WARNIER: 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.
WARNIER
Largest movements
- Receivables within one year -€99,552
down €99,552 (-36.4%), from €273,831 to €174,279
of which Trade receivables: -€108,760
- Tangible fixed assets +€74,832
up €74,832 (+4.3%), from €1.8m to €1.8m
of which Land and buildings: +€94,188
- Stocks and contracts +€67,958
up €67,958 (+313.5%), from €21,680 to €89,638
of which Contracts in progress: +€44,000
- Cash -€62,051
down €62,051 (-15.0%), from €412,479 to €350,428
mainly Investment in fixed assets (net) (-€218,845) and Debts after one year (-€71,355)
- Reserves +€92,189
up €92,189 (+7.9%), from €1.2m to €1.3m
of which Distributable reserves: +€132,000
- Debts after one year -€71,355
down €71,355 (-11.0%), from €647,823 to €576,468
- Accrued charges and deferred income -€48,000
no longer reported in 2025 (was €48,000)
- Staff costs -€29,183
down €29,183 (-5.5%), from €531,182 to €501,998
- Taxes +€20,536
up €20,536 (+52.2%), from €39,307 to €59,843
- Gross operating margin -€15,966
down €15,966 (-1.9%), from €822,805 to €806,839
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 | €2,466,939 | €2,453,899 | -€13,040 | -0.5% |
| Fixed assets | 21/28 | €1,754,777 | €1,830,060 | +€75,282 | +4.3% |
| Tangible fixed assets | 22/27 | €1,753,977 | €1,828,810 | +€74,832 | +4.3% |
| Land and buildings | 22 | €1,625,548 | €1,719,736 | +€94,188 | +5.8% |
| Plant, machinery and equipment | 23 | €41,040 | €38,117 | -€2,923 | -7.1% |
| Furniture and vehicles | 24 | €9,219 | €38,894 | +€29,675 | +321.9% |
| Leasing and similar rights | 25 | €78,171 | €32,063 | -€46,107 | -59.0% |
| Financial fixed assets | 28 | €800 | €1,250 | +€450 | +56.3% |
| Current assets | 29/58 | €712,162 | €623,839 | -€88,323 | -12.4% |
| Stocks and contracts in progress | 3 | €21,680 | €89,638 | +€67,958 | +313.5% |
| Stocks | 30/36 | €21,680 | €45,638 | +€23,958 | +110.5% |
| Contracts in progress | 37 | - | €44,000 | +€44,000 | |
| Amounts receivable within one year | 40/41 | €273,831 | €174,279 | -€99,552 | -36.4% |
| Trade receivables | 40 | €251,514 | €142,754 | -€108,760 | -43.2% |
| Other amounts receivable | 41 | €22,317 | €31,525 | +€9,208 | +41.3% |
| Cash at bank and in hand | 54/58 | €412,479 | €350,428 | -€62,051 | -15.0% |
| Deferred charges and accrued income | 490/1 | €4,172 | €9,495 | +€5,323 | +127.6% |
| Total equity and liabilities | 10/49 | €2,466,939 | €2,453,899 | -€13,040 | -0.5% |
| Equity | 10/15 | €1,419,017 | €1,511,564 | +€92,547 | +6.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,167,410 | €1,259,600 | +€92,189 | +7.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €492,930 | €453,119 | -€39,811 | -8.1% |
| Distributable reserves | 133 | €672,621 | €804,621 | +€132,000 | +19.6% |
| Profit (loss) carried forward | 14 | €233,015 | €233,373 | +€358 | +0.2% |
| Provisions and deferred taxes | 16 | €164,310 | €151,040 | -€13,270 | -8.1% |
| Deferred taxes | 168 | €164,310 | €151,040 | -€13,270 | -8.1% |
| Amounts payable | 17/49 | €883,612 | €791,295 | -€92,317 | -10.4% |
| Amounts payable after more than one year | 17 | €647,823 | €576,468 | -€71,355 | -11.0% |
| Financial debts | 170/4 | €647,823 | €576,468 | -€71,355 | -11.0% |
| Amounts payable within one year | 42/48 | €187,789 | €214,827 | +€27,038 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €67,858 | €59,367 | -€8,491 | -12.5% |
| Trade debts | 44 | €68,651 | €77,606 | +€8,955 | +13.0% |
| Suppliers | 440/4 | €68,651 | €77,606 | +€8,955 | +13.0% |
| Advances received on contracts in progress | 46 | - | €3,601 | +€3,601 | |
| Taxes, remuneration and social security | 45 | €49,303 | €64,767 | +€15,464 | +31.4% |
| Taxes | 450/3 | €14,078 | €29,374 | +€15,295 | +108.6% |
| Remuneration and social security | 454/9 | €35,225 | €35,393 | +€169 | +0.5% |
| Other amounts payable | 47/48 | €1,977 | €9,487 | +€7,510 | +379.9% |
| Accrued charges and deferred income | 492/3 | €48,000 | - | -€48,000 | |
| Non-recurring operating income | 76A | €106,212 | €22,176 | -€84,036 | -79.1% |
| Remuneration, social security and pensions | 62 | €531,182 | €501,998 | -€29,183 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,996 | €143,563 | +€7,567 | +5.6% |
| Other operating charges | 640/8 | €8,177 | €14,320 | +€6,143 | +75.1% |
| Non-recurring operating charges | 66A | - | €456 | +€456 | |
| Gross operating margin | 9900 | €822,805 | €806,839 | -€15,966 | -1.9% |
| Operating profit (loss) | 9901 | €147,451 | €146,503 | -€948 | -0.6% |
| Financial income | 75/76B | €5,458 | €3,426 | -€2,033 | -37.2% |
| Recurring financial income | 75 | €5,458 | €3,426 | -€2,033 | -37.2% |
| Financial charges | 65/66B | €14,674 | €10,809 | -€3,865 | -26.3% |
| Recurring financial charges | 65 | €14,674 | €10,809 | -€3,865 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €138,236 | €139,120 | +€884 | +0.6% |
| Transfer from deferred taxes | 780 | €13,270 | €13,270 | = | 0.0% |
| Income taxes | 67/77 | €39,307 | €59,843 | +€20,536 | +52.2% |
| Profit (loss) for the period | 9904 | €112,199 | €92,547 | -€19,652 | -17.5% |
| Transfer from tax-exempt reserves | 789 | €39,811 | €39,811 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €152,010 | €132,358 | -€19,652 | -12.9% |
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 5 October 2026 via checked.be.