WAREM: 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.
WAREM
Largest movements
- Stocks and contracts +€98,866
up €98,866 (+39.6%), from €249,909 to €348,775
of which Stocks: +€51,227
- Deferred charges and accrued income -€23,407
down €23,407 (-98.2%), from €23,848 to €441
- Tangible fixed assets -€22,337
down €22,337 (-15.7%), from €142,603 to €120,266
of which Furniture and vehicles: -€17,806
- Receivables within one year +€14,733
up €14,733 (+232%), from €6,354 to €21,087
of which Trade receivables: +€10,812
- Cash -€5,762
down €5,762 (-36.3%), from €15,880 to €10,118
mainly Debts after one year (-€152,944) and Stocks and contracts (-€98,866)
- Current portion of long-term debt +€195,243
up €195,243 (+839%), from €23,271 to €218,514
- Debts after one year -€152,944
down €152,944 (-42.1%), from €363,175 to €210,231
- Other debts +€53,506
up €53,506 (+46.4%), from €115,380 to €168,886
- Profit (loss) carried forward -€34,982
down €34,982 (-34.0%), from -€102,941 to -€137,923
- Tax, wage and social debts +€6,898
up €6,898 (+49.9%), from €13,813 to €20,711
- Gross operating margin -€13,347
down €13,347 (-53.8%), from €24,799 to €11,452
- Other operating charges +€5,983
up €5,983 (+159%), from €3,766 to €9,749
- Financial charges -€4,891
down €4,891 (-25.9%), from €18,854 to €13,963
- Financial income -€1,310
down €1,310 (-94.0%), from €1,394 to €84
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 | €439,523 | €501,149 | +€61,626 | +14.0% |
| Fixed assets | 21/28 | €143,533 | €120,727 | -€22,805 | -15.9% |
| Intangible fixed assets | 21 | €930 | €462 | -€468 | -50.3% |
| Tangible fixed assets | 22/27 | €142,603 | €120,266 | -€22,337 | -15.7% |
| Land and buildings | 22 | €115,347 | €111,039 | -€4,308 | -3.7% |
| Plant, machinery and equipment | 23 | €1,404 | €1,180 | -€224 | -15.9% |
| Furniture and vehicles | 24 | €25,852 | €8,046 | -€17,806 | -68.9% |
| Current assets | 29/58 | €295,991 | €380,422 | +€84,431 | +28.5% |
| Stocks and contracts in progress | 3 | €249,909 | €348,775 | +€98,866 | +39.6% |
| Stocks | 30/36 | €211,875 | €263,102 | +€51,227 | +24.2% |
| Contracts in progress | 37 | €38,034 | €85,673 | +€47,639 | +125% |
| Amounts receivable within one year | 40/41 | €6,354 | €21,087 | +€14,733 | +232% |
| Trade receivables | 40 | €1,340 | €12,152 | +€10,812 | +807% |
| Other amounts receivable | 41 | €5,014 | €8,935 | +€3,921 | +78.2% |
| Cash at bank and in hand | 54/58 | €15,880 | €10,118 | -€5,762 | -36.3% |
| Deferred charges and accrued income | 490/1 | €23,848 | €441 | -€23,407 | -98.2% |
| Total equity and liabilities | 10/49 | €439,523 | €501,149 | +€61,626 | +14.0% |
| Equity | 10/15 | -€82,941 | -€117,923 | -€34,982 | -42.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,941 | -€137,923 | -€34,982 | -34.0% |
| Amounts payable | 17/49 | €522,464 | €619,072 | +€96,608 | +18.5% |
| Amounts payable after more than one year | 17 | €363,175 | €210,231 | -€152,944 | -42.1% |
| Financial debts | 170/4 | €363,175 | €210,231 | -€152,944 | -42.1% |
| Amounts payable within one year | 42/48 | €159,289 | €408,840 | +€249,551 | +157% |
| Current portion of amounts payable after more than one year | 42 | €23,271 | €218,514 | +€195,243 | +839% |
| Trade debts | 44 | €6,824 | €730 | -€6,095 | -89.3% |
| Suppliers | 440/4 | €6,824 | €730 | -€6,095 | -89.3% |
| Taxes, remuneration and social security | 45 | €13,813 | €20,711 | +€6,898 | +49.9% |
| Taxes | 450/3 | €13,813 | €20,711 | +€6,898 | +49.9% |
| Other amounts payable | 47/48 | €115,380 | €168,886 | +€53,506 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,805 | €22,805 | = | 0.0% |
| Other operating charges | 640/8 | €3,766 | €9,749 | +€5,983 | +159% |
| Gross operating margin | 9900 | €24,799 | €11,452 | -€13,347 | -53.8% |
| Operating profit (loss) | 9901 | -€1,773 | -€21,103 | -€19,330 | -1,090% |
| Financial income | 75/76B | €1,394 | €84 | -€1,310 | -94.0% |
| Recurring financial income | 75 | €1,394 | €84 | -€1,310 | -94.0% |
| Financial charges | 65/66B | €18,854 | €13,963 | -€4,891 | -25.9% |
| Recurring financial charges | 65 | €18,854 | €13,963 | -€4,891 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,233 | -€34,982 | -€15,749 | -81.9% |
| Profit (loss) for the period | 9904 | -€19,233 | -€34,982 | -€15,749 | -81.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,233 | -€34,982 | -€15,749 | -81.9% |
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 28 October 2026 via checked.be.