2022
2024: €17k▼ -88.1% vs 2023
2025: €143k▲ +735% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 120% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.76M
Fixed assets
€74k ▼ 36.0%
Current assets
€1.69M ▼ 8.1%
Equity and liabilities €1.76M
Equity
€775k ▲ 22.6%
Provisions
€8k ▼ 21.4%
Debt
€979k ▼ 25.2%
Debt's share of the balance-sheet total falls from 67.1% to 55.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€269k▲
2024 · €167k
Cash flow
€189k▲
2024 · €83k
Current ratio
1.75▲
2024 · 1.40
Quick ratio
0.91▲
2024 · 0.87
Debt to equity
1.26▼
2024 · 2.07
ROE
18.4%▲
2024 · 2.7%
ROA
8.1%▲
2024 · 0.9%
Interest coverage
3.88▲
2024 · 1.90
Debt ≤ 1 year
€965k▼
2024 · €1.31M
Income taxes
€14k
Staff costs
€834k▼
2024 · €913k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.95M€1.76M▼
Fixed assets21/28€116k€74k▼
Tangible fixed assets22/27€115k€73k▼
Land and buildings22€71k€59k▼
Plant, machinery and equipment23€10k€10k▲
Furniture and vehicles24€34k€4k▼
Financial fixed assets28€1k€1k=
Current assets29/58€1.84M€1.69M▼
Stocks and contracts in progress3€699k€810k▲
Stocks30/36€496k€596k▲
Contracts in progress37€203k€214k▲
Amounts receivable within one year40/41€522k€643k▲
Trade receivables40€261k€415k▲
Other amounts receivable41€260k€228k▼
Cash at bank and in hand54/58€604k€226k▼
Deferred charges and accrued income490/1€11k€8k▼
Equity and liabilities
Total equity and liabilities10/49€1.95M€1.76M▼
Equity10/15€632k€775k▲
Contributions10/11€22k€22k=
Reserves13€609k€752k▲
Non-distributable reserves130/1€3k-
Other1319€3k-
Tax-exempt reserves132€31k€24k▼
Distributable reserves133€575k€728k▲
Profit (loss) carried forward14€923€404▼
Provisions and deferred taxes16€10k€8k▼
Deferred taxes168€10k€8k▼
Amounts payable17/49€1.31M€979k▼
Amounts payable within one year42/48€1.31M€965k▼
Current portion of amounts payable after more than one year42€13k-
Financial debts43€450k€350k▼
Credit institutions430/8€450k€350k▼
Trade debts44€556k€318k▼
Suppliers440/4€556k€318k▼
Taxes, remuneration and social security45€21k€27k▲
Taxes450/3-€14k
Remuneration and social security454/9€21k€13k▼
Other amounts payable47/48€268k€270k▲
Accrued charges and deferred income492/3-€15k
Income statement
Code20242025
Remuneration, social security and pensions62€913k€834k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€66k€47k▼
Other operating charges640/8€5k€19k▲
Non-recurring operating charges66A€584€1k▲
Gross operating margin9900€1.09M€1.12M▲
Operating profit (loss)9901€101k€223k▲
Financial income75/76B€1k€927▼
Recurring financial income75€1k€927▼
Financial charges65/66B€88k€69k▼
Recurring financial charges65€88k€69k▼
Profit (loss) for the period before taxes9903€15k€154k▲
Transfer from deferred taxes780€2k€2k=
Income taxes67/77-€14k
Profit (loss) for the period9904€17k€143k▲
Transfer from tax-exempt reserves789€7k€7k=
Profit (loss) for the period to be appropriated9905€24k€149k▲
Appropriation of the result
Profit (loss) to be appropriated9906€176k€150k▼
Profit (loss) brought forward from the previous period14P€152k€923▼
Transfer to equity691/2€175k€150k▼
To other reserves6921€175k€150k▼
Social balance
Average headcount (FTE)908715.614.1▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €52 | €133k | €3k | - | - | - |
| Remuneration, social security and pensions62 | €1.07M | €1.15M | €993k | €913k | €834k | ▼ 8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €112k | €95k | €73k | €66k | €47k | ▼ 28.9% |
