WARFIBEL: 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.
WARFIBEL
Largest movements
- Tangible fixed assets -€15,610
down €15,610 (-13.1%), from €118,995 to €103,385
- Receivables within one year -€3,811
down €3,811 (-78.3%), from €4,870 to €1,059
of which Other amounts receivable: -€2,323
- Cash -€1,799
down €1,799 (-61.0%), from €2,950 to €1,151
mainly Net result for the year (-€17,587) and Debts after one year (-€8,708)
- Reserves -€17,587
down €17,587 (-73.7%), from €23,849 to €6,263
- Debts after one year -€8,708
down €8,708 (-29.6%), from €29,431 to €20,724
of which Financial debts: -€8,708
- Other debts +€2,000
up €2,000 (+5.5%), from €36,268 to €38,268
- Accrued charges and deferred income +€1,501
up €1,501 (+943.0%), from €159 to €1,660
- Gross operating margin -€11,940
down €11,940 (-87.5%), from €13,645 to €1,705
- Depreciation +€5,262
up €5,262 (+50.9%), from €10,348 to €15,610
- Financial charges +€720
up €720 (+158.5%), from €454 to €1,174
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 | €133,250 | €111,955 | -€21,296 | -16.0% |
| Fixed assets | 21/28 | €118,995 | €103,385 | -€15,610 | -13.1% |
| Tangible fixed assets | 22/27 | €118,995 | €103,385 | -€15,610 | -13.1% |
| Land and buildings | 22 | €77,608 | €72,951 | -€4,657 | -6.0% |
| Plant, machinery and equipment | 23 | €5,194 | €1,670 | -€3,524 | -67.8% |
| Furniture and vehicles | 24 | €36,194 | €28,764 | -€7,430 | -20.5% |
| Current assets | 29/58 | €14,255 | €8,570 | -€5,686 | -39.9% |
| Stocks and contracts in progress | 3 | €5,501 | €4,945 | -€556 | -10.1% |
| Stocks | 30/36 | €5,501 | €4,945 | -€556 | -10.1% |
| Amounts receivable within one year | 40/41 | €4,870 | €1,059 | -€3,811 | -78.3% |
| Trade receivables | 40 | €2,240 | €751 | -€1,488 | -66.5% |
| Other amounts receivable | 41 | €2,630 | €307 | -€2,323 | -88.3% |
| Cash at bank and in hand | 54/58 | €2,950 | €1,151 | -€1,799 | -61.0% |
| Deferred charges and accrued income | 490/1 | €935 | €1,415 | +€481 | +51.4% |
| Total equity and liabilities | 10/49 | €133,250 | €111,955 | -€21,296 | -16.0% |
| Equity | 10/15 | €58,849 | €41,263 | -€17,587 | -29.9% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €23,849 | €6,263 | -€17,587 | -73.7% |
| Distributable reserves | 133 | €23,849 | €6,263 | -€17,587 | -73.7% |
| Amounts payable | 17/49 | €74,401 | €70,692 | -€3,709 | -5.0% |
| Amounts payable after more than one year | 17 | €29,431 | €20,724 | -€8,708 | -29.6% |
| Financial debts | 170/4 | €24,931 | €16,224 | -€8,708 | -34.9% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,811 | €48,308 | +€3,498 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €7,755 | €8,049 | +€294 | +3.8% |
| Trade debts | 44 | €779 | €1,850 | +€1,071 | +137.5% |
| Suppliers | 440/4 | €779 | €1,850 | +€1,071 | +137.5% |
| Taxes, remuneration and social security | 45 | €9 | €141 | +€132 | +1510.4% |
| Taxes | 450/3 | €9 | €141 | +€132 | +1510.4% |
| Other amounts payable | 47/48 | €36,268 | €38,268 | +€2,000 | +5.5% |
| Accrued charges and deferred income | 492/3 | €159 | €1,660 | +€1,501 | +943.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,348 | €15,610 | +€5,262 | +50.9% |
| Other operating charges | 640/8 | €2,446 | €2,367 | -€79 | -3.2% |
| Gross operating margin | 9900 | €13,645 | €1,705 | -€11,940 | -87.5% |
| Operating profit (loss) | 9901 | €852 | -€16,272 | -€17,124 | |
| Financial charges | 65/66B | €454 | €1,174 | +€720 | +158.5% |
| Recurring financial charges | 65 | €454 | €1,174 | +€720 | +158.5% |
| Profit (loss) for the period before taxes | 9903 | €398 | -€17,446 | -€17,844 | |
| Income taxes | 67/77 | €9 | €141 | +€132 | +1510.4% |
| Profit (loss) for the period | 9904 | €389 | -€17,587 | -€17,976 | |
| Profit (loss) for the period to be appropriated | 9905 | €389 | -€17,587 | -€17,976 |
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.