WAREP: 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.
WAREP
Largest movements
- Stocks and contracts +€16,815
up €16,815 (+3.2%), from €521,133 to €537,947
- Cash -€9,687
down €9,687 (-45.0%), from €21,546 to €11,859
mainly Stocks and contracts (-€16,815) and Accrued charges and deferred income (-€13,188)
- Debts after one year +€29,070
up €29,070 (+7.7%), from €378,430 to €407,500
- Accrued charges and deferred income -€13,188
no longer reported in 2025 (was €13,188)
- Profit (loss) carried forward -€7,271
down €7,271 (-732.2%), from -€993 to -€8,264
- Gross operating margin -€16,403
down €16,403, from €12,646 to -€3,757
- Financial charges -€10,481
down €10,481 (-82.5%), from €12,707 to €2,227
- Other operating charges +€1,019
up €1,019 (+220.1%), from €463 to €1,482
- Financial income +€240
new in 2025: €240
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 | €555,033 | €562,895 | +€7,862 | +1.4% |
| Current assets | 29/58 | €555,033 | €562,895 | +€7,862 | +1.4% |
| Stocks and contracts in progress | 3 | €521,133 | €537,947 | +€16,815 | +3.2% |
| Stocks | 30/36 | €521,133 | €537,947 | +€16,815 | +3.2% |
| Amounts receivable within one year | 40/41 | €10,593 | €10,525 | -€68 | -0.6% |
| Trade receivables | 40 | €10,561 | €9,813 | -€748 | -7.1% |
| Other amounts receivable | 41 | €32 | €712 | +€680 | +2156.1% |
| Cash at bank and in hand | 54/58 | €21,546 | €11,859 | -€9,687 | -45.0% |
| Deferred charges and accrued income | 490/1 | €1,761 | €2,564 | +€802 | +45.6% |
| Total equity and liabilities | 10/49 | €555,033 | €562,895 | +€7,862 | +1.4% |
| Equity | 10/15 | €24,007 | €16,736 | -€7,271 | -30.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€993 | -€8,264 | -€7,271 | -732.2% |
| Amounts payable | 17/49 | €531,026 | €546,159 | +€15,133 | +2.8% |
| Amounts payable after more than one year | 17 | €378,430 | €407,500 | +€29,070 | +7.7% |
| Financial debts | 170/4 | €378,430 | €407,500 | +€29,070 | +7.7% |
| Amounts payable within one year | 42/48 | €139,408 | €138,659 | -€748 | -0.5% |
| Trade debts | 44 | €5,978 | €7,308 | +€1,330 | +22.2% |
| Suppliers | 440/4 | €5,978 | €7,308 | +€1,330 | +22.2% |
| Taxes, remuneration and social security | 45 | €1,924 | €1,904 | -€20 | -1.0% |
| Taxes | 450/3 | €1,924 | €104 | -€1,820 | -94.6% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €131,505 | €129,447 | -€2,059 | -1.6% |
| Accrued charges and deferred income | 492/3 | €13,188 | - | -€13,188 | |
| Other operating charges | 640/8 | €463 | €1,482 | +€1,019 | +220.1% |
| Gross operating margin | 9900 | €12,646 | -€3,757 | -€16,403 | |
| Operating profit (loss) | 9901 | €12,183 | -€5,239 | -€17,422 | |
| Financial income | 75/76B | - | €240 | +€240 | |
| Recurring financial income | 75 | - | €240 | +€240 | |
| Financial charges | 65/66B | €12,707 | €2,227 | -€10,481 | -82.5% |
| Recurring financial charges | 65 | €12,707 | €2,227 | -€10,481 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | -€525 | -€7,226 | -€6,701 | -1277.5% |
| Income taxes | 67/77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | -€525 | -€7,271 | -€6,746 | -1286.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€525 | -€7,271 | -€6,746 | -1286.2% |
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 6 October 2026 via checked.be.