CHEMINEES DE WATERLOO: 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.
CHEMINEES DE WATERLOO
Largest movements
- Cash -€12,776
down €12,776 (-84.1%), from €15,200 to €2,424
mainly Net result for the year (-€22,557) and Tax, wage and social debts (-€13,171)
- Receivables within one year -€10,362
down €10,362 (-7.3%), from €141,246 to €130,883
of which Trade receivables: -€30,955
- Tangible fixed assets -€9,545
down €9,545 (-12.5%), from €76,284 to €66,740
of which Other tangible fixed assets: -€7,603
- Reserves -€22,557
down €22,557 (-25.7%), from €87,790 to €65,234
of which Distributable reserves: -€22,557
- Tax, wage and social debts -€13,171
down €13,171 (-14.9%), from €88,260 to €75,089
of which Taxes: -€26,503
- Debts after one year -€12,893
down €12,893 (-9.0%), from €143,039 to €130,146
- Trade debts +€7,020
up €7,020 (+9.4%), from €75,013 to €82,032
- Gross operating margin -€50,498
down €50,498 (-29.2%), from €172,818 to €122,320
- Write-downs -€46,026
down €46,026, from €41,961 to -€4,065
- Staff costs -€22,720
down €22,720 (-21.3%), from €106,686 to €83,967
- Other operating charges +€20,286
up €20,286 (+5,121%), from €396 to €20,682
- Financial income +€2,355
up €2,355 (+99.2%), from €2,373 to €4,727
of which Non-recurring financial income: +€2,251
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 | €490,921 | €452,249 | -€38,672 | -7.9% |
| Fixed assets | 21/28 | €76,657 | €67,113 | -€9,545 | -12.5% |
| Tangible fixed assets | 22/27 | €76,284 | €66,740 | -€9,545 | -12.5% |
| Plant, machinery and equipment | 23 | €7,749 | €5,912 | -€1,837 | -23.7% |
| Furniture and vehicles | 24 | €104 | - | -€104 | |
| Other tangible fixed assets | 26 | €68,431 | €60,828 | -€7,603 | -11.1% |
| Financial fixed assets | 28 | €373 | €373 | = | 0.0% |
| Current assets | 29/58 | €414,263 | €385,136 | -€29,127 | -7.0% |
| Amounts receivable after more than one year | 29 | €42,300 | €42,300 | = | 0.0% |
| Other amounts receivable | 291 | €42,300 | €42,300 | = | 0.0% |
| Stocks and contracts in progress | 3 | €213,468 | €209,457 | -€4,011 | -1.9% |
| Stocks | 30/36 | €213,468 | €209,457 | -€4,011 | -1.9% |
| Amounts receivable within one year | 40/41 | €141,246 | €130,883 | -€10,362 | -7.3% |
| Trade receivables | 40 | €103,926 | €72,971 | -€30,955 | -29.8% |
| Other amounts receivable | 41 | €37,320 | €57,913 | +€20,593 | +55.2% |
| Cash at bank and in hand | 54/58 | €15,200 | €2,424 | -€12,776 | -84.1% |
| Deferred charges and accrued income | 490/1 | €2,049 | €72 | -€1,977 | -96.5% |
| Total equity and liabilities | 10/49 | €490,921 | €452,249 | -€38,672 | -7.9% |
| Equity | 10/15 | €95,790 | €73,234 | -€22,557 | -23.5% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €87,790 | €65,234 | -€22,557 | -25.7% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Distributable reserves | 133 | €85,690 | €63,134 | -€22,557 | -26.3% |
| Amounts payable | 17/49 | €395,130 | €379,015 | -€16,115 | -4.1% |
| Amounts payable after more than one year | 17 | €143,039 | €130,146 | -€12,893 | -9.0% |
| Other amounts payable | 178/9 | €143,039 | €130,146 | -€12,893 | -9.0% |
| Amounts payable within one year | 42/48 | €252,091 | €248,869 | -€3,222 | -1.3% |
| Financial debts | 43 | €88,489 | €89,118 | +€629 | +0.7% |
| Credit institutions | 430/8 | €88,489 | €89,118 | +€629 | +0.7% |
| Trade debts | 44 | €75,013 | €82,032 | +€7,020 | +9.4% |
| Suppliers | 440/4 | €75,013 | €82,032 | +€7,020 | +9.4% |
| Taxes, remuneration and social security | 45 | €88,260 | €75,089 | -€13,171 | -14.9% |
| Taxes | 450/3 | €40,492 | €13,988 | -€26,503 | -65.5% |
| Remuneration and social security | 454/9 | €47,769 | €61,101 | +€13,332 | +27.9% |
| Other amounts payable | 47/48 | €330 | €2,630 | +€2,300 | +697% |
| Non-recurring operating income | 76A | €3,274 | - | -€3,274 | |
| Remuneration, social security and pensions | 62 | €106,686 | €83,967 | -€22,720 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,134 | €9,545 | +€411 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,961 | -€4,065 | -€46,026 | |
| Other operating charges | 640/8 | €396 | €20,682 | +€20,286 | +5,121% |
| Non-recurring operating charges | 66A | €11,500 | €21,266 | +€9,766 | +84.9% |
| Gross operating margin | 9900 | €172,818 | €122,320 | -€50,498 | -29.2% |
| Operating profit (loss) | 9901 | €3,140 | -€9,075 | -€12,216 | |
| Financial income | 75/76B | €2,373 | €4,727 | +€2,355 | +99.2% |
| Recurring financial income | 75 | €2,373 | €2,476 | +€103 | +4.4% |
| Non-recurring financial income | 76B | - | €2,251 | +€2,251 | |
| Financial charges | 65/66B | €12,352 | €14,309 | +€1,957 | +15.8% |
| Recurring financial charges | 65 | €11,205 | €10,733 | -€472 | -4.2% |
| Non-recurring financial charges | 66B | €1,147 | €3,576 | +€2,429 | +212% |
| Profit (loss) for the period before taxes | 9903 | -€6,839 | -€18,657 | -€11,818 | -173% |
| Income taxes | 67/77 | €1,890 | €3,899 | +€2,010 | +106% |
| Profit (loss) for the period | 9904 | -€8,729 | -€22,557 | -€13,828 | -158% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,729 | -€22,557 | -€13,828 | -158% |
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 28 October 2026 via checked.be.