BRIGHT WATERS: 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.
BRIGHT WATERS
Largest movements
- Receivables within one year +€28,121
up €28,121 (+475%), from €5,921 to €34,042
of which Trade receivables: +€16,969
- Receivables after one year +€28,106
up €28,106 (+13.2%), from €212,822 to €240,927
- Cash -€8,504
down €8,504 (-66.9%), from €12,716 to €4,212
mainly Receivables within one year (-€28,121) and Receivables after one year (-€28,106)
- Tangible fixed assets -€8,206
down €8,206 (-31.2%), from €26,313 to €18,107
of which Furniture and vehicles: -€7,682
- Reserves +€45,177
up €45,177 (+61.5%), from €73,484 to €118,661
- Debts after one year -€6,130
down €6,130 (-38.5%), from €15,931 to €9,801
- Other operating charges -€4,643
down €4,643 (-62.6%), from €7,417 to €2,774
- Gross operating margin -€4,469
down €4,469 (-6.5%), from €68,957 to €64,489
- Taxes -€864
down €864 (-4.2%), from €20,597 to €19,733
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 | €260,067 | €298,757 | +€38,690 | +14.9% |
| Fixed assets | 21/28 | €26,503 | €18,297 | -€8,206 | -31.0% |
| Tangible fixed assets | 22/27 | €26,313 | €18,107 | -€8,206 | -31.2% |
| Plant, machinery and equipment | 23 | €862 | €338 | -€524 | -60.8% |
| Furniture and vehicles | 24 | €25,451 | €17,769 | -€7,682 | -30.2% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €233,563 | €280,460 | +€46,896 | +20.1% |
| Amounts receivable after more than one year | 29 | €212,822 | €240,927 | +€28,106 | +13.2% |
| Other amounts receivable | 291 | €212,822 | €240,927 | +€28,106 | +13.2% |
| Amounts receivable within one year | 40/41 | €5,921 | €34,042 | +€28,121 | +475% |
| Trade receivables | 40 | €313 | €17,282 | +€16,969 | +5,427% |
| Other amounts receivable | 41 | €5,608 | €16,760 | +€11,152 | +199% |
| Cash at bank and in hand | 54/58 | €12,716 | €4,212 | -€8,504 | -66.9% |
| Deferred charges and accrued income | 490/1 | €2,105 | €1,279 | -€826 | -39.3% |
| Total equity and liabilities | 10/49 | €260,067 | €298,757 | +€38,690 | +14.9% |
| Equity | 10/15 | €174,103 | €219,280 | +€45,177 | +25.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €73,484 | €118,661 | +€45,177 | +61.5% |
| Distributable reserves | 133 | €73,484 | €118,661 | +€45,177 | +61.5% |
| Profit (loss) carried forward | 14 | €98,620 | €98,620 | = | 0.0% |
| Amounts payable | 17/49 | €85,963 | €79,477 | -€6,487 | -7.5% |
| Amounts payable after more than one year | 17 | €15,931 | €9,801 | -€6,130 | -38.5% |
| Financial debts | 170/4 | €15,931 | €9,801 | -€6,130 | -38.5% |
| Amounts payable within one year | 42/48 | €70,033 | €69,676 | -€357 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €5,826 | €6,130 | +€304 | +5.2% |
| Trade debts | 44 | €163 | €435 | +€272 | +166% |
| Suppliers | 440/4 | €163 | €435 | +€272 | +166% |
| Taxes, remuneration and social security | 45 | €64,043 | €63,111 | -€932 | -1.5% |
| Taxes | 450/3 | €61,063 | €60,130 | -€932 | -1.5% |
| Remuneration and social security | 454/9 | €2,981 | €2,981 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,043 | €8,206 | +€163 | +2.0% |
| Other operating charges | 640/8 | €7,417 | €2,774 | -€4,643 | -62.6% |
| Gross operating margin | 9900 | €68,957 | €64,489 | -€4,469 | -6.5% |
| Operating profit (loss) | 9901 | €53,498 | €53,509 | +€11 | 0.0% |
| Financial income | 75/76B | €12,273 | €12,901 | +€628 | +5.1% |
| Recurring financial income | 75 | €12,273 | €12,901 | +€628 | +5.1% |
| Financial charges | 65/66B | €1,475 | €1,500 | +€25 | +1.7% |
| Recurring financial charges | 65 | €1,475 | €1,500 | +€25 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €64,296 | €64,910 | +€614 | +1.0% |
| Income taxes | 67/77 | €20,597 | €19,733 | -€864 | -4.2% |
| Profit (loss) for the period | 9904 | €43,699 | €45,177 | +€1,478 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,699 | €45,177 | +€1,478 | +3.4% |
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 16 October 2026 via checked.be.