DU WARQUA: 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.
DU WARQUA
Largest movements
- Receivables within one year +€154,472
up €154,472 (+550%), from €28,090 to €182,562
of which Trade receivables: +€159,001
- Tangible fixed assets -€57,665
down €57,665 (-13.9%), from €416,218 to €358,552
of which Plant, machinery and equipment: -€56,339
- Cash +€48,802
up €48,802 (+401%), from €12,182 to €60,985
mainly Depreciation (+€113,906) and Trade debts (+€101,083)
- Stocks and contracts -€30,101
down €30,101 (-56.3%), from €53,500 to €23,399
- Trade debts +€101,083
up €101,083 (+547%), from €18,468 to €119,551
- Debts after one year -€53,286
down €53,286 (-53.7%), from €99,190 to €45,905
- Other debts +€24,667
up €24,667 (+82.3%), from €29,980 to €54,647
- Reserves +€24,483
up €24,483 (+7.7%), from €319,651 to €344,133
of which Tax-exempt reserves: +€22,491
- Current portion of long-term debt +€8,000
up €8,000 (+21.5%), from €37,286 to €45,286
- Financial income +€49,031
up €49,031 (+4,903%), from €1,000 to €50,031
of which Financial income: +€49,031
- Gross operating margin -€14,306
down €14,306 (-11.7%), from €122,740 to €108,434
- Financial charges +€7,663
up €7,663 (+216%), from €3,547 to €11,211
of which Non-recurring financial charges: +€8,499
- Depreciation -€3,099
down €3,099 (-2.6%), from €117,005 to €113,906
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 | €511,395 | €627,179 | +€115,784 | +22.6% |
| Fixed assets | 21/28 | €416,218 | €358,552 | -€57,665 | -13.9% |
| Tangible fixed assets | 22/27 | €416,218 | €358,552 | -€57,665 | -13.9% |
| Plant, machinery and equipment | 23 | €412,449 | €356,110 | -€56,339 | -13.7% |
| Furniture and vehicles | 24 | €3,769 | €2,442 | -€1,327 | -35.2% |
| Current assets | 29/58 | €95,178 | €268,627 | +€173,449 | +182% |
| Stocks and contracts in progress | 3 | €53,500 | €23,399 | -€30,101 | -56.3% |
| Stocks | 30/36 | €53,500 | €23,399 | -€30,101 | -56.3% |
| Amounts receivable within one year | 40/41 | €28,090 | €182,562 | +€154,472 | +550% |
| Trade receivables | 40 | €23,561 | €182,562 | +€159,001 | +675% |
| Other amounts receivable | 41 | €4,529 | - | -€4,529 | |
| Cash at bank and in hand | 54/58 | €12,182 | €60,985 | +€48,802 | +401% |
| Deferred charges and accrued income | 490/1 | €1,405 | €1,681 | +€276 | +19.6% |
| Total equity and liabilities | 10/49 | €511,395 | €627,179 | +€115,784 | +22.6% |
| Equity | 10/15 | €325,851 | €350,333 | +€24,483 | +7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €319,651 | €344,133 | +€24,483 | +7.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €22,491 | +€22,491 | |
| Distributable reserves | 133 | €317,791 | €319,782 | +€1,991 | +0.6% |
| Provisions and deferred taxes | 16 | - | €7,497 | +€7,497 | |
| Deferred taxes | 168 | - | €7,497 | +€7,497 | |
| Amounts payable | 17/49 | €185,544 | €269,349 | +€83,804 | +45.2% |
| Amounts payable after more than one year | 17 | €99,190 | €45,905 | -€53,286 | -53.7% |
| Financial debts | 170/4 | €99,190 | €45,905 | -€53,286 | -53.7% |
| Amounts payable within one year | 42/48 | €86,354 | €223,444 | +€137,090 | +159% |
| Current portion of amounts payable after more than one year | 42 | €37,286 | €45,286 | +€8,000 | +21.5% |
| Trade debts | 44 | €18,468 | €119,551 | +€101,083 | +547% |
| Suppliers | 440/4 | €18,468 | €119,551 | +€101,083 | +547% |
| Taxes, remuneration and social security | 45 | €621 | €3,960 | +€3,339 | +538% |
| Taxes | 450/3 | €621 | €3,960 | +€3,339 | +538% |
| Other amounts payable | 47/48 | €29,980 | €54,647 | +€24,667 | +82.3% |
| Non-recurring operating income | 76A | - | €10,388 | +€10,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,005 | €113,906 | -€3,099 | -2.6% |
| Other operating charges | 640/8 | €149 | €1,368 | +€1,220 | +820% |
| Gross operating margin | 9900 | €122,740 | €108,434 | -€14,306 | -11.7% |
| Operating profit (loss) | 9901 | €5,586 | -€6,841 | -€12,426 | |
| Financial income | 75/76B | €1,000 | €50,031 | +€49,031 | +4,903% |
| Recurring financial income | 75 | €1,000 | €50,031 | +€49,031 | +4,903% |
| Non-recurring financial income | 76B | €1,000 | €50,031 | +€49,031 | +4,903% |
| Financial charges | 65/66B | €3,547 | €11,211 | +€7,663 | +216% |
| Recurring financial charges | 65 | €3,547 | €2,711 | -€836 | -23.6% |
| Non-recurring financial charges | 66B | - | €8,499 | +€8,499 | |
| Profit (loss) for the period before taxes | 9903 | €3,038 | €31,980 | +€28,941 | +953% |
| Transfer from deferred taxes | 780 | - | €3 | +€3 | |
| Transfer to deferred taxes | 680 | - | €7,500 | +€7,500 | |
| Income taxes | 67/77 | €621 | - | -€621 | |
| Profit (loss) for the period | 9904 | €2,418 | €24,483 | +€22,065 | +913% |
| Transfer from tax-exempt reserves | 789 | - | €9 | +€9 | |
| Transfer to tax-exempt reserves | 689 | - | €22,500 | +€22,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,418 | €1,991 | -€427 | -17.6% |
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 16 October 2026 via checked.be.