D-Watt: 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.
D-Watt
Largest movements
- Cash +€1.3m
up €1.3m (+220%), from €572,799 to €1.8m
mainly Trade debts (+€1.8m) and Stocks and contracts (+€112,814)
- Stocks and contracts -€112,814
down €112,814 (-92.9%), from €121,418 to €8,604
- Trade debts +€1.8m
up €1.8m (+98.1%), from €1.8m to €3.5m
- Other debts -€286,471
down €286,471 (-99.1%), from €289,000 to €2,529
- Advances received -€234,416
no longer reported in 2025 (was €234,416)
- Profit (loss) carried forward -€65,131
down €65,131, from €16,236 to -€48,895
- Debts after one year -€51,000
no longer reported in 2025 (was €51,000)
- Goods and materials +€5.5m
up €5.5m (+160%), from €3.5m to €9.0m
- Turnover +€5.4m
up €5.4m (+149%), from €3.6m to €8.9m
- Services and other goods -€386,768
down €386,768 (-95.5%), from €404,931 to €18,163
- Other operating income -€113,815
down €113,815 (-56.7%), from €200,692 to €86,876
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 | €2,485,554 | €3,583,960 | +€1.1m | +44.2% |
| Current assets | 29/58 | €2,485,554 | €3,583,960 | +€1.1m | +44.2% |
| Stocks and contracts in progress | 3 | €121,418 | €8,604 | -€112,814 | -92.9% |
| Contracts in progress | 37 | €121,418 | €8,604 | -€112,814 | -92.9% |
| Amounts receivable within one year | 40/41 | €1,768,662 | €1,740,953 | -€27,709 | -1.6% |
| Trade receivables | 40 | €1,747,559 | €1,718,075 | -€29,485 | -1.7% |
| Other amounts receivable | 41 | €21,103 | €22,879 | +€1,776 | +8.4% |
| Cash at bank and in hand | 54/58 | €572,799 | €1,834,403 | +€1.3m | +220% |
| Deferred charges and accrued income | 490/1 | €22,674 | - | -€22,674 | |
| Total equity and liabilities | 10/49 | €2,485,554 | €3,583,960 | +€1.1m | +44.2% |
| Equity | 10/15 | €78,591 | €13,459 | -€65,131 | -82.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €855 | €855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €855 | €855 | = | 0.0% |
| Legal reserve | 130 | €855 | €855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,236 | -€48,895 | -€65,131 | |
| Amounts payable | 17/49 | €2,406,963 | €3,570,501 | +€1.2m | +48.3% |
| Amounts payable after more than one year | 17 | €51,000 | - | -€51,000 | |
| Financial debts | 170/4 | €51,000 | - | -€51,000 | |
| Other loans | 174 | €51,000 | - | -€51,000 | |
| Amounts payable within one year | 42/48 | €2,321,755 | €3,557,463 | +€1.2m | +53.2% |
| Trade debts | 44 | €1,791,937 | €3,549,061 | +€1.8m | +98.1% |
| Suppliers | 440/4 | €1,791,937 | €3,549,061 | +€1.8m | +98.1% |
| Advances received on contracts in progress | 46 | €234,416 | - | -€234,416 | |
| Taxes, remuneration and social security | 45 | €6,402 | €5,873 | -€529 | -8.3% |
| Taxes | 450/3 | €6,402 | €5,873 | -€529 | -8.3% |
| Other amounts payable | 47/48 | €289,000 | €2,529 | -€286,471 | -99.1% |
| Accrued charges and deferred income | 492/3 | €34,208 | €13,037 | -€21,170 | -61.9% |
| Operating income | 70/76A | €3,909,770 | €8,917,523 | +€5.0m | +128% |
| Turnover | 70 | €3,587,660 | €8,943,461 | +€5.4m | +149% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €121,418 | -€112,814 | -€234,233 | |
| Other operating income | 74 | €200,692 | €86,876 | -€113,815 | -56.7% |
| Operating charges | 60/66A | €3,859,939 | €8,983,698 | +€5.1m | +133% |
| Goods for resale, raw materials and consumables | 60 | €3,454,175 | €8,964,572 | +€5.5m | +160% |
| Purchases | 600/8 | €3,454,175 | €8,964,572 | +€5.5m | +160% |
| Services and other goods | 61 | €404,931 | €18,163 | -€386,768 | -95.5% |
| Other operating charges | 640/8 | €834 | €964 | +€130 | +15.6% |
| Operating profit (loss) | 9901 | €49,832 | -€66,176 | -€116,007 | |
| Financial income | 75/76B | - | €2,801 | +€2,801 | |
| Recurring financial income | 75 | - | €2,801 | +€2,801 | |
| Other financial income | 752/9 | - | €2,801 | +€2,801 | |
| Financial charges | 65/66B | €26,339 | €2,286 | -€24,052 | -91.3% |
| Recurring financial charges | 65 | €26,339 | €2,286 | -€24,052 | -91.3% |
| Debt charges | 650 | €25,958 | €2,104 | -€23,854 | -91.9% |
| Other financial charges | 652/9 | €381 | €182 | -€198 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €23,493 | -€65,660 | -€89,154 | |
| Income taxes | 67/77 | €6,402 | -€529 | -€6,931 | |
| Taxes | 670/3 | €6,402 | - | -€6,402 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €529 | +€529 | |
| Profit (loss) for the period | 9904 | €17,091 | -€65,131 | -€82,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,091 | -€65,131 | -€82,222 |
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.