BRIGHTWATER: 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.
BRIGHTWATER
Largest movements
- Receivables within one year -€13,527
down €13,527 (-47.8%), from €28,289 to €14,762
of which Other amounts receivable: -€17,404
- Cash -€10,412
down €10,412 (-33.5%), from €31,065 to €20,653
mainly Contributions, distributions and other (-€69,865) and Tax, wage and social debts (-€10,254)
- Tangible fixed assets -€5,593
down €5,593 (-38.6%), from €14,486 to €8,894
of which Furniture and vehicles: -€5,202
- Reserves -€48,265
down €48,265 (-96.8%), from €49,865 to €1,601
- Other debts +€29,297
new in 2025: €29,297
- Tax, wage and social debts -€10,254
down €10,254 (-61.2%), from €16,744 to €6,490
- Trade debts -€996
down €996 (-32.2%), from €3,092 to €2,095
- Gross operating margin -€29,124
down €29,124 (-44.2%), from €65,934 to €36,810
- Taxes -€5,948
down €5,948 (-40.8%), from €14,590 to €8,642
- Depreciation +€3,411
up €3,411 (+156%), from €2,182 to €5,593
- Financial income -€1,546
down €1,546 (-100%), from €1,546 to €0
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 | €74,701 | €44,484 | -€30,217 | -40.5% |
| Fixed assets | 21/28 | €14,486 | €8,894 | -€5,593 | -38.6% |
| Tangible fixed assets | 22/27 | €14,486 | €8,894 | -€5,593 | -38.6% |
| Land and buildings | 22 | €2,460 | €2,069 | -€390 | -15.9% |
| Furniture and vehicles | 24 | €12,026 | €6,824 | -€5,202 | -43.3% |
| Current assets | 29/58 | €60,215 | €35,590 | -€24,625 | -40.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €28,289 | €14,762 | -€13,527 | -47.8% |
| Trade receivables | 40 | €10,527 | €14,404 | +€3,877 | +36.8% |
| Other amounts receivable | 41 | €17,762 | €358 | -€17,404 | -98.0% |
| Cash at bank and in hand | 54/58 | €31,065 | €20,653 | -€10,412 | -33.5% |
| Deferred charges and accrued income | 490/1 | €861 | €176 | -€685 | -79.6% |
| Total equity and liabilities | 10/49 | €74,701 | €44,484 | -€30,217 | -40.5% |
| Equity | 10/15 | €54,865 | €6,601 | -€48,265 | -88.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €49,865 | €1,601 | -€48,265 | -96.8% |
| Distributable reserves | 133 | €49,865 | €1,601 | -€48,265 | -96.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,836 | €37,883 | +€18,048 | +91.0% |
| Amounts payable within one year | 42/48 | €19,836 | €37,883 | +€18,048 | +91.0% |
| Trade debts | 44 | €3,092 | €2,095 | -€996 | -32.2% |
| Suppliers | 440/4 | €3,092 | €2,095 | -€996 | -32.2% |
| Taxes, remuneration and social security | 45 | €16,744 | €6,490 | -€10,254 | -61.2% |
| Taxes | 450/3 | €16,744 | €6,490 | -€10,254 | -61.2% |
| Other amounts payable | 47/48 | - | €29,297 | +€29,297 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,182 | €5,593 | +€3,411 | +156% |
| Other operating charges | 640/8 | €1,164 | €850 | -€314 | -27.0% |
| Gross operating margin | 9900 | €65,934 | €36,810 | -€29,124 | -44.2% |
| Operating profit (loss) | 9901 | €62,589 | €30,368 | -€32,221 | -51.5% |
| Financial income | 75/76B | €1,546 | €0 | -€1,546 | -100% |
| Recurring financial income | 75 | €1,546 | €0 | -€1,546 | -100% |
| Financial charges | 65/66B | €384 | €125 | -€259 | -67.5% |
| Recurring financial charges | 65 | €384 | €125 | -€259 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €63,750 | €30,243 | -€33,507 | -52.6% |
| Income taxes | 67/77 | €14,590 | €8,642 | -€5,948 | -40.8% |
| Profit (loss) for the period | 9904 | €49,160 | €21,601 | -€27,559 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,160 | €21,601 | -€27,559 | -56.1% |
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.