WARSADIS: 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.
WARSADIS
Largest movements
- Tangible fixed assets +€2.8m
up €2.8m (+739%), from €382,644 to €3.2m
of which Other tangible fixed assets: +€2.4m
- Receivables within one year +€197,379
up €197,379 (+129%), from €153,117 to €350,496
of which Trade receivables: +€178,281
- Stocks and contracts +€153,782
up €153,782 (+31.8%), from €483,936 to €637,718
- Cash +€96,026
up €96,026 (+35.1%), from €273,425 to €369,450
mainly Debts after one year (+€3.1m) and Depreciation (+€359,973)
- Debts after one year +€3.1m
up €3.1m (+687%), from €445,838 to €3.5m
of which Financial debts: +€3.1m
- Profit (loss) carried forward -€454,133
down €454,133, from €104,711 to -€349,422
- Trade debts +€312,833
up €312,833 (+64.6%), from €484,054 to €796,888
- Current portion of long-term debt +€244,600
up €244,600 (+315%), from €77,686 to €322,286
- Other debts +€149,331
up €149,331 (+802%), from €18,630 to €167,960
- Depreciation +€264,406
up €264,406 (+277%), from €95,567 to €359,973
- Staff costs +€188,916
up €188,916 (+23.9%), from €790,895 to €979,811
- Other operating charges -€48,281
down €48,281 (-80.5%), from €59,992 to €11,711
- Financial charges +€46,153
up €46,153 (+78.1%), from €59,092 to €105,244
of which Financial charges: +€62,335
- Gross operating margin -€17,927
down €17,927 (-1.8%), from €1.0m to €993,982
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 | €1,348,147 | €4,670,904 | +€3.3m | +246% |
| Formation expenses | 20 | €35,891 | €70,478 | +€34,587 | +96.4% |
| Fixed assets | 21/28 | €396,997 | €3,238,556 | +€2.8m | +716% |
| Tangible fixed assets | 22/27 | €382,644 | €3,211,333 | +€2.8m | +739% |
| Land and buildings | 22 | €289,696 | €241,915 | -€47,781 | -16.5% |
| Plant, machinery and equipment | 23 | €69,820 | €310,301 | +€240,480 | +344% |
| Furniture and vehicles | 24 | €23,128 | €258,108 | +€234,980 | +1,016% |
| Other tangible fixed assets | 26 | - | €2,401,010 | +€2.4m | |
| Financial fixed assets | 28 | €14,352 | €27,222 | +€12,870 | +89.7% |
| Current assets | 29/58 | €915,259 | €1,361,870 | +€446,610 | +48.8% |
| Stocks and contracts in progress | 3 | €483,936 | €637,718 | +€153,782 | +31.8% |
| Stocks | 30/36 | €483,936 | €637,718 | +€153,782 | +31.8% |
| Amounts receivable within one year | 40/41 | €153,117 | €350,496 | +€197,379 | +129% |
| Trade receivables | 40 | €104,447 | €282,728 | +€178,281 | +171% |
| Other amounts receivable | 41 | €48,670 | €67,768 | +€19,098 | +39.2% |
| Cash at bank and in hand | 54/58 | €273,425 | €369,450 | +€96,026 | +35.1% |
| Deferred charges and accrued income | 490/1 | €4,783 | €4,206 | -€577 | -12.1% |
| Total equity and liabilities | 10/49 | €1,348,147 | €4,670,904 | +€3.3m | +246% |
| Equity | 10/15 | €214,711 | -€239,422 | -€454,133 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,711 | -€349,422 | -€454,133 | |
| Amounts payable | 17/49 | €1,133,436 | €4,910,326 | +€3.8m | +333% |
| Amounts payable after more than one year | 17 | €445,838 | €3,510,609 | +€3.1m | +687% |
| Financial debts | 170/4 | €442,038 | €3,506,809 | +€3.1m | +693% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €683,630 | €1,396,647 | +€713,017 | +104% |
| Current portion of amounts payable after more than one year | 42 | €77,686 | €322,286 | +€244,600 | +315% |
| Trade debts | 44 | €484,054 | €796,888 | +€312,833 | +64.6% |
| Suppliers | 440/4 | €484,054 | €796,888 | +€312,833 | +64.6% |
| Taxes, remuneration and social security | 45 | €103,260 | €109,512 | +€6,253 | +6.1% |
| Taxes | 450/3 | €829 | €8,939 | +€8,110 | +978% |
| Remuneration and social security | 454/9 | €102,430 | €100,573 | -€1,857 | -1.8% |
| Other amounts payable | 47/48 | €18,630 | €167,960 | +€149,331 | +802% |
| Accrued charges and deferred income | 492/3 | €3,968 | €3,069 | -€899 | -22.7% |
| Non-recurring operating income | 76A | €2,874 | €171,011 | +€168,137 | +5,851% |
| Remuneration, social security and pensions | 62 | €790,895 | €979,811 | +€188,916 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,567 | €359,973 | +€264,406 | +277% |
| Other operating charges | 640/8 | €59,992 | €11,711 | -€48,281 | -80.5% |
| Non-recurring operating charges | 66A | €900 | €1,258 | +€358 | +39.8% |
| Gross operating margin | 9900 | €1,011,909 | €993,982 | -€17,927 | -1.8% |
| Operating profit (loss) | 9901 | €64,554 | -€358,771 | -€423,325 | |
| Financial income | 75/76B | €13,261 | €16,018 | +€2,756 | +20.8% |
| Recurring financial income | 75 | €13,261 | €6,121 | -€7,140 | -53.8% |
| Non-recurring financial income | 76B | - | €9,897 | +€9,897 | |
| Financial charges | 65/66B | €59,092 | €105,244 | +€46,153 | +78.1% |
| Recurring financial charges | 65 | €41,768 | €104,102 | +€62,335 | +149% |
| Non-recurring financial charges | 66B | €17,324 | €1,142 | -€16,182 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €18,724 | -€447,998 | -€466,721 | |
| Income taxes | 67/77 | €2,888 | €6,135 | +€3,247 | +112% |
| Profit (loss) for the period | 9904 | €15,836 | -€454,133 | -€469,969 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,836 | -€454,133 | -€469,969 |
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 20 October 2026 via checked.be.