WARTA: 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.
WARTA
Largest movements
- Receivables within one year +€120,774
up €120,774 (+174.1%), from €69,371 to €190,145
of which Trade receivables: +€156,704
- Cash -€94,837
down €94,837 (-85.2%), from €111,347 to €16,509
mainly Receivables within one year (-€120,774) and Investment in fixed assets (net) (-€103,817)
- Tangible fixed assets +€64,184
up €64,184 (+59.9%), from €107,080 to €171,265
of which Plant, machinery and equipment: +€79,483
- Stocks and contracts +€4,987
up €4,987 (+11.0%), from €45,202 to €50,189
- Trade debts +€108,861
up €108,861 (+63.7%), from €170,780 to €279,641
- Other debts +€16,343
up €16,343 (+81.7%), from €20,000 to €36,343
- Debts after one year -€15,487
down €15,487 (-31.1%), from €49,804 to €34,317
- Tax, wage and social debts -€10,771
down €10,771 (-57.3%), from €18,793 to €8,022
of which Taxes: -€7,794
- Depreciation +€29,878
up €29,878 (+306.3%), from €9,755 to €39,633
- Gross operating margin -€29,136
down €29,136 (-15.9%), from €183,487 to €154,351
- Taxes -€21,564
down €21,564 (-93.7%), from €23,009 to €1,445
- Staff costs +€14,821
up €14,821 (+17.4%), from €85,136 to €99,957
- Other operating charges -€5,667
down €5,667 (-49.8%), from €11,369 to €5,702
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 | €335,328 | €431,981 | +€96,653 | +28.8% |
| Fixed assets | 21/28 | €107,080 | €171,265 | +€64,184 | +59.9% |
| Tangible fixed assets | 22/27 | €107,080 | €171,265 | +€64,184 | +59.9% |
| Plant, machinery and equipment | 23 | €34,299 | €113,781 | +€79,483 | +231.7% |
| Furniture and vehicles | 24 | €72,782 | €48,138 | -€24,644 | -33.9% |
| Other tangible fixed assets | 26 | - | €9,345 | +€9,345 | |
| Current assets | 29/58 | €228,248 | €260,716 | +€32,468 | +14.2% |
| Stocks and contracts in progress | 3 | €45,202 | €50,189 | +€4,987 | +11.0% |
| Stocks | 30/36 | €45,202 | €50,189 | +€4,987 | +11.0% |
| Amounts receivable within one year | 40/41 | €69,371 | €190,145 | +€120,774 | +174.1% |
| Trade receivables | 40 | €267 | €156,971 | +€156,704 | +58690.5% |
| Other amounts receivable | 41 | €69,104 | €33,174 | -€35,930 | -52.0% |
| Cash at bank and in hand | 54/58 | €111,347 | €16,509 | -€94,837 | -85.2% |
| Deferred charges and accrued income | 490/1 | €2,327 | €3,872 | +€1,545 | +66.4% |
| Total equity and liabilities | 10/49 | €335,328 | €431,981 | +€96,653 | +28.8% |
| Equity | 10/15 | €60,855 | €58,171 | -€2,684 | -4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,855 | €38,171 | -€2,684 | -6.6% |
| Amounts payable | 17/49 | €274,473 | €373,810 | +€99,337 | +36.2% |
| Amounts payable after more than one year | 17 | €49,804 | €34,317 | -€15,487 | -31.1% |
| Financial debts | 170/4 | €49,804 | €34,317 | -€15,487 | -31.1% |
| Amounts payable within one year | 42/48 | €224,669 | €339,493 | +€114,824 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €15,096 | €15,487 | +€391 | +2.6% |
| Trade debts | 44 | €170,780 | €279,641 | +€108,861 | +63.7% |
| Suppliers | 440/4 | €170,780 | €279,641 | +€108,861 | +63.7% |
| Taxes, remuneration and social security | 45 | €18,793 | €8,022 | -€10,771 | -57.3% |
| Taxes | 450/3 | €7,794 | - | -€7,794 | |
| Remuneration and social security | 454/9 | €10,999 | €8,022 | -€2,977 | -27.1% |
| Other amounts payable | 47/48 | €20,000 | €36,343 | +€16,343 | +81.7% |
| Remuneration, social security and pensions | 62 | €85,136 | €99,957 | +€14,821 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,755 | €39,633 | +€29,878 | +306.3% |
| Other operating charges | 640/8 | €11,369 | €5,702 | -€5,667 | -49.8% |
| Non-recurring operating charges | 66A | €10,975 | €6,448 | -€4,527 | -41.3% |
| Gross operating margin | 9900 | €183,487 | €154,351 | -€29,136 | -15.9% |
| Operating profit (loss) | 9901 | €66,251 | €2,611 | -€63,640 | -96.1% |
| Financial income | 75/76B | €2,199 | €5,554 | +€3,355 | +152.5% |
| Recurring financial income | 75 | €2,199 | €5,554 | +€3,355 | +152.5% |
| Financial charges | 65/66B | €12,968 | €9,404 | -€3,564 | -27.5% |
| Recurring financial charges | 65 | €12,968 | €9,404 | -€3,564 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €55,483 | -€1,239 | -€56,722 | |
| Income taxes | 67/77 | €23,009 | €1,445 | -€21,564 | -93.7% |
| Profit (loss) for the period | 9904 | €32,474 | -€2,684 | -€35,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,474 | -€2,684 | -€35,158 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.