DE WARANDE: 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.
DE WARANDE
Largest movements
- Cash +€189,769
up €189,769 (+40.5%), from €468,936 to €658,705
mainly Net result for the year (+€193,109) and Depreciation (+€155,899)
- Receivables within one year -€122,675
down €122,675 (-16.9%), from €723,892 to €601,217
of which Trade receivables: -€114,188
- Profit (loss) carried forward +€193,109
up €193,109 (+11.1%), from -€1.7m to -€1.6m
- Provisions +€125,000
new in 2025: €125,000
- Debts within one year -€123,646
down €123,646 (-6.5%), from €1.9m to €1.8m
of which Current portion of long-term debt: -€250,000
- Investment grants -€57,477
down €57,477 (-52.2%), from €110,178 to €52,701
- Gross operating margin -€146,601
down €146,601 (-13.4%), from €1.1m to €944,198
- Staff costs -€111,328
down €111,328 (-19.0%), from €584,615 to €473,287
- Financial charges -€54,842
down €54,842 (-91.7%), from €59,793 to €4,951
of which Non-recurring financial charges: -€54,958
- Other operating charges -€48,652
down €48,652 (-75.1%), from €64,819 to €16,167
- Depreciation +€38,656
up €38,656 (+33.0%), from €117,244 to €155,899
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.
Derived cash bridge
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 | €4,381,276 | €4,524,793 | +€143,517 | +3.3% |
| Fixed assets | 21/28 | €2,836,870 | €2,872,104 | +€35,234 | +1.2% |
| Intangible fixed assets | 21 | €2,068 | €1,212 | -€856 | -41.4% |
| Tangible fixed assets | 22/27 | €480,824 | €516,914 | +€36,091 | +7.5% |
| Land and buildings | 22 | €182,834 | €133,002 | -€49,832 | -27.3% |
| Plant, machinery and equipment | 23 | €228,119 | €330,493 | +€102,374 | +44.9% |
| Furniture and vehicles | 24 | €69,870 | €53,419 | -€16,452 | -23.5% |
| Financial fixed assets | 28 | €2,353,978 | €2,353,978 | = | 0.0% |
| Current assets | 29/58 | €1,544,406 | €1,652,689 | +€108,283 | +7.0% |
| Stocks and contracts in progress | 3 | €72,584 | €107,976 | +€35,392 | +48.8% |
| Stocks | 30/36 | €72,584 | €107,976 | +€35,392 | +48.8% |
| Amounts receivable within one year | 40/41 | €723,892 | €601,217 | -€122,675 | -16.9% |
| Trade receivables | 40 | €710,952 | €596,764 | -€114,188 | -16.1% |
| Other amounts receivable | 41 | €12,940 | €4,452 | -€8,487 | -65.6% |
| Current investments | 50/53 | €253,824 | €253,824 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €468,936 | €658,705 | +€189,769 | +40.5% |
| Deferred charges and accrued income | 490/1 | €25,171 | €30,968 | +€5,797 | +23.0% |
| Total equity and liabilities | 10/49 | €4,381,276 | €4,524,793 | +€143,517 | +3.3% |
| Equity | 10/15 | €713,695 | €849,327 | +€135,631 | +19.0% |
| Contributions | 10/11 | €1,082,765 | €1,082,765 | = | 0.0% |
| Capital | 10 | €1,082,765 | €1,082,765 | = | 0.0% |
| Revaluation surpluses | 12 | €1,264,893 | €1,264,893 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,744,141 | -€1,551,032 | +€193,109 | +11.1% |
| Investment grants | 15 | €110,178 | €52,701 | -€57,477 | -52.2% |
| Provisions and deferred taxes | 16 | - | €125,000 | +€125,000 | |
| Provisions for liabilities and charges | 160/5 | - | €125,000 | +€125,000 | |
| Major repairs and maintenance | 162 | - | €125,000 | +€125,000 | |
| Amounts payable | 17/49 | €3,667,580 | €3,550,466 | -€117,114 | -3.2% |
| Amounts payable after more than one year | 17 | €1,725,134 | €1,727,924 | +€2,790 | +0.2% |
| Advances received on contracts in progress | 176 | €1,249,709 | €1,307,174 | +€57,465 | +4.6% |
| Other amounts payable | 178/9 | €475,425 | €420,750 | -€54,675 | -11.5% |
| Amounts payable within one year | 42/48 | €1,888,059 | €1,764,413 | -€123,646 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | €0 | -€250,000 | -100% |
| Trade debts | 44 | €544,070 | €641,195 | +€97,125 | +17.9% |
| Suppliers | 440/4 | €544,070 | €641,195 | +€97,125 | +17.9% |
| Advances received on contracts in progress | 46 | €983,856 | €1,076,878 | +€93,023 | +9.5% |
| Taxes, remuneration and social security | 45 | €46,303 | €42,517 | -€3,785 | -8.2% |
| Taxes | 450/3 | €543 | €958 | +€415 | +76.5% |
| Remuneration and social security | 454/9 | €45,760 | €41,560 | -€4,200 | -9.2% |
| Accrued charges and deferred income | 492/3 | €54,387 | €58,129 | +€3,742 | +6.9% |
| Remuneration, social security and pensions | 62 | €584,615 | €473,287 | -€111,328 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,244 | €155,899 | +€38,656 | +33.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,899 | €15,750 | -€3,148 | -16.7% |
| Other operating charges | 640/8 | €64,819 | €16,167 | -€48,652 | -75.1% |
| Non-recurring operating charges | 66A | - | €6,538 | +€6,538 | |
| Gross operating margin | 9900 | €1,090,799 | €944,198 | -€146,601 | -13.4% |
| Operating profit (loss) | 9901 | €305,223 | €151,556 | -€153,666 | -50.3% |
| Financial income | 75/76B | €81,416 | €46,918 | -€34,499 | -42.4% |
| Recurring financial income | 75 | €81,416 | €46,918 | -€34,499 | -42.4% |
| Financial charges | 65/66B | €59,793 | €4,951 | -€54,842 | -91.7% |
| Recurring financial charges | 65 | €4,835 | €4,951 | +€116 | +2.4% |
| Non-recurring financial charges | 66B | €54,958 | €0 | -€54,958 | -100% |
| Profit (loss) for the period before taxes | 9903 | €326,847 | €193,524 | -€133,323 | -40.8% |
| Income taxes | 67/77 | €283 | €415 | +€133 | +46.9% |
| Profit (loss) for the period | 9904 | €326,564 | €193,109 | -€133,456 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €326,564 | €193,109 | -€133,456 | -40.9% |
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 19 October 2026 via checked.be.