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.
WARCO
Largest movements
- Cash -€377,314
down €377,314 (-62.5%), from €603,718 to €226,404
mainly Trade debts (-€238,470) and Receivables within one year (-€121,503)
- Receivables within one year +€121,503
up €121,503 (+23.3%), from €521,634 to €643,137
of which Trade receivables: +€153,944
- Stocks and contracts +€111,279
up €111,279 (+15.9%), from €699,118 to €810,397
of which Stocks: +€100,779
- Tangible fixed assets -€41,931
down €41,931 (-36.4%), from €115,242 to €73,311
of which Furniture and vehicles: -€29,839
- Trade debts -€238,470
down €238,470 (-42.9%), from €556,397 to €317,926
- Reserves +€143,338
up €143,338 (+23.5%), from €608,857 to €752,195
of which Distributable reserves: +€152,752
- Short-term financial debts -€100,000
down €100,000 (-22.2%), from €450,000 to €350,000
- Staff costs -€78,627
down €78,627 (-8.6%), from €913,085 to €834,458
- Gross operating margin +€39,002
up €39,002 (+3.6%), from €1.1m to €1.1m
- Depreciation -€18,951
down €18,951 (-28.9%), from €65,533 to €46,581
- Financial charges -€18,122
down €18,122 (-20.7%), from €87,550 to €69,428
- Other operating charges +€14,328
up €14,328 (+303%), from €4,728 to €19,056
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 | €1,951,893 | €1,762,138 | -€189,755 | -9.7% |
| Fixed assets | 21/28 | €116,387 | €74,456 | -€41,931 | -36.0% |
| Tangible fixed assets | 22/27 | €115,242 | €73,311 | -€41,931 | -36.4% |
| Land and buildings | 22 | €71,239 | €58,927 | -€12,312 | -17.3% |
| Plant, machinery and equipment | 23 | €10,052 | €10,272 | +€220 | +2.2% |
| Furniture and vehicles | 24 | €33,950 | €4,112 | -€29,839 | -87.9% |
| Financial fixed assets | 28 | €1,145 | €1,145 | = | 0.0% |
| Current assets | 29/58 | €1,835,506 | €1,687,682 | -€147,824 | -8.1% |
| Stocks and contracts in progress | 3 | €699,118 | €810,397 | +€111,279 | +15.9% |
| Stocks | 30/36 | €495,620 | €596,399 | +€100,779 | +20.3% |
| Contracts in progress | 37 | €203,498 | €213,997 | +€10,499 | +5.2% |
| Amounts receivable within one year | 40/41 | €521,634 | €643,137 | +€121,503 | +23.3% |
| Trade receivables | 40 | €261,343 | €415,287 | +€153,944 | +58.9% |
| Other amounts receivable | 41 | €260,291 | €227,850 | -€32,441 | -12.5% |
| Cash at bank and in hand | 54/58 | €603,718 | €226,404 | -€377,314 | -62.5% |
| Deferred charges and accrued income | 490/1 | €11,035 | €7,744 | -€3,292 | -29.8% |
| Total equity and liabilities | 10/49 | €1,951,893 | €1,762,138 | -€189,755 | -9.7% |
| Equity | 10/15 | €632,091 | €774,909 | +€142,818 | +22.6% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €608,857 | €752,195 | +€143,338 | +23.5% |
| Non-distributable reserves | 130/1 | €2,752 | - | -€2,752 | |
| Other | 1319 | €2,752 | - | -€2,752 | |
| Tax-exempt reserves | 132 | €31,105 | €24,443 | -€6,662 | -21.4% |
| Distributable reserves | 133 | €575,000 | €727,752 | +€152,752 | +26.6% |
| Profit (loss) carried forward | 14 | €923 | €404 | -€519 | -56.2% |
| Provisions and deferred taxes | 16 | €10,368 | €8,148 | -€2,221 | -21.4% |
| Deferred taxes | 168 | €10,368 | €8,148 | -€2,221 | -21.4% |
| Amounts payable | 17/49 | €1,309,433 | €979,081 | -€330,352 | -25.2% |
| Amounts payable within one year | 42/48 | €1,309,433 | €964,561 | -€344,872 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €13,436 | - | -€13,436 | |
| Financial debts | 43 | €450,000 | €350,000 | -€100,000 | -22.2% |
| Credit institutions | 430/8 | €450,000 | €350,000 | -€100,000 | -22.2% |
| Trade debts | 44 | €556,397 | €317,926 | -€238,470 | -42.9% |
| Suppliers | 440/4 | €556,397 | €317,926 | -€238,470 | -42.9% |
| Taxes, remuneration and social security | 45 | €21,153 | €27,015 | +€5,863 | +27.7% |
| Taxes | 450/3 | - | €13,557 | +€13,557 | |
| Remuneration and social security | 454/9 | €21,153 | €13,458 | -€7,695 | -36.4% |
| Other amounts payable | 47/48 | €268,448 | €269,619 | +€1,172 | +0.4% |
| Accrued charges and deferred income | 492/3 | - | €14,520 | +€14,520 | |
| Remuneration, social security and pensions | 62 | €913,085 | €834,458 | -€78,627 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,533 | €46,581 | -€18,951 | -28.9% |
| Other operating charges | 640/8 | €4,728 | €19,056 | +€14,328 | +303% |
| Non-recurring operating charges | 66A | €584 | €1,331 | +€747 | +128% |
| Gross operating margin | 9900 | €1,085,080 | €1,124,082 | +€39,002 | +3.6% |
| Operating profit (loss) | 9901 | €101,151 | €222,655 | +€121,504 | +120% |
| Financial income | 75/76B | €1,281 | €927 | -€354 | -27.6% |
| Recurring financial income | 75 | €1,281 | €927 | -€354 | -27.6% |
| Financial charges | 65/66B | €87,550 | €69,428 | -€18,122 | -20.7% |
| Recurring financial charges | 65 | €87,550 | €69,428 | -€18,122 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €14,882 | €154,155 | +€139,272 | +936% |
| Transfer from deferred taxes | 780 | €2,221 | €2,221 | = | 0.0% |
| Income taxes | 67/77 | - | €13,557 | +€13,557 | |
| Profit (loss) for the period | 9904 | €17,103 | €142,818 | +€125,715 | +735% |
| Transfer from tax-exempt reserves | 789 | €6,662 | €6,662 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,766 | €149,481 | +€125,715 | +529% |
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 16 October 2026 via checked.be.