De Watering: 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 Watering
Largest movements
- Cash -€9.9m
down €9.9m (-81.1%), from €12.2m to €2.3m
mainly Current investments (-€8.9m) and Other debts (-€4.4m)
- Current investments +€8.9m
new in 2025: €8.9m
- Financial fixed assets -€2.5m
down €2.5m (-31.1%), from €8.1m to €5.6m
- Tangible fixed assets -€1.1m
down €1.1m (-3.8%), from €29.2m to €28.1m
of which Land and buildings: -€1.0m
- Receivables within one year +€1.0m
up €1.0m (+97.3%), from €1.1m to €2.1m
of which Other amounts receivable: +€1.5m
- Other debts -€4.4m
down €4.4m (-19.7%), from €22.2m to €17.8m
- Reserves +€528,564
up €528,564 (+3.6%), from €14.7m to €15.3m
of which Distributable reserves: +€562,753
- Gross operating margin +€501,935
up €501,935 (+13.3%), from €3.8m to €4.3m
- Financial income +€235,854
up €235,854 (+695%), from €33,940 to €269,793
- Taxes +€181,873
up €181,873 (+1,093%), from €16,639 to €198,512
- Financial charges +€118,056
up €118,056 (+13.2%), from €895,926 to €1.0m
of which Non-recurring financial charges: +€110,000
- Other operating charges +€84,052
up €84,052 (+21.2%), from €396,896 to €480,948
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 | €51,426,679 | €47,587,658 | -€3.8m | -7.5% |
| Fixed assets | 21/28 | €37,354,098 | €33,705,691 | -€3.6m | -9.8% |
| Tangible fixed assets | 22/27 | €29,222,031 | €28,103,707 | -€1.1m | -3.8% |
| Land and buildings | 22 | €28,941,085 | €27,911,142 | -€1.0m | -3.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €280,947 | €192,565 | -€88,381 | -31.5% |
| Financial fixed assets | 28 | €8,132,067 | €5,601,984 | -€2.5m | -31.1% |
| Current assets | 29/58 | €14,072,581 | €13,881,967 | -€190,614 | -1.4% |
| Amounts receivable after more than one year | 29 | €760,000 | €500,000 | -€260,000 | -34.2% |
| Other amounts receivable | 291 | €760,000 | €500,000 | -€260,000 | -34.2% |
| Amounts receivable within one year | 40/41 | €1,061,132 | €2,093,217 | +€1.0m | +97.3% |
| Trade receivables | 40 | €450,756 | €16,949 | -€433,807 | -96.2% |
| Other amounts receivable | 41 | €610,376 | €2,076,268 | +€1.5m | +240% |
| Current investments | 50/53 | - | €8,879,427 | +€8.9m | |
| Cash at bank and in hand | 54/58 | €12,237,365 | €2,316,421 | -€9.9m | -81.1% |
| Deferred charges and accrued income | 490/1 | €14,085 | €92,902 | +€78,818 | +560% |
| Total equity and liabilities | 10/49 | €51,426,679 | €47,587,658 | -€3.8m | -7.5% |
| Equity | 10/15 | €16,326,178 | €16,854,742 | +€528,564 | +3.2% |
| Contributions | 10/11 | €1,600,000 | €1,600,000 | = | 0.0% |
| Capital | 10 | €1,600,000 | €1,600,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Reserves | 13 | €14,726,178 | €15,254,742 | +€528,564 | +3.6% |
| Non-distributable reserves | 130/1 | €160,000 | €160,000 | = | 0.0% |
| Legal reserve | 130 | €160,000 | €160,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,198,727 | €1,164,539 | -€34,189 | -2.9% |
| Distributable reserves | 133 | €13,367,451 | €13,930,203 | +€562,753 | +4.2% |
| Provisions and deferred taxes | 16 | €148,764 | €137,367 | -€11,397 | -7.7% |
| Deferred taxes | 168 | €148,764 | €137,367 | -€11,397 | -7.7% |
| Amounts payable | 17/49 | €34,951,737 | €30,595,549 | -€4.4m | -12.5% |
| Amounts payable after more than one year | 17 | €12,000,000 | €12,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €12,000,000 | €12,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,504,105 | €18,078,921 | -€4.4m | -19.7% |
| Trade debts | 44 | €51,581 | €86,919 | +€35,337 | +68.5% |
| Suppliers | 440/4 | €51,581 | €86,919 | +€35,337 | +68.5% |
| Taxes, remuneration and social security | 45 | €280,072 | €176,716 | -€103,356 | -36.9% |
| Taxes | 450/3 | €147,730 | €40,617 | -€107,112 | -72.5% |
| Remuneration and social security | 454/9 | €132,342 | €136,098 | +€3,756 | +2.8% |
| Other amounts payable | 47/48 | €22,172,451 | €17,815,286 | -€4.4m | -19.7% |
| Accrued charges and deferred income | 492/3 | €447,633 | €516,628 | +€68,996 | +15.4% |
| Non-recurring operating income | 76A | €302,795 | €7,118 | -€295,678 | -97.6% |
| Remuneration, social security and pensions | 62 | €850,830 | €860,107 | +€9,277 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,429,589 | €1,487,684 | +€58,096 | +4.1% |
| Other operating charges | 640/8 | €396,896 | €480,948 | +€84,052 | +21.2% |
| Non-recurring operating charges | 66A | €264,175 | €0 | -€264,175 | -100% |
| Gross operating margin | 9900 | €3,786,673 | €4,288,608 | +€501,935 | +13.3% |
| Operating profit (loss) | 9901 | €845,183 | €1,459,868 | +€614,685 | +72.7% |
| Financial income | 75/76B | €33,940 | €269,793 | +€235,854 | +695% |
| Recurring financial income | 75 | €33,940 | €269,793 | +€235,854 | +695% |
| Financial charges | 65/66B | €895,926 | €1,013,982 | +€118,056 | +13.2% |
| Recurring financial charges | 65 | €895,926 | €903,982 | +€8,056 | +0.9% |
| Non-recurring financial charges | 66B | - | €110,000 | +€110,000 | |
| Profit (loss) for the period before taxes | 9903 | -€16,804 | €715,680 | +€732,483 | |
| Transfer from deferred taxes | 780 | €11,397 | €11,397 | = | 0.0% |
| Income taxes | 67/77 | €16,639 | €198,512 | +€181,873 | +1,093% |
| Profit (loss) for the period | 9904 | -€22,047 | €528,564 | +€550,611 | |
| Transfer from tax-exempt reserves | 789 | €34,190 | €34,189 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,143 | €562,753 | +€550,610 | +4,534% |
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 26 October 2026 via checked.be.