CLEARWATER: 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.
CLEARWATER
Largest movements
- Cash +€103,925
up €103,925 (+430%), from €24,147 to €128,072
mainly Net result for the year (+€165,772) and Other debts (+€59,021)
- Current investments +€100,000
up €100,000 (+66.7%), from €150,000 to €250,000
- Receivables within one year +€33,074
up €33,074 (+78.5%), from €42,109 to €75,183
of which Trade receivables: +€34,122
- Tangible fixed assets -€14,526
down €14,526 (-14.1%), from €103,383 to €88,858
of which Furniture and vehicles: -€8,683
- Stocks and contracts -€14,502
down €14,502 (-24.3%), from €59,698 to €45,196
- Reserves +€101,932
up €101,932 (+33.5%), from €304,235 to €406,168
- Other debts +€59,021
up €59,021 (+4,042%), from €1,460 to €60,481
- Tax, wage and social debts +€35,895
up €35,895 (+463%), from €7,756 to €43,651
of which Taxes: +€34,210
- Trade debts +€17,594
up €17,594 (+40.6%), from €43,330 to €60,924
- Debts after one year -€7,656
down €7,656 (-55.2%), from €13,872 to €6,216
- Gross operating margin +€127,042
up €127,042 (+97.4%), from €130,426 to €257,469
- Taxes +€39,271
up €39,271 (+103%), from €38,041 to €77,312
- Depreciation +€5,283
up €5,283 (+44.3%), from €11,938 to €17,221
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 | €379,338 | €587,309 | +€207,971 | +54.8% |
| Fixed assets | 21/28 | €103,383 | €88,858 | -€14,526 | -14.1% |
| Tangible fixed assets | 22/27 | €103,383 | €88,858 | -€14,526 | -14.1% |
| Land and buildings | 22 | €67,594 | €59,434 | -€8,160 | -12.1% |
| Plant, machinery and equipment | 23 | €481 | €2,799 | +€2,318 | +482% |
| Furniture and vehicles | 24 | €35,308 | €26,625 | -€8,683 | -24.6% |
| Current assets | 29/58 | €275,955 | €498,452 | +€222,497 | +80.6% |
| Stocks and contracts in progress | 3 | €59,698 | €45,196 | -€14,502 | -24.3% |
| Stocks | 30/36 | €59,698 | €45,196 | -€14,502 | -24.3% |
| Amounts receivable within one year | 40/41 | €42,109 | €75,183 | +€33,074 | +78.5% |
| Trade receivables | 40 | €41,061 | €75,183 | +€34,122 | +83.1% |
| Other amounts receivable | 41 | €1,048 | - | -€1,048 | |
| Current investments | 50/53 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €24,147 | €128,072 | +€103,925 | +430% |
| Total equity and liabilities | 10/49 | €379,338 | €587,309 | +€207,971 | +54.8% |
| Equity | 10/15 | €305,235 | €407,168 | +€101,932 | +33.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €304,235 | €406,168 | +€101,932 | +33.5% |
| Distributable reserves | 133 | €304,235 | €406,168 | +€101,932 | +33.5% |
| Amounts payable | 17/49 | €74,103 | €180,142 | +€106,039 | +143% |
| Amounts payable after more than one year | 17 | €13,872 | €6,216 | -€7,656 | -55.2% |
| Financial debts | 170/4 | €13,872 | €6,216 | -€7,656 | -55.2% |
| Amounts payable within one year | 42/48 | €60,231 | €173,925 | +€113,694 | +189% |
| Current portion of amounts payable after more than one year | 42 | €7,535 | €7,656 | +€121 | +1.6% |
| Trade debts | 44 | €43,330 | €60,924 | +€17,594 | +40.6% |
| Suppliers | 440/4 | €43,330 | €60,924 | +€17,594 | +40.6% |
| Advances received on contracts in progress | 46 | €150 | €1,214 | +€1,064 | +709% |
| Taxes, remuneration and social security | 45 | €7,756 | €43,651 | +€35,895 | +463% |
| Taxes | 450/3 | €7,756 | €41,966 | +€34,210 | +441% |
| Remuneration and social security | 454/9 | - | €1,685 | +€1,685 | |
| Other amounts payable | 47/48 | €1,460 | €60,481 | +€59,021 | +4,042% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,938 | €17,221 | +€5,283 | +44.3% |
| Other operating charges | 640/8 | €857 | €849 | -€8 | -0.9% |
| Gross operating margin | 9900 | €130,426 | €257,469 | +€127,042 | +97.4% |
| Operating profit (loss) | 9901 | €117,632 | €239,399 | +€121,767 | +104% |
| Financial income | 75/76B | €3,789 | €4,136 | +€346 | +9.1% |
| Recurring financial income | 75 | €3,789 | €4,136 | +€346 | +9.1% |
| Financial charges | 65/66B | €546 | €450 | -€96 | -17.5% |
| Recurring financial charges | 65 | €546 | €450 | -€96 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €120,875 | €243,084 | +€122,209 | +101% |
| Income taxes | 67/77 | €38,041 | €77,312 | +€39,271 | +103% |
| Profit (loss) for the period | 9904 | €82,834 | €165,772 | +€82,938 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €82,834 | €165,772 | +€82,938 | +100% |
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.