DE WACHTER: 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 WACHTER
Largest movements
- Cash -€1,907
down €1,907 (-13.6%), from €13,975 to €12,068
mainly Tax, wage and social debts (-€6,874) and Trade debts (-€3,612)
- Reserves +€8,300
up €8,300 (+7.4%), from €112,074 to €120,374
- Tax, wage and social debts -€6,874
down €6,874 (-32.8%), from €20,956 to €14,082
- Trade debts -€3,612
down €3,612 (-62.2%), from €5,808 to €2,196
- Gross operating margin -€3,871
down €3,871 (-30.5%), from €12,675 to €8,805
- Taxes -€1,575
down €1,575 (-22.0%), from €7,167 to €5,592
- Staff costs +€560
up €560 (+41.2%), from €1,360 to €1,920
- Financial income -€497
down €497 (-4.6%), from €10,778 to €10,281
of which Non-recurring financial income: -€532
- Depreciation +€184
up €184 (+8.6%), from €2,149 to €2,333
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 | €157,590 | €155,244 | -€2,346 | -1.5% |
| Fixed assets | 21/28 | €9,772 | €8,357 | -€1,415 | -14.5% |
| Tangible fixed assets | 22/27 | €9,772 | €8,357 | -€1,415 | -14.5% |
| Land and buildings | 22 | €3,155 | €2,788 | -€366 | -11.6% |
| Plant, machinery and equipment | 23 | €1,129 | €1,388 | +€259 | +22.9% |
| Furniture and vehicles | 24 | €5,488 | €4,181 | -€1,308 | -23.8% |
| Current assets | 29/58 | €147,818 | €146,887 | -€931 | -0.6% |
| Amounts receivable within one year | 40/41 | €133,616 | €134,584 | +€968 | +0.7% |
| Trade receivables | 40 | €11,184 | €1,411 | -€9,773 | -87.4% |
| Other amounts receivable | 41 | €122,433 | €133,173 | +€10,740 | +8.8% |
| Cash at bank and in hand | 54/58 | €13,975 | €12,068 | -€1,907 | -13.6% |
| Deferred charges and accrued income | 490/1 | €227 | €235 | +€9 | +3.8% |
| Total equity and liabilities | 10/49 | €157,590 | €155,244 | -€2,346 | -1.5% |
| Equity | 10/15 | €130,666 | €138,966 | +€8,300 | +6.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €112,074 | €120,374 | +€8,300 | +7.4% |
| Distributable reserves | 133 | €112,074 | €120,374 | +€8,300 | +7.4% |
| Amounts payable | 17/49 | €26,924 | €16,278 | -€10,646 | -39.5% |
| Amounts payable within one year | 42/48 | €26,764 | €16,278 | -€10,486 | -39.2% |
| Trade debts | 44 | €5,808 | €2,196 | -€3,612 | -62.2% |
| Suppliers | 440/4 | €5,808 | €2,196 | -€3,612 | -62.2% |
| Taxes, remuneration and social security | 45 | €20,956 | €14,082 | -€6,874 | -32.8% |
| Taxes | 450/3 | €20,956 | €14,082 | -€6,874 | -32.8% |
| Accrued charges and deferred income | 492/3 | €160 | - | -€160 | |
| Non-recurring operating income | 76A | €700 | €5 | -€695 | -99.3% |
| Remuneration, social security and pensions | 62 | €1,360 | €1,920 | +€560 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,149 | €2,333 | +€184 | +8.6% |
| Other operating charges | 640/8 | €756 | €785 | +€29 | +3.9% |
| Gross operating margin | 9900 | €12,675 | €8,805 | -€3,871 | -30.5% |
| Operating profit (loss) | 9901 | €8,410 | €3,766 | -€4,644 | -55.2% |
| Financial income | 75/76B | €10,778 | €10,281 | -€497 | -4.6% |
| Recurring financial income | 75 | €9 | €45 | +€35 | +388% |
| Non-recurring financial income | 76B | €10,768 | €10,236 | -€532 | -4.9% |
| Financial charges | 65/66B | €121 | €155 | +€34 | +28.0% |
| Recurring financial charges | 65 | €121 | €155 | +€34 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €19,067 | €13,892 | -€5,175 | -27.1% |
| Income taxes | 67/77 | €7,167 | €5,592 | -€1,575 | -22.0% |
| Profit (loss) for the period | 9904 | €11,899 | €8,300 | -€3,600 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,899 | €8,300 | -€3,600 | -30.3% |
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 15 October 2026 via checked.be.