WARAMCO: 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.
WARAMCO
Largest movements
- Cash -€531,623
down €531,623 (-73.9%), from €719,292 to €187,669
mainly Investment in fixed assets (net) (-€513,270) and Contributions, distributions and other (-€450,000)
- Tangible fixed assets +€480,459
up €480,459 (+822%), from €58,458 to €538,917
of which Land and buildings: +€401,895
- Current investments +€249,594
new in 2025: €249,594
- Debts after one year +€226,093
new in 2025: €226,093
- Reserves -€77,128
down €77,128 (-7.0%), from €1.1m to €1.0m
of which Distributable reserves: -€77,128
- Current portion of long-term debt +€22,124
new in 2025: €22,124
- Other debts +€20,531
up €20,531 (+148%), from €13,900 to €34,432
- Trade debts +€14,380
up €14,380 (+947%), from €1,519 to €15,899
- Financial income -€286,520
down €286,520 (-46.7%), from €613,473 to €326,953
- Depreciation +€9,235
up €9,235 (+39.2%), from €23,576 to €32,811
- Taxes -€6,600
down €6,600 (-38.2%), from €17,298 to €10,698
- Other operating charges +€4,887
up €4,887 (+694%), from €705 to €5,592
- Staff costs -€2,884
no longer reported in 2025 (was €2,884)
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 | €1,154,594 | €1,363,484 | +€208,889 | +18.1% |
| Fixed assets | 21/28 | €358,468 | €838,927 | +€480,459 | +134% |
| Tangible fixed assets | 22/27 | €58,458 | €538,917 | +€480,459 | +822% |
| Land and buildings | 22 | - | €401,895 | +€401,895 | |
| Plant, machinery and equipment | 23 | €31,444 | €29,455 | -€1,989 | -6.3% |
| Furniture and vehicles | 24 | €27,014 | €107,566 | +€80,553 | +298% |
| Financial fixed assets | 28 | €300,010 | €300,010 | = | 0.0% |
| Current assets | 29/58 | €796,127 | €524,557 | -€271,570 | -34.1% |
| Amounts receivable within one year | 40/41 | €76,835 | €84,592 | +€7,757 | +10.1% |
| Trade receivables | 40 | €76,835 | €78,394 | +€1,559 | +2.0% |
| Other amounts receivable | 41 | - | €6,198 | +€6,198 | |
| Current investments | 50/53 | - | €249,594 | +€249,594 | |
| Cash at bank and in hand | 54/58 | €719,292 | €187,669 | -€531,623 | -73.9% |
| Deferred charges and accrued income | 490/1 | - | €2,703 | +€2,703 | |
| Total equity and liabilities | 10/49 | €1,154,594 | €1,363,484 | +€208,889 | +18.1% |
| Equity | 10/15 | €1,122,005 | €1,044,877 | -€77,128 | -6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,103,405 | €1,026,277 | -€77,128 | -7.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,101,545 | €1,024,417 | -€77,128 | -7.0% |
| Amounts payable | 17/49 | €32,590 | €318,607 | +€286,017 | +878% |
| Amounts payable after more than one year | 17 | - | €226,093 | +€226,093 | |
| Financial debts | 170/4 | - | €226,093 | +€226,093 | |
| Amounts payable within one year | 42/48 | €32,590 | €89,583 | +€56,994 | +175% |
| Current portion of amounts payable after more than one year | 42 | - | €22,124 | +€22,124 | |
| Trade debts | 44 | €1,519 | €15,899 | +€14,380 | +947% |
| Suppliers | 440/4 | €1,519 | €15,899 | +€14,380 | +947% |
| Advances received on contracts in progress | 46 | - | €165 | +€165 | |
| Taxes, remuneration and social security | 45 | €17,171 | €16,964 | -€207 | -1.2% |
| Taxes | 450/3 | €17,171 | €16,964 | -€207 | -1.2% |
| Other amounts payable | 47/48 | €13,900 | €34,432 | +€20,531 | +148% |
| Accrued charges and deferred income | 492/3 | - | €2,931 | +€2,931 | |
| Remuneration, social security and pensions | 62 | €2,884 | - | -€2,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,576 | €32,811 | +€9,235 | +39.2% |
| Other operating charges | 640/8 | €705 | €5,592 | +€4,887 | +694% |
| Gross operating margin | 9900 | €97,131 | €97,055 | -€76 | -0.1% |
| Operating profit (loss) | 9901 | €69,966 | €58,652 | -€11,314 | -16.2% |
| Financial income | 75/76B | €613,473 | €326,953 | -€286,520 | -46.7% |
| Recurring financial income | 75 | €613,473 | €326,953 | -€286,520 | -46.7% |
| Financial charges | 65/66B | €111 | €2,035 | +€1,924 | +1,741% |
| Recurring financial charges | 65 | €111 | €2,035 | +€1,924 | +1,741% |
| Profit (loss) for the period before taxes | 9903 | €683,329 | €383,570 | -€299,758 | -43.9% |
| Income taxes | 67/77 | €17,298 | €10,698 | -€6,600 | -38.2% |
| Profit (loss) for the period | 9904 | €666,030 | €372,872 | -€293,158 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €666,030 | €372,872 | -€293,158 | -44.0% |
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 15 October 2026 via checked.be.