WATTS
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00033659.
Annual accounts 2025 filed on 02-02-2026 PDF all 22 filings
Turnover
≈ €3.5m
Estimated: probably between €2.7m and €4.3m
Total assets
€2.9m▼ 9.8%
2024 · €3.2m
Net result
€352,352▼ 28.6%
2024 · €493,164
Working capital
€680,905▼ 34.7%
2024 · €1.0m
In the rankings
#10 company by equity in Puurs-Sint-Amands, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€464,025
▼ 31.4%
2025
20192025
Net result
€352,352
▼ 28.6%
2025
highest quarter of the sector
20192025
Equity
€1.9m
▼ 11.5%
2025
highest quarter of the sector
20192025
Total assets
€2.9m
▼ 9.8%
2025
highest quarter of the sector
20192025
Debt
€996,664
▼ 6.5%
2025
20192025
Working capital
€680,905
▼ 34.7%
2025
highest quarter of the sector
20192025
Solvency
65.7%
▼ 1.2pp
2025
middle half of the sector
20192025
Current ratio
1.73
▼ 0.35
2025
middle half of the sector
20192025
Return on assets (ROA)
12.1%
▼ 3.2pp
2025
middle half of the sector
20192025
Staff (FTE)
3.8
▼ 7.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.05m▼ 87.7%€0.7m▲ 13×€0.8m▲ 8.5%€0.4m▼ 52.3%€0.7m▲ 80.9%€0.5m▼ 31.4%
Net result€0.3m-€0.03mwithin the sector's middle half▼ 89.4%€0.6mabove the sector's middle half▲ 17×€0.6mabove the sector's middle half▲ 2.3%€0.3mabove the sector's middle half▼ 50.7%€0.5mabove the sector's middle half▲ 69.4%€0.4mabove the sector's middle half▼ 28.6%
Equity€1.0m-€0.9mabove the sector's middle half▼ 1.4%€1.4mabove the sector's middle half▲ 46.6%€1.9mabove the sector's middle half▲ 37.9%€2.2mabove the sector's middle half▲ 12.7%€2.2mabove the sector's middle half▼ 0.3%€1.9mabove the sector's middle half▼ 11.5%
Total assets€1.5m-€1.4mwithin the sector's middle half▼ 7.4%€2.0mabove the sector's middle half▲ 42.1%€2.5mabove the sector's middle half▲ 27.3%€3.0mabove the sector's middle half▲ 21.2%€3.2mabove the sector's middle half▲ 6.8%€2.9mabove the sector's middle half▼ 9.8%
Debt€0.5m-€0.4m▼ 18.6%€0.6m▲ 32.2%€0.6m▲ 1.3%€0.9m▲ 49.6%€1.1m▲ 24.7%€1.0m▼ 6.5%
Working capital€0.6m-€0.4mabove the sector's middle half▼ 26.1%€0.8mabove the sector's middle half▲ 74.7%€1.1mabove the sector's middle half▲ 45.5%€0.9mabove the sector's middle half▼ 20.0%€1.0mabove the sector's middle half▲ 17.5%€0.7mabove the sector's middle half▼ 34.7%
Solvency64.7%-69.0%above the sector's middle half▲ 4.3pp71.2%above the sector's middle half▲ 2.2pp77.1%above the sector's middle half▲ 5.9pp71.7%above the sector's middle half▼ 5.4pp66.9%above the sector's middle half▼ 4.8pp65.7%within the sector's middle half▼ 1.2pp
Current ratio2.79-2.64within the sector's middle half▼ 0.152.80within the sector's middle half▲ 0.163.38above the sector's middle half▲ 0.582.13within the sector's middle half▼ 1.252.08within the sector's middle half▼ 0.051.73within the sector's middle half▼ 0.35
Return on assets (ROA)22.2%-2.5%within the sector's middle half▼ 19.6pp29.5%above the sector's middle half▲ 27.0pp23.7%above the sector's middle half▼ 5.8pp9.7%within the sector's middle half▼ 14.1pp15.3%above the sector's middle half▲ 5.7pp12.1%within the sector's middle half▼ 3.2pp
Staff (FTE)3-3within the sector's middle half=2.5within the sector's middle half▼ 16.7%2.9within the sector's middle half▲ 16.0%3.5within the sector's middle half▲ 20.7%4.1within the sector's middle half▲ 17.1%3.8within the sector's middle half▼ 7.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 31% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€1.3m ▲ 6.5%
