WATSON & DICKENS
Annual accounts 2025
full format, filed on 25-06-2026, 36 days before the deadline€166,600
▼ 15.3%
-€343,212
▼ €95,939
-
-
75.1%
▼ 9.1 percentage points
3.56
▼ 1.95
Money flows
turnover is 5.1% of income in 2025Balance sheet
balance sheet total €183.5m on 31-12-2025What the company ownsHow it is paid for
in €m
in €m
Position in the sector
75.1%
Higher than 77% of 846 companies in 2025.
3.56
Higher than 75% of 813 companies in 2025.
0.7%
Higher than 37% of 837 companies in 2025.
WATSON & DICKENS
Middle half of the sector
80% of the sector
Full accounts in advertising and market research (NACE 73)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: bottom quarter
Staff
€63,777
Staff costs divided by the average number of full-time equivalents.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||
20/58 |
183.5m | 162.2m | 52.8m | 52.9m | 52.9m | 53.1m | 42.1m | 25.2m | 23.2m | 20.7m | 20.6m | 14.8m | 16.3m | 7.4m | 4.4m | 3.7m | |
21/28 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | 13.7m | 12.0m | 4.2m | 4.2m | 3.4m | |
28 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | 13.7m | 12.0m | 4.2m | 4.2m | 3.4m | |
280/1 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | - | - | - | - | - | |
280 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | - | - | - | - | - | |
29/58 |
162.7m | 141.4m | 32.0m | 32.2m | 32.1m | 32.3m | 22.1m | 4.2m | 11.3m | 6.9m | 6.9m | 1.1m | 4.4m | 3.2m | 245,210 | 279,828 | |
29 |
- | - | - | - | 404,456 | 396,525 | - | - | - | - | - | - | - | - | - | - | |
291 |
- | - | - | - | 404,456 | 396,525 | - | - | - | - | - | - | - | - | - | - | |
40/41 |
152.3m | 136.9m | 29.9m | 29.2m | 30.3m | 31.7m | 22.0m | 4.2m | 11.2m | 6.9m | 6.8m | 1.1m | 3.0m | 2.7m | 235,091 | 235,180 | |
40 |
82,570 | 355,625 | 26,413 | 16,694 | 7,006 | 15,730 | 75,400 | 195,915 | 16,144 | 16,112 | 39,813 | 92,523 | 138,924 | - | - | - | |
41 |
152.2m | 136.6m | 29.8m | 29.2m | 30.3m | 31.7m | 21.9m | 4.0m | 11.2m | 6.9m | 6.7m | 975,921 | 2.9m | 2.7m | 235,091 | 235,180 | |
50/53 |
1.7m | - | 530,000 | - | - | - | - | - | - | - | - | - | 35,664 | - | - | - | |
51/53 |
1.7m | - | 530,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
8.8m | 4.5m | 1.6m | 3.0m | 1.4m | 183,044 | 105,442 | 9,979 | 31,962 | 20,233 | 130,740 | 42,079 | 1.3m | 473,925 | 10,119 | 44,543 | |
490/1 |
5,952 | 229 | 378 | - | - | - | - | 222 | 222 | - | - | - | - | - | - | 104 | |
| Balance sheet: equity and liabilities | |||||||||||||||||
10/49 |
183.5m | 162.2m | 52.8m | 52.9m | 52.9m | 53.1m | 42.1m | 25.2m | 23.2m | 20.7m | 20.6m | 14.8m | 16.3m | 7.4m | 4.4m | 3.7m | |
10/15 |
137.8m | 136.5m | 52.2m | 51.9m | 51.8m | 51.5m | 40.4m | 23.5m | 23.2m | 20.7m | 20.5m | 11.8m | 11.8m | 1.2m | 979,238 | 756,828 | |
10/11 |
11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 20,000 | 20,000 | 20,000 | |
13 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 683,894 | 667,457 | 541,471 | 533,670 | 100,150 | 100,000 | 2,000 | 2,000 | 2,000 | |
130/1 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1.1m | 683,894 | 667,457 | 541,471 | 533,670 | 100,150 | 100,000 | 2,000 | 2,000 | 2,000 | |
1311 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | - | - | - | - | - | - | - | - | - | - | |
14 |
