WAR & CO: 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.
WAR & CO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€373
down €373 (-100.0%), from €373 to €0
- Gross operating margin +€131
up €131 (+19.4%), from €672 to €803
- Other operating charges -€23
down €23 (-1.6%), from €1,377 to €1,355
- Financial charges +€16
up €16 (+29.1%), from €55 to €71
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €162,839 | €161,495 | -€1,344 | -0.8% |
| Fixed assets | 21/28 | €160,000 | €160,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €160,000 | €160,000 | = | 0.0% |
| Land and buildings | 22 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €2,839 | €1,495 | -€1,344 | -47.3% |
| Cash at bank and in hand | 54/58 | €2,839 | €1,495 | -€1,344 | -47.3% |
| Total equity and liabilities | 10/49 | €162,839 | €161,495 | -€1,344 | -0.8% |
| Equity | 10/15 | €125,781 | €125,158 | -€623 | -0.5% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Capital | 10 | €320,000 | €320,000 | = | 0.0% |
| Issued capital | 100 | €320,000 | €320,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,219 | -€194,842 | -€623 | -0.3% |
| Amounts payable | 17/49 | €37,058 | €36,337 | -€721 | -1.9% |
| Amounts payable after more than one year | 17 | €35,944 | €35,944 | = | 0.0% |
| Financial debts | 170/4 | €35,944 | €35,944 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,114 | €393 | -€721 | -64.7% |
| Trade debts | 44 | €1,114 | €393 | -€721 | -64.7% |
| Suppliers | 440/4 | €1,114 | €393 | -€721 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373 | €0 | -€373 | -100.0% |
| Other operating charges | 640/8 | €1,377 | €1,355 | -€23 | -1.6% |
| Gross operating margin | 9900 | €672 | €803 | +€131 | +19.4% |
| Operating profit (loss) | 9901 | -€1,077 | -€552 | +€526 | +48.8% |
| Financial charges | 65/66B | €55 | €71 | +€16 | +29.1% |
| Recurring financial charges | 65 | €55 | €71 | +€16 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,132 | -€623 | +€510 | +45.0% |
| Profit (loss) for the period | 9904 | -€1,132 | -€623 | +€510 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,132 | -€623 | +€510 | +45.0% |
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 3 October 2026 via checked.be.