Bridgewater: 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.
Bridgewater
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€190,558
down €190,558 (-70.1%), from €271,951 to €81,393
mainly Current investments (-€200,000) and Receivables within one year (-€93,354)
- Receivables within one year +€93,354
up €93,354 (+73.0%), from €127,875 to €221,229
of which Trade receivables: +€145,827
- Other debts +€82,564
new in 2025: €82,564
- Tax, wage and social debts +€38,661
up €38,661 (+479%), from €8,067 to €46,728
- Reserves -€20,256
down €20,256 (-5.4%), from €377,874 to €357,618
- Financial charges +€45,450
up €45,450 (+22,175%), from €205 to €45,654
- Gross operating margin +€24,017
up €24,017 (+21.9%), from €109,435 to €133,452
- Taxes -€6,234
down €6,234 (-19.3%), from €32,378 to €26,144
- Staff costs -€2,075
no longer reported in 2025 (was €2,075)
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 | €405,741 | €511,089 | +€105,347 | +26.0% |
| Fixed assets | 21/28 | €3,982 | €2,386 | -€1,596 | -40.1% |
| Tangible fixed assets | 22/27 | €3,982 | €2,386 | -€1,596 | -40.1% |
| Plant, machinery and equipment | 23 | €3,462 | €2,231 | -€1,231 | -35.6% |
| Furniture and vehicles | 24 | €520 | €155 | -€365 | -70.3% |
| Current assets | 29/58 | €401,759 | €508,702 | +€106,943 | +26.6% |
| Amounts receivable within one year | 40/41 | €127,875 | €221,229 | +€93,354 | +73.0% |
| Trade receivables | 40 | - | €145,827 | +€145,827 | |
| Other amounts receivable | 41 | €127,875 | €75,402 | -€52,472 | -41.0% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €271,951 | €81,393 | -€190,558 | -70.1% |
| Deferred charges and accrued income | 490/1 | €1,934 | €6,081 | +€4,147 | +214% |
| Total equity and liabilities | 10/49 | €405,741 | €511,089 | +€105,347 | +26.0% |
| Equity | 10/15 | €397,374 | €377,118 | -€20,256 | -5.1% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €377,874 | €357,618 | -€20,256 | -5.4% |
| Distributable reserves | 133 | €377,874 | €357,618 | -€20,256 | -5.4% |
| Amounts payable | 17/49 | €8,368 | €133,971 | +€125,603 | +1,501% |
| Amounts payable within one year | 42/48 | €8,368 | €133,971 | +€125,603 | +1,501% |
| Trade debts | 44 | €301 | €4,679 | +€4,378 | +1,456% |
| Suppliers | 440/4 | €301 | €4,679 | +€4,378 | +1,456% |
| Taxes, remuneration and social security | 45 | €8,067 | €46,728 | +€38,661 | +479% |
| Taxes | 450/3 | €8,067 | €46,728 | +€38,661 | +479% |
| Other amounts payable | 47/48 | - | €82,564 | +€82,564 | |
| Remuneration, social security and pensions | 62 | €2,075 | - | -€2,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,315 | €2,363 | +€48 | +2.1% |
| Other operating charges | 640/8 | €63 | - | -€63 | |
| Gross operating margin | 9900 | €109,435 | €133,452 | +€24,017 | +21.9% |
| Operating profit (loss) | 9901 | €104,982 | €131,089 | +€26,108 | +24.9% |
| Financial income | 75/76B | €8,274 | €8,756 | +€483 | +5.8% |
| Recurring financial income | 75 | €8,274 | €8,756 | +€483 | +5.8% |
| Financial charges | 65/66B | €205 | €45,654 | +€45,450 | +22,175% |
| Recurring financial charges | 65 | €205 | €45,654 | +€45,450 | +22,175% |
| Profit (loss) for the period before taxes | 9903 | €113,050 | €94,191 | -€18,859 | -16.7% |
| Income taxes | 67/77 | €32,378 | €26,144 | -€6,234 | -19.3% |
| Profit (loss) for the period | 9904 | €80,672 | €68,048 | -€12,625 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,672 | €68,048 | -€12,625 | -15.6% |
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 15 October 2026 via checked.be.