125.4m | 124.1m | 39.8m | 39.6m | 39.4m | 39.1m | 28.0m | 11.6m | 11.3m | 8.9m | 8.7m | 498,461 | 497,159 | 1.2m | 957,238 | 734,828 | |
17/49 |
45.7m | 25.7m | 609,348 | 983,684 | 1.1m | 1.6m | 1.7m | 1.7m | 18,536 | 29,228 | 95,412 | 3.0m | 4.5m | 6.2m | 3.4m | 2.9m | |
17 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
170/4 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
173 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
42/48 |
45.7m | 25.7m | 380,776 | 526,542 | 387,257 | 645,552 | 511,387 | 335,836 | 18,536 | 29,228 | 95,412 | 3.0m | 4.5m | 6.2m | 3.4m | 2.9m | |
42 |
- | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | - | - | - | - | - | - | - | - | |
43 |
75,000 | 66,852 | - | - | - | - | - | - | - | - | - | - | - | 600,000 | 900,000 | 1.2m | |
430/8 |
75,000 | 66,852 | - | - | - | - | - | - | - | - | - | - | - | 600,000 | 900,000 | 1.2m | |
44 |
61,440 | 11,001 | 53,504 | 64,520 | 25,904 | 52,222 | 215,377 | 92,976 | 6,626 | 23,516 | 53,178 | 10,177 | 4.5m | 39 | 39 | 39 | |
440/4 |
61,440 | 11,001 | 53,504 | 64,520 | 25,904 | 52,222 | 215,377 | 92,976 | 6,626 | 23,516 | 53,178 | 10,177 | 15,274 | 39 | 39 | 39 | |
441 |
- | - | - | - | - | - | - | - | - | - | - | - | 4.5m | - | - | - | |
45 |
365,075 | 23,128 | 98,701 | 233,450 | 114,182 | 364,759 | 60,735 | 7,843 | 5,711 | 5,711 | 42,234 | - | - | - | 2,391 | - | |
450/3 |
357,711 | 16,471 | 87,653 | 227,167 | 108,440 | 358,789 | 54,995 | - | - | - | 36,658 | - | - | - | 2,391 | - | |
454/9 |
7,364 | 6,657 | 11,049 | 6,283 | 5,742 | 5,970 | 5,740 | 7,843 | 5,711 | 5,711 | 5,576 | - | - | - | - | - | |
47/48 |
45.2m | 25.3m | - | - | 18,600 | - | 6,704 | 6,446 | 6,198 | - | - | 3.0m | - | 5.6m | 2.5m | 1.7m | |
492/3 |
1,786 | - | - | - | - | - | - | - | - | - | - | - | 728 | 1,389 | 3,082 | 3,646 | |
| Income statement | |||||||||||||||||
70/76A |
241,706 | 1.2m | 861,737 | 189,346 | 185,594 | 991,915 | 233,338 | 217,045 | 224,460 | 236,020 | 291,765 | - | - | - | - | - | |
70 |
166,600 | 196,600 | 196,600 | 181,300 | 181,300 | 213,000 | 217,750 | 217,000 | 224,417 | 235,900 | 291,400 | - | - | - | - | - | |
74 |
75,105 | 983,875 | 665,137 | 8,046 | 4,294 | - | - | - | - | - | - | - | - | - | - | - | |
76A |
- | - | - | - | - | 179,421 | - | 477,778 | 2.7m | - | 8.8m | - | - | 500 | - | - | |
9900 |
- | - | - | - | - | - | - | - | - | - | - | 15,034 | -12,349 | -141 | 11,881 | -2,123 | |
60/66A |
584,917 | 1.4m | 1.1m | 397,546 | 358,192 | 406,189 | 364,745 | 329,496 | 646,845 | 347,783 | 355,581 | - | - | - | - | - | |
61 |
444,844 | 385,097 | 354,748 | 332,056 | 302,718 | 338,296 | 296,409 | 277,985 | 495,373 | 292,574 | 310,778 | - | - | - | - | - | |
62 |
63,777 | 57,457 | 64,817 | 56,461 | 50,270 | 49,450 | 48,175 | 50,495 | 47,081 | 54,196 | 43,791 | - | - | - | - | - | |
630 |
- | - | - | - | - | - | - | - | - | - | - | - | 2,008 | - | - | - | |
640/8 |
76,297 | 985,194 | 666,220 | 9,029 | 5,204 | 1,043 | 16,651 | 1,016 | 104,391 | 1,012 | 1,013 | 1,012 | 1,021 | 976 | 453 | 801 | |
66A |
- | - | - | - | - | 17,400 | 3,511 | 442,266 | 194,726 | - | 104,266 | - | - | - | - | - | |
9901 |
-343,212 | -247,273 | -224,048 | -208,201 | -172,598 | 585,726 | -131,407 | -112,452 | -422,385 | -111,763 | -63,816 | 14,022 | -15,378 | -1,117 | 11,427 | -2,924 | |
75/76B |
