Dr. Christian Warson: what changed
Dr. Christian Warson
Largest movements
- Current investments +€204,432
new in 2025: €204,432
- Cash -€128,670
down €128,670 (-64.3%), from €200,192 to €71,522
mainly Current investments (-€204,432) and Contributions, distributions and other (-€49,196)
- Tangible fixed assets -€42,272
down €42,272 (-42.2%), from €100,256 to €57,984
of which Land and buildings: -€45,737
- Deferred charges and accrued income -€4,023
down €4,023 (-56.8%), from €7,083 to €3,060
- Trade debts +€17,923
up €17,923 (+522%), from €3,435 to €21,358
- Reserves +€12,800
up €12,800 (+4.5%), from €287,333 to €300,133
- Tax, wage and social debts +€7,203
up €7,203 (+39.4%), from €18,290 to €25,493
- Debts after one year -€4,729
no longer reported in 2025 (was €4,729)
- Current portion of long-term debt -€4,552
no longer reported in 2025 (was €4,552)
- Gross operating margin +€14,895
up €14,895 (+17.6%), from €84,830 to €99,725
- Financial charges +€5,687
up €5,687 (+833%), from €683 to €6,370
- Taxes +€5,482
up €5,482 (+19.7%), from €27,806 to €33,288
- Financial income +€3,588
up €3,588 (+150%), from €2,392 to €5,980
- Depreciation -€3,325
down €3,325 (-61.0%), from €5,450 to €2,125
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €336,939 | €365,584 | +€28,645 | +8.5% |
| Fixed assets | 21/28 | €100,256 | €57,984 | -€42,272 | -42.2% |
| Tangible fixed assets | 22/27 | €100,256 | €57,984 | -€42,272 | -42.2% |
| Land and buildings | 22 | €95,437 | €49,700 | -€45,737 | -47.9% |
| Plant, machinery and equipment | 23 | €1,126 | €544 | -€582 | -51.7% |
| Furniture and vehicles | 24 | €3,693 | €7,740 | +€4,047 | +110% |
| Current assets | 29/58 | €236,683 | €307,600 | +€70,917 | +30.0% |
| Amounts receivable within one year | 40/41 | €29,408 | €28,586 | -€822 | -2.8% |
| Trade receivables | 40 | €4,795 | €13,532 | +€8,737 | +182% |
| Other amounts receivable | 41 | €24,613 | €15,054 | -€9,559 | -38.8% |
| Current investments | 50/53 | - | €204,432 | +€204,432 | |
| Cash at bank and in hand | 54/58 | €200,192 | €71,522 | -€128,670 | -64.3% |
| Deferred charges and accrued income | 490/1 | €7,083 | €3,060 | -€4,023 | -56.8% |
| Total equity and liabilities | 10/49 | €336,939 | €365,584 | +€28,645 | +8.5% |
| Equity | 10/15 | €305,933 | €318,733 | +€12,800 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €287,333 | €300,133 | +€12,800 | +4.5% |
| Distributable reserves | 133 | €287,333 | €300,133 | +€12,800 | +4.5% |
| Amounts payable | 17/49 | €31,006 | €46,851 | +€15,845 | +51.1% |
| Amounts payable after more than one year | 17 | €4,729 | - | -€4,729 | |
| Financial debts | 170/4 | €4,729 | - | -€4,729 | |
| Amounts payable within one year | 42/48 | €26,277 | €46,851 | +€20,574 | +78.3% |
| Current portion of amounts payable after more than one year | 42 | €4,552 | - | -€4,552 | |
| Trade debts | 44 | €3,435 | €21,358 | +€17,923 | +522% |
| Suppliers | 440/4 | €3,435 | €21,358 | +€17,923 | +522% |
| Taxes, remuneration and social security | 45 | €18,290 | €25,493 | +€7,203 | +39.4% |
| Taxes | 450/3 | €18,290 | €25,493 | +€7,203 | +39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,450 | €2,125 | -€3,325 | -61.0% |
| Other operating charges | 640/8 | €738 | €513 | -€225 | -30.5% |
| Non-recurring operating charges | 66A | - | €1,413 | +€1,413 | |
| Gross operating margin | 9900 | €84,830 | €99,725 | +€14,895 | +17.6% |
| Operating profit (loss) | 9901 | €78,642 | €95,674 | +€17,032 | +21.7% |
| Financial income | 75/76B | €2,392 | €5,980 | +€3,588 | +150% |
| Recurring financial income | 75 | €2,392 | €5,980 | +€3,588 | +150% |
| Financial charges | 65/66B | €683 | €6,370 | +€5,687 | +833% |
| Recurring financial charges | 65 | €683 | €6,370 | +€5,687 | +833% |
| Profit (loss) for the period before taxes | 9903 | €80,351 | €95,284 | +€14,933 | +18.6% |
| Income taxes | 67/77 | €27,806 | €33,288 | +€5,482 | +19.7% |
| Profit (loss) for the period | 9904 | €52,545 | €61,996 | +€9,451 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,545 | €61,996 | +€9,451 | +18.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.