WARQ: 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.
WARQ
Largest movements
- Cash +€199,299
up €199,299 (+958.3%), from €20,798 to €220,097
mainly Advances received (+€588,942) and Depreciation (+€60,112)
- Stocks and contracts +€190,561
up €190,561 (+53.7%), from €354,567 to €545,127
- Receivables within one year +€82,541
up €82,541 (+23.8%), from €346,665 to €429,206
of which Trade receivables: +€101,104
- Tangible fixed assets -€60,112
down €60,112 (-73.4%), from €81,905 to €21,793
of which Plant, machinery and equipment: -€56,578
- Deferred charges and accrued income -€21,050
down €21,050 (-99.8%), from €21,086 to €36
- Advances received +€588,942
up €588,942, from €0 to €588,942
- Profit (loss) carried forward -€83,631
down €83,631 (-14.2%), from -€588,774 to -€672,406
- Debts after one year -€76,678
down €76,678 (-30.4%), from €251,956 to €175,278
of which Financial debts: -€76,678
- Trade debts -€23,303
down €23,303 (-10.4%), from €224,439 to €201,136
- Tax, wage and social debts -€17,324
down €17,324 (-100.0%), from €17,324 to €0
- Gross operating margin -€34,331
down €34,331, from €26,319 to -€8,011
- Financial income -€5,404
down €5,404 (-92.4%), from €5,848 to €443
of which Non-recurring financial income: -€5,394
- Other operating charges -€4,821
down €4,821 (-88.0%), from €5,481 to €660
- Financial charges +€1,926
up €1,926 (+14.6%), from €13,153 to €15,079
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 | €825,322 | €1,216,561 | +€391,239 | +47.4% |
| Fixed assets | 21/28 | €82,207 | €22,095 | -€60,112 | -73.1% |
| Tangible fixed assets | 22/27 | €81,905 | €21,793 | -€60,112 | -73.4% |
| Plant, machinery and equipment | 23 | €75,126 | €18,548 | -€56,578 | -75.3% |
| Furniture and vehicles | 24 | €4,684 | €2,598 | -€2,085 | -44.5% |
| Other tangible fixed assets | 26 | €2,095 | €646 | -€1,449 | -69.1% |
| Financial fixed assets | 28 | €302 | €302 | = | 0.0% |
| Current assets | 29/58 | €743,115 | €1,194,466 | +€451,351 | +60.7% |
| Stocks and contracts in progress | 3 | €354,567 | €545,127 | +€190,561 | +53.7% |
| Stocks | 30/36 | €354,567 | €545,127 | +€190,561 | +53.7% |
| Amounts receivable within one year | 40/41 | €346,665 | €429,206 | +€82,541 | +23.8% |
| Trade receivables | 40 | €312,041 | €413,144 | +€101,104 | +32.4% |
| Other amounts receivable | 41 | €34,624 | €16,062 | -€18,562 | -53.6% |
| Cash at bank and in hand | 54/58 | €20,798 | €220,097 | +€199,299 | +958.3% |
| Deferred charges and accrued income | 490/1 | €21,086 | €36 | -€21,050 | -99.8% |
| Total equity and liabilities | 10/49 | €825,322 | €1,216,561 | +€391,239 | +47.4% |
| Equity | 10/15 | €73,671 | -€9,961 | -€83,631 | |
| Contributions | 10/11 | €662,445 | €662,445 | = | 0.0% |
| Capital | 10 | €283,494 | €283,494 | = | 0.0% |
| Issued capital | 100 | €283,494 | €283,494 | = | 0.0% |
| Outside capital | 11 | €378,951 | €378,951 | = | 0.0% |
| Share premium | 1100/10 | €378,951 | €378,951 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€588,774 | -€672,406 | -€83,631 | -14.2% |
| Amounts payable | 17/49 | €751,651 | €1,226,522 | +€474,871 | +63.2% |
| Amounts payable after more than one year | 17 | €251,956 | €175,278 | -€76,678 | -30.4% |
| Financial debts | 170/4 | €152,084 | €75,406 | -€76,678 | -50.4% |
| Other amounts payable | 178/9 | €99,872 | €99,872 | = | 0.0% |
| Amounts payable within one year | 42/48 | €497,671 | €1,045,308 | +€547,638 | +110.0% |
| Current portion of amounts payable after more than one year | 42 | €80,174 | €81,678 | +€1,504 | +1.9% |
| Trade debts | 44 | €224,439 | €201,136 | -€23,303 | -10.4% |
| Suppliers | 440/4 | €224,439 | €201,136 | -€23,303 | -10.4% |
| Advances received on contracts in progress | 46 | €0 | €588,942 | +€588,942 | |
| Taxes, remuneration and social security | 45 | €17,324 | €0 | -€17,324 | -100.0% |
| Taxes | 450/3 | €17,324 | €0 | -€17,324 | -100.0% |
| Other amounts payable | 47/48 | €175,735 | €173,553 | -€2,182 | -1.2% |
| Accrued charges and deferred income | 492/3 | €2,024 | €5,935 | +€3,911 | +193.2% |
| Non-recurring operating income | 76A | €0 | €40,362 | +€40,362 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,181 | €60,112 | -€69 | -0.1% |
| Other operating charges | 640/8 | €5,481 | €660 | -€4,821 | -88.0% |
| Non-recurring operating charges | 66A | €13,164 | €113 | -€13,052 | -99.1% |
| Gross operating margin | 9900 | €26,319 | -€8,011 | -€34,331 | |
| Operating profit (loss) | 9901 | -€52,508 | -€68,896 | -€16,388 | -31.2% |
| Financial income | 75/76B | €5,848 | €443 | -€5,404 | -92.4% |
| Recurring financial income | 75 | €139 | €129 | -€11 | -7.6% |
| Non-recurring financial income | 76B | €5,708 | €314 | -€5,394 | -94.5% |
| Financial charges | 65/66B | €13,153 | €15,079 | +€1,926 | +14.6% |
| Recurring financial charges | 65 | €13,153 | €15,079 | +€1,926 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€59,813 | -€83,531 | -€23,719 | -39.7% |
| Income taxes | 67/77 | €60 | €100 | +€40 | +66.1% |
| Profit (loss) for the period | 9904 | -€59,873 | -€83,631 | -€23,758 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,873 | -€83,631 | -€23,758 | -39.7% |
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 2 October 2026 via checked.be.