Current assets
€1.6m ▼ 19.7%
Equity and liabilities €2.9m
Equity
€1.9m ▼ 11.5%
Debt
€996,664 ▼ 6.5%
Debt's share of the balance-sheet total rises from 33.1% to 34.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1.0m▼
2024 · €1.2m
Cash flow
€888,646▼
2024 · €968,261
Debt to equity
0.52▲
2024 · 0.49
ROE
18.5%▼
2024 · 22.9%
Interest coverage
81.78▲
2024 · 56.30
Debt ≤ 1 year
€928,774▼
2024 · €963,045
Debt > 1 year
€67,621▼
2024 · €102,611
Income taxes
€112,123▼
2024 · €174,713
Staff costs
€252,337▲
2024 · €248,395
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 3 | 4 |
| full-time | 3 | 4 | 3 | 3 |
| part-time | 0 | 0 | 0 | 1 |
| in full-time equivalents | 3 | 4 | 3 | 3.7 |
| Average over the year, in full-time equivalents | 2.9 | 3.5 | 4.1 | 3.8 |
| On a permanent contract | 3 | 4 | 3 | 2 |
| Joined | 3 | 6 | 1 | 5 |
| Left | 3 | 5 | 2 | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €385,678 | €734,160 | €345,691 | €609,319 |
| Financial fixed assets | - | - | - | €6,500 |
| Depreciation and write-downs of the year | €240,639 | €303,755 | €475,098 | €536,294 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €480 awarded · €480 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €108 | €108 |
| 2023 | 1 | €325 | €372 |
| 2022 | 1 | €47 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | €0.5m | ▲ 12.9% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.01m | €0.01m | €0.01m | ▲ 1.7% |
| Non-recurring operating charges66A | - | - | - | €0.005m | €0 | - | €100 | - |
| Gross operating margin9900 | €0.8m | €0.3m | €1.1m | €1.2m | €0.9m | €1.4m | €1.3m | ▼ 10.4% |
| Operating profit (loss)9901 | €0.4m | €0.05m | €0.7m | €0.8m | €0.4m | €0.7m | €0.5m | ▼ 31.4% |
| Financial income75/76B | - | - | - | €0.001m | €0.003m | €0.01m | €0.01m | ▲ 11.0% |
| Recurring financial income75 | €0.002m | €0.01m | €0.001m | €0.001m | €0.003m | €0.01m | €0.01m | ▲ 11.0% |
| Financial charges65/66B | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 40.2% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 40.2% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.05m | €0.7m | €0.8m | €0.4m | €0.7m | €0.5m | ▼ 30.5% |
| Income taxes67/77 | €0.1m | €0.02m | €0.1m | €0.2m | €0.07m | €0.2m | €0.1m | ▼ 35.8% |
| Profit (loss) for the period9904 | €0.3m | €0.03m | €0.6m | €0.6m | €0.3m | €0.5m | €0.4m | ▼ 28.6% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.03m | €0.6m | €0.6m | €0.3m | €0.5m | €0.4m | ▼ 28.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.4m | €2.0m | €2.5m | €3.0m | €3.2m | €2.9m | ▼ 9.8% |
| Fixed assets21/28 | €0.6m | €0.7m | €0.8m | €0.9m | €1.3m | €1.2m | €1.3m | ▲ 6.5% |
| Tangible fixed assets22/27 | €0.5m | €0.7m | €0.8m | €0.9m | €1.3m | €1.2m | €1.3m | ▲ 6.1% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 60.4% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €1.0m | €0.8m | €0.7m | ▼ 18.2% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 53.7% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 38.5% |
| Current assets29/58 | €0.9m | €0.7m | €1.2m | €1.6m | €1.7m | €2.0m | €1.6m | ▼ 19.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.6m | €0.8m | €0.5m | €0.6m | €0.6m | ▲ 2.7% |
