WARI: 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.
WARI
Largest movements
- Tangible fixed assets -€54,352
down €54,352 (-8.9%), from €611,830 to €557,479
of which Land and buildings: -€32,653
- Cash -€37,039
down €37,039 (-25.1%), from €147,296 to €110,257
mainly Contributions, distributions and other (-€60,130) and Debts after one year (-€59,543)
- Intangible fixed assets -€13,000
no longer reported in 2025 (was €13,000)
- Debts after one year -€59,543
down €59,543 (-14.7%), from €404,721 to €345,178
- Trade debts -€40,993
down €40,993 (-38.4%), from €106,652 to €65,660
- Reserves -€25,385
down €25,385 (-15.7%), from €161,660 to €136,275
- Other debts +€23,063
up €23,063 (+70.8%), from €32,584 to €55,648
- Staff costs +€20,559
up €20,559 (+14.5%), from €142,191 to €162,749
- Depreciation +€19,332
up €19,332 (+23.1%), from €83,667 to €102,999
- Taxes -€15,301
down €15,301 (-51.1%), from €29,923 to €14,622
- Gross operating margin -€14,175
down €14,175 (-4.0%), from €356,605 to €342,430
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 | €817,086 | €710,358 | -€106,728 | -13.1% |
| Fixed assets | 21/28 | €624,830 | €557,479 | -€67,352 | -10.8% |
| Intangible fixed assets | 21 | €13,000 | - | -€13,000 | |
| Tangible fixed assets | 22/27 | €611,830 | €557,479 | -€54,352 | -8.9% |
| Land and buildings | 22 | €388,442 | €355,789 | -€32,653 | -8.4% |
| Plant, machinery and equipment | 23 | €215,724 | €195,952 | -€19,771 | -9.2% |
| Furniture and vehicles | 24 | €7,664 | €5,737 | -€1,928 | -25.2% |
| Current assets | 29/58 | €192,255 | €152,879 | -€39,376 | -20.5% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,884 | €40,436 | -€1,448 | -3.5% |
| Trade receivables | 40 | €5,825 | €30,259 | +€24,434 | +419.5% |
| Other amounts receivable | 41 | €36,059 | €10,177 | -€25,881 | -71.8% |
| Cash at bank and in hand | 54/58 | €147,296 | €110,257 | -€37,039 | -25.1% |
| Deferred charges and accrued income | 490/1 | €1,075 | €186 | -€889 | -82.7% |
| Total equity and liabilities | 10/49 | €817,086 | €710,358 | -€106,728 | -13.1% |
| Equity | 10/15 | €174,060 | €148,675 | -€25,385 | -14.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,660 | €136,275 | -€25,385 | -15.7% |
| Distributable reserves | 133 | €161,660 | €136,275 | -€25,385 | -15.7% |
| Amounts payable | 17/49 | €643,025 | €561,683 | -€81,343 | -12.6% |
| Amounts payable after more than one year | 17 | €404,721 | €345,178 | -€59,543 | -14.7% |
| Financial debts | 170/4 | €404,721 | €345,178 | -€59,543 | -14.7% |
| Amounts payable within one year | 42/48 | €238,304 | €216,504 | -€21,800 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €75,770 | €76,104 | +€333 | +0.4% |
| Trade debts | 44 | €106,652 | €65,660 | -€40,993 | -38.4% |
| Suppliers | 440/4 | €106,652 | €65,660 | -€40,993 | -38.4% |
| Taxes, remuneration and social security | 45 | €23,297 | €19,094 | -€4,204 | -18.0% |
| Taxes | 450/3 | €9,148 | €4,368 | -€4,780 | -52.3% |
| Remuneration and social security | 454/9 | €14,149 | €14,726 | +€577 | +4.1% |
| Other amounts payable | 47/48 | €32,584 | €55,648 | +€23,063 | +70.8% |
| Remuneration, social security and pensions | 62 | €142,191 | €162,749 | +€20,559 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,667 | €102,999 | +€19,332 | +23.1% |
| Other operating charges | 640/8 | €8,110 | €6,768 | -€1,342 | -16.5% |
| Gross operating margin | 9900 | €356,605 | €342,430 | -€14,175 | -4.0% |
| Operating profit (loss) | 9901 | €122,637 | €69,914 | -€52,724 | -43.0% |
| Financial income | 75/76B | €2,210 | €954 | -€1,257 | -56.9% |
| Recurring financial income | 75 | €2,210 | €954 | -€1,257 | -56.9% |
| Financial charges | 65/66B | €18,167 | €21,500 | +€3,333 | +18.3% |
| Recurring financial charges | 65 | €18,167 | €21,500 | +€3,333 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €106,681 | €49,367 | -€57,314 | -53.7% |
| Income taxes | 67/77 | €29,923 | €14,622 | -€15,301 | -51.1% |
| Profit (loss) for the period | 9904 | €76,758 | €34,745 | -€42,013 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €76,758 | €34,745 | -€42,013 | -54.7% |
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 7 October 2026 via checked.be.