Warms: 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.
Warms
Largest movements
- Cash -€33,924
down €33,924 (-56.4%), from €60,185 to €26,261
mainly Contributions, distributions and other (-€271,500) and Current investments (-€24,000)
- Current investments +€24,000
up €24,000 (+46.2%), from €52,000 to €76,000
- Receivables within one year +€20,654
up €20,654 (+39.0%), from €53,004 to €73,658
of which Trade receivables: +€20,946
- Stocks and contracts -€19,458
down €19,458 (-48.1%), from €40,437 to €20,979
- Tangible fixed assets -€19,398
down €19,398 (-7.3%), from €265,067 to €245,669
- Reserves -€133,749
down €133,749 (-48.9%), from €273,424 to €139,675
of which Distributable reserves: -€131,889
- Debts after one year +€126,687
up €126,687 (+127.3%), from €99,524 to €226,211
- Tax, wage and social debts -€12,723
down €12,723 (-44.1%), from €28,866 to €16,143
of which Taxes: -€9,823
- Other debts -€5,252
down €5,252 (-52.7%), from €9,956 to €4,704
- Gross operating margin +€19,313
up €19,313 (+9.8%), from €197,115 to €216,428
- Other operating charges -€18,838
down €18,838 (-94.7%), from €19,891 to €1,053
- Taxes -€5,941
down €5,941 (-12.8%), from €46,366 to €40,425
- Depreciation +€3,452
up €3,452 (+11.8%), from €29,207 to €32,659
- Financial charges +€2,228
up €2,228 (+96.4%), from €2,311 to €4,539
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 | €472,380 | €447,036 | -€25,345 | -5.4% |
| Fixed assets | 21/28 | €265,660 | €246,261 | -€19,398 | -7.3% |
| Tangible fixed assets | 22/27 | €265,067 | €245,669 | -€19,398 | -7.3% |
| Land and buildings | 22 | €207,846 | €199,593 | -€8,252 | -4.0% |
| Plant, machinery and equipment | 23 | €15,669 | €11,396 | -€4,272 | -27.3% |
| Furniture and vehicles | 24 | €41,553 | €34,679 | -€6,874 | -16.5% |
| Financial fixed assets | 28 | €593 | €593 | = | 0.0% |
| Current assets | 29/58 | €206,721 | €200,774 | -€5,946 | -2.9% |
| Stocks and contracts in progress | 3 | €40,437 | €20,979 | -€19,458 | -48.1% |
| Stocks | 30/36 | €40,437 | €20,979 | -€19,458 | -48.1% |
| Amounts receivable within one year | 40/41 | €53,004 | €73,658 | +€20,654 | +39.0% |
| Trade receivables | 40 | €52,692 | €73,638 | +€20,946 | +39.8% |
| Other amounts receivable | 41 | €312 | €20 | -€292 | -93.6% |
| Current investments | 50/53 | €52,000 | €76,000 | +€24,000 | +46.2% |
| Cash at bank and in hand | 54/58 | €60,185 | €26,261 | -€33,924 | -56.4% |
| Deferred charges and accrued income | 490/1 | €1,095 | €3,877 | +€2,782 | +254.1% |
| Total equity and liabilities | 10/49 | €472,380 | €447,036 | -€25,345 | -5.4% |
| Equity | 10/15 | €292,024 | €158,275 | -€133,749 | -45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €273,424 | €139,675 | -€133,749 | -48.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €271,564 | €139,675 | -€131,889 | -48.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €180,356 | €288,760 | +€108,404 | +60.1% |
| Amounts payable after more than one year | 17 | €99,524 | €226,211 | +€126,687 | +127.3% |
| Financial debts | 170/4 | €99,524 | €226,211 | +€126,687 | +127.3% |
| Amounts payable within one year | 42/48 | €80,833 | €62,549 | -€18,283 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €22,976 | €23,313 | +€337 | +1.5% |
| Financial debts | 43 | €1 | €0 | -€1 | -100.0% |
| Credit institutions | 430/8 | €1 | €0 | -€1 | -100.0% |
| Trade debts | 44 | €19,034 | €18,390 | -€644 | -3.4% |
| Suppliers | 440/4 | €19,034 | €18,390 | -€644 | -3.4% |
| Taxes, remuneration and social security | 45 | €28,866 | €16,143 | -€12,723 | -44.1% |
| Taxes | 450/3 | €25,966 | €16,143 | -€9,823 | -37.8% |
| Remuneration and social security | 454/9 | €2,900 | €0 | -€2,900 | -100.0% |
| Other amounts payable | 47/48 | €9,956 | €4,704 | -€5,252 | -52.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,207 | €32,659 | +€3,452 | +11.8% |
| Other operating charges | 640/8 | €19,891 | €1,053 | -€18,838 | -94.7% |
| Gross operating margin | 9900 | €197,115 | €216,428 | +€19,313 | +9.8% |
| Operating profit (loss) | 9901 | €148,017 | €182,715 | +€34,699 | +23.4% |
| Financial income | 75/76B | €46 | €0 | -€46 | -100.0% |
| Recurring financial income | 75 | €46 | €0 | -€46 | -100.0% |
| Financial charges | 65/66B | €2,311 | €4,539 | +€2,228 | +96.4% |
| Recurring financial charges | 65 | €2,311 | €4,539 | +€2,228 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | €145,752 | €178,176 | +€32,424 | +22.2% |
| Income taxes | 67/77 | €46,366 | €40,425 | -€5,941 | -12.8% |
| Profit (loss) for the period | 9904 | €99,387 | €137,751 | +€38,365 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,387 | €137,751 | +€38,365 | +38.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.