WARGEE: 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.
WARGEE
Largest movements
- Receivables within one year +€571,095
up €571,095 (+126.0%), from €453,081 to €1.0m
of which Trade receivables: +€538,084
- Tangible fixed assets -€262,802
down €262,802 (-11.2%), from €2.3m to €2.1m
of which Plant, machinery and equipment: -€138,951
- Stocks and contracts -€146,403
down €146,403 (-14.4%), from €1.0m to €872,764
- Deferred charges and accrued income +€115,779
new in 2025: €115,779
- Current investments -€63,160
down €63,160 (-10.2%), from €618,538 to €555,378
- Reserves +€240,323
up €240,323 (+22.6%), from €1.1m to €1.3m
of which Distributable reserves: +€240,323
- Tax, wage and social debts +€57,991
up €57,991 (+783.4%), from €7,403 to €65,394
- Debts after one year -€52,723
down €52,723 (-13.4%), from €394,540 to €341,817
- Gross operating margin +€290,897
up €290,897 (+20.3%), from €1.4m to €1.7m
- Staff costs -€170,864
down €170,864 (-13.1%), from €1.3m to €1.1m
- Taxes +€65,539
up €65,539 (+19932.3%), from €329 to €65,868
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 | €4,506,179 | €4,762,276 | +€256,096 | +5.7% |
| Fixed assets | 21/28 | €2,344,205 | €2,081,404 | -€262,802 | -11.2% |
| Tangible fixed assets | 22/27 | €2,342,264 | €2,079,462 | -€262,802 | -11.2% |
| Land and buildings | 22 | €1,465,546 | €1,379,542 | -€86,003 | -5.9% |
| Plant, machinery and equipment | 23 | €773,949 | €634,998 | -€138,951 | -18.0% |
| Furniture and vehicles | 24 | €102,769 | €64,922 | -€37,847 | -36.8% |
| Financial fixed assets | 28 | €1,941 | €1,941 | = | 0.0% |
| Current assets | 29/58 | €2,161,974 | €2,680,872 | +€518,898 | +24.0% |
| Stocks and contracts in progress | 3 | €1,019,166 | €872,764 | -€146,403 | -14.4% |
| Stocks | 30/36 | €1,019,166 | €872,764 | -€146,403 | -14.4% |
| Amounts receivable within one year | 40/41 | €453,081 | €1,024,176 | +€571,095 | +126.0% |
| Trade receivables | 40 | €406,395 | €944,479 | +€538,084 | +132.4% |
| Other amounts receivable | 41 | €46,686 | €79,697 | +€33,011 | +70.7% |
| Current investments | 50/53 | €618,538 | €555,378 | -€63,160 | -10.2% |
| Cash at bank and in hand | 54/58 | €71,189 | €112,775 | +€41,586 | +58.4% |
| Deferred charges and accrued income | 490/1 | - | €115,779 | +€115,779 | |
| Total equity and liabilities | 10/49 | €4,506,179 | €4,762,276 | +€256,096 | +5.7% |
| Equity | 10/15 | €3,580,771 | €3,821,094 | +€240,323 | +6.7% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Capital | 10 | €24,789 | - | -€24,789 | |
| Issued capital | 100 | €24,789 | - | -€24,789 | |
| Outside capital | 11 | - | €24,789 | +€24,789 | |
| Other | 1109/19 | - | €24,789 | +€24,789 | |
| Reserves | 13 | €1,064,922 | €1,305,245 | +€240,323 | +22.6% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | - | -€2,479 | |
| Reserves not available under the articles | 1311 | - | €2,479 | +€2,479 | |
| Distributable reserves | 133 | €1,062,443 | €1,302,766 | +€240,323 | +22.6% |
| Profit (loss) carried forward | 14 | €2,491,060 | €2,491,060 | = | 0.0% |
| Provisions and deferred taxes | 16 | €369,000 | €369,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €369,000 | €369,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €369,000 | €369,000 | = | 0.0% |
| Amounts payable | 17/49 | €556,408 | €572,181 | +€15,773 | +2.8% |
| Amounts payable after more than one year | 17 | €394,540 | €341,817 | -€52,723 | -13.4% |
| Financial debts | 170/4 | €394,540 | €341,817 | -€52,723 | -13.4% |
| Amounts payable within one year | 42/48 | €161,868 | €230,365 | +€68,496 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €51,311 | €52,723 | +€1,412 | +2.8% |
| Trade debts | 44 | €99,744 | €109,703 | +€9,959 | +10.0% |
| Suppliers | 440/4 | €99,744 | €109,703 | +€9,959 | +10.0% |
| Advances received on contracts in progress | 46 | €2,544 | €2,544 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,403 | €65,394 | +€57,991 | +783.4% |
| Taxes | 450/3 | €7,403 | €65,394 | +€57,991 | +783.4% |
| Other amounts payable | 47/48 | €866 | - | -€866 | |
| Remuneration, social security and pensions | 62 | €1,308,452 | €1,137,589 | -€170,864 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,284 | €262,802 | -€8,482 | -3.1% |
| Other operating charges | 640/8 | €13,852 | €15,627 | +€1,776 | +12.8% |
| Gross operating margin | 9900 | €1,434,408 | €1,725,304 | +€290,897 | +20.3% |
| Operating profit (loss) | 9901 | -€159,180 | €309,287 | +€468,467 | |
| Financial income | 75/76B | €13,705 | €13,824 | +€119 | +0.9% |
| Recurring financial income | 75 | €13,705 | €13,824 | +€119 | +0.9% |
| Financial charges | 65/66B | €15,805 | €16,920 | +€1,115 | +7.1% |
| Recurring financial charges | 65 | €15,805 | €16,920 | +€1,115 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | -€161,280 | €306,192 | +€467,471 | |
| Income taxes | 67/77 | €329 | €65,868 | +€65,539 | +19932.3% |
| Profit (loss) for the period | 9904 | -€161,609 | €240,323 | +€401,932 | |
| Profit (loss) for the period to be appropriated | 9905 | -€161,609 | €240,323 | +€401,932 |
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 1 October 2026 via checked.be.