WARM: 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.
WARM
Largest movements
- Financial fixed assets -€1.4m
down €1.4m (-49.3%), from €2.9m to €1.5m
- Intangible fixed assets -€345,465
down €345,465 (-100%), from €345,465 to €0
- Cash -€52,341
down €52,341 (-97.3%), from €53,782 to €1,441
mainly Net result for the year (-€1.7m) and Debts after one year (-€136,838)
- Profit (loss) carried forward -€1.7m
down €1.7m (-19,765%), from -€8,834 to -€1.8m
- Debts after one year -€136,838
down €136,838 (-4.2%), from €3.3m to €3.1m
- Trade debts +€94,545
up €94,545 (+2,976%), from €3,177 to €97,721
- Financial charges +€1.2m
up €1.2m (+1,045%), from €113,626 to €1.3m
of which Non-recurring financial charges: +€1.1m
- Write-downs +€168,012
new in 2025: €168,012
- Financial income +€75,975
up €75,975 (+65.2%), from €116,498 to €192,473
- Other operating charges +€920
up €920 (+227%), from €406 to €1,326
- Gross operating margin +€181
up €181 (+7.4%), from -€2,436 to -€2,255
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 | €3,436,768 | €1,647,164 | -€1.8m | -52.1% |
| Formation expenses | 20 | €764 | €439 | -€325 | -42.5% |
| Fixed assets | 21/28 | €3,211,723 | €1,454,003 | -€1.8m | -54.7% |
| Intangible fixed assets | 21 | €345,465 | €0 | -€345,465 | -100% |
| Financial fixed assets | 28 | €2,866,258 | €1,454,003 | -€1.4m | -49.3% |
| Current assets | 29/58 | €224,282 | €192,722 | -€31,559 | -14.1% |
| Amounts receivable within one year | 40/41 | €1 | €16,946 | +€16,945 | +1,486,379% |
| Other amounts receivable | 41 | €1 | €16,946 | +€16,945 | +1,486,379% |
| Cash at bank and in hand | 54/58 | €53,782 | €1,441 | -€52,341 | -97.3% |
| Deferred charges and accrued income | 490/1 | €170,498 | €174,336 | +€3,837 | +2.3% |
| Total equity and liabilities | 10/49 | €3,436,768 | €1,647,164 | -€1.8m | -52.1% |
| Equity | 10/15 | €1,166 | -€1,744,926 | -€1.7m | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,834 | -€1,754,926 | -€1.7m | -19,765% |
| Amounts payable | 17/49 | €3,435,603 | €3,392,091 | -€43,512 | -1.3% |
| Amounts payable after more than one year | 17 | €3,262,325 | €3,125,487 | -€136,838 | -4.2% |
| Other amounts payable | 178/9 | €3,262,325 | €3,125,487 | -€136,838 | -4.2% |
| Amounts payable within one year | 42/48 | €3,177 | €97,721 | +€94,545 | +2,976% |
| Trade debts | 44 | €3,177 | €97,721 | +€94,545 | +2,976% |
| Suppliers | 440/4 | €3,177 | €97,721 | +€94,545 | +2,976% |
| Accrued charges and deferred income | 492/3 | €170,101 | €168,882 | -€1,219 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €325 | €325 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €168,012 | +€168,012 | |
| Other operating charges | 640/8 | €406 | €1,326 | +€920 | +227% |
| Non-recurring operating charges | 66A | - | €465,575 | +€465,575 | |
| Gross operating margin | 9900 | -€2,436 | -€2,255 | +€181 | +7.4% |
| Operating profit (loss) | 9901 | -€3,167 | -€637,493 | -€634,326 | -20,031% |
| Financial income | 75/76B | €116,498 | €192,473 | +€75,975 | +65.2% |
| Recurring financial income | 75 | €116,498 | €192,473 | +€75,975 | +65.2% |
| Financial charges | 65/66B | €113,626 | €1,301,072 | +€1.2m | +1,045% |
| Recurring financial charges | 65 | €113,626 | €188,875 | +€75,249 | +66.2% |
| Non-recurring financial charges | 66B | - | €1,112,197 | +€1.1m | |
| Profit (loss) for the period before taxes | 9903 | -€296 | -€1,746,092 | -€1.7m | -590,774% |
| Profit (loss) for the period | 9904 | -€296 | -€1,746,092 | -€1.7m | -590,774% |
| Profit (loss) for the period to be appropriated | 9905 | -€296 | -€1,746,092 | -€1.7m | -590,774% |
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 14 October 2026 via checked.be.