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
- Tangible fixed assets +€417,932
new in 2025: €417,932
- Cash -€385,451
down €385,451 (-48.2%), from €799,485 to €414,034
mainly Investment in fixed assets (net) (-€445,508) and Smaller working-capital items (-€1,313)
- Reserves +€18,588
up €18,588 (+3.8%), from €487,429 to €506,017
of which Distributable reserves: +€18,842
- Tax, wage and social debts +€9,304
up €9,304, from €0 to €9,304
- Gross operating margin +€52,848
up €52,848, from -€5,588 to €47,260
- Depreciation +€27,576
new in 2025: €27,576
- Financial income -€15,957
down €15,957 (-80.9%), from €19,726 to €3,769
- Taxes -€813
down €813 (-30.2%), from €2,698 to €1,884
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 | €803,472 | €832,535 | +€29,063 | +3.6% |
| Fixed assets | 21/28 | - | €417,932 | +€417,932 | |
| Tangible fixed assets | 22/27 | - | €417,932 | +€417,932 | |
| Land and buildings | 22 | - | €208,775 | +€208,775 | |
| Plant, machinery and equipment | 23 | - | €6,898 | +€6,898 | |
| Assets under construction and advance payments | 27 | - | €202,259 | +€202,259 | |
| Current assets | 29/58 | €803,472 | €414,603 | -€388,869 | -48.4% |
| Stocks and contracts in progress | 3 | - | €169 | +€169 | |
| Stocks | 30/36 | - | €169 | +€169 | |
| Amounts receivable within one year | 40/41 | €3,987 | €0 | -€3,987 | -100% |
| Trade receivables | 40 | €325 | €0 | -€325 | -100% |
| Other amounts receivable | 41 | €3,662 | €0 | -€3,662 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €799,485 | €414,034 | -€385,451 | -48.2% |
| Deferred charges and accrued income | 490/1 | - | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €803,472 | €832,535 | +€29,063 | +3.6% |
| Equity | 10/15 | €685,749 | €704,337 | +€18,588 | +2.7% |
| Contributions | 10/11 | €198,320 | €198,320 | = | 0.0% |
| Reserves | 13 | €487,429 | €506,017 | +€18,588 | +3.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €353,748 | €353,494 | -€254 | -0.1% |
| Distributable reserves | 133 | €133,681 | €152,522 | +€18,842 | +14.1% |
| Provisions and deferred taxes | 16 | €115,349 | €115,265 | -€85 | -0.1% |
| Deferred taxes | 168 | €115,349 | €115,265 | -€85 | -0.1% |
| Amounts payable | 17/49 | €2,374 | €12,933 | +€10,560 | +445% |
| Amounts payable within one year | 42/48 | €2,374 | €12,933 | +€10,560 | +445% |
| Trade debts | 44 | €1,560 | €900 | -€660 | -42.3% |
| Suppliers | 440/4 | €1,560 | €900 | -€660 | -42.3% |
| Taxes, remuneration and social security | 45 | €0 | €9,304 | +€9,304 | |
| Taxes | 450/3 | €0 | €9,304 | +€9,304 | |
| Other amounts payable | 47/48 | €814 | €2,729 | +€1,915 | +235% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €27,576 | +€27,576 | |
| Other operating charges | 640/8 | €3,215 | €3,012 | -€203 | -6.3% |
| Gross operating margin | 9900 | -€5,588 | €47,260 | +€52,848 | |
| Operating profit (loss) | 9901 | -€8,803 | €16,672 | +€25,476 | |
| Financial income | 75/76B | €19,726 | €3,769 | -€15,957 | -80.9% |
| Recurring financial income | 75 | €19,726 | €3,769 | -€15,957 | -80.9% |
| Financial charges | 65/66B | €54 | €54 | +€0 | 0.0% |
| Recurring financial charges | 65 | €54 | €54 | +€0 | 0.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €10,869 | €20,387 | +€9,519 | +87.6% |
| Transfer from deferred taxes | 780 | - | €85 | +€85 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €2,698 | €1,884 | -€813 | -30.2% |
| Profit (loss) for the period | 9904 | €8,171 | €18,588 | +€10,417 | +127% |
| Transfer from tax-exempt reserves | 789 | - | €254 | +€254 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €8,171 | €18,842 | +€10,671 | +131% |
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 24 October 2026 via checked.be.