DE WATERTORRE: 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.
What changed
DE WATERTORRE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€161,970
2024 · €143,170+€18,800
Equity
€705,603
2024 · €734,934-€29,330
Cash
€52,949
2024 · €31,368+€21,581
Balance sheet total
€1.9m
2024 · €2.2m-€263,706
Largest movements
Assets
- Receivables within one year -€220,227
down €220,227 (-94.2%), from €233,774 to €13,548
- Receivables after one year -€65,000
down €65,000 (-65.0%), from €100,000 to €35,000
Equity and liabilities
- Other debts -€121,042
down €121,042 (-84.9%), from €142,500 to €21,458
- Debts after one year -€118,698
down €118,698 (-10.7%), from €1.1m to €993,659
- Profit (loss) carried forward -€40,300
down €40,300 (-99.9%), from €40,324 to €24
Income statement
- Gross operating margin +€37,290
up €37,290 (+12.5%), from €297,596 to €334,886
- Taxes +€18,347
up €18,347 (+30.9%), from €59,284 to €77,630
- Financial income -€13,746
down €13,746 (-76.5%), from €17,968 to €4,222
- Financial charges -€12,359
down €12,359 (-34.5%), from €35,875 to €23,516
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.
Result 2024
€143,170
Gross operating margin
+€37,290
Depreciation
-€26
Other operating charges
+€148
Other operating items
+€1,121
Financial income
-€13,746
Financial charges
+€12,359
Taxes
-€18,347
Result 2025
€161,970
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€396,786
Investment
-€65,988
Financing
-€309,217
Cash 2024
€31,368
From operations (derived)
+€396,786
Net result for the year
+€161,970
Depreciation
+€70,503
Receivables after one year
+€65,000
Receivables within one year
+€220,227
Deferred charges and accrued income
-€4,456
Trade debts
+€6,677
Tax, wage and social debts
-€2,093
Other debts
-€121,042
Investment (derived)
-€65,988
Investment in fixed assets (net)
-€65,988
Financing
-€309,217
Debts after one year
-€118,698
Current portion of long-term debt
+€781
Contributions, distributions and other
-€191,300
Cash 2025
€52,949
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,170,014 | €1,906,308 | -€263,706 | -12.2% |
| Fixed assets | 21/28 | €1,777,729 | €1,773,213 | -€4,516 | -0.3% |
| Tangible fixed assets | 22/27 | €1,777,729 | €1,773,213 | -€4,516 | -0.3% |
| Land and buildings | 22 | €1,720,028 | €1,660,372 | -€59,656 | -3.5% |
| Plant, machinery and equipment | 23 | €23,819 | €17,719 | -€6,100 | -25.6% |
| Furniture and vehicles | 24 | €33,882 | €95,122 | +€61,240 | +181% |
| Current assets | 29/58 | €392,285 | €133,095 | -€259,190 | -66.1% |
| Amounts receivable after more than one year | 29 | €100,000 | €35,000 | -€65,000 | -65.0% |
| Other amounts receivable | 291 | €100,000 | €35,000 | -€65,000 | -65.0% |
| Amounts receivable within one year | 40/41 | €233,774 | €13,548 | -€220,227 | -94.2% |
| Other amounts receivable | 41 | €233,774 | €13,548 | -€220,227 | -94.2% |
| Cash at bank and in hand | 54/58 | €31,368 | €52,949 | +€21,581 | +68.8% |
| Deferred charges and accrued income | 490/1 | €27,143 | €31,599 | +€4,456 | +16.4% |
| Total equity and liabilities | 10/49 | €2,170,014 | €1,906,308 | -€263,706 | -12.2% |
| Equity | 10/15 | €734,934 | €705,603 | -€29,330 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €676,010 | €686,980 | +€10,970 | +1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,650 | €231,550 | -€42,100 | -15.4% |
| Distributable reserves | 133 | €400,500 | €453,570 | +€53,070 | +13.3% |
| Profit (loss) carried forward | 14 | €40,324 | €24 | -€40,300 | -99.9% |
| Amounts payable | 17/49 | €1,435,080 | €1,200,705 | -€234,375 | -16.3% |
| Amounts payable after more than one year | 17 | €1,112,358 | €993,659 | -€118,698 | -10.7% |
| Financial debts | 170/4 | €1,112,358 | €993,659 | -€118,698 | -10.7% |
| Amounts payable within one year | 42/48 | €322,722 | €207,046 | -€115,677 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €150,967 | €151,749 | +€781 | +0.5% |
| Trade debts | 44 | €6,755 | €13,432 | +€6,677 | +98.8% |
| Suppliers | 440/4 | €6,755 | €13,432 | +€6,677 | +98.8% |
| Taxes, remuneration and social security | 45 | €22,500 | €20,407 | -€2,093 | -9.3% |
| Taxes | 450/3 | €22,500 | €20,407 | -€2,093 | -9.3% |
| Other amounts payable | 47/48 | €142,500 | €21,458 | -€121,042 | -84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,478 | €70,503 | +€26 | 0.0% |
| Other operating charges | 640/8 | €5,637 | €5,489 | -€148 | -2.6% |
| Non-recurring operating charges | 66A | €1,121 | €0 | -€1,121 | -100% |
| Gross operating margin | 9900 | €297,596 | €334,886 | +€37,290 | +12.5% |
| Operating profit (loss) | 9901 | €220,361 | €258,894 | +€38,533 | +17.5% |
| Financial income | 75/76B | €17,968 | €4,222 | -€13,746 | -76.5% |
| Recurring financial income | 75 | €17,968 | €4,222 | -€13,746 | -76.5% |
| Financial charges | 65/66B | €35,875 | €23,516 | -€12,359 | -34.5% |
| Recurring financial charges | 65 | €35,875 | €23,516 | -€12,359 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €202,454 | €239,600 | +€37,146 | +18.3% |
| Income taxes | 67/77 | €59,284 | €77,630 | +€18,347 | +30.9% |
| Profit (loss) for the period | 9904 | €143,170 | €161,970 | +€18,800 | +13.1% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,020 | €204,070 | +€124,050 | +155% |
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 18 October 2026 via checked.be.