WAR-CO: 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.
WAR-CO
Largest movements
- Current investments +€50,000
up €50,000 (+19,608%), from €255 to €50,255
- Cash -€34,579
down €34,579 (-30.8%), from €112,408 to €77,830
mainly Current investments (-€50,000) and Contributions, distributions and other (-€30,000)
- Tangible fixed assets -€11,702
down €11,702 (-7.6%), from €154,675 to €142,973
of which Land and buildings: -€10,137
- Receivables within one year +€6,321
up €6,321 (+46.7%), from €13,522 to €19,843
of which Other amounts receivable: +€8,117
- Intangible fixed assets -€6,000
down €6,000 (-16.9%), from €35,490 to €29,490
- Reserves -€35,509
down €35,509 (-22.3%), from €159,133 to €123,624
- Trade debts +€34,674
up €34,674 (+654%), from €5,305 to €39,980
- Other debts +€22,855
up €22,855 (+1,108%), from €2,063 to €24,918
- Debts after one year -€13,582
down €13,582 (-11.3%), from €120,461 to €106,879
- Gross operating margin -€50,393
down €50,393 (-50.4%), from €100,019 to €49,626
- Taxes -€13,579
down €13,579 (-99.0%), from €13,711 to €132
- Staff costs +€3,301
up €3,301 (+28.4%), from €11,622 to €14,923
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 | €317,704 | €323,945 | +€6,241 | +2.0% |
| Fixed assets | 21/28 | €190,166 | €172,464 | -€17,702 | -9.3% |
| Intangible fixed assets | 21 | €35,490 | €29,490 | -€6,000 | -16.9% |
| Tangible fixed assets | 22/27 | €154,675 | €142,973 | -€11,702 | -7.6% |
| Land and buildings | 22 | €141,800 | €131,664 | -€10,137 | -7.1% |
| Plant, machinery and equipment | 23 | €7,643 | €8,016 | +€372 | +4.9% |
| Furniture and vehicles | 24 | €5,232 | €3,294 | -€1,937 | -37.0% |
| Current assets | 29/58 | €127,538 | €151,481 | +€23,943 | +18.8% |
| Stocks and contracts in progress | 3 | €387 | €1,835 | +€1,448 | +374% |
| Stocks | 30/36 | €387 | €1,835 | +€1,448 | +374% |
| Amounts receivable within one year | 40/41 | €13,522 | €19,843 | +€6,321 | +46.7% |
| Trade receivables | 40 | €13,522 | €11,726 | -€1,796 | -13.3% |
| Other amounts receivable | 41 | €0 | €8,117 | +€8,117 | |
| Current investments | 50/53 | €255 | €50,255 | +€50,000 | +19,608% |
| Cash at bank and in hand | 54/58 | €112,408 | €77,830 | -€34,579 | -30.8% |
| Deferred charges and accrued income | 490/1 | €966 | €1,718 | +€752 | +77.9% |
| Total equity and liabilities | 10/49 | €317,704 | €323,945 | +€6,241 | +2.0% |
| Equity | 10/15 | €164,133 | €128,624 | -€35,509 | -21.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €159,133 | €123,624 | -€35,509 | -22.3% |
| Distributable reserves | 133 | €159,133 | €123,624 | -€35,509 | -22.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €153,570 | €195,321 | +€41,751 | +27.2% |
| Amounts payable after more than one year | 17 | €120,461 | €106,879 | -€13,582 | -11.3% |
| Financial debts | 170/4 | €120,461 | €106,879 | -€13,582 | -11.3% |
| Amounts payable within one year | 42/48 | €33,110 | €88,443 | +€55,333 | +167% |
| Current portion of amounts payable after more than one year | 42 | €13,018 | €15,990 | +€2,971 | +22.8% |
| Financial debts | 43 | €2,500 | €0 | -€2,500 | -100% |
| Other loans | 439 | €2,500 | €0 | -€2,500 | -100% |
| Trade debts | 44 | €5,305 | €39,980 | +€34,674 | +654% |
| Suppliers | 440/4 | €5,305 | €39,980 | +€34,674 | +654% |
| Taxes, remuneration and social security | 45 | €10,223 | €7,555 | -€2,668 | -26.1% |
| Taxes | 450/3 | €9,244 | €6,200 | -€3,044 | -32.9% |
| Remuneration and social security | 454/9 | €979 | €1,355 | +€376 | +38.4% |
| Other amounts payable | 47/48 | €2,063 | €24,918 | +€22,855 | +1,108% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €11,622 | €14,923 | +€3,301 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,285 | €31,415 | +€131 | +0.4% |
| Other operating charges | 640/8 | €768 | €1,410 | +€642 | +83.6% |
| Gross operating margin | 9900 | €100,019 | €49,626 | -€50,393 | -50.4% |
| Operating profit (loss) | 9901 | €56,345 | €1,878 | -€54,467 | -96.7% |
| Financial income | 75/76B | €38 | €134 | +€96 | +257% |
| Recurring financial income | 75 | €38 | €134 | +€96 | +257% |
| Financial charges | 65/66B | €7,539 | €7,390 | -€149 | -2.0% |
| Recurring financial charges | 65 | €7,539 | €7,390 | -€149 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €48,844 | -€5,377 | -€54,222 | |
| Income taxes | 67/77 | €13,711 | €132 | -€13,579 | -99.0% |
| Profit (loss) for the period | 9904 | €35,133 | -€5,509 | -€40,642 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,133 | -€5,509 | -€40,642 |
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.