WARCO: 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.
What changed
WARCO
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,463
2024 · €50,791-€54,253
Equity
€2.0m
2024 · €2.0m-€3,463
Cash
€146,393
2024 · €435,935-€289,543
Balance sheet total
€2.9m
2024 · €3.2m-€272,692
Largest movements
Assets
- Cash -€289,543
down €289,543 (-66.4%), from €435,935 to €146,393
mainly Trade debts (-€198,411) and Investment in fixed assets (net) (-€184,924)
Equity and liabilities
- Trade debts -€198,411
down €198,411 (-24.1%), from €822,099 to €623,688
- Debts after one year -€62,557
down €62,557 (-45.1%), from €138,844 to €76,287
Income statement
- Staff costs +€57,699
up €57,699 (+9.6%), from €599,187 to €656,886
- Taxes -€15,134
down €15,134 (-97.9%), from €15,465 to €331
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.
Result 2024
€50,791
Gross operating margin
-€5,537
Staff costs
-€57,699
Depreciation
-€7,998
Other operating charges
-€2,298
Other operating items
+€54
Financial income
+€3,631
Financial charges
+€461
Taxes
+€15,134
Result 2025
-€3,463
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€44,255
Investment
-€184,924
Financing
-€60,363
Cash 2024
€435,935
From operations (derived)
-€44,255
Net result for the year
-€3,463
Depreciation
+€159,633
Stocks and contracts
-€17,830
Receivables within one year
+€27,200
Deferred charges and accrued income
-€930
Trade debts
-€198,411
Tax, wage and social debts
-€9,861
Other debts
-€593
Investment (derived)
-€184,924
Investment in fixed assets (net)
-€184,924
Financing
-€60,363
Debts after one year
-€62,557
Current portion of long-term debt
+€2,194
Cash 2025
€146,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,170,562 | €2,897,870 | -€272,692 | -8.6% |
| Fixed assets | 21/28 | €2,016,440 | €2,041,731 | +€25,291 | +1.3% |
| Tangible fixed assets | 22/27 | €2,014,940 | €2,040,231 | +€25,291 | +1.3% |
| Land and buildings | 22 | €1,279,730 | €1,273,695 | -€6,035 | -0.5% |
| Plant, machinery and equipment | 23 | €190,618 | €268,416 | +€77,798 | +40.8% |
| Furniture and vehicles | 24 | €70,550 | €61,404 | -€9,145 | -13.0% |
| Other tangible fixed assets | 26 | €474,042 | €436,715 | -€37,328 | -7.9% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,154,122 | €856,139 | -€297,983 | -25.8% |
| Stocks and contracts in progress | 3 | €470,067 | €487,897 | +€17,830 | +3.8% |
| Stocks | 30/36 | €470,067 | €487,897 | +€17,830 | +3.8% |
| Amounts receivable within one year | 40/41 | €248,120 | €220,919 | -€27,200 | -11.0% |
| Trade receivables | 40 | €167,335 | €126,993 | -€40,342 | -24.1% |
| Other amounts receivable | 41 | €80,785 | €93,927 | +€13,142 | +16.3% |
| Cash at bank and in hand | 54/58 | €435,935 | €146,393 | -€289,543 | -66.4% |
| Deferred charges and accrued income | 490/1 | €0 | €930 | +€930 | |
| Total equity and liabilities | 10/49 | €3,170,562 | €2,897,870 | -€272,692 | -8.6% |
| Equity | 10/15 | €2,043,657 | €2,040,194 | -€3,463 | -0.2% |
| Contributions | 10/11 | €1,220,000 | €1,220,000 | = | 0.0% |
| Reserves | 13 | €823,657 | €820,194 | -€3,463 | -0.4% |
| Tax-exempt reserves | 132 | €47,188 | €47,188 | = | 0.0% |
| Distributable reserves | 133 | €776,468 | €773,006 | -€3,463 | -0.4% |
| Amounts payable | 17/49 | €1,126,905 | €857,676 | -€269,229 | -23.9% |
| Amounts payable after more than one year | 17 | €138,844 | €76,287 | -€62,557 | -45.1% |
| Financial debts | 170/4 | €138,844 | €76,287 | -€62,557 | -45.1% |
| Amounts payable within one year | 42/48 | €988,061 | €781,389 | -€206,672 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €64,196 | €66,390 | +€2,194 | +3.4% |
| Trade debts | 44 | €822,099 | €623,688 | -€198,411 | -24.1% |
| Suppliers | 440/4 | €822,099 | €623,688 | -€198,411 | -24.1% |
| Taxes, remuneration and social security | 45 | €94,438 | €84,576 | -€9,861 | -10.4% |
| Taxes | 450/3 | €13,151 | €13,095 | -€56 | -0.4% |
| Remuneration and social security | 454/9 | €81,287 | €71,481 | -€9,805 | -12.1% |
| Other amounts payable | 47/48 | €7,328 | €6,735 | -€593 | -8.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,114 | €379 | -€735 | -66.0% |
| Remuneration, social security and pensions | 62 | €599,187 | €656,886 | +€57,699 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,635 | €159,633 | +€7,998 | +5.3% |
| Other operating charges | 640/8 | €3,909 | €6,208 | +€2,298 | +58.8% |
| Non-recurring operating charges | 66A | €88 | €34 | -€54 | -61.0% |
| Gross operating margin | 9900 | €830,252 | €824,715 | -€5,537 | -0.7% |
| Operating profit (loss) | 9901 | €75,433 | €1,954 | -€73,479 | -97.4% |
| Financial income | 75/76B | €5,607 | €9,238 | +€3,631 | +64.8% |
| Recurring financial income | 75 | €5,607 | €9,238 | +€3,631 | +64.8% |
| Financial charges | 65/66B | €14,784 | €14,323 | -€461 | -3.1% |
| Recurring financial charges | 65 | €14,784 | €14,323 | -€461 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €66,256 | -€3,132 | -€69,387 | |
| Income taxes | 67/77 | €15,465 | €331 | -€15,134 | -97.9% |
| Profit (loss) for the period | 9904 | €50,791 | -€3,463 | -€54,253 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,791 | -€3,463 | -€54,253 |
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 13 October 2026 via checked.be.