DE WATERBERG: 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 WATERBERG
Largest movements
- Receivables within one year +€270,927
new in 2025: €270,927
- Tangible fixed assets -€61,390
down €61,390 (-18.0%), from €340,878 to €279,487
of which Leasing and similar rights: -€44,623
- Cash +€11,633
up €11,633 (+713%), from €1,631 to €13,265
mainly Other debts (+€286,432) and Investment in fixed assets (net) (+€44,623)
- Other debts +€286,432
new in 2025: €286,432
- Debts after one year -€58,342
down €58,342 (-19.5%), from €299,814 to €241,473
- Current portion of long-term debt -€7,838
down €7,838 (-25.9%), from €30,239 to €22,400
- Gross operating margin -€6,459
down €6,459 (-19.6%), from €33,015 to €26,556
- Taxes -€2,016
down €2,016, from €1,393 to -€623
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 | €342,509 | €563,679 | +€221,170 | +64.6% |
| Fixed assets | 21/28 | €340,878 | €279,487 | -€61,390 | -18.0% |
| Tangible fixed assets | 22/27 | €340,878 | €279,487 | -€61,390 | -18.0% |
| Land and buildings | 22 | €296,255 | €279,487 | -€16,768 | -5.7% |
| Leasing and similar rights | 25 | €44,623 | €0 | -€44,623 | -100% |
| Current assets | 29/58 | €1,631 | €284,191 | +€282,560 | +17,319% |
| Amounts receivable within one year | 40/41 | - | €270,927 | +€270,927 | |
| Other amounts receivable | 41 | - | €270,927 | +€270,927 | |
| Cash at bank and in hand | 54/58 | €1,631 | €13,265 | +€11,633 | +713% |
| Total equity and liabilities | 10/49 | €342,509 | €563,679 | +€221,170 | +64.6% |
| Equity | 10/15 | €11,060 | €10,628 | -€432 | -3.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €4,760 | €4,328 | -€432 | -9.1% |
| Distributable reserves | 133 | €4,760 | €4,328 | -€432 | -9.1% |
| Amounts payable | 17/49 | €331,449 | €553,051 | +€221,602 | +66.9% |
| Amounts payable after more than one year | 17 | €299,814 | €241,473 | -€58,342 | -19.5% |
| Financial debts | 170/4 | €299,814 | €241,473 | -€58,342 | -19.5% |
| Amounts payable within one year | 42/48 | €31,635 | €311,579 | +€279,944 | +885% |
| Current portion of amounts payable after more than one year | 42 | €30,239 | €22,400 | -€7,838 | -25.9% |
| Trade debts | 44 | €603 | €2,577 | +€1,974 | +327% |
| Suppliers | 440/4 | €603 | €2,577 | +€1,974 | +327% |
| Taxes, remuneration and social security | 45 | €793 | €170 | -€623 | -78.6% |
| Taxes | 450/3 | €793 | €170 | -€623 | -78.6% |
| Other amounts payable | 47/48 | - | €286,432 | +€286,432 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,049 | €16,768 | -€281 | -1.6% |
| Other operating charges | 640/8 | €4,118 | €4,233 | +€116 | +2.8% |
| Gross operating margin | 9900 | €33,015 | €26,556 | -€6,459 | -19.6% |
| Operating profit (loss) | 9901 | €11,849 | €5,555 | -€6,293 | -53.1% |
| Financial charges | 65/66B | €6,472 | €6,611 | +€139 | +2.1% |
| Recurring financial charges | 65 | €6,472 | €6,611 | +€139 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €5,376 | -€1,056 | -€6,432 | |
| Income taxes | 67/77 | €1,393 | -€623 | -€2,016 | |
| Profit (loss) for the period | 9904 | €3,983 | -€432 | -€4,415 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,983 | -€432 | -€4,415 |
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 25 October 2026 via checked.be.