WARIMAD: 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.
WARIMAD
Largest movements
- Tangible fixed assets +€168,754
up €168,754 (+3,398%), from €4,966 to €173,720
of which Land and buildings: +€156,028
- Cash -€50,989
down €50,989 (-76.7%), from €66,447 to €15,457
mainly Investment in fixed assets (net) (-€180,865) and Contributions, distributions and other (-€28,000)
- Receivables within one year -€7,497
down €7,497 (-92.6%), from €8,100 to €603
- Current investments +€4,978
up €4,978 (+99.6%), from €5,000 to €9,978
- Debts after one year +€129,317
up €129,317 (+3,183%), from €4,063 to €133,380
- Other debts -€15,900
down €15,900 (-36.2%), from €43,900 to €28,000
- Current portion of long-term debt +€11,438
up €11,438 (+141%), from €8,084 to €19,522
- Tax, wage and social debts -€10,821
no longer reported in 2025 (was €10,821)
- Depreciation +€10,080
up €10,080 (+496%), from €2,031 to €12,111
- Gross operating margin -€5,772
down €5,772 (-8.8%), from €65,710 to €59,938
- Taxes -€2,347
down €2,347 (-14.6%), from €16,091 to €13,744
- Financial charges +€1,690
up €1,690 (+39.2%), from €4,314 to €6,005
- Other operating charges +€831
up €831 (+190%), from €438 to €1,269
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,360 | €242,178 | +€114,819 | +90.2% |
| Fixed assets | 21/28 | €44,968 | €213,722 | +€168,754 | +375% |
| Tangible fixed assets | 22/27 | €4,966 | €173,720 | +€168,754 | +3,398% |
| Land and buildings | 22 | - | €156,028 | +€156,028 | |
| Furniture and vehicles | 24 | €3,042 | €16,011 | +€12,968 | +426% |
| Other tangible fixed assets | 26 | €1,924 | €1,681 | -€243 | -12.6% |
| Financial fixed assets | 28 | €40,002 | €40,002 | = | 0.0% |
| Current assets | 29/58 | €82,392 | €28,456 | -€53,936 | -65.5% |
| Amounts receivable within one year | 40/41 | €8,100 | €603 | -€7,497 | -92.6% |
| Other amounts receivable | 41 | €8,100 | €603 | -€7,497 | -92.6% |
| Current investments | 50/53 | €5,000 | €9,978 | +€4,978 | +99.6% |
| Cash at bank and in hand | 54/58 | €66,447 | €15,457 | -€50,989 | -76.7% |
| Deferred charges and accrued income | 490/1 | €2,845 | €2,417 | -€428 | -15.0% |
| Total equity and liabilities | 10/49 | €127,360 | €242,178 | +€114,819 | +90.2% |
| Equity | 10/15 | €54,188 | €54,043 | -€144 | -0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €48,700 | €48,700 | = | 0.0% |
| Distributable reserves | 133 | €48,700 | €48,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €488 | €343 | -€144 | -29.6% |
| Amounts payable | 17/49 | €73,172 | €188,135 | +€114,963 | +157% |
| Amounts payable after more than one year | 17 | €4,063 | €133,380 | +€129,317 | +3,183% |
| Financial debts | 170/4 | €4,063 | €133,380 | +€129,317 | +3,183% |
| Amounts payable within one year | 42/48 | €65,209 | €50,850 | -€14,359 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €8,084 | €19,522 | +€11,438 | +141% |
| Trade debts | 44 | €2,404 | €3,328 | +€924 | +38.4% |
| Suppliers | 440/4 | €2,404 | €3,328 | +€924 | +38.4% |
| Taxes, remuneration and social security | 45 | €10,821 | - | -€10,821 | |
| Taxes | 450/3 | €10,821 | - | -€10,821 | |
| Other amounts payable | 47/48 | €43,900 | €28,000 | -€15,900 | -36.2% |
| Accrued charges and deferred income | 492/3 | €3,900 | €3,905 | +€5 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,031 | €12,111 | +€10,080 | +496% |
| Other operating charges | 640/8 | €438 | €1,269 | +€831 | +190% |
| Gross operating margin | 9900 | €65,710 | €59,938 | -€5,772 | -8.8% |
| Operating profit (loss) | 9901 | €63,241 | €46,558 | -€16,683 | -26.4% |
| Financial income | 75/76B | €1,097 | €1,046 | -€50 | -4.6% |
| Recurring financial income | 75 | €1,097 | €1,046 | -€50 | -4.6% |
| Financial charges | 65/66B | €4,314 | €6,005 | +€1,690 | +39.2% |
| Recurring financial charges | 65 | €4,314 | €6,005 | +€1,690 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €60,024 | €41,600 | -€18,424 | -30.7% |
| Income taxes | 67/77 | €16,091 | €13,744 | -€2,347 | -14.6% |
| Profit (loss) for the period | 9904 | €43,932 | €27,856 | -€16,077 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,932 | €27,856 | -€16,077 | -36.6% |
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 17 October 2026 via checked.be.