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 -€18,809
down €18,809 (-33.6%), from €55,946 to €37,137
mainly Receivables within one year (-€14,408) and Investment in fixed assets (net) (-€11,882)
- Receivables within one year +€14,408
up €14,408 (+98.8%), from €14,575 to €28,983
of which Trade receivables: +€7,292
- Tangible fixed assets +€4,119
up €4,119 (+20.8%), from €19,835 to €23,954
of which Furniture and vehicles: +€3,149
- Stocks and contracts +€2,833
up €2,833 (+35.4%), from €8,005 to €10,838
- Deferred charges and accrued income -€1,771
down €1,771 (-30.6%), from €5,790 to €4,018
- Reserves -€10,557
down €10,557 (-18.1%), from €58,248 to €47,691
- Trade debts +€9,813
up €9,813 (+45.4%), from €21,602 to €31,415
- Debts after one year +€5,944
new in 2025: €5,944
- Tax, wage and social debts -€3,957
down €3,957 (-56.8%), from €6,968 to €3,012
of which Remuneration and social security: -€2,152
- Accrued charges and deferred income -€2,392
no longer reported in 2025 (was €2,392)
- Gross operating margin -€13,366
down €13,366 (-27.9%), from €47,920 to €34,554
- Staff costs -€6,394
down €6,394 (-20.9%), from €30,640 to €24,247
- Depreciation -€2,285
down €2,285 (-22.7%), from €10,048 to €7,763
- Financial charges -€615
down €615 (-47.5%), from €1,295 to €681
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 | €104,151 | €104,931 | +€780 | +0.7% |
| Fixed assets | 21/28 | €19,835 | €23,954 | +€4,119 | +20.8% |
| Tangible fixed assets | 22/27 | €19,835 | €23,954 | +€4,119 | +20.8% |
| Land and buildings | 22 | €7,635 | €6,365 | -€1,270 | -16.6% |
| Plant, machinery and equipment | 23 | €8,929 | €11,170 | +€2,240 | +25.1% |
| Furniture and vehicles | 24 | €3,270 | €6,419 | +€3,149 | +96.3% |
| Current assets | 29/58 | €84,316 | €80,977 | -€3,340 | -4.0% |
| Stocks and contracts in progress | 3 | €8,005 | €10,838 | +€2,833 | +35.4% |
| Stocks | 30/36 | €8,005 | €10,838 | +€2,833 | +35.4% |
| Amounts receivable within one year | 40/41 | €14,575 | €28,983 | +€14,408 | +98.8% |
| Trade receivables | 40 | €12,328 | €19,619 | +€7,292 | +59.2% |
| Other amounts receivable | 41 | €2,248 | €9,364 | +€7,116 | +317% |
| Cash at bank and in hand | 54/58 | €55,946 | €37,137 | -€18,809 | -33.6% |
| Deferred charges and accrued income | 490/1 | €5,790 | €4,018 | -€1,771 | -30.6% |
| Total equity and liabilities | 10/49 | €104,151 | €104,931 | +€780 | +0.7% |
| Equity | 10/15 | €71,890 | €61,333 | -€10,557 | -14.7% |
| Contributions | 10/11 | €13,642 | €13,642 | = | 0.0% |
| Reserves | 13 | €58,248 | €47,691 | -€10,557 | -18.1% |
| Distributable reserves | 133 | €58,248 | €47,691 | -€10,557 | -18.1% |
| Amounts payable | 17/49 | €32,261 | €43,598 | +€11,337 | +35.1% |
| Amounts payable after more than one year | 17 | - | €5,944 | +€5,944 | |
| Financial debts | 170/4 | - | €5,944 | +€5,944 | |
| Amounts payable within one year | 42/48 | €29,869 | €37,654 | +€7,785 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €1,298 | €3,227 | +€1,928 | +149% |
| Trade debts | 44 | €21,602 | €31,415 | +€9,813 | +45.4% |
| Suppliers | 440/4 | €21,602 | €31,415 | +€9,813 | +45.4% |
| Taxes, remuneration and social security | 45 | €6,968 | €3,012 | -€3,957 | -56.8% |
| Taxes | 450/3 | €1,804 | - | -€1,804 | |
| Remuneration and social security | 454/9 | €5,164 | €3,012 | -€2,152 | -41.7% |
| Accrued charges and deferred income | 492/3 | €2,392 | - | -€2,392 | |
| Non-recurring operating income | 76A | €24,060 | - | -€24,060 | |
| Remuneration, social security and pensions | 62 | €30,640 | €24,247 | -€6,394 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,048 | €7,763 | -€2,285 | -22.7% |
| Other operating charges | 640/8 | €2,083 | €1,946 | -€137 | -6.6% |
| Gross operating margin | 9900 | €47,920 | €34,554 | -€13,366 | -27.9% |
| Operating profit (loss) | 9901 | €5,149 | €598 | -€4,551 | -88.4% |
| Financial income | 75/76B | €385 | €558 | +€173 | +45.0% |
| Recurring financial income | 75 | €385 | €558 | +€173 | +45.0% |
| Financial charges | 65/66B | €1,295 | €681 | -€615 | -47.5% |
| Recurring financial charges | 65 | €1,295 | €681 | -€615 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €4,239 | €476 | -€3,763 | -88.8% |
| Income taxes | 67/77 | €568 | €942 | +€373 | +65.6% |
| Profit (loss) for the period | 9904 | €3,670 | -€466 | -€4,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,670 | -€466 | -€4,136 |
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.