WARM WOUTER: 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 WOUTER
Largest movements
- Tangible fixed assets -€40,473
down €40,473 (-8.8%), from €459,790 to €419,318
of which Land and buildings: -€21,221
- Cash +€28,372
up €28,372 (+1498.0%), from €1,894 to €30,266
mainly Depreciation (+€40,137) and Trade debts (+€25,508)
- Receivables within one year -€24,146
down €24,146 (-51.5%), from €46,849 to €22,703
of which Trade receivables: -€30,294
- Stocks and contracts +€21,181
up €21,181 (+44.0%), from €48,138 to €69,318
of which Stocks: +€14,414
- Deferred charges and accrued income +€5,936
new in 2025: €5,936
- Debts after one year -€31,761
down €31,761 (-12.0%), from €265,652 to €233,891
- Trade debts +€25,508
up €25,508 (+598.0%), from €4,265 to €29,773
- Profit (loss) carried forward +€9,104
up €9,104 (+3873.9%), from €235 to €9,339
- Accrued charges and deferred income -€8,320
down €8,320 (-100.0%), from €8,320 to €0
- Gross operating margin -€14,694
down €14,694 (-10.7%), from €137,847 to €123,153
- Depreciation +€14,007
up €14,007 (+53.6%), from €26,130 to €40,137
- Staff costs +€12,339
up €12,339 (+25.0%), from €49,434 to €61,773
- Taxes -€7,053
down €7,053 (-82.5%), from €8,545 to €1,492
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 | €556,720 | €547,615 | -€9,105 | -1.6% |
| Fixed assets | 21/28 | €459,840 | €419,392 | -€40,448 | -8.8% |
| Tangible fixed assets | 22/27 | €459,790 | €419,318 | -€40,473 | -8.8% |
| Land and buildings | 22 | €371,019 | €349,798 | -€21,221 | -5.7% |
| Plant, machinery and equipment | 23 | €269 | €0 | -€269 | -100.0% |
| Furniture and vehicles | 24 | €88,502 | €69,520 | -€18,982 | -21.4% |
| Financial fixed assets | 28 | €50 | €75 | +€25 | +50.5% |
| Current assets | 29/58 | €96,880 | €128,223 | +€31,343 | +32.4% |
| Stocks and contracts in progress | 3 | €48,138 | €69,318 | +€21,181 | +44.0% |
| Stocks | 30/36 | €48,138 | €62,551 | +€14,414 | +29.9% |
| Contracts in progress | 37 | - | €6,767 | +€6,767 | |
| Amounts receivable within one year | 40/41 | €46,849 | €22,703 | -€24,146 | -51.5% |
| Trade receivables | 40 | €38,863 | €8,569 | -€30,294 | -78.0% |
| Other amounts receivable | 41 | €7,986 | €14,134 | +€6,149 | +77.0% |
| Cash at bank and in hand | 54/58 | €1,894 | €30,266 | +€28,372 | +1498.0% |
| Deferred charges and accrued income | 490/1 | - | €5,936 | +€5,936 | |
| Total equity and liabilities | 10/49 | €556,720 | €547,615 | -€9,105 | -1.6% |
| Equity | 10/15 | €174,247 | €183,352 | +€9,104 | +5.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €155,012 | €155,012 | = | 0.0% |
| Distributable reserves | 133 | €155,012 | €155,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235 | €9,339 | +€9,104 | +3873.9% |
| Amounts payable | 17/49 | €382,473 | €364,264 | -€18,209 | -4.8% |
| Amounts payable after more than one year | 17 | €265,652 | €233,891 | -€31,761 | -12.0% |
| Financial debts | 170/4 | €265,652 | €233,891 | -€31,761 | -12.0% |
| Amounts payable within one year | 42/48 | €108,500 | €130,372 | +€21,872 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €31,380 | €31,761 | +€381 | +1.2% |
| Financial debts | 43 | €1,250 | €2,000 | +€750 | +60.0% |
| Credit institutions | 430/8 | €1,250 | €2,000 | +€750 | +60.0% |
| Trade debts | 44 | €4,265 | €29,773 | +€25,508 | +598.0% |
| Suppliers | 440/4 | €4,265 | €29,773 | +€25,508 | +598.0% |
| Taxes, remuneration and social security | 45 | €12,535 | €7,259 | -€5,276 | -42.1% |
| Taxes | 450/3 | €8,196 | €606 | -€7,590 | -92.6% |
| Remuneration and social security | 454/9 | €4,339 | €6,653 | +€2,314 | +53.3% |
| Other amounts payable | 47/48 | €59,070 | €59,579 | +€509 | +0.9% |
| Accrued charges and deferred income | 492/3 | €8,320 | €0 | -€8,320 | -100.0% |
| Remuneration, social security and pensions | 62 | €49,434 | €61,773 | +€12,339 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,130 | €40,137 | +€14,007 | +53.6% |
| Other operating charges | 640/8 | €2,950 | €3,086 | +€135 | +4.6% |
| Non-recurring operating charges | 66A | €430 | €0 | -€430 | -100.0% |
| Gross operating margin | 9900 | €137,847 | €123,153 | -€14,694 | -10.7% |
| Operating profit (loss) | 9901 | €58,903 | €18,156 | -€40,747 | -69.2% |
| Financial income | 75/76B | €3,676 | €3,824 | +€148 | +4.0% |
| Recurring financial income | 75 | €3,676 | €3,824 | +€148 | +4.0% |
| Financial charges | 65/66B | €11,438 | €11,384 | -€54 | -0.5% |
| Recurring financial charges | 65 | €11,438 | €11,384 | -€54 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €51,141 | €10,596 | -€40,545 | -79.3% |
| Income taxes | 67/77 | €8,545 | €1,492 | -€7,053 | -82.5% |
| Profit (loss) for the period | 9904 | €42,597 | €9,104 | -€33,492 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,597 | €9,104 | -€33,492 | -78.6% |
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 9 October 2026 via checked.be.