by Watson: 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.
by Watson
Largest movements
- Cash +€592,108
up €592,108 (+197.4%), from €299,899 to €892,007
mainly Net result for the year (+€719,645) and Receivables within one year (+€403,182)
- Receivables within one year -€403,182
down €403,182 (-22.9%), from €1.8m to €1.4m
of which Other amounts receivable: -€521,701
- Tangible fixed assets -€314,253
down €314,253 (-25.3%), from €1.2m to €927,428
of which Furniture and vehicles: -€159,301
- Deferred charges and accrued income -€99,920
down €99,920 (-15.9%), from €628,617 to €528,696
- Reserves +€719,645
up €719,645 (+66.2%), from €1.1m to €1.8m
of which Distributable reserves: +€719,645
- Other debts -€700,000
down €700,000 (-100.0%), from €700,000 to €0
- Debts after one year -€334,087
down €334,087 (-39.9%), from €837,959 to €503,872
- Tax, wage and social debts +€130,434
up €130,434 (+26.5%), from €492,556 to €622,990
of which Remuneration and social security: +€91,716
- Trade debts -€107,310
down €107,310 (-56.2%), from €190,955 to €83,645
- Gross operating margin +€318,871
up €318,871 (+8.1%), from €3.9m to €4.2m
- Staff costs +€198,856
up €198,856 (+7.6%), from €2.6m to €2.8m
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 | €4,098,333 | €3,904,004 | -€194,329 | -4.7% |
| Fixed assets | 21/28 | €1,407,905 | €1,124,691 | -€283,214 | -20.1% |
| Intangible fixed assets | 21 | €2,074 | €33,113 | +€31,039 | +1496.6% |
| Tangible fixed assets | 22/27 | €1,241,681 | €927,428 | -€314,253 | -25.3% |
| Land and buildings | 22 | €368,997 | €237,602 | -€131,395 | -35.6% |
| Plant, machinery and equipment | 23 | €122,413 | €110,172 | -€12,242 | -10.0% |
| Furniture and vehicles | 24 | €664,145 | €504,845 | -€159,301 | -24.0% |
| Other tangible fixed assets | 26 | €86,125 | €74,810 | -€11,315 | -13.1% |
| Financial fixed assets | 28 | €164,150 | €164,150 | = | 0.0% |
| Current assets | 29/58 | €2,690,429 | €2,779,313 | +€88,885 | +3.3% |
| Stocks and contracts in progress | 3 | €2,210 | €2,088 | -€122 | -5.5% |
| Stocks | 30/36 | €2,210 | €2,088 | -€122 | -5.5% |
| Amounts receivable within one year | 40/41 | €1,759,703 | €1,356,521 | -€403,182 | -22.9% |
| Trade receivables | 40 | €1,183,982 | €1,302,501 | +€118,519 | +10.0% |
| Other amounts receivable | 41 | €575,721 | €54,020 | -€521,701 | -90.6% |
| Cash at bank and in hand | 54/58 | €299,899 | €892,007 | +€592,108 | +197.4% |
| Deferred charges and accrued income | 490/1 | €628,617 | €528,696 | -€99,920 | -15.9% |
| Total equity and liabilities | 10/49 | €4,098,333 | €3,904,004 | -€194,329 | -4.7% |
| Equity | 10/15 | €1,262,922 | €1,982,567 | +€719,645 | +57.0% |
| Contributions | 10/11 | €176,100 | €176,100 | = | 0.0% |
| Capital | 10 | €176,100 | €176,100 | = | 0.0% |
| Issued capital | 100 | €176,100 | €176,100 | = | 0.0% |
| Reserves | 13 | €1,086,822 | €1,806,467 | +€719,645 | +66.2% |
| Non-distributable reserves | 130/1 | €17,610 | €17,610 | = | 0.0% |
| Legal reserve | 130 | €17,610 | €17,610 | = | 0.0% |
| Tax-exempt reserves | 132 | €450 | €450 | = | 0.0% |
| Distributable reserves | 133 | €1,068,761 | €1,788,407 | +€719,645 | +67.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €60,500 | €66,000 | +€5,500 | +9.1% |
| Provisions for liabilities and charges | 160/5 | €60,500 | €66,000 | +€5,500 | +9.1% |
| Major repairs and maintenance | 162 | €60,500 | €66,000 | +€5,500 | +9.1% |
| Amounts payable | 17/49 | €2,774,912 | €1,855,437 | -€919,475 | -33.1% |
| Amounts payable after more than one year | 17 | €837,959 | €503,872 | -€334,087 | -39.9% |
| Financial debts | 170/4 | €837,959 | €503,872 | -€334,087 | -39.9% |
| Amounts payable within one year | 42/48 | €1,933,356 | €1,349,504 | -€583,852 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €336,959 | €334,087 | -€2,872 | -0.9% |
| Financial debts | 43 | €212,886 | €308,782 | +€95,896 | +45.0% |
| Credit institutions | 430/8 | €212,886 | €308,782 | +€95,896 | +45.0% |
| Trade debts | 44 | €190,955 | €83,645 | -€107,310 | -56.2% |
| Suppliers | 440/4 | €190,955 | €83,645 | -€107,310 | -56.2% |
| Taxes, remuneration and social security | 45 | €492,556 | €622,990 | +€130,434 | +26.5% |
| Taxes | 450/3 | €78,572 | €117,289 | +€38,718 | +49.3% |
| Remuneration and social security | 454/9 | €413,985 | €505,701 | +€91,716 | +22.2% |
| Other amounts payable | 47/48 | €700,000 | €0 | -€700,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,596 | €2,061 | -€1,535 | -42.7% |
| Non-recurring operating income | 76A | €3,800 | €0 | -€3,800 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,604,317 | €2,803,173 | +€198,856 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331,896 | €350,048 | +€18,152 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,024 | -€9,195 | -€15,219 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,500 | €5,500 | = | 0.0% |
| Other operating charges | 640/8 | €19,634 | €19,452 | -€182 | -0.9% |
| Non-recurring operating charges | 66A | €16,202 | €20,620 | +€4,417 | +27.3% |
| Gross operating margin | 9900 | €3,912,640 | €4,231,511 | +€318,871 | +8.1% |
| Operating profit (loss) | 9901 | €929,067 | €1,041,912 | +€112,846 | +12.1% |
| Financial income | 75/76B | €5,984 | €1,962 | -€4,023 | -67.2% |
| Recurring financial income | 75 | €5,984 | €1,962 | -€4,023 | -67.2% |
| Financial charges | 65/66B | €64,961 | €63,018 | -€1,942 | -3.0% |
| Recurring financial charges | 65 | €64,961 | €63,018 | -€1,942 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €870,090 | €980,856 | +€110,766 | +12.7% |
| Income taxes | 67/77 | €238,756 | €261,211 | +€22,454 | +9.4% |
| Profit (loss) for the period | 9904 | €631,334 | €719,645 | +€88,312 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €631,334 | €719,645 | +€88,312 | +14.0% |
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 10 October 2026 via checked.be.