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
- Cash -€22,411
down €22,411 (-30.7%), from €73,111 to €50,699
mainly Short-term financial debts (-€100,000) and Investment in fixed assets (net) (-€75,631)
- Receivables within one year +€12,238
up €12,238 (+13.9%), from €88,101 to €100,339
of which Trade receivables: +€17,764
- Stocks and contracts -€7,773
down €7,773 (-9.8%), from €78,973 to €71,200
of which Stocks: -€8,348
- Tangible fixed assets -€7,629
down €7,629 (-1.6%), from €463,578 to €455,949
of which Land and buildings: -€17,526
- Current portion of long-term debt +€108,412
up €108,412 (+163.0%), from €66,507 to €174,919
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Debts after one year -€48,348
down €48,348 (-25.2%), from €191,478 to €143,130
of which Other amounts payable: -€25,000
- Trade debts -€26,152
down €26,152 (-33.3%), from €78,419 to €52,267
- Reserves +€20,645
up €20,645 (+13.0%), from €159,301 to €179,946
of which Distributable reserves: +€21,500
- Gross operating margin +€192,401
up €192,401 (+30.0%), from €641,474 to €833,876
- Staff costs +€87,427
up €87,427 (+16.9%), from €518,307 to €605,734
- Taxes +€25,826
up €25,826 (+169.2%), from €15,262 to €41,088
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 | €720,877 | €692,852 | -€28,025 | -3.9% |
| Fixed assets | 21/28 | €463,867 | €456,237 | -€7,629 | -1.6% |
| Tangible fixed assets | 22/27 | €463,578 | €455,949 | -€7,629 | -1.6% |
| Land and buildings | 22 | €213,534 | €196,008 | -€17,526 | -8.2% |
| Plant, machinery and equipment | 23 | €37,688 | €30,499 | -€7,189 | -19.1% |
| Furniture and vehicles | 24 | €167,712 | €190,679 | +€22,967 | +13.7% |
| Leasing and similar rights | 25 | €44,644 | €38,763 | -€5,881 | -13.2% |
| Financial fixed assets | 28 | €288 | €288 | = | 0.0% |
| Current assets | 29/58 | €257,010 | €236,615 | -€20,396 | -7.9% |
| Stocks and contracts in progress | 3 | €78,973 | €71,200 | -€7,773 | -9.8% |
| Stocks | 30/36 | €78,973 | €70,625 | -€8,348 | -10.6% |
| Contracts in progress | 37 | - | €575 | +€575 | |
| Amounts receivable within one year | 40/41 | €88,101 | €100,339 | +€12,238 | +13.9% |
| Trade receivables | 40 | €62,675 | €80,440 | +€17,764 | +28.3% |
| Other amounts receivable | 41 | €25,426 | €19,899 | -€5,526 | -21.7% |
| Cash at bank and in hand | 54/58 | €73,111 | €50,699 | -€22,411 | -30.7% |
| Deferred charges and accrued income | 490/1 | €16,826 | €14,377 | -€2,449 | -14.6% |
| Total equity and liabilities | 10/49 | €720,877 | €692,852 | -€28,025 | -3.9% |
| Equity | 10/15 | €151,345 | €170,447 | +€19,102 | +12.6% |
| Contributions | 10/11 | €47,200 | €47,200 | = | 0.0% |
| Reserves | 13 | €159,301 | €179,946 | +€20,645 | +13.0% |
| Tax-exempt reserves | 132 | €6,701 | €5,846 | -€855 | -12.8% |
| Distributable reserves | 133 | €152,600 | €174,100 | +€21,500 | +14.1% |
| Profit (loss) carried forward | 14 | -€73,543 | -€73,467 | +€76 | +0.1% |
| Investment grants | 15 | €18,387 | €16,769 | -€1,618 | -8.8% |
| Provisions and deferred taxes | 16 | €48,543 | €49,494 | +€951 | +2.0% |
| Provisions for liabilities and charges | 160/5 | €45,092 | €46,484 | +€1,392 | +3.1% |
| Environmental obligations | 163 | €45,092 | €46,484 | +€1,392 | +3.1% |
| Deferred taxes | 168 | €3,451 | €3,010 | -€440 | -12.8% |
| Amounts payable | 17/49 | €520,989 | €472,910 | -€48,078 | -9.2% |
| Amounts payable after more than one year | 17 | €191,478 | €143,130 | -€48,348 | -25.2% |
| Financial debts | 170/4 | €166,478 | €143,130 | -€23,348 | -14.0% |
| Other amounts payable | 178/9 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €323,461 | €324,580 | +€1,119 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €66,507 | €174,919 | +€108,412 | +163.0% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €78,419 | €52,267 | -€26,152 | -33.3% |
| Suppliers | 440/4 | €78,419 | €52,267 | -€26,152 | -33.3% |
| Taxes, remuneration and social security | 45 | €44,535 | €54,562 | +€10,027 | +22.5% |
| Taxes | 450/3 | €8,620 | €19,821 | +€11,201 | +129.9% |
| Remuneration and social security | 454/9 | €35,915 | €34,741 | -€1,174 | -3.3% |
| Other amounts payable | 47/48 | €34,000 | €42,832 | +€8,832 | +26.0% |
| Accrued charges and deferred income | 492/3 | €6,050 | €5,200 | -€850 | -14.0% |
| Remuneration, social security and pensions | 62 | €518,307 | €605,734 | +€87,427 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,061 | €83,260 | +€7,199 | +9.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,110 | €1,392 | -€3,719 | -72.8% |
| Other operating charges | 640/8 | €10,896 | €11,377 | +€481 | +4.4% |
| Gross operating margin | 9900 | €641,474 | €833,876 | +€192,401 | +30.0% |
| Operating profit (loss) | 9901 | €31,100 | €132,113 | +€101,014 | +324.8% |
| Financial income | 75/76B | €9,422 | €10,760 | +€1,338 | +14.2% |
| Recurring financial income | 75 | €9,422 | €10,760 | +€1,338 | +14.2% |
| Financial charges | 65/66B | €25,757 | €21,505 | -€4,253 | -16.5% |
| Recurring financial charges | 65 | €25,757 | €21,505 | -€4,253 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €14,764 | €121,368 | +€106,604 | +722.1% |
| Transfer from deferred taxes | 780 | €440 | €440 | = | 0.0% |
| Income taxes | 67/77 | €15,262 | €41,088 | +€25,826 | +169.2% |
| Profit (loss) for the period | 9904 | -€58 | €80,720 | +€80,778 | |
| Transfer from tax-exempt reserves | 789 | €855 | €855 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €798 | €81,576 | +€80,778 | +10128.2% |
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.