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
- Tangible fixed assets +€117,342
up €117,342 (+1,056%), from €11,112 to €128,455
of which Other tangible fixed assets: +€121,085
- Receivables within one year +€13,393
up €13,393 (+37.7%), from €35,529 to €48,922
of which Other amounts receivable: +€17,269
- Stocks and contracts -€13,202
down €13,202 (-31.1%), from €42,508 to €29,306
of which Contracts in progress: -€16,000
- Cash -€13,096
down €13,096 (-42.0%), from €31,169 to €18,074
mainly Investment in fixed assets (net) (-€122,977) and Net result for the year (-€28,968)
- Debts after one year +€116,008
up €116,008 (+14,007%), from €828 to €116,836
- Other debts +€31,439
up €31,439 (+1,358%), from €2,316 to €33,755
- Profit (loss) carried forward -€28,968
down €28,968 (-80.0%), from €36,217 to €7,249
- Trade debts -€10,495
down €10,495 (-16.5%), from €63,676 to €53,181
- Tax, wage and social debts -€2,984
down €2,984 (-25.2%), from €11,818 to €8,835
of which Remuneration and social security: -€3,080
- Gross operating margin -€48,478
down €48,478 (-57.7%), from €83,949 to €35,470
- Staff costs -€7,100
down €7,100 (-12.6%), from €56,521 to €49,421
- Other operating charges +€5,364
up €5,364 (+685%), from €783 to €6,147
- Taxes -€4,878
no longer reported in 2025 (was €4,878)
- Financial charges +€2,224
up €2,224 (+157%), from €1,413 to €3,637
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 | €121,794 | €226,997 | +€105,203 | +86.4% |
| Fixed assets | 21/28 | €11,112 | €128,455 | +€117,342 | +1,056% |
| Tangible fixed assets | 22/27 | €11,112 | €128,455 | +€117,342 | +1,056% |
| Furniture and vehicles | 24 | €9,177 | €5,434 | -€3,742 | -40.8% |
| Other tangible fixed assets | 26 | €1,936 | €123,020 | +€121,085 | +6,255% |
| Current assets | 29/58 | €110,682 | €98,543 | -€12,140 | -11.0% |
| Stocks and contracts in progress | 3 | €42,508 | €29,306 | -€13,202 | -31.1% |
| Stocks | 30/36 | €26,508 | €29,306 | +€2,798 | +10.6% |
| Contracts in progress | 37 | €16,000 | - | -€16,000 | |
| Amounts receivable within one year | 40/41 | €35,529 | €48,922 | +€13,393 | +37.7% |
| Trade receivables | 40 | €30,687 | €26,811 | -€3,877 | -12.6% |
| Other amounts receivable | 41 | €4,842 | €22,111 | +€17,269 | +357% |
| Cash at bank and in hand | 54/58 | €31,169 | €18,074 | -€13,096 | -42.0% |
| Deferred charges and accrued income | 490/1 | €1,475 | €2,241 | +€766 | +51.9% |
| Total equity and liabilities | 10/49 | €121,794 | €226,997 | +€105,203 | +86.4% |
| Equity | 10/15 | €38,217 | €9,249 | -€28,968 | -75.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,217 | €7,249 | -€28,968 | -80.0% |
| Amounts payable | 17/49 | €83,577 | €217,748 | +€134,171 | +161% |
| Amounts payable after more than one year | 17 | €828 | €116,836 | +€116,008 | +14,007% |
| Financial debts | 170/4 | €828 | €116,836 | +€116,008 | +14,007% |
| Amounts payable within one year | 42/48 | €82,749 | €100,912 | +€18,163 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €4,939 | €5,141 | +€202 | +4.1% |
| Trade debts | 44 | €63,676 | €53,181 | -€10,495 | -16.5% |
| Suppliers | 440/4 | €63,676 | €53,181 | -€10,495 | -16.5% |
| Taxes, remuneration and social security | 45 | €11,818 | €8,835 | -€2,984 | -25.2% |
| Taxes | 450/3 | €4,931 | €5,028 | +€97 | +2.0% |
| Remuneration and social security | 454/9 | €6,887 | €3,807 | -€3,080 | -44.7% |
| Other amounts payable | 47/48 | €2,316 | €33,755 | +€31,439 | +1,358% |
| Remuneration, social security and pensions | 62 | €56,521 | €49,421 | -€7,100 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,820 | €5,635 | +€1,815 | +47.5% |
| Other operating charges | 640/8 | €783 | €6,147 | +€5,364 | +685% |
| Gross operating margin | 9900 | €83,949 | €35,470 | -€48,478 | -57.7% |
| Operating profit (loss) | 9901 | €22,825 | -€25,733 | -€48,557 | |
| Financial income | 75/76B | €232 | €401 | +€170 | +73.3% |
| Recurring financial income | 75 | €232 | €401 | +€170 | +73.3% |
| Financial charges | 65/66B | €1,413 | €3,637 | +€2,224 | +157% |
| Recurring financial charges | 65 | €1,413 | €3,637 | +€2,224 | +157% |
| Profit (loss) for the period before taxes | 9903 | €21,644 | -€28,968 | -€50,612 | |
| Income taxes | 67/77 | €4,878 | - | -€4,878 | |
| Profit (loss) for the period | 9904 | €16,765 | -€28,968 | -€45,733 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,765 | -€28,968 | -€45,733 |
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 14 October 2026 via checked.be.