| Other operating charges640/8 | €7k | €5k | €4k | €5k | €19k | ▲ 303% |
| Non-recurring operating charges66A | €4k | €20k | €500 | €584 | €1k | ▲ 128% |
| Gross operating margin9900 | €1.64M | €982k | €1.30M | €1.09M | €1.12M | ▲ 3.6% |
| Operating profit (loss)9901 | €448k | €-284k | €226k | €101k | €223k | ▲ 120% |
| Financial income75/76B | €34k | €22k | €5k | €1k | €927 | ▼ 27.6% |
| Recurring financial income75 | €34k | €22k | €5k | €1k | €927 | ▼ 27.6% |
| Financial charges65/66B | €178k | €99k | €89k | €88k | €69k | ▼ 20.7% |
| Recurring financial charges65 | €178k | €99k | €89k | €88k | €69k | ▼ 20.7% |
| Profit (loss) for the period before taxes9903 | €305k | €-361k | €142k | €15k | €154k | ▲ 936% |
| Transfer from deferred taxes780 | €2k | €2k | €2k | €2k | €2k | = |
| Income taxes67/77 | €91k | - | - | - | €14k | - |
| Profit (loss) for the period9904 | €216k | €-359k | €144k | €17k | €143k | ▲ 735% |
| Transfer from tax-exempt reserves789 | €7k | €7k | €7k | €7k | €7k | = |
| Profit (loss) for the period to be appropriated9905 | €223k | €-352k | €151k | €24k | €149k | ▲ 529% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.39M | €1.95M | €1.81M | €1.95M | €1.76M | ▼ 9.7% |
| Fixed assets21/28 | €332k | €240k | €177k | €116k | €74k | ▼ 36.0% |
| Tangible fixed assets22/27 | €329k | €238k | €176k | €115k | €73k | ▼ 36.4% |
| Land and buildings22 | €108k | €96k | €84k | €71k | €59k | ▼ 17.3% |
| Plant, machinery and equipment23 | €20k | €14k | €11k | €10k | €10k | ▲ 2.2% |
| Furniture and vehicles24 | €201k | €128k | €82k | €34k | €4k | ▼ 87.9% |
| Financial fixed assets28 | €3k | €1k | €1k | €1k | €1k | = |
| Current assets29/58 | €2.06M | €1.71M | €1.63M | €1.84M | €1.69M | ▼ 8.1% |
| Stocks and contracts in progress3 | €919k | €763k | €709k | €699k | €810k | ▲ 15.9% |
| Stocks30/36 | €919k | €563k | €505k | €496k | €596k | ▲ 20.3% |
| Contracts in progress37 | - | €200k | €204k | €203k | €214k | ▲ 5.2% |
| Amounts receivable within one year40/41 | €538k | €544k | €607k | €522k | €643k | ▲ 23.3% |
| Trade receivables40 | €272k | €287k | €384k | €261k | €415k | ▲ 58.9% |
| Other amounts receivable41 | €266k | €257k | €224k | €260k | €228k | ▼ 12.5% |
| Cash at bank and in hand54/58 | €605k | €383k | €304k | €604k | €226k | ▼ 62.5% |
| Deferred charges and accrued income490/1 | - | €19k | €11k | €11k | €8k | ▼ 29.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.39M | €1.95M | €1.81M | €1.95M | €1.76M | ▼ 9.7% |
| Equity10/15 | €830k | €471k | €615k | €632k | €775k | ▲ 22.6% |
| Contributions10/11 | €22k | €22k | €22k | €22k | €22k | = |
| Reserves13 | €805k | €448k | €441k | €609k | €752k | ▲ 23.5% |
| Non-distributable reserves130/1 | €3k | €3k | €3k | €3k | - | - |
| Reserves not available under the articles1311 | €3k | €3k | - | - | - | - |
| Other1319 | - | - | €3k | €3k | - | - |
| Tax-exempt reserves132 | €52k | €45k | €38k | €31k | €24k | ▼ 21.4% |
| Distributable reserves133 | €750k | €400k | €400k | €575k | €728k | ▲ 26.6% |
| Profit (loss) carried forward14 | €3k | €940 | €152k | €923 | €404 | ▼ 56.2% |
| Provisions and deferred taxes16 | €150k | €15k | €13k | €10k | €8k | ▼ 21.4% |
| Provisions for liabilities and charges160/5 | €133k | - | - | - | - | - |
| Pensions and similar obligations160 | €133k | - | - | - | - | - |
