WARSON HOLDING: 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.
What changed
WARSON HOLDING
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €998,447+€414,757
Equity
€32.1m
2024 · €30.7m+€1.4m
Cash
€666,704
2024 · €1.1m-€419,827
Balance sheet total
€40.8m
2024 · €30.9m+€10.0m
Largest movements
Assets
- Financial fixed assets +€8.4m
up €8.4m (+32.9%), from €25.6m to €34.0m
of which Affiliated companies: +€8.4m
- Receivables within one year +€1.3m
up €1.3m (+135.9%), from €927,655 to €2.2m
of which Trade receivables: +€1.5m
- Current investments +€804,957
up €804,957 (+71.2%), from €1.1m to €1.9m
- Cash -€419,827
down €419,827 (-38.6%), from €1.1m to €666,704
mainly Investment in fixed assets (net) (-€8.4m) and Receivables within one year (-€1.3m)
Equity and liabilities
- Debts after one year +€7.1m
new in 2025: €7.1m
- Current portion of long-term debt +€1.4m
new in 2025: €1.4m
- Reserves +€1.4m
up €1.4m (+5.8%), from €24.4m to €25.8m
Income statement
- Turnover +€478,460
up €478,460 (+21.6%), from €2.2m to €2.7m
- Taxes +€131,028
up €131,028 (+40.4%), from €324,546 to €455,575
- Financial income +€44,204
up €44,204 (+104.7%), from €42,220 to €86,424
- Provisions -€27,232
down €27,232, from €23,314 to -€3,918
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.
Result 2024
€998,447
Turnover
+€478,460
Other operating income
-€25,044
Services and other goods
+€5,697
Staff costs
+€19,601
Depreciation
+€19,400
Provisions
+€27,232
Other operating charges
-€176
Financial income
+€44,204
Financial charges
-€23,589
Taxes
-€131,028
Result 2025
€1.4m
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.
From operations
+€310,130
Investment
-€9.2m
Financing
+€8.5m
Cash 2024
€1.1m
From operations (derived)
+€310,130
Net result for the year
+€1.4m
Depreciation
+€92,886
Receivables within one year
-€1.3m
Smaller working-capital items
-€4,717
Trade debts
+€69,628
Investment (derived)
-€9.2m
Investment in fixed assets (net)
-€8.4m
Current investments
-€804,957
Financing
+€8.5m
Debts after one year
+€7.1m
Current portion of long-term debt
+€1.4m
Cash 2025
€666,704
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,863,040 | €40,843,026 | +€10.0m | +32.3% |
| Fixed assets | 21/28 | €27,661,840 | €35,993,954 | +€8.3m | +30.1% |
| Tangible fixed assets | 22/27 | €2,043,935 | €1,951,049 | -€92,886 | -4.5% |
| Land and buildings | 22 | €1,960,489 | €1,895,053 | -€65,436 | -3.3% |
| Plant, machinery and equipment | 23 | €9,453 | €2,225 | -€7,228 | -76.5% |
| Furniture and vehicles | 24 | €73,993 | €53,771 | -€20,222 | -27.3% |
| Financial fixed assets | 28 | €25,617,905 | €34,042,905 | +€8.4m | +32.9% |
| Affiliated companies | 280/1 | €25,617,890 | €34,042,890 | +€8.4m | +32.9% |
| Participating interests | 280 | €25,617,890 | €34,042,890 | +€8.4m | +32.9% |
| Other financial fixed assets | 284/8 | €15 | €15 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €3,201,200 | €4,849,071 | +€1.6m | +51.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €927,655 | €2,188,526 | +€1.3m | +135.9% |
| Trade receivables | 40 | €440,899 | €1,904,152 | +€1.5m | +331.9% |
| Other amounts receivable | 41 | €486,756 | €284,375 | -€202,381 | -41.6% |
| Current investments | 50/53 | €1,130,336 | €1,935,292 | +€804,957 | +71.2% |
| Other investments | 51/53 | €1,130,336 | €1,935,292 | +€804,957 | +71.2% |
