KEVIN WARLOP: 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.
KEVIN WARLOP
Largest movements
- Tangible fixed assets -€127,234
down €127,234 (-21.1%), from €604,031 to €476,797
of which Plant, machinery and equipment: -€122,003
- Cash +€48,856
up €48,856 (+24.0%), from €203,609 to €252,465
mainly Depreciation (+€155,234) and Net result for the year (+€146,774)
- Stocks and contracts +€35,269
up €35,269 (+51.7%), from €68,255 to €103,524
- Intangible fixed assets -€28,000
down €28,000 (-17.3%), from €161,624 to €133,624
- Receivables within one year -€15,535
down €15,535 (-18.0%), from €86,308 to €70,774
of which Trade receivables: -€26,079
- Profit (loss) carried forward +€151,713
up €151,713 (+30.2%), from €503,116 to €654,829
- Other debts -€103,887
down €103,887 (-72.3%), from €143,650 to €39,763
- Debts after one year -€88,572
down €88,572 (-54.4%), from €162,916 to €74,345
- Current portion of long-term debt -€32,291
down €32,291 (-26.7%), from €120,863 to €88,572
- Tax, wage and social debts -€11,918
down €11,918 (-85.3%), from €13,974 to €2,056
- Gross operating margin -€23,440
down €23,440 (-6.3%), from €371,716 to €348,276
- Financial charges -€12,921
down €12,921 (-55.1%), from €23,452 to €10,531
- Financial income +€4,800
up €4,800 (+42.6%), from €11,266 to €16,066
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 | €1,129,762 | €1,043,316 | -€86,447 | -7.7% |
| Fixed assets | 21/28 | €767,455 | €612,221 | -€155,234 | -20.2% |
| Intangible fixed assets | 21 | €161,624 | €133,624 | -€28,000 | -17.3% |
| Tangible fixed assets | 22/27 | €604,031 | €476,797 | -€127,234 | -21.1% |
| Plant, machinery and equipment | 23 | €596,747 | €474,744 | -€122,003 | -20.4% |
| Furniture and vehicles | 24 | €7,283 | €2,053 | -€5,230 | -71.8% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €362,307 | €431,094 | +€68,787 | +19.0% |
| Stocks and contracts in progress | 3 | €68,255 | €103,524 | +€35,269 | +51.7% |
| Stocks | 30/36 | €68,255 | €103,524 | +€35,269 | +51.7% |
| Amounts receivable within one year | 40/41 | €86,308 | €70,774 | -€15,535 | -18.0% |
| Trade receivables | 40 | €73,476 | €47,398 | -€26,079 | -35.5% |
| Other amounts receivable | 41 | €12,832 | €23,376 | +€10,544 | +82.2% |
| Cash at bank and in hand | 54/58 | €203,609 | €252,465 | +€48,856 | +24.0% |
| Deferred charges and accrued income | 490/1 | €4,135 | €4,331 | +€196 | +4.7% |
| Total equity and liabilities | 10/49 | €1,129,762 | €1,043,316 | -€86,447 | -7.7% |
| Equity | 10/15 | €581,797 | €727,771 | +€145,974 | +25.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €28,681 | €22,942 | -€5,739 | -20.0% |
| Tax-exempt reserves | 132 | €28,681 | €22,942 | -€5,739 | -20.0% |
| Profit (loss) carried forward | 14 | €503,116 | €654,829 | +€151,713 | +30.2% |
| Provisions and deferred taxes | 16 | €7,170 | €5,736 | -€1,435 | -20.0% |
| Deferred taxes | 168 | €7,170 | €5,736 | -€1,435 | -20.0% |
| Amounts payable | 17/49 | €540,795 | €309,809 | -€230,986 | -42.7% |
| Amounts payable after more than one year | 17 | €162,916 | €74,345 | -€88,572 | -54.4% |
| Financial debts | 170/4 | €162,916 | €74,345 | -€88,572 | -54.4% |
| Amounts payable within one year | 42/48 | €377,879 | €235,464 | -€142,415 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €120,863 | €88,572 | -€32,291 | -26.7% |
| Trade debts | 44 | €99,392 | €105,074 | +€5,681 | +5.7% |
| Suppliers | 440/4 | €99,392 | €105,074 | +€5,681 | +5.7% |
| Taxes, remuneration and social security | 45 | €13,974 | €2,056 | -€11,918 | -85.3% |
| Taxes | 450/3 | €13,974 | €2,056 | -€11,918 | -85.3% |
| Other amounts payable | 47/48 | €143,650 | €39,763 | -€103,887 | -72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,962 | €155,234 | -€729 | -0.5% |
| Other operating charges | 640/8 | €1,600 | €2,568 | +€969 | +60.6% |
| Gross operating margin | 9900 | €371,716 | €348,276 | -€23,440 | -6.3% |
| Operating profit (loss) | 9901 | €214,154 | €190,474 | -€23,680 | -11.1% |
| Financial income | 75/76B | €11,266 | €16,066 | +€4,800 | +42.6% |
| Recurring financial income | 75 | €11,266 | €16,066 | +€4,800 | +42.6% |
| Financial charges | 65/66B | €23,452 | €10,531 | -€12,921 | -55.1% |
| Recurring financial charges | 65 | €23,452 | €10,531 | -€12,921 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €201,968 | €196,009 | -€5,959 | -3.0% |
| Transfer from deferred taxes | 780 | €1,435 | €1,435 | = | 0.0% |
| Income taxes | 67/77 | €48,513 | €50,669 | +€2,156 | +4.4% |
| Profit (loss) for the period | 9904 | €154,889 | €146,774 | -€8,115 | -5.2% |
| Transfer from tax-exempt reserves | 789 | €5,739 | €5,739 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,628 | €152,513 | -€8,115 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.