3.0m | 84.7m | 596,139 | 582,066 | 603,668 | 10.9m | 18.1m | 884,476 | 3.1m | 268,450 | 60,089 | 50,521 | 1.3m | 423,466 | 330,000 | 830,243 | |
75 |
3.0m | 84.7m | 596,139 | 582,066 | 603,668 | 10.7m | 18.1m | 406,698 | 392,374 | 268,450 | 60,089 | 50,521 | 1.3m | 423,466 | 330,000 | 830,243 | |
750 |
- | 84.0m | - | - | - | 10.0m | 18.0m | - | - | - | - | - | - | - | - | - | |
751 |
3.0m | 706,925 | 596,139 | 582,066 | 603,668 | 683,789 | 118,216 | 406,698 | 392,374 | 268,450 | 60,088 | - | - | - | - | - | |
752/9 |
48 | - | - | - | - | - | 0 | - | - | - | 1 | - | - | - | - | - | |
76B |
- | - | - | - | - | 179,421 | - | 477,778 | 2.7m | - | - | - | - | - | - | - | |
65/66B |
874,224 | 27,932 | 35,555 | 56,764 | 28,444 | 34,171 | 1.0m | 443,286 | 195,519 | 670 | 10,389 | 63,091 | 226,966 | 196,910 | 119,017 | 90,470 | |
65 |
874,224 | 27,932 | 35,555 | 31,764 | 28,444 | 34,171 | 40,209 | 1,019 | 793 | 670 | 10,389 | 63,091 | 226,966 | 196,910 | 119,017 | 90,470 | |
650 |
872,085 | 26,031 | 33,554 | 22,851 | 26,794 | 32,557 | 38,841 | 248 | - | - | 10,037 | - | - | - | - | - | |
652/9 |
2,139 | 1,901 | 2,001 | 8,913 | 1,651 | 1,614 | 1,368 | 771 | 793 | 670 | 352 | - | - | - | - | - | |
66B |
- | - | - | 25,000 | - | - | 999,999 | 442,266 | 194,726 | - | - | - | - | - | - | - | |
9903 |
1.8m | 84.4m | 336,536 | 317,101 | 402,626 | 11.4m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,939 | 222,410 | 736,849 | |
67/77 |
470,424 | 107,180 | 119,804 | 168,727 | 108,440 | 314,507 | 54,995 | - | 543 | - | 36,769 | - | - | -21 | - | 21 | |
670/3 |
470,424 | 111,085 | 119,804 | 168,727 | 108,440 | 314,507 | 54,995 | - | 543 | - | 36,769 | - | - | - | - | - | |
77 |
- | 3,904 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9904 |
1.3m | 84.3m | 216,732 | 148,374 | 294,186 | 11.1m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,960 | 222,410 | 736,828 | |
9905 |
1.3m | 84.3m | 216,732 | 148,374 | 294,186 | 11.1m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,960 | 222,410 | 736,828 | |
| Appropriation of the result | |||||||||||||||||
9906 |
125.4m | 124.1m | 39.8m | 39.6m | 39.4m | 39.1m | 28.5m | 11.6m | 11.4m | 8.9m | 9.2m | 498,611 | 2.3m | 1.2m | 957,238 | 736,828 | |
14P |
124.1m | 39.8m | 39.6m | 39.4m | 39.1m | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 440,252 | 16,437 | 125,986 | 7,801 | 433,520 | 150 | 1.8m | - | - | 2,000 | |
691 |
- | - | - | - | - | - | - | - | - | - | - | - | 1.7m | - | - | - | |
6920 |
- | - | - | - | - | - | 440,252 | 16,437 | 125,986 | 7,801 | 433,520 | 150 | 99,948 | - | - | 2,000 | |
| Social balance sheet | |||||||||||||||||
9087 |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - | - | |
Men (FTE)1003 |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - | - | |
Hours worked1013 |
1,687 | 1,543 | 1,649 | 1,696 | 1,566 | 1,687 | 1,626 | 1,702 | 1,695 | 1,756 | 1,892 | - | - | - | - | - | |
| Document | |||||||||||||||||
The notes to these accounts have 35 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 25-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00206524 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00159603 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00141819 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00129393 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20176965 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-21400129 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-37500196 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-23000117 | |
