CHRIS WARLOP: 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.
CHRIS WARLOP
Largest movements
- Tangible fixed assets -€163,867
down €163,867 (-64.9%), from €252,558 to €88,691
of which Land and buildings: -€136,616
- Cash +€62,630
up €62,630 (+404.6%), from €15,478 to €78,108
mainly Net result for the year (+€395,343) and Other debts (+€232,111)
- Receivables within one year -€58,194
down €58,194 (-38.9%), from €149,647 to €91,453
of which Trade receivables: -€58,715
- Stocks and contracts +€7,472
up €7,472 (+3.7%), from €201,423 to €208,894
- Trade debts -€398,708
down €398,708 (-92.7%), from €430,321 to €31,613
- Profit (loss) carried forward +€395,343
up €395,343 (+50.8%), from -€777,606 to -€382,264
- Debts after one year -€308,119
no longer reported in 2025 (was €308,119)
of which Other amounts payable: -€250,000
- Other debts +€232,111
up €232,111 (+263.0%), from €88,263 to €320,374
- Short-term financial debts -€70,000
no longer reported in 2025 (was €70,000)
- Gross operating margin +€405,813
up €405,813 (+269.1%), from €150,785 to €556,598
- Depreciation -€40,002
down €40,002 (-55.1%), from €72,644 to €32,643
- Financial income -€13,497
down €13,497 (-89.9%), from €15,010 to €1,514
of which Non-recurring financial income: -€14,500
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 | €621,846 | €472,347 | -€149,499 | -24.0% |
| Fixed assets | 21/28 | €252,558 | €88,691 | -€163,867 | -64.9% |
| Tangible fixed assets | 22/27 | €252,558 | €88,691 | -€163,867 | -64.9% |
| Land and buildings | 22 | €168,970 | €32,354 | -€136,616 | -80.9% |
| Plant, machinery and equipment | 23 | €19,986 | €12,733 | -€7,253 | -36.3% |
| Furniture and vehicles | 24 | €63,601 | €43,604 | -€19,997 | -31.4% |
| Current assets | 29/58 | €369,288 | €383,655 | +€14,368 | +3.9% |
| Stocks and contracts in progress | 3 | €201,423 | €208,894 | +€7,472 | +3.7% |
| Stocks | 30/36 | €201,423 | €208,894 | +€7,472 | +3.7% |
| Amounts receivable within one year | 40/41 | €149,647 | €91,453 | -€58,194 | -38.9% |
| Trade receivables | 40 | €148,670 | €89,955 | -€58,715 | -39.5% |
| Other amounts receivable | 41 | €978 | €1,498 | +€521 | +53.2% |
| Current investments | 50/53 | €2,581 | €2,581 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,478 | €78,108 | +€62,630 | +404.6% |
| Deferred charges and accrued income | 490/1 | €158 | €2,618 | +€2,460 | +1553.9% |
| Total equity and liabilities | 10/49 | €621,846 | €472,347 | -€149,499 | -24.0% |
| Equity | 10/15 | -€334,200 | €61,143 | +€395,343 | |
| Contributions | 10/11 | €443,406 | €443,406 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€777,606 | -€382,264 | +€395,343 | +50.8% |
| Amounts payable | 17/49 | €956,046 | €411,204 | -€544,842 | -57.0% |
| Amounts payable after more than one year | 17 | €308,119 | - | -€308,119 | |
| Financial debts | 170/4 | €58,119 | - | -€58,119 | |
| Other amounts payable | 178/9 | €250,000 | - | -€250,000 | |
| Amounts payable within one year | 42/48 | €647,927 | €411,204 | -€236,723 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €58,111 | €58,119 | +€8 | 0.0% |
| Financial debts | 43 | €70,000 | - | -€70,000 | |
| Credit institutions | 430/8 | €70,000 | - | -€70,000 | |
| Trade debts | 44 | €430,321 | €31,613 | -€398,708 | -92.7% |
| Suppliers | 440/4 | €430,321 | €31,613 | -€398,708 | -92.7% |
| Taxes, remuneration and social security | 45 | €1,232 | €1,098 | -€134 | -10.9% |
| Taxes | 450/3 | €1,232 | €1,098 | -€134 | -10.9% |
| Other amounts payable | 47/48 | €88,263 | €320,374 | +€232,111 | +263.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,644 | €32,643 | -€40,002 | -55.1% |
| Other operating charges | 640/8 | €11,318 | €11,257 | -€61 | -0.5% |
| Non-recurring operating charges | 66A | - | €110,849 | +€110,849 | |
| Gross operating margin | 9900 | €150,785 | €556,598 | +€405,813 | +269.1% |
| Operating profit (loss) | 9901 | €66,823 | €401,850 | +€335,026 | +501.4% |
| Financial income | 75/76B | €15,010 | €1,514 | -€13,497 | -89.9% |
| Recurring financial income | 75 | €510 | €1,514 | +€1,003 | +196.6% |
| Non-recurring financial income | 76B | €14,500 | - | -€14,500 | |
| Financial charges | 65/66B | €12,172 | €8,020 | -€4,152 | -34.1% |
| Recurring financial charges | 65 | €12,172 | €8,020 | -€4,152 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €69,661 | €395,343 | +€325,682 | +467.5% |
| Profit (loss) for the period | 9904 | €69,661 | €395,343 | +€325,682 | +467.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,661 | €395,343 | +€325,682 | +467.5% |
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 9 October 2026 via checked.be.