| Deferred taxes168 | €17k | €15k | €13k | €10k | €8k | ▼ 21.4% |
| Amounts payable17/49 | €1.41M | €1.46M | €1.18M | €1.31M | €979k | ▼ 25.2% |
| Amounts payable after more than one year17 | €98k | €51k | €13k | - | - | - |
| Financial debts170/4 | €98k | €51k | €13k | - | - | - |
| Amounts payable within one year42/48 | €1.27M | €1.41M | €1.17M | €1.31M | €965k | ▼ 26.3% |
| Current portion of amounts payable after more than one year42 | €63k | €47k | €38k | €13k | - | - |
| Financial debts43 | €550k | €550k | €550k | €450k | €350k | ▼ 22.2% |
| Credit institutions430/8 | €550k | €550k | €550k | €450k | €350k | ▼ 22.2% |
| Trade debts44 | €321k | €520k | €391k | €556k | €318k | ▼ 42.9% |
| Suppliers440/4 | €321k | €520k | €391k | €556k | €318k | ▼ 42.9% |
| Taxes, remuneration and social security45 | €142k | €129k | €22k | €21k | €27k | ▲ 27.7% |
| Taxes450/3 | €109k | €89k | - | - | €14k | - |
| Remuneration and social security454/9 | €32k | €40k | €22k | €21k | €13k | ▼ 36.4% |
| Other amounts payable47/48 | €191k | €167k | €167k | €268k | €270k | ▲ 0.4% |
| Accrued charges and deferred income492/3 | €50k | - | - | - | €15k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €216k | €-359k | €144k | €17k | €143k | ▲ 735% |
| + Depreciation and write-downs630 | €112k | €95k | €73k | €66k | €47k | ▼ 28.9% |
| Operating cash flow (approximation) | €328k | €-264k | €217k | €83k | €189k | ▲ 129% |
| Investment in fixed assets (approximation) | - | €-2k | €-11k | €-5k | €-5k | ▼ 0.1% |
| Change in cash | - | €-221k | €-79k | €299k | €-377k | ▼ 226% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
14-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €144k
Net result €144k after one loss-making year.
31-12
Financial
Equity above €500kEq €615k ▲30.6%
Equity rises from €471k to €615k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet €-359k
Net result drops to €-359k, the lowest in the series; recovery starts the following year.
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €216k ▲42.8%
Operating result €448k, net result €216k, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €500kEq €502k ▲3.3%
2 profitable years in a row build equity to €502k.
Show earlier events
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waregem · 1 establishment unit since 1989
Ground area
178 m²
Building footprint
178 m²
Volume, LiDAR
1,275 m³
Parcel 34453D0150/00M003, Flanders · tallest building 11.4 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Desselgemseweg 52, 8790 Waregem
since 19892.043.598.572
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34453D0150/00M003 | Flanders | 178 m² | 1 · 178 m² | 11.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 1,277 EUR awarded · 1,056 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 339 EUR | 399 EUR |
| 2024 | 1 | 340 EUR | 230 EUR |
| 2023 | 1 | 125 EUR | 125 EUR |
| 2022 | 1 | 473 EUR | 302 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Dual-learning approval
2 endedTechnicus installatietechnieken (vwo)
Technicus installatietechnieken duaal (so)
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Of 7,041 companies in sector 43221 we hold annual accounts for 3,473. 1,907 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-03-1989
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
Scores and ratios are computed by Checked and are not a credit decision.