| Cash at bank and in hand | 54/58 | €1,086,531 | €666,704 | -€419,827 | -38.6% |
| Deferred charges and accrued income | 490/1 | €56,678 | €58,548 | +€1,870 | +3.3% |
| Total equity and liabilities | 10/49 | €30,863,040 | €40,843,026 | +€10.0m | +32.3% |
| Equity | 10/15 | €30,655,945 | €32,069,150 | +€1.4m | +4.6% |
| Contributions | 10/11 | €6,260,000 | €6,260,000 | = | 0.0% |
| Reserves | 13 | €24,395,945 | €25,809,150 | +€1.4m | +5.8% |
| Distributable reserves | 133 | €24,395,945 | €25,809,150 | +€1.4m | +5.8% |
| Provisions and deferred taxes | 16 | €23,314 | €19,395 | -€3,918 | -16.8% |
| Provisions for liabilities and charges | 160/5 | €23,314 | €19,395 | -€3,918 | -16.8% |
| Other liabilities and charges | 164/5 | €23,314 | €19,395 | -€3,918 | -16.8% |
| Amounts payable | 17/49 | €183,782 | €8,754,480 | +€8.6m | +4663.5% |
| Amounts payable after more than one year | 17 | - | €7,071,429 | +€7.1m | |
| Financial debts | 170/4 | - | €7,071,429 | +€7.1m | |
| Credit institutions | 173 | - | €7,071,429 | +€7.1m | |
| Amounts payable within one year | 42/48 | €183,782 | €1,683,052 | +€1.5m | +815.8% |
| Current portion of amounts payable after more than one year | 42 | - | €1,428,571 | +€1.4m | |
| Trade debts | 44 | €112,624 | €182,251 | +€69,628 | +61.8% |
| Suppliers | 440/4 | €112,624 | €182,251 | +€69,628 | +61.8% |
| Taxes, remuneration and social security | 45 | €71,158 | €72,229 | +€1,071 | +1.5% |
| Taxes | 450/3 | €36,148 | €34,560 | -€1,587 | -4.4% |
| Remuneration and social security | 454/9 | €35,010 | €37,668 | +€2,658 | +7.6% |
| Operating income | 70/76A | €2,270,541 | €2,723,957 | +€453,416 | +20.0% |
| Turnover | 70 | €2,210,624 | €2,689,084 | +€478,460 | +21.6% |
| Other operating income | 74 | €59,917 | €34,873 | -€25,044 | -41.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €987,857 | €916,103 | -€71,754 | -7.3% |
| Services and other goods | 61 | €530,633 | €524,936 | -€5,697 | -1.1% |
| Remuneration, social security and pensions | 62 | €317,558 | €297,957 | -€19,601 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,286 | €92,886 | -€19,400 | -17.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,314 | -€3,918 | -€27,232 | |
| Other operating charges | 640/8 | €4,066 | €4,242 | +€176 | +4.3% |
| Operating profit (loss) | 9901 | €1,282,684 | €1,807,854 | +€525,170 | +40.9% |
| Financial income | 75/76B | €42,220 | €86,424 | +€44,204 | +104.7% |
| Recurring financial income | 75 | €42,220 | €86,424 | +€44,204 | +104.7% |
| Income from current assets | 751 | €40,735 | €84,521 | +€43,786 | +107.5% |
| Other financial income | 752/9 | €1,485 | €1,903 | +€419 | +28.2% |
| Financial charges | 65/66B | €1,910 | €25,499 | +€23,589 | +1235.0% |
| Recurring financial charges | 65 | €1,910 | €25,499 | +€23,589 | +1235.0% |
| Debt charges | 650 | €8 | €0 | -€8 | -100.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €1,902 | €25,499 | +€23,597 | +1240.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,322,994 | €1,868,779 | +€545,786 | +41.3% |
| Income taxes | 67/77 | €324,546 | €455,575 | +€131,028 | +40.4% |
| Taxes | 670/3 | €324,546 | €455,575 | +€131,028 | +40.4% |
| Profit (loss) for the period | 9904 | €998,447 | €1,413,205 | +€414,757 | +41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €998,447 | €1,413,205 | +€414,757 | +41.5% |
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 8 October 2026 via checked.be.