WARNE: 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.
WARNE
Largest movements
- Tangible fixed assets -€59,451
down €59,451 (-9.3%), from €637,650 to €578,199
of which Furniture and vehicles: -€33,050
- Current investments +€48,776
up €48,776 (+119%), from €41,044 to €89,820
- Receivables within one year +€19,395
up €19,395 (+75.6%), from €25,658 to €45,053
of which Other amounts receivable: +€20,068
- Other debts +€67,061
up €67,061 (+70.6%), from €95,052 to €162,113
- Debts after one year -€30,536
down €30,536 (-5.8%), from €523,471 to €492,935
- Reserves -€25,614
down €25,614 (-50.8%), from €50,428 to €24,814
- Depreciation +€10,885
up €10,885 (+26.8%), from €40,618 to €51,503
- Gross operating margin +€9,473
up €9,473 (+15.3%), from €61,756 to €71,229
- Other operating charges -€5,199
down €5,199 (-48.0%), from €10,840 to €5,641
- Financial charges -€1,583
down €1,583 (-6.1%), from €25,781 to €24,198
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 | €769,201 | €779,160 | +€9,959 | +1.3% |
| Fixed assets | 21/28 | €697,650 | €638,199 | -€59,451 | -8.5% |
| Tangible fixed assets | 22/27 | €637,650 | €578,199 | -€59,451 | -9.3% |
| Land and buildings | 22 | €501,800 | €474,668 | -€27,132 | -5.4% |
| Plant, machinery and equipment | 23 | €1,534 | €2,266 | +€732 | +47.7% |
| Furniture and vehicles | 24 | €134,316 | €101,265 | -€33,050 | -24.6% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €71,552 | €140,961 | +€69,410 | +97.0% |
| Amounts receivable within one year | 40/41 | €25,658 | €45,053 | +€19,395 | +75.6% |
| Trade receivables | 40 | €25,527 | €24,854 | -€672 | -2.6% |
| Other amounts receivable | 41 | €131 | €20,199 | +€20,068 | +15,267% |
| Current investments | 50/53 | €41,044 | €89,820 | +€48,776 | +119% |
| Cash at bank and in hand | 54/58 | €3,067 | €4,293 | +€1,226 | +40.0% |
| Deferred charges and accrued income | 490/1 | €1,783 | €1,795 | +€12 | +0.7% |
| Total equity and liabilities | 10/49 | €769,201 | €779,160 | +€9,959 | +1.3% |
| Equity | 10/15 | €110,428 | €84,814 | -€25,614 | -23.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €50,428 | €24,814 | -€25,614 | -50.8% |
| Distributable reserves | 133 | €50,428 | €24,814 | -€25,614 | -50.8% |
| Amounts payable | 17/49 | €658,774 | €694,346 | +€35,573 | +5.4% |
| Amounts payable after more than one year | 17 | €523,471 | €492,935 | -€30,536 | -5.8% |
| Financial debts | 170/4 | €523,471 | €492,935 | -€30,536 | -5.8% |
| Amounts payable within one year | 42/48 | €132,370 | €197,556 | +€65,186 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €29,274 | €31,986 | +€2,712 | +9.3% |
| Trade debts | 44 | €3,774 | €3,457 | -€317 | -8.4% |
| Suppliers | 440/4 | €3,774 | €3,457 | -€317 | -8.4% |
| Taxes, remuneration and social security | 45 | €4,271 | - | -€4,271 | |
| Taxes | 450/3 | €4,271 | - | -€4,271 | |
| Other amounts payable | 47/48 | €95,052 | €162,113 | +€67,061 | +70.6% |
| Accrued charges and deferred income | 492/3 | €2,932 | €3,856 | +€923 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,618 | €51,503 | +€10,885 | +26.8% |
| Other operating charges | 640/8 | €10,840 | €5,641 | -€5,199 | -48.0% |
| Non-recurring operating charges | 66A | - | €1,144 | +€1,144 | |
| Gross operating margin | 9900 | €61,756 | €71,229 | +€9,473 | +15.3% |
| Operating profit (loss) | 9901 | €10,298 | €12,940 | +€2,643 | +25.7% |
| Financial income | 75/76B | €65,807 | €66,213 | +€406 | +0.6% |
| Recurring financial income | 75 | €65,807 | €66,213 | +€406 | +0.6% |
| Financial charges | 65/66B | €25,781 | €24,198 | -€1,583 | -6.1% |
| Recurring financial charges | 65 | €25,781 | €24,198 | -€1,583 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €50,324 | €54,955 | +€4,632 | +9.2% |
| Income taxes | 67/77 | €347 | €569 | +€221 | +63.7% |
| Profit (loss) for the period | 9904 | €49,976 | €54,386 | +€4,410 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,976 | €54,386 | +€4,410 | +8.8% |
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 13 October 2026 via checked.be.