De Groene Waterman: 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.
De Groene Waterman
Largest movements
- Receivables after one year +€12,395
new in 2025: €12,395
- Cash -€6,341
down €6,341 (-6.2%), from €102,671 to €96,330
mainly Receivables after one year (-€12,395) and Investment in fixed assets (net) (-€6,563)
- Tangible fixed assets -€6,329
down €6,329 (-3.3%), from €193,752 to €187,424
- Tax, wage and social debts -€5,499
down €5,499 (-77.4%), from €7,104 to €1,605
- Profit (loss) carried forward +€4,814
up €4,814 (+8.2%), from €58,848 to €63,662
- Gross operating margin -€23,045
down €23,045 (-55.1%), from €41,793 to €18,748
- Taxes +€3,134
up €3,134 (+203%), from €1,547 to €4,681
- Financial charges +€1,541
up €1,541 (+176%), from €877 to €2,418
- Other operating charges +€1,134
up €1,134 (+21.8%), from €5,204 to €6,338
- Depreciation +€864
up €864 (+7.2%), from €12,028 to €12,892
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 | €296,640 | €297,466 | +€826 | +0.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €193,752 | €187,424 | -€6,329 | -3.3% |
| Tangible fixed assets | 22/27 | €193,752 | €187,424 | -€6,329 | -3.3% |
| Land and buildings | 22 | €193,752 | €187,424 | -€6,329 | -3.3% |
| Current assets | 29/58 | €102,888 | €110,043 | +€7,155 | +7.0% |
| Amounts receivable after more than one year | 29 | - | €12,395 | +€12,395 | |
| Trade receivables | 290 | - | €12,395 | +€12,395 | |
| Cash at bank and in hand | 54/58 | €102,671 | €96,330 | -€6,341 | -6.2% |
| Deferred charges and accrued income | 490/1 | €217 | €1,318 | +€1,101 | +507% |
| Total equity and liabilities | 10/49 | €296,640 | €297,466 | +€826 | +0.3% |
| Equity | 10/15 | €127,048 | €131,862 | +€4,814 | +3.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,848 | €63,662 | +€4,814 | +8.2% |
| Amounts payable | 17/49 | €169,592 | €165,604 | -€3,988 | -2.4% |
| Amounts payable after more than one year | 17 | €162,000 | €162,000 | = | 0.0% |
| Financial debts | 170/4 | €162,000 | €162,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,592 | €3,604 | -€3,988 | -52.5% |
| Trade debts | 44 | €489 | €1,999 | +€1,511 | +309% |
| Suppliers | 440/4 | €489 | €1,999 | +€1,511 | +309% |
| Taxes, remuneration and social security | 45 | €7,104 | €1,605 | -€5,499 | -77.4% |
| Taxes | 450/3 | €7,104 | €1,605 | -€5,499 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,028 | €12,892 | +€864 | +7.2% |
| Other operating charges | 640/8 | €5,204 | €6,338 | +€1,134 | +21.8% |
| Non-recurring operating charges | 66A | €12,395 | -€12,395 | -€24,789 | |
| Gross operating margin | 9900 | €41,793 | €18,748 | -€23,045 | -55.1% |
| Operating profit (loss) | 9901 | €12,167 | €11,913 | -€253 | -2.1% |
| Financial charges | 65/66B | €877 | €2,418 | +€1,541 | +176% |
| Recurring financial charges | 65 | €877 | €2,418 | +€1,541 | +176% |
| Profit (loss) for the period before taxes | 9903 | €11,289 | €9,495 | -€1,794 | -15.9% |
| Income taxes | 67/77 | €1,547 | €4,681 | +€3,134 | +203% |
| Profit (loss) for the period | 9904 | €9,742 | €4,814 | -€4,928 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,742 | €4,814 | -€4,928 | -50.6% |
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 1 November 2026 via checked.be.