WARFID: 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.
What changed
WARFID
NACE 69.201, Certified accountants and tax accountants
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€605,005
2024 · €426,316+€178,689
Equity
€2.6m
2024 · €2.1m+€514,300
Cash
€176,976
2024 · €403,856-€226,881
Balance sheet total
€9.6m
2024 · €6.6m+€2.9m
Largest movements
Assets
- Intangible fixed assets +€2.6m
up €2.6m (+61.2%), from €4.2m to €6.7m
- Receivables within one year +€400,194
up €400,194 (+25.1%), from €1.6m to €2.0m
of which Trade receivables: +€346,890
- Cash -€226,881
down €226,881 (-56.2%), from €403,856 to €176,976
mainly Investment in fixed assets (net) (-€3.6m) and Current portion of long-term debt (-€740,492)
- Tangible fixed assets +€190,890
up €190,890 (+88.8%), from €214,905 to €405,794
of which Furniture and vehicles: +€197,292
Equity and liabilities
- Debts after one year +€3.3m
up €3.3m (+146.9%), from €2.2m to €5.5m
of which Other amounts payable: +€4.6m
- Current portion of long-term debt -€740,492
down €740,492 (-100.0%), from €740,492 to €0
- Reserves +€514,300
up €514,300 (+172.5%), from €298,216 to €812,516
of which Distributable reserves: +€514,300
Income statement
- Gross operating margin +€1.0m
up €1.0m (+20.9%), from €4.8m to €5.8m
- Staff costs +€413,390
up €413,390 (+12.6%), from €3.3m to €3.7m
- Taxes +€173,641
up €173,641 (+115.7%), from €150,041 to €323,682
- Depreciation +€159,790
up €159,790 (+21.7%), from €736,020 to €895,810
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.
Result 2024
€426,316
Gross operating margin
+€1.0m
Staff costs
-€413,390
Depreciation
-€159,790
Write-downs
+€44,165
Provisions
+€438
Other operating charges
-€26,263
Other operating items
-€33,529
Financial income
-€2,984
Financial charges
-€57,436
Taxes
-€173,641
Result 2025
€605,005
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.
From operations
+€1.0m
Investment
-€3.6m
Financing
+€2.4m
Cash 2024
€403,856
From operations (derived)
+€1.0m
Net result for the year
+€605,005
Depreciation
+€895,810
Receivables within one year
-€400,194
Smaller working-capital items
+€2,213
Trade debts
-€34,705
Other debts
-€65,888
Investment (derived)
-€3.6m
Investment in fixed assets (net)
-€3.6m
Financing
+€2.4m
Debts after one year
+€3.3m
Current portion of long-term debt
-€740,492
Short-term financial debts
-€38,672
Contributions, distributions and other
-€90,705
Cash 2025
€176,976
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,636,014 | €9,560,903 | +€2.9m | +44.1% |
| Formation expenses | 20 | €129 | €0 | -€129 | -100.0% |
| Fixed assets | 21/28 | €4,434,856 | €7,181,679 | +€2.7m | +61.9% |
| Intangible fixed assets | 21 | €4,173,978 | €6,729,915 | +€2.6m | +61.2% |
| Tangible fixed assets | 22/27 | €214,905 | €405,794 | +€190,890 | +88.8% |
| Plant, machinery and equipment | 23 | €1,493 | €558 | -€935 | -62.6% |
| Furniture and vehicles | 24 | €207,944 | €405,236 | +€197,292 | +94.9% |
| Leasing and similar rights | 25 | €3,789 | €0 | -€3,789 | -100.0% |
| Other tangible fixed assets | 26 | €1,678 | €0 | -€1,678 | -100.0% |
| Financial fixed assets | 28 | €45,973 | €45,969 | -€4 | 0.0% |
| Current assets | 29/58 | €2,201,029 | €2,379,225 | +€178,196 | +8.1% |
| Amounts receivable within one year | 40/41 | €1,595,997 | €1,996,191 | +€400,194 | +25.1% |
| Trade receivables | 40 | €1,592,667 | €1,939,557 | +€346,890 | +21.8% |
| Other amounts receivable | 41 | €3,331 | €56,634 | +€53,304 | +1600.4% |
| Cash at bank and in hand | 54/58 | €403,856 | €176,976 | -€226,881 | -56.2% |