| Trade receivables40 | - | - | - | €0.7m | €0.3m | €0.4m | €0.3m | ▼ 19.3% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.2m | €0.2m | €0.3m | ▲ 50.8% |
| Cash at bank and in hand54/58 | €0.5m | €0.2m | €0.6m | €0.8m | €1.1m | €1.4m | €1.0m | ▼ 30.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €254 | €0.001m | €0.01m | ▲ 11× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €2.0m | €2.5m | €3.0m | €3.2m | €2.9m | ▼ 9.8% |
| Equity10/15 | €1.0m | €0.9m | €1.4m | €1.9m | €2.2m | €2.2m | €1.9m | ▼ 11.5% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €1.9m | €2.1m | €2.1m | €1.9m | ▼ 11.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Distributable reserves133 | - | - | - | €1.9m | €2.1m | €2.1m | €1.9m | ▼ 11.6% |
| Profit (loss) carried forward14 | €0.8m | €0.8m | €1.2m | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.4m | €0.6m | €0.6m | €0.9m | €1.1m | €1.0m | ▼ 6.5% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | €0.1m | €0.07m | ▼ 34.1% |
| Financial debts170/4 | - | - | - | €0.1m | €0.07m | €0.1m | €0.07m | ▼ 34.1% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.4m | €0.5m | €0.8m | €1.0m | €0.9m | ▼ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.3m | €0.06m | €0.07m | ▲ 17.2% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0 | €0.05m | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0 | €0.05m | - |
| Trade debts44 | €0.1m | €0.06m | €0.02m | €0.05m | €0.1m | €0.2m | €0.2m | ▼ 31.1% |
| Suppliers440/4 | - | - | - | €0.05m | €0.1m | €0.2m | €0.2m | ▼ 31.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.04m | €0.2m | €0.05m | ▼ 71.7% |
| Taxes450/3 | - | - | - | €0.04m | €0.01m | €0.1m | €0.04m | ▼ 73.0% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.02m | €0.009m | ▼ 64.0% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.5m | €0.6m | ▲ 20.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €4 | €268 | ▲ 68× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €329,464 | €34,940 | €577,732 | €590,850 | €291,066 | €493,164 | €352,352 | ▼ 28.6% |
| + Depreciation and write-downs630 | €206,779 | €162,231 | €187,129 | €240,639 | €303,755 | €475,098 | €536,294 | ▲ 12.9% |
| Operating cash flow (approximation) | €536,244 | €197,171 | €764,861 | €831,489 | €594,821 | €968,261 | €888,646 | ▼ 8.2% |
| Investment in fixed assets (approximation) | - | -€270,332 | -€282,814 | -€385,678 | -€734,160 | -€345,691 | -€615,619 | ▼ 78.1% |
| Change in cash | - | -€318,260 | €398,695 | €193,623 | €341,454 | €249,824 | -€422,003 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as WATTS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WATTS itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for WATTS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 02-02-2026 | 2026-00033659 | |
| 30-06-2024 | abbreviated format | 04-02-2025 | 2025-00032380 | |
| 30-06-2023 | abbreviated format | 15-12-2023 | 2023-00532675 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00018195 | |
| 30-06-2021 | abbreviated format | 09-02-2022 | 2022-05500243 | |
| 30-06-2020 | abbreviated format | 10-02-2021 | 2021-05400385 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-03900017 | |
| 30-06-2018 | abbreviated format | 30-01-2019 | 2019-03300267 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-04000015 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-03400383 |