WARZEE: 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.
WARZEE
Largest movements
- Tangible fixed assets -€339,746
down €339,746 (-14.0%), from €2.4m to €2.1m
of which Land and buildings: -€173,666
- Receivables within one year -€219,123
down €219,123 (-23.0%), from €953,093 to €733,970
of which Trade receivables: -€227,335
- Cash +€154,369
up €154,369 (+96.5%), from €160,039 to €314,408
mainly Depreciation (+€382,483) and Receivables within one year (+€219,123)
- Stocks and contracts -€66,354
down €66,354 (-5.9%), from €1.1m to €1.1m
- Debts after one year -€371,959
down €371,959 (-23.9%), from €1.6m to €1.2m
- Trade debts -€234,472
down €234,472 (-43.1%), from €543,901 to €309,429
- Profit (loss) carried forward +€78,868
up €78,868 (+5.9%), from €1.3m to €1.4m
- Current portion of long-term debt +€74,834
up €74,834 (+21.6%), from €345,951 to €420,785
- Staff costs +€74,288
up €74,288 (+21.0%), from €353,822 to €428,110
- Depreciation -€33,137
down €33,137 (-8.0%), from €415,620 to €382,483
- Financial charges -€21,137
down €21,137 (-25.4%), from €83,360 to €62,223
- Financial income +€12,277
up €12,277 (+24.2%), from €50,802 to €63,079
- Taxes +€9,447
up €9,447 (+856.8%), from €1,103 to €10,550
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 | €5,143,002 | €4,643,432 | -€499,570 | -9.7% |
| Fixed assets | 21/28 | €2,888,379 | €2,526,037 | -€362,342 | -12.5% |
| Intangible fixed assets | 21 | €64,299 | €41,703 | -€22,596 | -35.1% |
| Tangible fixed assets | 22/27 | €2,432,914 | €2,093,167 | -€339,746 | -14.0% |
| Land and buildings | 22 | €1,336,656 | €1,162,990 | -€173,666 | -13.0% |
| Plant, machinery and equipment | 23 | €952,732 | €822,184 | -€130,548 | -13.7% |
| Furniture and vehicles | 24 | €143,525 | €107,993 | -€35,532 | -24.8% |
| Financial fixed assets | 28 | €391,166 | €391,166 | = | 0.0% |
| Current assets | 29/58 | €2,254,623 | €2,117,395 | -€137,228 | -6.1% |
| Stocks and contracts in progress | 3 | €1,130,182 | €1,063,828 | -€66,354 | -5.9% |
| Stocks | 30/36 | €1,130,182 | €1,063,828 | -€66,354 | -5.9% |
| Amounts receivable within one year | 40/41 | €953,093 | €733,970 | -€219,123 | -23.0% |
| Trade receivables | 40 | €521,336 | €294,001 | -€227,335 | -43.6% |
| Other amounts receivable | 41 | €431,757 | €439,969 | +€8,211 | +1.9% |
| Cash at bank and in hand | 54/58 | €160,039 | €314,408 | +€154,369 | +96.5% |
| Deferred charges and accrued income | 490/1 | €11,310 | €5,189 | -€6,120 | -54.1% |
| Total equity and liabilities | 10/49 | €5,143,002 | €4,643,432 | -€499,570 | -9.7% |
| Equity | 10/15 | €1,792,760 | €1,918,142 | +€125,382 | +7.0% |
| 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 | €64,800 | €64,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,800 | €54,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,341,335 | €1,420,204 | +€78,868 | +5.9% |
| Investment grants | 15 | €286,625 | €333,138 | +€46,513 | +16.2% |
| Amounts payable | 17/49 | €3,350,242 | €2,725,290 | -€624,951 | -18.7% |
| Amounts payable after more than one year | 17 | €1,558,038 | €1,186,079 | -€371,959 | -23.9% |
| Financial debts | 170/4 | €1,558,038 | €1,186,079 | -€371,959 | -23.9% |
| Amounts payable within one year | 42/48 | €1,753,514 | €1,530,875 | -€222,639 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €345,951 | €420,785 | +€74,834 | +21.6% |
| Financial debts | 43 | €600,000 | €550,000 | -€50,000 | -8.3% |
| Credit institutions | 430/8 | €600,000 | €550,000 | -€50,000 | -8.3% |
| Trade debts | 44 | €543,901 | €309,429 | -€234,472 | -43.1% |
| Suppliers | 440/4 | €543,901 | €309,429 | -€234,472 | -43.1% |
| Taxes, remuneration and social security | 45 | €72,660 | €67,183 | -€5,477 | -7.5% |
| Taxes | 450/3 | €29,702 | €20,180 | -€9,521 | -32.1% |
| Remuneration and social security | 454/9 | €42,958 | €47,003 | +€4,044 | +9.4% |
| Other amounts payable | 47/48 | €191,002 | €183,477 | -€7,525 | -3.9% |
| Accrued charges and deferred income | 492/3 | €38,690 | €8,337 | -€30,353 | -78.5% |
| Remuneration, social security and pensions | 62 | €353,822 | €428,110 | +€74,288 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415,620 | €382,483 | -€33,137 | -8.0% |
| Other operating charges | 640/8 | €20,576 | €20,605 | +€29 | +0.1% |
| Gross operating margin | 9900 | €913,884 | €919,760 | +€5,876 | +0.6% |
| Operating profit (loss) | 9901 | €123,866 | €88,562 | -€35,304 | -28.5% |
| Financial income | 75/76B | €50,802 | €63,079 | +€12,277 | +24.2% |
| Recurring financial income | 75 | €50,802 | €63,079 | +€12,277 | +24.2% |
| Financial charges | 65/66B | €83,360 | €62,223 | -€21,137 | -25.4% |
| Recurring financial charges | 65 | €83,360 | €62,223 | -€21,137 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €91,308 | €89,418 | -€1,890 | -2.1% |
| Income taxes | 67/77 | €1,103 | €10,550 | +€9,447 | +856.8% |
| Profit (loss) for the period | 9904 | €90,206 | €78,868 | -€11,337 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €90,206 | €78,868 | -€11,337 | -12.6% |
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 9 October 2026 via checked.be.