DE WARRE: 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.
DE WARRE
Largest movements
- Tangible fixed assets +€964,587
up €964,587 (+12.1%), from €7.9m to €8.9m
of which Plant, machinery and equipment: +€959,799
- Trade debts +€394,939
up €394,939 (+62.8%), from €628,587 to €1.0m
- Other debts +€372,915
up €372,915 (+293.4%), from €127,085 to €500,000
- Profit (loss) carried forward +€186,040
up €186,040 (+2.5%), from -€7.5m to -€7.3m
- Depreciation +€40,027
up €40,027 (+6.0%), from €670,285 to €710,312
- Other operating charges +€14,647
up €14,647 (+28.5%), from €51,458 to €66,105
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 | €9,124,033 | €10,081,098 | +€957,065 | +10.5% |
| Fixed assets | 21/28 | €7,946,243 | €8,910,830 | +€964,587 | +12.1% |
| Tangible fixed assets | 22/27 | €7,945,373 | €8,909,960 | +€964,587 | +12.1% |
| Land and buildings | 22 | €6,630,669 | €6,723,821 | +€93,152 | +1.4% |
| Plant, machinery and equipment | 23 | €161,194 | €1,120,994 | +€959,799 | +595.4% |
| Furniture and vehicles | 24 | €6,850 | €4,020 | -€2,830 | -41.3% |
| Other tangible fixed assets | 26 | €1,146,659 | €1,061,125 | -€85,535 | -7.5% |
| Financial fixed assets | 28 | €870 | €870 | = | 0.0% |
| Current assets | 29/58 | €1,177,790 | €1,170,268 | -€7,522 | -0.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €892,593 | €802,082 | -€90,511 | -10.1% |
| Trade receivables | 40 | €751,925 | €550,456 | -€201,469 | -26.8% |
| Other amounts receivable | 41 | €140,668 | €251,625 | +€110,958 | +78.9% |
| Cash at bank and in hand | 54/58 | €256,706 | €352,642 | +€95,936 | +37.4% |
| Deferred charges and accrued income | 490/1 | €28,491 | €15,545 | -€12,946 | -45.4% |
| Total equity and liabilities | 10/49 | €9,124,033 | €10,081,098 | +€957,065 | +10.5% |
| Equity | 10/15 | €8,357,345 | €8,543,385 | +€186,040 | +2.2% |
| Contributions | 10/11 | €15,875,822 | €15,875,822 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,518,477 | -€7,332,437 | +€186,040 | +2.5% |
| Amounts payable | 17/49 | €766,688 | €1,537,713 | +€771,025 | +100.6% |
| Amounts payable after more than one year | 17 | €7,500 | €7,500 | = | 0.0% |
| Other amounts payable | 178/9 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €755,672 | €1,523,526 | +€767,854 | +101.6% |
| Trade debts | 44 | €628,587 | €1,023,526 | +€394,939 | +62.8% |
| Suppliers | 440/4 | €628,587 | €1,023,526 | +€394,939 | +62.8% |
| Other amounts payable | 47/48 | €127,085 | €500,000 | +€372,915 | +293.4% |
| Accrued charges and deferred income | 492/3 | €3,516 | €6,687 | +€3,171 | +90.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €670,285 | €710,312 | +€40,027 | +6.0% |
| Other operating charges | 640/8 | €51,458 | €66,105 | +€14,647 | +28.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €957,230 | €965,258 | +€8,028 | +0.8% |
| Operating profit (loss) | 9901 | €235,487 | €188,841 | -€46,646 | -19.8% |
| Financial income | 75/76B | €1,006 | €1,934 | +€928 | +92.2% |
| Recurring financial income | 75 | €1,006 | €1,934 | +€928 | +92.2% |
| Financial charges | 65/66B | €1,742 | €4,735 | +€2,993 | +171.8% |
| Recurring financial charges | 65 | €1,742 | €4,735 | +€2,993 | +171.8% |
| Profit (loss) for the period before taxes | 9903 | €234,751 | €186,040 | -€48,711 | -20.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €234,751 | €186,040 | -€48,711 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €234,751 | €186,040 | -€48,711 | -20.8% |
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 7 October 2026 via checked.be.