DE WATERVAL: 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 WATERVAL
Largest movements
- Cash -€25,329
down €25,329 (-89.0%), from €28,472 to €3,143
mainly Tax, wage and social debts (-€17,009) and Net result for the year (-€9,708)
- Tangible fixed assets -€8,272
down €8,272 (-23.5%), from €35,266 to €26,994
of which Plant, machinery and equipment: -€6,016
- Tax, wage and social debts -€17,009
down €17,009 (-68.2%), from €24,930 to €7,921
of which Taxes: -€16,816
- Short-term financial debts +€9,993
up €9,993 (+389%), from €2,569 to €12,562
- Reserves -€9,708
down €9,708 (-2.0%), from €473,780 to €464,072
of which Tax-exempt reserves: -€41,322
- Other debts -€9,231
down €9,231 (-17.0%), from €54,427 to €45,195
- Debts after one year -€6,940
down €6,940 (-30.2%), from €22,995 to €16,055
of which Financial debts: -€6,940
- Financial income -€95,820
down €95,820 (-93.5%), from €102,444 to €6,624
of which Financial income: -€102,444
- Gross operating margin -€31,041
down €31,041 (-74.3%), from €41,762 to €10,721
- Taxes -€4,607
down €4,607 (-26.8%), from €17,207 to €12,600
- Other operating charges -€1,074
down €1,074 (-57.1%), from €1,881 to €806
- Depreciation +€851
up €851 (+10.4%), from €8,150 to €9,001
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 | €615,847 | €578,471 | -€37,376 | -6.1% |
| Fixed assets | 21/28 | €571,936 | €563,663 | -€8,272 | -1.4% |
| Tangible fixed assets | 22/27 | €35,266 | €26,994 | -€8,272 | -23.5% |
| Plant, machinery and equipment | 23 | €22,199 | €16,183 | -€6,016 | -27.1% |
| Other tangible fixed assets | 26 | €13,068 | €10,811 | -€2,256 | -17.3% |
| Financial fixed assets | 28 | €536,670 | €536,670 | = | 0.0% |
| Current assets | 29/58 | €43,912 | €14,808 | -€29,104 | -66.3% |
| Stocks and contracts in progress | 3 | €100 | €285 | +€185 | +185% |
| Stocks | 30/36 | €100 | €285 | +€185 | +185% |
| Amounts receivable within one year | 40/41 | €13,683 | €8,228 | -€5,455 | -39.9% |
| Trade receivables | 40 | €12,185 | €7,957 | -€4,228 | -34.7% |
| Other amounts receivable | 41 | €1,498 | €271 | -€1,226 | -81.9% |
| Cash at bank and in hand | 54/58 | €28,472 | €3,143 | -€25,329 | -89.0% |
| Deferred charges and accrued income | 490/1 | €1,657 | €3,152 | +€1,495 | +90.2% |
| Total equity and liabilities | 10/49 | €615,847 | €578,471 | -€37,376 | -6.1% |
| Equity | 10/15 | €492,380 | €482,672 | -€9,708 | -2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €473,780 | €464,072 | -€9,708 | -2.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €41,322 | €0 | -€41,322 | -100% |
| Distributable reserves | 133 | €432,459 | €464,072 | +€31,614 | +7.3% |
| Provisions and deferred taxes | 16 | €1,112 | €0 | -€1,112 | -100% |
| Deferred taxes | 168 | €1,112 | €0 | -€1,112 | -100% |
| Amounts payable | 17/49 | €122,355 | €95,799 | -€26,556 | -21.7% |
| Amounts payable after more than one year | 17 | €22,995 | €16,055 | -€6,940 | -30.2% |
| Financial debts | 170/4 | €22,995 | €16,055 | -€6,940 | -30.2% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €96,132 | €79,744 | -€16,388 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €6,660 | €6,940 | +€280 | +4.2% |
| Financial debts | 43 | €2,569 | €12,562 | +€9,993 | +389% |
| Credit institutions | 430/8 | €2,569 | €12,562 | +€9,993 | +389% |
| Trade debts | 44 | €7,546 | €7,125 | -€421 | -5.6% |
| Suppliers | 440/4 | €7,546 | €7,125 | -€421 | -5.6% |
| Taxes, remuneration and social security | 45 | €24,930 | €7,921 | -€17,009 | -68.2% |
| Taxes | 450/3 | €24,068 | €7,252 | -€16,816 | -69.9% |
| Remuneration and social security | 454/9 | €862 | €669 | -€192 | -22.3% |
| Other amounts payable | 47/48 | €54,427 | €45,195 | -€9,231 | -17.0% |
| Accrued charges and deferred income | 492/3 | €3,227 | €0 | -€3,227 | -100% |
| Remuneration, social security and pensions | 62 | €2,857 | €2,526 | -€332 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,150 | €9,001 | +€851 | +10.4% |
| Other operating charges | 640/8 | €1,881 | €806 | -€1,074 | -57.1% |
| Non-recurring operating charges | 66A | €55 | €31 | -€24 | -44.5% |
| Gross operating margin | 9900 | €41,762 | €10,721 | -€31,041 | -74.3% |
| Operating profit (loss) | 9901 | €28,819 | -€1,643 | -€30,462 | |
| Financial income | 75/76B | €102,444 | €6,624 | -€95,820 | -93.5% |
| Recurring financial income | 75 | €102,444 | €0 | -€102,444 | -100.0% |
| Non-recurring financial income | 76B | - | €6,624 | +€6,624 | |
| Financial charges | 65/66B | €3,617 | €3,201 | -€416 | -11.5% |
| Recurring financial charges | 65 | €3,617 | €3,201 | -€416 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €127,646 | €1,780 | -€125,867 | -98.6% |
| Transfer from deferred taxes | 780 | €221 | €1,112 | +€891 | +403% |
| Income taxes | 67/77 | €17,207 | €12,600 | -€4,607 | -26.8% |
| Profit (loss) for the period | 9904 | €110,660 | -€9,708 | -€120,368 | |
| Transfer from tax-exempt reserves | 789 | €429 | €41,322 | +€40,892 | +9,522% |
| Profit (loss) for the period to be appropriated | 9905 | €111,090 | €31,614 | -€79,476 | -71.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.