WARTEL PHILIPPE: 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.
WARTEL PHILIPPE
Largest movements
- Financial fixed assets +€195,000
up €195,000 (+488%), from €40,000 to €235,000
- Receivables after one year +€163,500
up €163,500 (+88.9%), from €184,000 to €347,500
- Receivables within one year +€88,866
up €88,866 (+305%), from €29,148 to €118,014
of which Other amounts receivable: +€89,536
- Cash +€13,020
up €13,020 (+81.3%), from €16,024 to €29,043
mainly Net result for the year (+€474,781) and Tax, wage and social debts (+€42,492)
- Deferred charges and accrued income +€10,149
up €10,149 (+123%), from €8,241 to €18,390
- Reserves +€424,422
up €424,422 (+185%), from €230,025 to €654,447
- Tax, wage and social debts +€42,492
up €42,492 (+116%), from €36,786 to €79,277
- Financial income +€495,807
up €495,807 (+9,169%), from €5,408 to €501,215
- Taxes +€47,457
up €47,457 (+368%), from €12,894 to €60,350
- Gross operating margin -€1,159
down €1,159 (-3.0%), from €38,642 to €37,483
- Financial charges -€686
down €686 (-54.7%), from €1,254 to €569
- Staff costs -€583
no longer reported in 2025 (was €583)
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 | €282,044 | €750,655 | +€468,611 | +166% |
| Fixed assets | 21/28 | €44,632 | €237,708 | +€193,076 | +433% |
| Tangible fixed assets | 22/27 | €4,632 | €2,708 | -€1,924 | -41.5% |
| Land and buildings | 22 | €1,947 | €615 | -€1,332 | -68.4% |
| Plant, machinery and equipment | 23 | €1,662 | €1,321 | -€342 | -20.6% |
| Furniture and vehicles | 24 | €1,023 | €773 | -€250 | -24.4% |
| Financial fixed assets | 28 | €40,000 | €235,000 | +€195,000 | +488% |
| Current assets | 29/58 | €237,412 | €512,947 | +€275,535 | +116% |
| Amounts receivable after more than one year | 29 | €184,000 | €347,500 | +€163,500 | +88.9% |
| Other amounts receivable | 291 | €184,000 | €347,500 | +€163,500 | +88.9% |
| Amounts receivable within one year | 40/41 | €29,148 | €118,014 | +€88,866 | +305% |
| Trade receivables | 40 | €24,749 | €24,079 | -€670 | -2.7% |
| Other amounts receivable | 41 | €4,399 | €93,935 | +€89,536 | +2,035% |
| Cash at bank and in hand | 54/58 | €16,024 | €29,043 | +€13,020 | +81.3% |
| Deferred charges and accrued income | 490/1 | €8,241 | €18,390 | +€10,149 | +123% |
| Total equity and liabilities | 10/49 | €282,044 | €750,655 | +€468,611 | +166% |
| Equity | 10/15 | €236,225 | €660,647 | +€424,422 | +180% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €230,025 | €654,447 | +€424,422 | +185% |
| Distributable reserves | 133 | €230,025 | €654,447 | +€424,422 | +185% |
| Amounts payable | 17/49 | €45,819 | €90,008 | +€44,189 | +96.4% |
| Amounts payable within one year | 42/48 | €39,525 | €80,739 | +€41,215 | +104% |
| Current portion of amounts payable after more than one year | 42 | €1,285 | - | -€1,285 | |
| Trade debts | 44 | €1,454 | €1,462 | +€8 | +0.5% |
| Suppliers | 440/4 | €1,454 | €1,462 | +€8 | +0.5% |
| Taxes, remuneration and social security | 45 | €36,786 | €79,277 | +€42,492 | +116% |
| Taxes | 450/3 | €36,786 | €79,277 | +€42,492 | +116% |
| Accrued charges and deferred income | 492/3 | €6,294 | €9,269 | +€2,975 | +47.3% |
| Remuneration, social security and pensions | 62 | €583 | - | -€583 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,606 | €1,924 | +€318 | +19.8% |
| Other operating charges | 640/8 | €1,276 | €1,074 | -€202 | -15.9% |
| Gross operating margin | 9900 | €38,642 | €37,483 | -€1,159 | -3.0% |
| Operating profit (loss) | 9901 | €35,177 | €34,486 | -€692 | -2.0% |
| Financial income | 75/76B | €5,408 | €501,215 | +€495,807 | +9,169% |
| Recurring financial income | 75 | €5,408 | €501,215 | +€495,807 | +9,169% |
| Financial charges | 65/66B | €1,254 | €569 | -€686 | -54.7% |
| Recurring financial charges | 65 | €1,254 | €569 | -€686 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | €39,331 | €535,131 | +€495,801 | +1,261% |
| Income taxes | 67/77 | €12,894 | €60,350 | +€47,457 | +368% |
| Profit (loss) for the period | 9904 | €26,437 | €474,781 | +€448,344 | +1,696% |
| Profit (loss) for the period to be appropriated | 9905 | €26,437 | €474,781 | +€448,344 | +1,696% |
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 14 October 2026 via checked.be.