WARAS: 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.
WARAS
Largest movements
- Tangible fixed assets -€85,717
down €85,717 (-23.9%), from €358,948 to €273,231
- Receivables after one year -€60,000
down €60,000 (-81.0%), from €74,092 to €14,092
- Receivables within one year +€25,598
up €25,598 (+16.3%), from €156,974 to €182,572
of which Trade receivables: +€35,025
- Cash +€13,518
up €13,518 (+12.6%), from €106,924 to €120,442
mainly Depreciation (+€102,141) and Receivables after one year (+€60,000)
- Profit (loss) carried forward -€35,605
down €35,605 (-26.9%), from -€132,220 to -€167,825
- Tax, wage and social debts -€23,231
down €23,231 (-22.1%), from €105,169 to €81,938
of which Remuneration and social security: -€25,321
- Accrued charges and deferred income -€22,973
down €22,973 (-15.9%), from €144,754 to €121,782
- Debts after one year -€19,750
down €19,750 (-20.3%), from €97,075 to €77,325
- Trade debts +€19,361
up €19,361 (+2.9%), from €660,494 to €679,855
- Staff costs -€106,364
down €106,364 (-17.6%), from €605,517 to €499,152
- Financial charges +€63,705
up €63,705 (+1614.9%), from €3,945 to €67,650
- Gross operating margin +€46,623
up €46,623 (+8.0%), from €583,447 to €630,070
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 | €1,199,223 | €1,105,669 | -€93,554 | -7.8% |
| Fixed assets | 21/28 | €362,948 | €277,231 | -€85,717 | -23.6% |
| Tangible fixed assets | 22/27 | €358,948 | €273,231 | -€85,717 | -23.9% |
| Land and buildings | 22 | €73,979 | €48,442 | -€25,536 | -34.5% |
| Plant, machinery and equipment | 23 | €200,058 | €172,163 | -€27,895 | -13.9% |
| Furniture and vehicles | 24 | €84,911 | €52,626 | -€32,285 | -38.0% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €836,275 | €828,438 | -€7,837 | -0.9% |
| Amounts receivable after more than one year | 29 | €74,092 | €14,092 | -€60,000 | -81.0% |
| Other amounts receivable | 291 | €74,092 | €14,092 | -€60,000 | -81.0% |
| Stocks and contracts in progress | 3 | €473,955 | €482,014 | +€8,058 | +1.7% |
| Stocks | 30/36 | €473,955 | €482,014 | +€8,058 | +1.7% |
| Amounts receivable within one year | 40/41 | €156,974 | €182,572 | +€25,598 | +16.3% |
| Trade receivables | 40 | €97,383 | €132,409 | +€35,025 | +36.0% |
| Other amounts receivable | 41 | €59,590 | €50,163 | -€9,427 | -15.8% |
| Cash at bank and in hand | 54/58 | €106,924 | €120,442 | +€13,518 | +12.6% |
| Deferred charges and accrued income | 490/1 | €24,331 | €29,318 | +€4,988 | +20.5% |
| Total equity and liabilities | 10/49 | €1,199,223 | €1,105,669 | -€93,554 | -7.8% |
| Equity | 10/15 | €155,397 | €119,792 | -€35,605 | -22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €269,017 | €269,017 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,421 | €3,421 | = | 0.0% |
| Distributable reserves | 133 | €265,596 | €265,596 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,220 | -€167,825 | -€35,605 | -26.9% |
| Amounts payable | 17/49 | €1,043,826 | €985,877 | -€57,949 | -5.6% |
| Amounts payable after more than one year | 17 | €97,075 | €77,325 | -€19,750 | -20.3% |
| Financial debts | 170/4 | €97,075 | €77,325 | -€19,750 | -20.3% |
| Amounts payable within one year | 42/48 | €801,996 | €786,770 | -€15,226 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €17,000 | €19,750 | +€2,750 | +16.2% |
| Trade debts | 44 | €660,494 | €679,855 | +€19,361 | +2.9% |
| Suppliers | 440/4 | €660,494 | €679,855 | +€19,361 | +2.9% |
| Taxes, remuneration and social security | 45 | €105,169 | €81,938 | -€23,231 | -22.1% |
| Taxes | 450/3 | €7,720 | €9,811 | +€2,091 | +27.1% |
| Remuneration and social security | 454/9 | €97,448 | €72,127 | -€25,321 | -26.0% |
| Other amounts payable | 47/48 | €19,333 | €5,227 | -€14,106 | -73.0% |
| Accrued charges and deferred income | 492/3 | €144,754 | €121,782 | -€22,973 | -15.9% |
| Remuneration, social security and pensions | 62 | €605,517 | €499,152 | -€106,364 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,582 | €102,141 | +€1,559 | +1.6% |
| Other operating charges | 640/8 | €3,017 | €3,157 | +€140 | +4.6% |
| Gross operating margin | 9900 | €583,447 | €630,070 | +€46,623 | +8.0% |
| Operating profit (loss) | 9901 | -€125,669 | €25,619 | +€151,288 | |
| Financial income | 75/76B | €1,923 | €6,802 | +€4,878 | +253.6% |
| Recurring financial income | 75 | €1,923 | €6,802 | +€4,878 | +253.6% |
| Financial charges | 65/66B | €3,945 | €67,650 | +€63,705 | +1614.9% |
| Recurring financial charges | 65 | €3,945 | €67,650 | +€63,705 | +1614.9% |
| Profit (loss) for the period before taxes | 9903 | -€127,691 | -€35,229 | +€92,461 | +72.4% |
| Income taxes | 67/77 | €429 | €376 | -€53 | -12.5% |
| Profit (loss) for the period | 9904 | -€128,120 | -€35,605 | +€92,515 | +72.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€128,120 | -€35,605 | +€92,515 | +72.2% |
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 10 October 2026 via checked.be.