WARM GRAY 9: 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.
WARM GRAY 9
Largest movements
- Tangible fixed assets -€24,494
down €24,494 (-18.0%), from €136,019 to €111,525
of which Land and buildings: -€15,344
- Receivables within one year +€6,290
up €6,290 (+298.3%), from €2,109 to €8,399
of which Trade receivables: +€5,339
- Cash +€5,154
up €5,154 (+225.1%), from €2,289 to €7,444
mainly Depreciation (+€22,691) and Other debts (+€21,109)
- Stocks and contracts -€2,977
down €2,977 (-37.3%), from €7,977 to €5,000
- Debts after one year -€25,270
down €25,270 (-11.3%), from €224,570 to €199,300
- Other debts +€21,109
up €21,109 (+620.7%), from €3,401 to €24,510
- Current portion of long-term debt -€10,252
down €10,252 (-28.9%), from €35,522 to €25,270
- Tax, wage and social debts -€2,381
down €2,381 (-36.0%), from €6,624 to €4,242
of which Remuneration and social security: -€1,373
- Staff costs -€21,377
down €21,377, from €18,727 to -€2,650
- Gross operating margin -€13,905
down €13,905 (-31.3%), from €44,474 to €30,568
- Depreciation -€10,677
down €10,677 (-32.0%), from €33,368 to €22,691
- Financial charges -€5,898
down €5,898 (-61.1%), from €9,657 to €3,759
- Taxes -€933
down €933 (-54.2%), from €1,723 to €789
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 | €152,286 | €136,121 | -€16,165 | -10.6% |
| Fixed assets | 21/28 | €137,883 | €113,389 | -€24,494 | -17.8% |
| Tangible fixed assets | 22/27 | €136,019 | €111,525 | -€24,494 | -18.0% |
| Land and buildings | 22 | €115,203 | €99,859 | -€15,344 | -13.3% |
| Plant, machinery and equipment | 23 | €12,415 | €6,066 | -€6,350 | -51.1% |
| Furniture and vehicles | 24 | €8,400 | €5,600 | -€2,800 | -33.3% |
| Financial fixed assets | 28 | €1,864 | €1,864 | = | 0.0% |
| Current assets | 29/58 | €14,403 | €22,732 | +€8,328 | +57.8% |
| Stocks and contracts in progress | 3 | €7,977 | €5,000 | -€2,977 | -37.3% |
| Stocks | 30/36 | €7,977 | €5,000 | -€2,977 | -37.3% |
| Amounts receivable within one year | 40/41 | €2,109 | €8,399 | +€6,290 | +298.3% |
| Trade receivables | 40 | €2,109 | €7,448 | +€5,339 | +253.2% |
| Other amounts receivable | 41 | €0 | €951 | +€951 | |
| Cash at bank and in hand | 54/58 | €2,289 | €7,444 | +€5,154 | +225.1% |
| Deferred charges and accrued income | 490/1 | €2,028 | €1,889 | -€139 | -6.8% |
| Total equity and liabilities | 10/49 | €152,286 | €136,121 | -€16,165 | -10.6% |
| Equity | 10/15 | -€173,320 | -€172,018 | +€1,302 | +0.8% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €1,983 | €1,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€195,135 | -€193,833 | +€1,302 | +0.7% |
| Amounts payable | 17/49 | €325,607 | €308,139 | -€17,468 | -5.4% |
| Amounts payable after more than one year | 17 | €224,570 | €199,300 | -€25,270 | -11.3% |
| Financial debts | 170/4 | €224,570 | €199,300 | -€25,270 | -11.3% |
| Amounts payable within one year | 42/48 | €101,037 | €108,283 | +€7,246 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €35,522 | €25,270 | -€10,252 | -28.9% |
| Financial debts | 43 | €32,206 | €32,178 | -€28 | -0.1% |
| Credit institutions | 430/8 | €32,206 | €32,178 | -€28 | -0.1% |
| Trade debts | 44 | €23,284 | €22,082 | -€1,202 | -5.2% |
| Suppliers | 440/4 | €23,284 | €22,082 | -€1,202 | -5.2% |
| Taxes, remuneration and social security | 45 | €6,624 | €4,242 | -€2,381 | -36.0% |
| Taxes | 450/3 | €5,250 | €4,242 | -€1,008 | -19.2% |
| Remuneration and social security | 454/9 | €1,373 | €0 | -€1,373 | -100.0% |
| Other amounts payable | 47/48 | €3,401 | €24,510 | +€21,109 | +620.7% |
| Accrued charges and deferred income | 492/3 | - | €556 | +€556 | |
| Remuneration, social security and pensions | 62 | €18,727 | -€2,650 | -€21,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,368 | €22,691 | -€10,677 | -32.0% |
| Other operating charges | 640/8 | €3,885 | €3,180 | -€705 | -18.2% |
| Non-recurring operating charges | 66A | - | €1,803 | +€1,803 | |
| Gross operating margin | 9900 | €44,474 | €30,568 | -€13,905 | -31.3% |
| Operating profit (loss) | 9901 | -€11,507 | €5,545 | +€17,052 | |
| Financial income | 75/76B | - | €305 | +€305 | |
| Recurring financial income | 75 | - | €305 | +€305 | |
| Financial charges | 65/66B | €9,657 | €3,759 | -€5,898 | -61.1% |
| Recurring financial charges | 65 | €9,657 | €3,759 | -€5,898 | -61.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,163 | €2,092 | +€23,255 | |
| Income taxes | 67/77 | €1,723 | €789 | -€933 | -54.2% |
| Profit (loss) for the period | 9904 | -€22,886 | €1,302 | +€24,188 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,886 | €1,302 | +€24,188 |
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.