ANDRE WARNIER-PAQUE: what changed
Two fiscal 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.
ANDRE WARNIER-PAQUE
Largest movements
- Current investments -€550,000
no longer reported in 2025 (was €550,000)
- Cash +€542,257
up €542,257 (+59.0%), from €919,389 to €1.5m
mainly Current investments (+€550,000) and Net result for the year (+€160,423)
- Receivables within one year +€261,523
up €261,523 (+53.5%), from €488,603 to €750,127
of which Other amounts receivable: +€196,325
- Reserves +€160,000
up €160,000 (+9.9%), from €1.6m to €1.8m
of which Distributable reserves: +€160,000
- Other debts +€137,210
up €137,210 (+39.0%), from €351,781 to €488,991
- Trade debts -€127,444
down €127,444 (-75.8%), from €168,030 to €40,585
of which Suppliers: -€127,444
- Tax, wage and social debts +€72,870
new in 2025: €72,870
of which Taxes: +€43,527
- Staff costs +€85,991
up €85,991 (+32.5%), from €264,503 to €350,493
- Gross operating margin -€47,036
down €47,036 (-6.7%), from €703,984 to €656,948
- Financial charges +€29,536
up €29,536 (+3509.1%), from €842 to €30,378
- Financial income +€28,065
up €28,065 (+119.8%), from €23,419 to €51,484
- Purchases and services +€21,899
up €21,899 (+1.7%), from €1.3m to €1.3m
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 | €2,379,332 | €2,622,349 | +€243,016 | +10.2% |
| Fixed assets | 21/28 | €377,330 | €365,284 | -€12,046 | -3.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €376,451 | €364,405 | -€12,046 | -3.2% |
| Land and buildings | 22 | €257,297 | €242,780 | -€14,516 | -5.6% |
| Plant, machinery and equipment | 23 | €48,915 | €28,718 | -€20,197 | -41.3% |
| Furniture and vehicles | 24 | €65,377 | €90,118 | +€24,741 | +37.8% |
| Other tangible fixed assets | 26 | €4,862 | €2,789 | -€2,073 | -42.6% |
| Financial fixed assets | 28 | €879 | €879 | = | 0.0% |
| Current assets | 29/58 | €2,002,003 | €2,257,065 | +€255,062 | +12.7% |
| Stocks and contracts in progress | 3 | €43,141 | €44,730 | +€1,589 | +3.7% |
| Stocks | 30/36 | €43,141 | €44,730 | +€1,589 | +3.7% |
| Amounts receivable within one year | 40/41 | €488,603 | €750,127 | +€261,523 | +53.5% |
| Trade receivables | 40 | €67,127 | €132,325 | +€65,199 | +97.1% |
| Other amounts receivable | 41 | €421,476 | €617,801 | +€196,325 | +46.6% |
| Current investments | 50/53 | €550,000 | - | -€550,000 | |
| Cash at bank and in hand | 54/58 | €919,389 | €1,461,646 | +€542,257 | +59.0% |
| Deferred charges and accrued income | 490/1 | €869 | €562 | -€307 | -35.3% |
| Total equity and liabilities | 10/49 | €2,379,332 | €2,622,349 | +€243,016 | +10.2% |
| Equity | 10/15 | €1,859,522 | €2,019,902 | +€160,381 | +8.6% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Outside capital | 11 | €38,000 | - | -€38,000 | |
| Other | 1109/19 | €38,000 | - | -€38,000 | |
| Reserves | 13 | €1,613,800 | €1,773,800 | +€160,000 | +9.9% |
| Non-distributable reserves | 130/1 | €3,800 | €3,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,800 | €3,800 | = | 0.0% |
| Distributable reserves | 133 | €1,610,000 | €1,770,000 | +€160,000 | +9.9% |
| Profit (loss) carried forward | 14 | €207,722 | €208,102 | +€381 | +0.2% |
| Amounts payable | 17/49 | €519,811 | €602,446 | +€82,636 | +15.9% |
| Amounts payable within one year | 42/48 | €519,811 | €602,446 | +€82,636 | +15.9% |
| Trade debts | 44 | €168,030 | €40,585 | -€127,444 | -75.8% |
| Suppliers | 440/4 | €168,030 | €40,585 | -€127,444 | -75.8% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | - | €72,870 | +€72,870 | |
| Taxes | 450/3 | - | €43,527 | +€43,527 | |
| Remuneration and social security | 454/9 | - | €29,343 | +€29,343 | |
| Other amounts payable | 47/48 | €351,781 | €488,991 | +€137,210 | +39.0% |
| Turnover | 70 | €1,945,083 | €1,937,979 | -€7,104 | -0.4% |
| Non-recurring operating income | 76A | €18,033 | - | -€18,033 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,259,131 | €1,281,031 | +€21,899 | +1.7% |
| Remuneration, social security and pensions | 62 | €264,503 | €350,493 | +€85,991 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,968 | €78,860 | -€1,108 | -1.4% |
| Other operating charges | 640/8 | €6,344 | €10,224 | +€3,880 | +61.2% |
| Gross operating margin | 9900 | €703,984 | €656,948 | -€47,036 | -6.7% |
| Operating profit (loss) | 9901 | €353,169 | €217,371 | -€135,798 | -38.5% |
| Financial income | 75/76B | €23,419 | €51,484 | +€28,065 | +119.8% |
| Recurring financial income | 75 | €23,419 | €51,484 | +€28,065 | +119.8% |
| Financial charges | 65/66B | €842 | €30,378 | +€29,536 | +3509.1% |
| Recurring financial charges | 65 | €842 | €30,378 | +€29,536 | +3509.1% |
| Profit (loss) for the period before taxes | 9903 | €375,746 | €238,477 | -€137,269 | -36.5% |
| Income taxes | 67/77 | €74,819 | €78,055 | +€3,236 | +4.3% |
| Profit (loss) for the period | 9904 | €300,928 | €160,423 | -€140,505 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €300,928 | €160,423 | -€140,505 | -46.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.