WARINSART: 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.
WARINSART
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+8.5%), from €14.3m to €15.5m
of which Assets under construction and advance payments: +€1.3m
- Other debts +€1.9m
up €1.9m (+65.6%), from €2.8m to €4.7m
- Profit (loss) carried forward -€544,550
down €544,550 (-33.5%), from -€1.6m to -€2.2m
- Gross operating margin -€36,520
down €36,520 (-12.6%), from -€289,164 to -€325,683
- Other operating charges -€23,521
down €23,521 (-52.2%), from €45,057 to €21,536
- Depreciation -€13,844
down €13,844 (-13.0%), from €106,893 to €93,049
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 | €14,370,191 | €15,704,878 | +€1.3m | +9.3% |
| Fixed assets | 21/28 | €14,291,037 | €15,508,390 | +€1.2m | +8.5% |
| Tangible fixed assets | 22/27 | €14,291,037 | €15,508,390 | +€1.2m | +8.5% |
| Land and buildings | 22 | €14,282,152 | €14,228,578 | -€53,574 | -0.4% |
| Plant, machinery and equipment | 23 | €8,885 | €10,232 | +€1,347 | +15.2% |
| Assets under construction and advance payments | 27 | - | €1,269,580 | +€1.3m | |
| Current assets | 29/58 | €79,153 | €196,488 | +€117,335 | +148% |
| Amounts receivable within one year | 40/41 | €74,050 | €181,256 | +€107,205 | +145% |
| Trade receivables | 40 | €4,740 | €132,345 | +€127,605 | +2,692% |
| Other amounts receivable | 41 | €69,310 | €48,911 | -€20,400 | -29.4% |
| Cash at bank and in hand | 54/58 | €5,103 | €4,037 | -€1,067 | -20.9% |
| Deferred charges and accrued income | 490/1 | - | €11,196 | +€11,196 | |
| Total equity and liabilities | 10/49 | €14,370,191 | €15,704,878 | +€1.3m | +9.3% |
| Equity | 10/15 | €11,272,107 | €10,727,556 | -€544,550 | -4.8% |
| Contributions | 10/11 | €12,900,000 | €12,900,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,627,893 | -€2,172,444 | -€544,550 | -33.5% |
| Amounts payable | 17/49 | €3,098,084 | €4,977,322 | +€1.9m | +60.7% |
| Amounts payable within one year | 42/48 | €3,098,084 | €4,977,322 | +€1.9m | +60.7% |
| Trade debts | 44 | €257,792 | €264,856 | +€7,065 | +2.7% |
| Suppliers | 440/4 | €257,792 | €264,856 | +€7,065 | +2.7% |
| Taxes, remuneration and social security | 45 | €728 | €10,821 | +€10,093 | +1,387% |
| Taxes | 450/3 | €728 | €10,821 | +€10,093 | +1,387% |
| Other amounts payable | 47/48 | €2,839,565 | €4,701,644 | +€1.9m | +65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,893 | €93,049 | -€13,844 | -13.0% |
| Other operating charges | 640/8 | €45,057 | €21,536 | -€23,521 | -52.2% |
| Gross operating margin | 9900 | -€289,164 | -€325,683 | -€36,520 | -12.6% |
| Operating profit (loss) | 9901 | -€441,114 | -€440,268 | +€845 | +0.2% |
| Financial income | 75/76B | - | €966 | +€966 | |
| Recurring financial income | 75 | - | €966 | +€966 | |
| Financial charges | 65/66B | €100,262 | €102,642 | +€2,380 | +2.4% |
| Recurring financial charges | 65 | €100,262 | €102,642 | +€2,380 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€541,375 | -€541,945 | -€570 | -0.1% |
| Income taxes | 67/77 | €2,504 | €2,605 | +€102 | +4.1% |
| Profit (loss) for the period | 9904 | -€543,879 | -€544,550 | -€671 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€543,879 | -€544,550 | -€671 | -0.1% |
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.