RENE WARSON: what changed
Two fiscal 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.
What changed
RENE WARSON
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,329
2024 · €95,361-€90,032
Equity
€566,560
2024 · €561,231+€5,329
Cash
€121,704
2024 · €131,294-€9,590
Balance sheet total
€1.1m
2024 · €1.3m-€131,891
Largest movements
Assets
- Receivables within one year -€89,073
down €89,073 (-27.7%), from €321,921 to €232,848
of which Trade receivables: -€85,591
- Stocks and contracts -€27,294
down €27,294 (-18.9%), from €144,058 to €116,764
of which Stocks: -€19,930
Equity and liabilities
- Other debts -€52,621
down €52,621 (-100.0%), from €52,621 to €0
- Debts after one year -€44,682
down €44,682 (-10.9%), from €409,379 to €364,697
- Trade debts -€31,472
down €31,472 (-25.3%), from €124,592 to €93,120
Income statement
- Gross operating margin -€177,517
down €177,517 (-35.5%), from €500,202 to €322,685
- Financial income +€87,146
up €87,146 (+5088.5%), from €1,713 to €88,858
- Taxes -€34,906
down €34,906 (-96.8%), from €36,073 to €1,167
- Staff costs +€17,220
up €17,220 (+5.8%), from €294,444 to €311,663
- Financial charges +€9,290
up €9,290 (+45.0%), from €20,630 to €29,920
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.
Result 2024
€95,361
Gross operating margin
-€177,517
Staff costs
-€17,220
Depreciation
-€4,089
Other operating charges
-€7,768
Financial income
+€87,146
Financial charges
-€9,290
Taxes
+€34,906
Deferred taxes and other
+€3,800
Result 2025
€5,329
Cash bridge derived
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.
From operations
+€82,945
Investment
-€53,791
Financing
-€38,744
Cash 2024
€131,294
From operations (derived)
+€82,945
Net result for the year
+€5,329
Depreciation
+€52,543
Stocks and contracts
+€27,294
Receivables within one year
+€89,073
Deferred charges and accrued income
+€7,182
Provisions
-€750
Trade debts
-€31,472
Tax, wage and social debts
-€2,222
Advances received
-€11,412
Other debts
-€52,621
Investment (derived)
-€53,791
Investment in fixed assets (net)
-€53,791
Financing
-€38,744
Debts after one year
-€44,682
Current portion of long-term debt
+€5,939
Cash 2025
€121,704
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,266,029 | €1,134,138 | -€131,891 | -10.4% |
| Fixed assets | 21/28 | €638,755 | €640,003 | +€1,248 | +0.2% |
| Tangible fixed assets | 22/27 | €138,755 | €140,003 | +€1,248 | +0.9% |
| Plant, machinery and equipment | 23 | €12,795 | €8,952 | -€3,843 | -30.0% |
| Furniture and vehicles | 24 | €120,334 | €89,374 | -€30,960 | -25.7% |
| Leasing and similar rights | 25 | €5,626 | €41,678 | +€36,051 | +640.8% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €627,275 | €494,135 | -€133,140 | -21.2% |
| Stocks and contracts in progress | 3 | €144,058 | €116,764 | -€27,294 | -18.9% |
| Stocks | 30/36 | €45,312 | €25,382 | -€19,930 | -44.0% |
| Contracts in progress | 37 | €98,746 | €91,382 | -€7,364 | -7.5% |
| Amounts receivable within one year | 40/41 | €321,921 | €232,848 | -€89,073 | -27.7% |
| Trade receivables | 40 | €228,558 | €142,967 | -€85,591 | -37.4% |
| Other amounts receivable | 41 | €93,363 | €89,881 | -€3,482 | -3.7% |
| Cash at bank and in hand | 54/58 | €131,294 | €121,704 | -€9,590 | -7.3% |
