MAXIME WARLING: 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.
MAXIME WARLING
Largest movements
- Tangible fixed assets +€119,796
up €119,796 (+67.6%), from €177,148 to €296,944
of which Furniture and vehicles: +€120,560
- Cash +€34,189
up €34,189 (+71.5%), from €47,794 to €81,983
mainly Net result for the year (+€63,000) and Depreciation (+€61,762)
- Receivables within one year +€7,913
up €7,913 (+27.3%), from €29,015 to €36,928
of which Trade receivables: +€7,913
- Deferred charges and accrued income -€7,262
down €7,262 (-33.6%), from €21,599 to €14,337
- Reserves +€62,610
up €62,610 (+361%), from €17,360 to €79,970
of which Tax-exempt reserves: +€47,610
- Current portion of long-term debt +€29,033
up €29,033 (+70.1%), from €41,438 to €70,471
- Debts after one year +€19,089
up €19,089 (+13.4%), from €142,824 to €161,913
- Trade debts +€18,935
up €18,935 (+95.8%), from €19,771 to €38,706
- Provisions +€15,870
new in 2025: €15,870
- Gross operating margin +€86,069
up €86,069 (+140%), from €61,509 to €147,578
- Depreciation +€18,597
up €18,597 (+43.1%), from €43,165 to €61,762
- Financial income +€4,399
up €4,399 (+427,084%), from €1 to €4,400
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 | €300,055 | €452,292 | +€152,236 | +50.7% |
| Fixed assets | 21/28 | €177,148 | €296,944 | +€119,796 | +67.6% |
| Tangible fixed assets | 22/27 | €177,148 | €296,944 | +€119,796 | +67.6% |
| Plant, machinery and equipment | 23 | €140,574 | €139,809 | -€764 | -0.5% |
| Furniture and vehicles | 24 | €36,574 | €157,135 | +€120,560 | +330% |
| Current assets | 29/58 | €122,907 | €155,348 | +€32,440 | +26.4% |
| Stocks and contracts in progress | 3 | €24,500 | €22,100 | -€2,400 | -9.8% |
| Stocks | 30/36 | €24,500 | €22,100 | -€2,400 | -9.8% |
| Amounts receivable within one year | 40/41 | €29,015 | €36,928 | +€7,913 | +27.3% |
| Trade receivables | 40 | €28,015 | €35,928 | +€7,913 | +28.2% |
| Other amounts receivable | 41 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,794 | €81,983 | +€34,189 | +71.5% |
| Deferred charges and accrued income | 490/1 | €21,599 | €14,337 | -€7,262 | -33.6% |
| Total equity and liabilities | 10/49 | €300,055 | €452,292 | +€152,236 | +50.7% |
| Equity | 10/15 | €75,098 | €138,099 | +€63,000 | +83.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,360 | €79,970 | +€62,610 | +361% |
| 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 | - | €47,610 | +€47,610 | |
| Distributable reserves | 133 | €15,500 | €30,500 | +€15,000 | +96.8% |
| Profit (loss) carried forward | 14 | €39,138 | €39,529 | +€391 | +1.0% |
| Provisions and deferred taxes | 16 | - | €15,870 | +€15,870 | |
| Deferred taxes | 168 | - | €15,870 | +€15,870 | |
| Amounts payable | 17/49 | €224,957 | €298,323 | +€73,366 | +32.6% |
| Amounts payable after more than one year | 17 | €142,824 | €161,913 | +€19,089 | +13.4% |
| Financial debts | 170/4 | €142,824 | €161,913 | +€19,089 | +13.4% |
| Amounts payable within one year | 42/48 | €82,133 | €136,410 | +€54,277 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | €41,438 | €70,471 | +€29,033 | +70.1% |
| Trade debts | 44 | €19,771 | €38,706 | +€18,935 | +95.8% |
| Suppliers | 440/4 | €19,771 | €38,706 | +€18,935 | +95.8% |
| Taxes, remuneration and social security | 45 | €7,139 | €10,114 | +€2,975 | +41.7% |
| Taxes | 450/3 | €7,139 | €10,114 | +€2,975 | +41.7% |
| Other amounts payable | 47/48 | €13,785 | €17,119 | +€3,334 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,165 | €61,762 | +€18,597 | +43.1% |
| Other operating charges | 640/8 | €969 | €1,356 | +€387 | +39.9% |
| Gross operating margin | 9900 | €61,509 | €147,578 | +€86,069 | +140% |
| Operating profit (loss) | 9901 | €17,375 | €84,460 | +€67,085 | +386% |
| Financial income | 75/76B | €1 | €4,400 | +€4,399 | +427,084% |
| Recurring financial income | 75 | €1 | €4,400 | +€4,399 | +427,084% |
| Financial charges | 65/66B | €6,511 | €6,142 | -€368 | -5.7% |
| Recurring financial charges | 65 | €6,511 | €6,142 | -€368 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €10,865 | €82,718 | +€71,853 | +661% |
| Transfer from deferred taxes | 780 | - | €1,630 | +€1,630 | |
| Transfer to deferred taxes | 680 | - | €17,500 | +€17,500 | |
| Income taxes | 67/77 | €3,078 | €3,848 | +€770 | +25.0% |
| Profit (loss) for the period | 9904 | €7,788 | €63,000 | +€55,213 | +709% |
| Transfer from tax-exempt reserves | 789 | - | €4,890 | +€4,890 | |
| Transfer to tax-exempt reserves | 689 | - | €52,500 | +€52,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,788 | €15,391 | +€7,603 | +97.6% |
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 14 October 2026 via checked.be.