3s Watelle: 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.
3s Watelle
Largest movements
- Tangible fixed assets +€168,541
up €168,541 (+17.5%), from €961,294 to €1.1m
of which Land and buildings: +€172,173
- Receivables within one year +€25,473
up €25,473 (+142,627%), from €18 to €25,491
of which Trade receivables: +€25,454
- Other debts +€242,142
up €242,142 (+57.2%), from €423,327 to €665,469
- Debts after one year -€27,729
down €27,729 (-7.4%), from €376,702 to €348,973
- Profit (loss) carried forward -€22,800
down €22,800 (-14.8%), from -€154,429 to -€177,229
- Gross operating margin +€27,508
up €27,508 (+38.0%), from €72,325 to €99,833
- Depreciation +€12,354
up €12,354 (+14.4%), from €85,924 to €98,277
- Financial charges -€2,944
down €2,944 (-11.3%), from €26,090 to €23,146
- Other operating charges +€2,843
up €2,843 (+148%), from €1,919 to €4,762
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 | €971,469 | €1,157,543 | +€186,074 | +19.2% |
| Fixed assets | 21/28 | €961,294 | €1,129,834 | +€168,541 | +17.5% |
| Tangible fixed assets | 22/27 | €961,294 | €1,129,834 | +€168,541 | +17.5% |
| Land and buildings | 22 | €953,791 | €1,125,964 | +€172,173 | +18.1% |
| Furniture and vehicles | 24 | €7,503 | €3,870 | -€3,633 | -48.4% |
| Current assets | 29/58 | €10,175 | €27,709 | +€17,533 | +172% |
| Amounts receivable within one year | 40/41 | €18 | €25,491 | +€25,473 | +142,627% |
| Trade receivables | 40 | - | €25,454 | +€25,454 | |
| Other amounts receivable | 41 | €18 | €37 | +€19 | +106% |
| Cash at bank and in hand | 54/58 | €9,642 | €1,673 | -€7,970 | -82.7% |
| Deferred charges and accrued income | 490/1 | €515 | €545 | +€30 | +5.8% |
| Total equity and liabilities | 10/49 | €971,469 | €1,157,543 | +€186,074 | +19.2% |
| Equity | 10/15 | €128,443 | €102,805 | -€25,638 | -20.0% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €114,272 | €111,434 | -€2,838 | -2.5% |
| Tax-exempt reserves | 132 | €15,663 | €12,825 | -€2,838 | -18.1% |
| Distributable reserves | 133 | €98,609 | €98,609 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,429 | -€177,229 | -€22,800 | -14.8% |
| Provisions and deferred taxes | 16 | €4,014 | €3,287 | -€727 | -18.1% |
| Deferred taxes | 168 | €4,014 | €3,287 | -€727 | -18.1% |
| Amounts payable | 17/49 | €839,012 | €1,051,451 | +€212,440 | +25.3% |
| Amounts payable after more than one year | 17 | €376,702 | €348,973 | -€27,729 | -7.4% |
| Financial debts | 170/4 | €376,702 | €348,973 | -€27,729 | -7.4% |
| Amounts payable within one year | 42/48 | €462,310 | €702,478 | +€240,168 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €32,663 | €27,729 | -€4,934 | -15.1% |
| Trade debts | 44 | €805 | €1,007 | +€202 | +25.0% |
| Suppliers | 440/4 | €805 | €1,007 | +€202 | +25.0% |
| Taxes, remuneration and social security | 45 | €5,515 | €8,274 | +€2,759 | +50.0% |
| Taxes | 450/3 | €5,515 | €8,274 | +€2,759 | +50.0% |
| Other amounts payable | 47/48 | €423,327 | €665,469 | +€242,142 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,924 | €98,277 | +€12,354 | +14.4% |
| Other operating charges | 640/8 | €1,919 | €4,762 | +€2,843 | +148% |
| Gross operating margin | 9900 | €72,325 | €99,833 | +€27,508 | +38.0% |
| Operating profit (loss) | 9901 | -€15,517 | -€3,206 | +€12,312 | +79.3% |
| Financial income | 75/76B | €14 | €47 | +€33 | +238% |
| Recurring financial income | 75 | €14 | €47 | +€33 | +238% |
| Financial charges | 65/66B | €26,090 | €23,146 | -€2,944 | -11.3% |
| Recurring financial charges | 65 | €26,090 | €23,146 | -€2,944 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€41,594 | -€26,305 | +€15,288 | +36.8% |
| Transfer from deferred taxes | 780 | €727 | €727 | = | 0.0% |
| Income taxes | 67/77 | €59 | €60 | +€1 | +2.2% |
| Profit (loss) for the period | 9904 | -€40,925 | -€25,638 | +€15,287 | +37.4% |
| Transfer from tax-exempt reserves | 789 | €2,838 | €2,838 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,087 | -€22,800 | +€15,287 | +40.1% |
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 19 October 2026 via checked.be.