| Deferred charges and accrued income | 490/1 | €30,002 | €22,819 | -€7,182 | -23.9% |
| Total equity and liabilities | 10/49 | €1,266,029 | €1,134,138 | -€131,891 | -10.4% |
| Equity | 10/15 | €561,231 | €566,560 | +€5,329 | +0.9% |
| Contributions | 10/11 | €179,388 | €179,388 | = | 0.0% |
| Capital | 10 | €178,744 | €178,744 | = | 0.0% |
| Issued capital | 100 | €178,744 | €178,744 | = | 0.0% |
| Outside capital | 11 | €644 | €644 | = | 0.0% |
| Share premium | 1100/10 | €644 | €644 | = | 0.0% |
| Reserves | 13 | €381,843 | €387,172 | +€5,329 | +1.4% |
| Non-distributable reserves | 130/1 | €17,874 | €17,874 | = | 0.0% |
| Legal reserve | 130 | €17,874 | €17,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,465 | €10,215 | -€2,250 | -18.0% |
| Distributable reserves | 133 | €351,504 | €359,083 | +€7,579 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,050 | €2,300 | -€750 | -24.6% |
| Deferred taxes | 168 | €3,050 | €2,300 | -€750 | -24.6% |
| Amounts payable | 17/49 | €701,747 | €565,277 | -€136,470 | -19.4% |
| Amounts payable after more than one year | 17 | €409,379 | €364,697 | -€44,682 | -10.9% |
| Financial debts | 170/4 | €409,379 | €364,697 | -€44,682 | -10.9% |
| Amounts payable within one year | 42/48 | €292,368 | €200,581 | -€91,788 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €69,124 | €75,062 | +€5,939 | +8.6% |
| Trade debts | 44 | €124,592 | €93,120 | -€31,472 | -25.3% |
| Suppliers | 440/4 | €124,592 | €93,120 | -€31,472 | -25.3% |
| Advances received on contracts in progress | 46 | €11,412 | €0 | -€11,412 | -100.0% |
| Taxes, remuneration and social security | 45 | €34,620 | €32,398 | -€2,222 | -6.4% |
| Taxes | 450/3 | €2,436 | €4,706 | +€2,270 | +93.2% |
| Remuneration and social security | 454/9 | €32,185 | €27,692 | -€4,493 | -14.0% |
| Other amounts payable | 47/48 | €52,621 | €0 | -€52,621 | -100.0% |
| Non-recurring operating income | 76A | €15,000 | €7,488 | -€7,512 | -50.1% |
| Remuneration, social security and pensions | 62 | €294,444 | €311,663 | +€17,220 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,454 | €52,543 | +€4,089 | +8.4% |
| Other operating charges | 640/8 | €3,902 | €11,671 | +€7,768 | +199.1% |
| Gross operating margin | 9900 | €500,202 | €322,685 | -€177,517 | -35.5% |
| Operating profit (loss) | 9901 | €153,403 | -€53,192 | -€206,595 | |
| Financial income | 75/76B | €1,713 | €88,858 | +€87,146 | +5088.5% |
| Recurring financial income | 75 | €1,713 | €88,858 | +€87,146 | +5088.5% |
| Financial charges | 65/66B | €20,630 | €29,920 | +€9,290 | +45.0% |
| Recurring financial charges | 65 | €20,630 | €29,920 | +€9,290 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €134,485 | €5,746 | -€128,739 | -95.7% |
| Transfer from deferred taxes | 780 | €700 | €750 | +€50 | +7.2% |
| Transfer to deferred taxes | 680 | €3,750 | €0 | -€3,750 | -100.0% |
| Income taxes | 67/77 | €36,073 | €1,167 | -€34,906 | -96.8% |
| Profit (loss) for the period | 9904 | €95,361 | €5,329 | -€90,032 | -94.4% |
| Transfer from tax-exempt reserves | 789 | €2,099 | €2,250 | +€151 | +7.2% |
| Transfer to tax-exempt reserves | 689 | €11,250 | €0 | -€11,250 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,210 | €7,579 | -€78,631 | -91.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.