DE WARTIEST: 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 WARTIEST
Largest movements
- Cash +€18,865
up €18,865 (+38.9%), from €48,524 to €67,389
mainly Net result for the year (+€20,442) and Depreciation (+€13,487)
- Tangible fixed assets -€4,193
down €4,193 (-7.0%), from €59,588 to €55,395
of which Land and buildings: -€4,610
- Receivables within one year +€1,550
up €1,550 (+12.4%), from €12,455 to €14,005
of which Trade receivables: +€2,431
- Reserves +€14,222
up €14,222 (+34.3%), from €41,514 to €55,736
of which Distributable reserves: +€14,222
- Current portion of long-term debt +€4,656
up €4,656 (+100%), from €4,644 to €9,300
- Tax, wage and social debts +€2,552
up €2,552 (+65.5%), from €3,899 to €6,451
of which Taxes: +€2,603
- Other debts -€2,432
down €2,432 (-17.8%), from €13,657 to €11,225
- Trade debts -€2,367
down €2,367 (-17.0%), from €13,965 to €11,597
- Gross operating margin +€26,182
up €26,182 (+148%), from €17,674 to €43,856
- Taxes +€7,527
up €7,527 (+1,074%), from €701 to €8,227
- Depreciation +€3,436
up €3,436 (+34.2%), from €10,051 to €13,487
- Staff costs -€1,336
down €1,336 (-100%), from €1,336 to €0
- Financial income +€649
up €649 (+308,814%), from €0 to €649
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 | €130,929 | €146,626 | +€15,697 | +12.0% |
| Fixed assets | 21/28 | €59,588 | €55,395 | -€4,193 | -7.0% |
| Tangible fixed assets | 22/27 | €59,588 | €55,395 | -€4,193 | -7.0% |
| Land and buildings | 22 | €31,354 | €26,744 | -€4,610 | -14.7% |
| Plant, machinery and equipment | 23 | €25,923 | €23,043 | -€2,880 | -11.1% |
| Furniture and vehicles | 24 | €2,312 | €5,608 | +€3,296 | +143% |
| Current assets | 29/58 | €71,341 | €91,231 | +€19,890 | +27.9% |
| Stocks and contracts in progress | 3 | €9,414 | €8,905 | -€509 | -5.4% |
| Stocks | 30/36 | €9,414 | €8,905 | -€509 | -5.4% |
| Amounts receivable within one year | 40/41 | €12,455 | €14,005 | +€1,550 | +12.4% |
| Trade receivables | 40 | €11,261 | €13,693 | +€2,431 | +21.6% |
| Other amounts receivable | 41 | €1,193 | €312 | -€881 | -73.8% |
| Cash at bank and in hand | 54/58 | €48,524 | €67,389 | +€18,865 | +38.9% |
| Deferred charges and accrued income | 490/1 | €948 | €933 | -€16 | -1.7% |
| Total equity and liabilities | 10/49 | €130,929 | €146,626 | +€15,697 | +12.0% |
| Equity | 10/15 | €72,949 | €87,171 | +€14,222 | +19.5% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €41,514 | €55,736 | +€14,222 | +34.3% |
| Non-distributable reserves | 130/1 | €900 | €900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €900 | €900 | = | 0.0% |
| Distributable reserves | 133 | €40,614 | €54,836 | +€14,222 | +35.0% |
| Profit (loss) carried forward | 14 | €22,434 | €22,434 | = | 0.0% |
| Amounts payable | 17/49 | €57,981 | €59,455 | +€1,475 | +2.5% |
| Amounts payable after more than one year | 17 | €21,816 | €20,882 | -€935 | -4.3% |
| Financial debts | 170/4 | €21,816 | €20,882 | -€935 | -4.3% |
| Amounts payable within one year | 42/48 | €36,164 | €38,574 | +€2,410 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €4,644 | €9,300 | +€4,656 | +100% |
| Trade debts | 44 | €13,965 | €11,597 | -€2,367 | -17.0% |
| Suppliers | 440/4 | €13,965 | €11,597 | -€2,367 | -17.0% |
| Taxes, remuneration and social security | 45 | €3,899 | €6,451 | +€2,552 | +65.5% |
| Taxes | 450/3 | €739 | €3,341 | +€2,603 | +352% |
| Remuneration and social security | 454/9 | €3,160 | €3,110 | -€50 | -1.6% |
| Other amounts payable | 47/48 | €13,657 | €11,225 | -€2,432 | -17.8% |
| Remuneration, social security and pensions | 62 | €1,336 | €0 | -€1,336 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,051 | €13,487 | +€3,436 | +34.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€213 | -€213 | |
| Other operating charges | 640/8 | €813 | €1,019 | +€206 | +25.3% |
| Gross operating margin | 9900 | €17,674 | €43,856 | +€26,182 | +148% |
| Operating profit (loss) | 9901 | €5,474 | €29,562 | +€24,088 | +440% |
| Financial income | 75/76B | €0 | €649 | +€649 | +308,814% |
| Recurring financial income | 75 | €0 | €649 | +€649 | +308,814% |
| Financial charges | 65/66B | €1,576 | €1,541 | -€35 | -2.2% |
| Recurring financial charges | 65 | €1,576 | €1,541 | -€35 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €3,899 | €28,670 | +€24,771 | +635% |
| Income taxes | 67/77 | €701 | €8,227 | +€7,527 | +1,074% |
| Profit (loss) for the period | 9904 | €3,198 | €20,442 | +€17,244 | +539% |
| Profit (loss) for the period to be appropriated | 9905 | €3,198 | €20,442 | +€17,244 | +539% |
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 17 October 2026 via checked.be.