WARICO: 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.
What changed
WARICO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10,445
2024 · €3,467-€13,912
Equity
€1.4m
2024 · €1.5m-€10,445
Cash
€45,035
2024 · €52,580-€7,544
Balance sheet total
€2.7m
2024 · €2.9m-€182,073
Largest movements
Assets
- Tangible fixed assets -€178,017
down €178,017 (-6.5%), from €2.7m to €2.5m
of which Land and buildings: -€178,172
Equity and liabilities
- Short-term financial debts -€220,000
down €220,000 (-17.7%), from €1.2m to €1.0m
- Other debts +€64,748
up €64,748 (+228%), from €28,426 to €93,174
Income statement
- Financial charges -€42,311
down €42,311 (-50.3%), from €84,091 to €41,779
- Gross operating margin -€35,748
down €35,748 (-11.9%), from €301,322 to €265,573
- Financial income -€14,598
down €14,598 (-72.2%), from €20,215 to €5,617
of which Financial income: -€15,066
- Taxes +€4,856
up €4,856 (+63.8%), from €7,607 to €12,463
- Other operating charges -€4,843
down €4,843 (-15.1%), from €32,022 to €27,179
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
€3,467
Gross operating margin
-€35,748
Depreciation
-€4,210
Other operating charges
+€4,843
Financial income
-€14,598
Financial charges
+€42,311
Taxes
-€4,856
Deferred taxes and other
-€1,654
Result 2025
-€10,445
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€249,570
Investment
-€37,315
Financing
-€219,800
Cash 2024
€52,580
From operations (derived)
+€249,570
Net result for the year
-€10,445
Depreciation
+€211,375
Receivables within one year
+€4,270
Deferred charges and accrued income
-€3,802
Provisions
-€11,162
Trade debts
+€7,753
Tax, wage and social debts
-€15,438
Other debts
+€64,748
Accrued charges and deferred income
+€2,271
Investment (derived)
-€37,315
Investment in fixed assets (net)
-€32,608
Current investments
-€4,707
Financing
-€219,800
Debts after one year
+€200
Short-term financial debts
-€220,000
Cash 2025
€45,035
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,883,568 | €2,701,496 | -€182,073 | -6.3% |
| Fixed assets | 21/28 | €2,726,927 | €2,548,160 | -€178,767 | -6.6% |
| Tangible fixed assets | 22/27 | €2,726,177 | €2,548,160 | -€178,017 | -6.5% |
| Land and buildings | 22 | €2,713,875 | €2,535,703 | -€178,172 | -6.6% |
| Plant, machinery and equipment | 23 | €1,548 | €1,025 | -€523 | -33.8% |
| Furniture and vehicles | 24 | €10,754 | €11,432 | +€678 | +6.3% |
| Financial fixed assets | 28 | €750 | €0 | -€750 | -100% |
| Current assets | 29/58 | €156,642 | €153,336 | -€3,306 | -2.1% |
| Amounts receivable within one year | 40/41 | €8,769 | €4,499 | -€4,270 | -48.7% |
| Trade receivables | 40 | - | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €8,769 | €3,499 | -€5,270 | -60.1% |
| Current investments | 50/53 | €95,293 | €100,000 | +€4,707 | +4.9% |
| Cash at bank and in hand | 54/58 | €52,580 | €45,035 | -€7,544 | -14.3% |
| Deferred charges and accrued income | 490/1 | - | €3,802 | +€3,802 | |
| Total equity and liabilities | 10/49 | €2,883,568 | €2,701,496 | -€182,073 | -6.3% |
| Equity | 10/15 | €1,454,688 | €1,444,243 | -€10,445 | -0.7% |
| Contributions | 10/11 | €508,200 | €508,200 | = | 0.0% |
| Reserves | 13 | €946,488 | €936,043 | -€10,445 | -1.1% |
| Tax-exempt reserves | 132 | €395,524 | €362,039 | -€33,485 | -8.5% |
| Distributable reserves | 133 | €550,964 | €574,004 | +€23,040 | +4.2% |
| Provisions and deferred taxes | 16 | €131,842 | €120,680 | -€11,162 | -8.5% |
| Deferred taxes | 168 | €131,842 | €120,680 | -€11,162 | -8.5% |
| Amounts payable | 17/49 | €1,297,039 | €1,136,573 | -€160,466 | -12.4% |
| Amounts payable after more than one year | 17 | - | €200 | +€200 | |
| Other amounts payable | 178/9 | - | €200 | +€200 | |
| Amounts payable within one year | 42/48 | €1,291,917 | €1,128,980 | -€162,937 | -12.6% |
| Financial debts | 43 | €1,240,000 | €1,020,000 | -€220,000 | -17.7% |
| Credit institutions | 430/8 | €1,240,000 | €1,020,000 | -€220,000 | -17.7% |
| Trade debts | 44 | €8,053 | €15,806 | +€7,753 | +96.3% |
| Suppliers | 440/4 | €8,053 | €15,806 | +€7,753 | +96.3% |
| Taxes, remuneration and social security | 45 | €15,438 | €0 | -€15,438 | -100% |
| Taxes | 450/3 | €15,438 | €0 | -€15,438 | -100% |
| Other amounts payable | 47/48 | €28,426 | €93,174 | +€64,748 | +228% |
| Accrued charges and deferred income | 492/3 | €5,122 | €7,393 | +€2,271 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,165 | €211,375 | +€4,210 | +2.0% |
| Other operating charges | 640/8 | €32,022 | €27,179 | -€4,843 | -15.1% |
| Gross operating margin | 9900 | €301,322 | €265,573 | -€35,748 | -11.9% |
| Operating profit (loss) | 9901 | €62,135 | €27,019 | -€35,115 | -56.5% |
| Financial income | 75/76B | €20,215 | €5,617 | -€14,598 | -72.2% |
| Recurring financial income | 75 | €18,274 | €3,209 | -€15,066 | -82.4% |
| Non-recurring financial income | 76B | €1,941 | €2,408 | +€467 | +24.1% |
| Financial charges | 65/66B | €84,091 | €41,779 | -€42,311 | -50.3% |
| Recurring financial charges | 65 | €84,091 | €41,779 | -€42,311 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,741 | -€9,143 | -€7,402 | -425% |
| Transfer from deferred taxes | 780 | €12,816 | €11,162 | -€1,654 | -12.9% |
| Income taxes | 67/77 | €7,607 | €12,463 | +€4,856 | +63.8% |
| Profit (loss) for the period | 9904 | €3,467 | -€10,445 | -€13,912 | |
| Transfer from tax-exempt reserves | 789 | €38,447 | €33,485 | -€4,962 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,915 | €23,040 | -€18,874 | -45.0% |
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 16 October 2026 via checked.be.