| Deferred charges and accrued income | 490/1 | €201,175 | €206,058 | +€4,883 | +2.4% |
| Total equity and liabilities | 10/49 | €6,636,014 | €9,560,903 | +€2.9m | +44.1% |
| Equity | 10/15 | €2,073,216 | €2,587,516 | +€514,300 | +24.8% |
| Contributions | 10/11 | €1,775,000 | €1,775,000 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Outside capital | 11 | €1,665,000 | €1,665,000 | = | 0.0% |
| Share premium | 1100/10 | €615,000 | €615,000 | = | 0.0% |
| Other | 1109/19 | €1,050,000 | €1,050,000 | = | 0.0% |
| Reserves | 13 | €298,216 | €812,516 | +€514,300 | +172.5% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,666 | €61,666 | = | 0.0% |
| Distributable reserves | 133 | €225,550 | €739,850 | +€514,300 | +228.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,274 | €13,729 | +€1,454 | +11.8% |
| Provisions for liabilities and charges | 160/5 | €12,274 | €13,729 | +€1,454 | +11.8% |
| Pensions and similar obligations | 160 | €12,274 | €13,729 | +€1,454 | +11.8% |
| Amounts payable | 17/49 | €4,550,524 | €6,959,659 | +€2.4m | +52.9% |
| Amounts payable after more than one year | 17 | €2,234,499 | €5,517,749 | +€3.3m | +146.9% |
| Financial debts | 170/4 | €2,234,499 | €920,000 | -€1.3m | -58.8% |
| Other amounts payable | 178/9 | - | €4,597,749 | +€4.6m | |
| Amounts payable within one year | 42/48 | €2,303,163 | €1,423,177 | -€879,985 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €740,492 | €0 | -€740,492 | -100.0% |
| Financial debts | 43 | €250,038 | €211,366 | -€38,672 | -15.5% |
| Credit institutions | 430/8 | €250,038 | €211,366 | -€38,672 | -15.5% |
| Trade debts | 44 | €586,785 | €552,080 | -€34,705 | -5.9% |
| Suppliers | 440/4 | €586,785 | €552,080 | -€34,705 | -5.9% |
| Taxes, remuneration and social security | 45 | €567,208 | €566,979 | -€229 | 0.0% |
| Taxes | 450/3 | €94,685 | €186,831 | +€92,146 | +97.3% |
| Remuneration and social security | 454/9 | €472,523 | €380,148 | -€92,375 | -19.5% |
| Other amounts payable | 47/48 | €158,640 | €92,753 | -€65,888 | -41.5% |
| Accrued charges and deferred income | 492/3 | €12,863 | €18,733 | +€5,870 | +45.6% |
| Non-recurring operating income | 76A | €33,038 | €27,892 | -€5,146 | -15.6% |
| Remuneration, social security and pensions | 62 | €3,273,720 | €3,687,109 | +€413,390 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €736,020 | €895,810 | +€159,790 | +21.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €73,761 | €29,596 | -€44,165 | -59.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,892 | €1,454 | -€438 | -23.1% |
| Other operating charges | 640/8 | €22,438 | €48,701 | +€26,263 | +117.0% |
| Non-recurring operating charges | 66A | €1,893 | €35,423 | +€33,529 | +1770.9% |
| Gross operating margin | 9900 | €4,790,838 | €5,791,957 | +€1.0m | +20.9% |
| Operating profit (loss) | 9901 | €681,114 | €1,093,863 | +€412,750 | +60.6% |
| Financial income | 75/76B | €7,731 | €4,747 | -€2,984 | -38.6% |
| Recurring financial income | 75 | €7,731 | €4,747 | -€2,984 | -38.6% |
| Financial charges | 65/66B | €112,487 | €169,923 | +€57,436 | +51.1% |
| Recurring financial charges | 65 | €112,487 | €169,923 | +€57,436 | +51.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €576,357 | €928,687 | +€352,330 | +61.1% |
| Income taxes | 67/77 | €150,041 | €323,682 | +€173,641 | +115.7% |
| Profit (loss) for the period | 9904 | €426,316 | €605,005 | +€178,689 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €426,316 | €605,005 | +€178,689 | +41.9% |
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 8 October 2026 via checked.be.