Warehouse 44: 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.
Warehouse 44
Largest movements
- Tangible fixed assets -€196,961
down €196,961 (-5.4%), from €3.6m to €3.5m
of which Land and buildings: -€236,961
- Financial fixed assets +€93,510
up €93,510 (+25.5%), from €366,490 to €460,000
- Cash +€54,298
up €54,298 (+46.6%), from €116,420 to €170,718
mainly Depreciation (+€236,961) and Receivables within one year (+€32,601)
- Trade debts -€97,607
down €97,607 (-97.5%), from €100,080 to €2,473
- Financial charges -€65,635
down €65,635 (-65.4%), from €100,319 to €34,684
- Gross operating margin -€54,421
down €54,421 (-15.4%), from €352,503 to €298,082
- Financial income -€4,798
down €4,798 (-15.0%), from €31,947 to €27,150
- Taxes +€3,544
up €3,544 (+2979.0%), from €119 to €3,663
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 | €4,168,147 | €4,084,388 | -€83,759 | -2.0% |
| Fixed assets | 21/28 | €4,015,679 | €3,912,229 | -€103,450 | -2.6% |
| Tangible fixed assets | 22/27 | €3,649,189 | €3,452,229 | -€196,961 | -5.4% |
| Land and buildings | 22 | €3,649,189 | €3,412,229 | -€236,961 | -6.5% |
| Assets under construction and advance payments | 27 | - | €40,000 | +€40,000 | |
| Financial fixed assets | 28 | €366,490 | €460,000 | +€93,510 | +25.5% |
| Current assets | 29/58 | €152,468 | €172,160 | +€19,691 | +12.9% |
| Amounts receivable within one year | 40/41 | €34,042 | €1,442 | -€32,601 | -95.8% |
| Trade receivables | 40 | €32,252 | €0 | -€32,252 | -100.0% |
| Other amounts receivable | 41 | €1,790 | €1,442 | -€349 | -19.5% |
| Cash at bank and in hand | 54/58 | €116,420 | €170,718 | +€54,298 | +46.6% |
| Deferred charges and accrued income | 490/1 | €2,006 | €0 | -€2,006 | -100.0% |
| Total equity and liabilities | 10/49 | €4,168,147 | €4,084,388 | -€83,759 | -2.0% |
| Equity | 10/15 | €4,030,745 | €4,040,841 | +€10,095 | +0.3% |
| Contributions | 10/11 | €2,711,866 | €2,711,866 | = | 0.0% |
| Reserves | 13 | €271,378 | €271,378 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,969 | €53,969 | = | 0.0% |
| Reserves not available under the articles | 1311 | €53,969 | €53,969 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,983 | €4,983 | = | 0.0% |
| Distributable reserves | 133 | €212,427 | €212,427 | = | 0.0% |
| Profit (loss) carried forward | 14 | €794,389 | €815,434 | +€21,044 | +2.6% |
| Investment grants | 15 | €253,111 | €242,162 | -€10,949 | -4.3% |
| Provisions and deferred taxes | 16 | €454 | €420 | -€34 | -7.4% |
| Deferred taxes | 168 | €454 | €420 | -€34 | -7.4% |
| Amounts payable | 17/49 | €136,948 | €43,127 | -€93,821 | -68.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €116,199 | €22,160 | -€94,039 | -80.9% |
| Trade debts | 44 | €100,080 | €2,473 | -€97,607 | -97.5% |
| Suppliers | 440/4 | €100,080 | €2,473 | -€97,607 | -97.5% |
| Taxes, remuneration and social security | 45 | €16,119 | €19,687 | +€3,568 | +22.1% |
| Taxes | 450/3 | €16,119 | €19,687 | +€3,568 | +22.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €20,749 | €20,967 | +€218 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €236,961 | €236,961 | = | 0.0% |
| Other operating charges | 640/8 | €26,810 | €28,914 | +€2,104 | +7.8% |
| Gross operating margin | 9900 | €352,503 | €298,082 | -€54,421 | -15.4% |
| Operating profit (loss) | 9901 | €88,732 | €32,207 | -€56,525 | -63.7% |
| Financial income | 75/76B | €31,947 | €27,150 | -€4,798 | -15.0% |
| Recurring financial income | 75 | €31,947 | €27,150 | -€4,798 | -15.0% |
| Financial charges | 65/66B | €100,319 | €34,684 | -€65,635 | -65.4% |
| Recurring financial charges | 65 | €100,319 | €34,684 | -€65,635 | -65.4% |
| Profit (loss) for the period before taxes | 9903 | €20,361 | €24,673 | +€4,312 | +21.2% |
| Transfer from deferred taxes | 780 | €33 | €34 | +€0 | +0.1% |
| Income taxes | 67/77 | €119 | €3,663 | +€3,544 | +2979.0% |
| Profit (loss) for the period | 9904 | €20,276 | €21,044 | +€769 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,276 | €21,044 | +€769 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.