ALEXANDER WATSON: what changed
Two fiscal 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.
ALEXANDER WATSON
Largest movements
- Cash -€38,018
down €38,018 (-16.3%), from €233,334 to €195,316
mainly Contributions, distributions and other (-€259,000) and Investment in fixed assets (net) (-€31,575)
- Receivables within one year +€30,292
up €30,292 (+356.4%), from €8,500 to €38,792
of which Trade receivables: +€25,006
- Tangible fixed assets +€27,349
up €27,349 (+164.9%), from €16,587 to €43,937
of which Furniture and vehicles: +€28,573
- Other debts +€231,140
up €231,140 (+5624.0%), from €4,110 to €235,250
- Profit (loss) carried forward -€169,885
down €169,885 (-81.0%), from €209,749 to €39,864
- Trade debts -€19,802
down €19,802 (-83.7%), from €23,658 to €3,857
- Tax, wage and social debts -€19,377
down €19,377 (-89.9%), from €21,555 to €2,179
- Gross operating margin +€18,537
up €18,537 (+18.1%), from €102,171 to €120,708
- Taxes +€4,961
up €4,961 (+24.1%), from €20,553 to €25,515
- Other operating charges -€1,971
down €1,971 (-53.0%), from €3,716 to €1,745
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 | €259,572 | €281,649 | +€22,077 | +8.5% |
| Fixed assets | 21/28 | €16,587 | €43,937 | +€27,349 | +164.9% |
| Tangible fixed assets | 22/27 | €16,587 | €43,937 | +€27,349 | +164.9% |
| Furniture and vehicles | 24 | €6,223 | €34,795 | +€28,573 | +459.2% |
| Other tangible fixed assets | 26 | €10,365 | €9,142 | -€1,223 | -11.8% |
| Current assets | 29/58 | €242,985 | €237,712 | -€5,273 | -2.2% |
| Amounts receivable within one year | 40/41 | €8,500 | €38,792 | +€30,292 | +356.4% |
| Trade receivables | 40 | €8,500 | €33,506 | +€25,006 | +294.2% |
| Other amounts receivable | 41 | €0 | €5,286 | +€5,286 | |
| Cash at bank and in hand | 54/58 | €233,334 | €195,316 | -€38,018 | -16.3% |
| Deferred charges and accrued income | 490/1 | €1,151 | €3,604 | +€2,453 | +213.2% |
| Total equity and liabilities | 10/49 | €259,572 | €281,649 | +€22,077 | +8.5% |
| Equity | 10/15 | €210,249 | €40,364 | -€169,885 | -80.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €209,749 | €39,864 | -€169,885 | -81.0% |
| Amounts payable | 17/49 | €49,323 | €241,285 | +€191,962 | +389.2% |
| Amounts payable within one year | 42/48 | €49,323 | €241,285 | +€191,962 | +389.2% |
| Trade debts | 44 | €23,658 | €3,857 | -€19,802 | -83.7% |
| Suppliers | 440/4 | €23,658 | €3,857 | -€19,802 | -83.7% |
| Taxes, remuneration and social security | 45 | €21,555 | €2,179 | -€19,377 | -89.9% |
| Taxes | 450/3 | €21,555 | €2,179 | -€19,377 | -89.9% |
| Other amounts payable | 47/48 | €4,110 | €235,250 | +€231,140 | +5624.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,392 | €4,226 | +€833 | +24.6% |
| Other operating charges | 640/8 | €3,716 | €1,745 | -€1,971 | -53.0% |
| Gross operating margin | 9900 | €102,171 | €120,708 | +€18,537 | +18.1% |
| Operating profit (loss) | 9901 | €95,063 | €114,738 | +€19,675 | +20.7% |
| Financial income | 75/76B | €18 | €0 | -€17 | -99.3% |
| Recurring financial income | 75 | €18 | €0 | -€17 | -99.3% |
| Financial charges | 65/66B | €225 | €108 | -€116 | -51.8% |
| Recurring financial charges | 65 | €225 | €108 | -€116 | -51.8% |
| Profit (loss) for the period before taxes | 9903 | €94,856 | €114,629 | +€19,774 | +20.8% |
| Income taxes | 67/77 | €20,553 | €25,515 | +€4,961 | +24.1% |
| Profit (loss) for the period | 9904 | €74,303 | €89,115 | +€14,812 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,303 | €89,115 | +€14,812 | +19.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.