Warbel: 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.
Warbel
Largest movements
- Current investments +€200,000
new in 2024: €200,000
- Tangible fixed assets -€178,522
down €178,522 (-6.5%), from €2.7m to €2.5m
of which Land and buildings: -€172,250
- Receivables within one year -€62,809
no longer reported in 2024 (was €62,809)
of which Other amounts receivable: -€62,394
- Cash +€47,943
up €47,943 (+49.9%), from €96,168 to €144,111
mainly Depreciation (+€112,418) and Net result for the year (+€109,591)
- Reserves +€109,591
up €109,591 (+11.2%), from €974,411 to €1.1m
of which Distributable reserves: +€133,115
- Contributions -€95,000
down €95,000 (-5.5%), from €1.7m to €1.6m
- Gross operating margin +€182,498
up €182,498 (+374.4%), from €48,749 to €231,247
- Depreciation -€2,861
down €2,861 (-2.5%), from €115,280 to €112,418
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,890,949 | €2,896,060 | +€5,112 | +0.2% |
| Fixed assets | 21/28 | €2,726,035 | €2,547,514 | -€178,522 | -6.5% |
| Tangible fixed assets | 22/27 | €2,726,035 | €2,547,514 | -€178,522 | -6.5% |
| Land and buildings | 22 | €2,507,512 | €2,335,262 | -€172,250 | -6.9% |
| Plant, machinery and equipment | 23 | €11,872 | €6,351 | -€5,521 | -46.5% |
| Furniture and vehicles | 24 | €4,932 | €4,182 | -€751 | -15.2% |
| Other tangible fixed assets | 26 | €201,719 | €201,719 | = | 0.0% |
| Current assets | 29/58 | €164,914 | €348,547 | +€183,633 | +111.4% |
| Amounts receivable within one year | 40/41 | €62,809 | - | -€62,809 | |
| Trade receivables | 40 | €415 | - | -€415 | |
| Other amounts receivable | 41 | €62,394 | - | -€62,394 | |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €96,168 | €144,111 | +€47,943 | +49.9% |
| Deferred charges and accrued income | 490/1 | €5,937 | €4,435 | -€1,501 | -25.3% |
| Total equity and liabilities | 10/49 | €2,890,949 | €2,896,060 | +€5,112 | +0.2% |
| Equity | 10/15 | €2,712,368 | €2,726,959 | +€14,591 | +0.5% |
| Contributions | 10/11 | €1,737,957 | €1,642,957 | -€95,000 | -5.5% |
| Reserves | 13 | €974,411 | €1,084,002 | +€109,591 | +11.2% |
| Tax-exempt reserves | 132 | €286,620 | €263,096 | -€23,524 | -8.2% |
| Distributable reserves | 133 | €687,791 | €820,906 | +€133,115 | +19.4% |
| Provisions and deferred taxes | 16 | €148,548 | €136,435 | -€12,113 | -8.2% |
| Deferred taxes | 168 | €148,548 | €136,435 | -€12,113 | -8.2% |
| Amounts payable | 17/49 | €30,033 | €32,666 | +€2,634 | +8.8% |
| Amounts payable within one year | 42/48 | €12,168 | €14,396 | +€2,228 | +18.3% |
| Trade debts | 44 | €7,518 | €6,510 | -€1,008 | -13.4% |
| Suppliers | 440/4 | €7,518 | €6,510 | -€1,008 | -13.4% |
| Taxes, remuneration and social security | 45 | - | €1,200 | +€1,200 | |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €4,651 | €6,687 | +€2,036 | +43.8% |
| Accrued charges and deferred income | 492/3 | €17,864 | €18,270 | +€406 | +2.3% |
| Non-recurring operating income | 76A | - | €203,897 | +€203,897 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,280 | €112,418 | -€2,861 | -2.5% |
| Other operating charges | 640/8 | €21,836 | €21,177 | -€659 | -3.0% |
| Gross operating margin | 9900 | €48,749 | €231,247 | +€182,498 | +374.4% |
| Operating profit (loss) | 9901 | -€88,367 | €97,652 | +€186,019 | |
| Financial income | 75/76B | €2,393 | €649 | -€1,744 | -72.9% |
| Recurring financial income | 75 | €2,393 | €649 | -€1,744 | -72.9% |
| Financial charges | 65/66B | €384 | €215 | -€169 | -44.0% |
| Recurring financial charges | 65 | €384 | €215 | -€169 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | -€86,358 | €98,086 | +€184,444 | |
| Transfer from deferred taxes | 780 | €12,228 | €12,113 | -€115 | -0.9% |
| Income taxes | 67/77 | €988 | €608 | -€380 | -38.5% |
| Profit (loss) for the period | 9904 | -€75,118 | €109,591 | +€184,709 | |
| Transfer from tax-exempt reserves | 789 | €23,747 | €23,524 | -€223 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,371 | €133,115 | +€184,487 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.