WARDEN: 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.
WARDEN
Largest movements
- Cash -€57,871
down €57,871 (-41.1%), from €140,656 to €82,785
mainly Contributions, distributions and other (-€107,416) and Other debts (-€19,404)
- Receivables within one year -€6,077
down €6,077 (-30.8%), from €19,762 to €13,685
of which Other amounts receivable: -€3,161
- Tangible fixed assets +€3,596
up €3,596 (+154.7%), from €2,324 to €5,920
of which Plant, machinery and equipment: +€3,275
- Reserves -€25,000
no longer reported in 2025 (was €25,000)
- Other debts -€19,404
down €19,404 (-18.9%), from €102,761 to €83,357
- Tax, wage and social debts -€15,344
down €15,344 (-51.8%), from €29,606 to €14,262
- Gross operating margin +€21,289
up €21,289 (+25.1%), from €84,768 to €106,058
- Taxes +€4,407
up €4,407 (+26.0%), from €16,983 to €21,390
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 | €164,117 | €104,278 | -€59,839 | -36.5% |
| Fixed assets | 21/28 | €2,324 | €5,920 | +€3,596 | +154.7% |
| Tangible fixed assets | 22/27 | €2,324 | €5,920 | +€3,596 | +154.7% |
| Plant, machinery and equipment | 23 | - | €3,275 | +€3,275 | |
| Furniture and vehicles | 24 | €2,324 | €2,645 | +€321 | +13.8% |
| Current assets | 29/58 | €161,793 | €98,358 | -€63,435 | -39.2% |
| Amounts receivable within one year | 40/41 | €19,762 | €13,685 | -€6,077 | -30.8% |
| Trade receivables | 40 | €16,601 | €13,685 | -€2,916 | -17.6% |
| Other amounts receivable | 41 | €3,161 | - | -€3,161 | |
| Cash at bank and in hand | 54/58 | €140,656 | €82,785 | -€57,871 | -41.1% |
| Deferred charges and accrued income | 490/1 | €1,374 | €1,887 | +€513 | +37.3% |
| Total equity and liabilities | 10/49 | €164,117 | €104,278 | -€59,839 | -36.5% |
| Equity | 10/15 | €28,078 | €3,078 | -€25,000 | -89.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,000 | - | -€25,000 | |
| Distributable reserves | 133 | €25,000 | - | -€25,000 | |
| Profit (loss) carried forward | 14 | €78 | €78 | = | 0.0% |
| Amounts payable | 17/49 | €136,039 | €101,200 | -€34,839 | -25.6% |
| Amounts payable within one year | 42/48 | €132,540 | €98,949 | -€33,591 | -25.3% |
| Trade debts | 44 | €173 | €1,330 | +€1,157 | +670.5% |
| Suppliers | 440/4 | €173 | €1,330 | +€1,157 | +670.5% |
| Taxes, remuneration and social security | 45 | €29,606 | €14,262 | -€15,344 | -51.8% |
| Taxes | 450/3 | €29,606 | €14,262 | -€15,344 | -51.8% |
| Other amounts payable | 47/48 | €102,761 | €83,357 | -€19,404 | -18.9% |
| Accrued charges and deferred income | 492/3 | €3,499 | €2,251 | -€1,248 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,035 | €1,713 | +€678 | +65.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €84,768 | €106,058 | +€21,289 | +25.1% |
| Operating profit (loss) | 9901 | €83,346 | €103,945 | +€20,599 | +24.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €668 | €139 | -€529 | -79.2% |
| Recurring financial charges | 65 | €668 | €139 | -€529 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €82,679 | €103,806 | +€21,127 | +25.6% |
| Income taxes | 67/77 | €16,983 | €21,390 | +€4,407 | +26.0% |
| Profit (loss) for the period | 9904 | €65,696 | €82,416 | +€16,720 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €65,696 | €82,416 | +€16,720 | +25.5% |
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 9 October 2026 via checked.be.