| 31-12-2017 | full format | 13-08-2018 | 2018-45200206 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30400137 | |
| 31-12-2015 | full format | 19-08-2016 | 2016-44100220 | |
| 31-12-2014 | abbreviated format | 13-07-2015 | 2015-30000316 | |
| 31-12-2013 | abbreviated format | 28-08-2014 | 2014-49700062 | |
| 31-12-2012 | abbreviated format | 30-08-2013 | 2013-52100539 | |
| 31-12-2011 | abbreviated format | 30-07-2012 | 2012-36200109 | |
| 31-12-2010 | abbreviated format | 28-07-2011 | 2011-34500120 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | - | - | - | -13,370 | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | 1.1m | - | - | - | ||
| - | - | 8 | - | 18,600 | 1.1m | 1,140 | 10.7m | 6,198 | 49,350 | 125,100 | 1.7m | 7.8m | 522,500 | 756,033 | 3.4m | ||
| 4.3m | 2.8m | -1.3m | 1.6m | 1.2m | 77,602 | 95,463 | -21,983 | 11,730 | -110,507 | 88,660 | -1.3m | 873,606 | 463,806 | -34,424 | - | ||
| 117.1m | 115.8m | 31.7m | 31.7m | 31.7m | 31.7m | 21.6m | 3.9m | 11.2m | 6.9m | 6.8m | -1.9m | -128,590 | -3.0m | -3.2m | -2.7m | ||
| - | - | - | - | -95.2% | - | -60.3% | -51.8% | - | -47.4% | -21.9% | - | - | - | - | - | ||
| 75.1% | 84.2% | 98.8% | 98.1% | 98.0% | 97.1% | 96.1% | 93.2% | 99.9% | 99.9% | 99.5% | 80.0% | 72.4% | 16.3% | 22.2% | 20.5% | ||
| 3.56 | 5.51 | 84.15 | 61.15 | 82.93 | 50.08 | 43.22 | 12.61 | - | - | 72.26 | 0.38 | 0.97 | 0.51 | 0.07 | 0.10 | ||
| 0.33 | 0.19 | 0.01 | 0.02 | 0.02 | 0.03 | 0.04 | 0.07 | 0.00 | 0.00 | 0.00 | 0.25 | 0.38 | 5.13 | 3.51 | 3.89 | ||
| 1.0% | 61.8% | 0.4% | 0.3% | 0.6% | 21.6% | 41.8% | 1.4% | 10.9% | 0.8% | 42.3% | 0.0% | 9.1% | 18.7% | 22.7% | 97.4% | ||
| 0.7% | 52.0% | 0.4% | 0.3% | 0.6% | 20.9% | 40.2% | 1.3% | 10.9% | 0.8% | 42.1% | 0.0% | 6.6% | 3.1% | 5.0% | 19.9% | ||
| 181 days | 660 days | 49 days | 34 days | 14 days | 27 days | 126 days | 330 days | 26 days | 25 days | 50 days | - | - | - | - | - | ||
| 50 days | 10 days | 55 days | 71 days | 31 days | 56 days | 265 days | 122 days | 5 days | 29 days | 62 days | - | - | - | - | - |
EBIT margin. Not meaningful: turnover is only a small part of operating income.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| 1 | 1 | 1 | 1 | 1 | |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Training hours | 2 | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €228,571 | €457,142 | €685,714 | €914,286 |
| Pledge on other assets, amount secured | - | €228,571 | €457,143 | €685,714 | €914,286 |
| Carrying value of the other pledged assets | - | €10.2m | €10.2m | €10.2m | €10.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €8 | - | €18,600 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €2,625 | €2,550 | €2,404 | €2,288 | €2,100 |
| Other work by the auditor | - | - | €165 | - | - |
| Work by persons linked to the auditor | - | - | - | - | €4,580 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Insights on WATSON & DICKENS
The operating result for 2025 is a loss of €343,212, larger than the loss of €247,273 in 2024. It is the lowest result since 2017.
Debt's share of the balance-sheet total rises from 15.8% to 24.9%. Equity and debt are higher.