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 +€38,870
up €38,870 (+38.1%), from €102,111 to €140,982
mainly Net result for the year (+€19,601) and Debts after one year (+€10,770)
- Tangible fixed assets -€3,646
down €3,646 (-26.4%), from €13,809 to €10,163
of which Furniture and vehicles: -€2,053
- Reserves +€19,601
up €19,601 (+47.2%), from €41,491 to €61,092
- Debts after one year +€10,770
new in 2025: €10,770
- Current portion of long-term debt +€9,769
up €9,769 (+391%), from €2,500 to €12,269
- Trade debts -€4,561
down €4,561 (-34.6%), from €13,189 to €8,628
- Gross operating margin +€11,971
up €11,971 (+11.9%), from €100,258 to €112,229
- Financial income -€6,793
down €6,793 (-100%), from €6,793 to €0
- Taxes +€1,713
up €1,713 (+21.1%), from €8,110 to €9,823
- Staff costs -€1,457
down €1,457 (-2.0%), from €71,949 to €70,492
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 | €117,810 | €152,821 | +€35,011 | +29.7% |
| Fixed assets | 21/28 | €13,809 | €10,163 | -€3,646 | -26.4% |
| Tangible fixed assets | 22/27 | €13,809 | €10,163 | -€3,646 | -26.4% |
| Plant, machinery and equipment | 23 | €5,492 | €3,898 | -€1,594 | -29.0% |
| Furniture and vehicles | 24 | €8,317 | €6,264 | -€2,053 | -24.7% |
| Current assets | 29/58 | €104,002 | €142,659 | +€38,657 | +37.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,890 | €1,677 | -€213 | -11.3% |
| Other amounts receivable | 41 | €1,890 | €1,677 | -€213 | -11.3% |
| Cash at bank and in hand | 54/58 | €102,111 | €140,982 | +€38,870 | +38.1% |
| Total equity and liabilities | 10/49 | €117,810 | €152,821 | +€35,011 | +29.7% |
| Equity | 10/15 | €43,491 | €63,092 | +€19,601 | +45.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €41,491 | €61,092 | +€19,601 | +47.2% |
| Distributable reserves | 133 | €41,491 | €61,092 | +€19,601 | +47.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €74,320 | €89,730 | +€15,410 | +20.7% |
| Amounts payable after more than one year | 17 | - | €10,770 | +€10,770 | |
| Financial debts | 170/4 | - | €10,770 | +€10,770 | |
| Amounts payable within one year | 42/48 | €74,320 | €78,960 | +€4,640 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €12,269 | +€9,769 | +391% |
| Trade debts | 44 | €13,189 | €8,628 | -€4,561 | -34.6% |
| Suppliers | 440/4 | €13,189 | €8,628 | -€4,561 | -34.6% |
| Taxes, remuneration and social security | 45 | €14,962 | €14,505 | -€457 | -3.1% |
| Taxes | 450/3 | €6,245 | €6,388 | +€143 | +2.3% |
| Remuneration and social security | 454/9 | €8,717 | €8,117 | -€600 | -6.9% |
| Other amounts payable | 47/48 | €43,669 | €43,557 | -€111 | -0.3% |
| Remuneration, social security and pensions | 62 | €71,949 | €70,492 | -€1,457 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,019 | €3,646 | +€628 | +20.8% |
| Other operating charges | 640/8 | €2,855 | €3,197 | +€342 | +12.0% |
| Gross operating margin | 9900 | €100,258 | €112,229 | +€11,971 | +11.9% |
| Operating profit (loss) | 9901 | €22,436 | €34,894 | +€12,458 | +55.5% |
| Financial income | 75/76B | €6,793 | €0 | -€6,793 | -100% |
| Recurring financial income | 75 | €6,793 | €0 | -€6,793 | -100% |
| Financial charges | 65/66B | €4,687 | €5,471 | +€783 | +16.7% |
| Recurring financial charges | 65 | €4,687 | €5,471 | +€783 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €24,542 | €29,424 | +€4,882 | +19.9% |
| Income taxes | 67/77 | €8,110 | €9,823 | +€1,713 | +21.1% |
| Profit (loss) for the period | 9904 | €16,432 | €19,601 | +€3,169 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,432 | €19,601 | +€3,169 | +19.3% |
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.