WARLING: 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.
WARLING
Largest movements
- Receivables within one year -€97,152
down €97,152 (-37.2%), from €261,164 to €164,012
of which Trade receivables: -€93,931
- Cash +€30,940
up €30,940 (+19.9%), from €155,547 to €186,487
mainly Net result for the year (+€105,763) and Receivables within one year (+€97,152)
- Deferred charges and accrued income -€17,758
down €17,758 (-74.5%), from €23,825 to €6,066
- Trade debts -€200,148
down €200,148 (-57.4%), from €348,602 to €148,454
- Profit (loss) carried forward +€105,763
up €105,763, from -€103,653 to €2,110
- Tax, wage and social debts +€33,507
up €33,507 (+23.5%), from €142,618 to €176,124
of which Taxes: +€29,725
- Debts after one year -€27,466
down €27,466 (-8.5%), from €322,849 to €295,383
- Other debts -€16,270
down €16,270 (-32.9%), from €49,445 to €33,175
- Gross operating margin +€167,052
up €167,052 (+24.9%), from €671,259 to €838,311
- Staff costs +€45,949
up €45,949 (+8.6%), from €537,309 to €583,257
- Taxes +€35,810
up €35,810 (+30646.2%), from €117 to €35,927
- Financial charges -€16,366
down €16,366 (-30.0%), from €54,614 to €38,248
- Depreciation +€11,945
up €11,945 (+27.9%), from €42,781 to €54,726
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 | €1,135,608 | €1,046,986 | -€88,622 | -7.8% |
| Fixed assets | 21/28 | €354,760 | €359,365 | +€4,605 | +1.3% |
| Tangible fixed assets | 22/27 | €354,200 | €358,805 | +€4,605 | +1.3% |
| Land and buildings | 22 | €297,441 | €304,054 | +€6,613 | +2.2% |
| Plant, machinery and equipment | 23 | €14,875 | €15,907 | +€1,032 | +6.9% |
| Furniture and vehicles | 24 | €8,802 | €9,261 | +€460 | +5.2% |
| Other tangible fixed assets | 26 | €33,082 | €29,582 | -€3,500 | -10.6% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €780,847 | €687,621 | -€93,227 | -11.9% |
| Stocks and contracts in progress | 3 | €340,312 | €331,055 | -€9,257 | -2.7% |
| Stocks | 30/36 | €340,312 | €331,055 | -€9,257 | -2.7% |
| Amounts receivable within one year | 40/41 | €261,164 | €164,012 | -€97,152 | -37.2% |
| Trade receivables | 40 | €237,584 | €143,654 | -€93,931 | -39.5% |
| Other amounts receivable | 41 | €23,580 | €20,359 | -€3,221 | -13.7% |
| Cash at bank and in hand | 54/58 | €155,547 | €186,487 | +€30,940 | +19.9% |
| Deferred charges and accrued income | 490/1 | €23,825 | €6,066 | -€17,758 | -74.5% |
| Total equity and liabilities | 10/49 | €1,135,608 | €1,046,986 | -€88,622 | -7.8% |
| Equity | 10/15 | -€37,386 | €68,378 | +€105,763 | |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,267 | €6,267 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €267 | €267 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,653 | €2,110 | +€105,763 | |
| Amounts payable | 17/49 | €1,172,993 | €978,608 | -€194,385 | -16.6% |
| Amounts payable after more than one year | 17 | €322,849 | €295,383 | -€27,466 | -8.5% |
| Financial debts | 170/4 | €322,849 | €295,383 | -€27,466 | -8.5% |
| Amounts payable within one year | 42/48 | €848,875 | €681,732 | -€167,143 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €58,211 | €73,979 | +€15,768 | +27.1% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Other loans | 439 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €348,602 | €148,454 | -€200,148 | -57.4% |
| Suppliers | 440/4 | €348,602 | €148,454 | -€200,148 | -57.4% |
| Taxes, remuneration and social security | 45 | €142,618 | €176,124 | +€33,507 | +23.5% |
| Taxes | 450/3 | €60,930 | €90,655 | +€29,725 | +48.8% |
| Remuneration and social security | 454/9 | €81,688 | €85,470 | +€3,782 | +4.6% |
| Other amounts payable | 47/48 | €49,445 | €33,175 | -€16,270 | -32.9% |
| Accrued charges and deferred income | 492/3 | €1,270 | €1,493 | +€224 | +17.6% |
| Non-recurring operating income | 76A | €199 | €417 | +€218 | +109.6% |
| Remuneration, social security and pensions | 62 | €537,309 | €583,257 | +€45,949 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,781 | €54,726 | +€11,945 | +27.9% |
| Other operating charges | 640/8 | €11,909 | €13,271 | +€1,362 | +11.4% |
| Non-recurring operating charges | 66A | €8,721 | €7,119 | -€1,602 | -18.4% |
| Gross operating margin | 9900 | €671,259 | €838,311 | +€167,052 | +24.9% |
| Operating profit (loss) | 9901 | €70,539 | €179,937 | +€109,398 | +155.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +12700.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +12700.0% |
| Financial charges | 65/66B | €54,614 | €38,248 | -€16,366 | -30.0% |
| Recurring financial charges | 65 | €54,614 | €38,248 | -€16,366 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €15,925 | €141,690 | +€125,765 | +789.7% |
| Income taxes | 67/77 | €117 | €35,927 | +€35,810 | +30646.2% |
| Profit (loss) for the period | 9904 | €15,809 | €105,763 | +€89,955 | +569.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,809 | €105,763 | +€89,955 | +569.0% |
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 4 October 2026 via checked.be.