De Watervogel: 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 Watervogel
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€804,832
2024 · €23.0m-€22.2m
Equity
€23.9m
2024 · €23.1m+€804,832
Cash
€10.2m
2024 · €9.7m+€404,179
Balance sheet total
€40.3m
2024 · €50.2m-€10.0m
Largest movements
Assets
- Receivables within one year -€7.1m
down €7.1m (-55.8%), from €12.7m to €5.6m
of which Other amounts receivable: -€7.1m
- Receivables after one year -€5.5m
down €5.5m (-27.2%), from €20.4m to €14.9m
- Current investments +€2.5m
up €2.5m (+37.0%), from €6.8m to €9.2m
Equity and liabilities
- Debts after one year -€10.0m
down €10.0m (-38.8%), from €25.8m to €15.8m
- Profit (loss) carried forward +€804,832
up €804,832 (+2.7%), from -€30.2m to -€29.4m
- Other debts -€750,030
down €750,030 (-77.2%), from €971,736 to €221,706
Income statement
- Financial income -€22.4m
down €22.4m (-95.3%), from €23.5m to €1.1m
of which Non-recurring financial income: -€20.3m
- Turnover -€100,000
no longer reported in 2025 (was €100,000)
- Financial charges -€95,773
down €95,773 (-99.9%), from €95,910 to €138
- Staff costs -€88,963
down €88,963 (-99.7%), from €89,193 to €230
- Taxes -€67,541
down €67,541 (-20.0%), from €338,234 to €270,693
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
€23.0m
Turnover
-€100,000
Other operating income
-€230
Services and other goods
+€17,378
Staff costs
+€88,963
Other operating charges
-€258
Other operating items
-€24,448
Financial income
-€22.4m
Financial charges
+€95,773
Taxes
+€67,541
Result 2025
€804,832
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
+€12.9m
Investment
-€2.5m
Financing
-€10.0m
Cash 2024
€9.7m
From operations (derived)
+€12.9m
Net result for the year
+€804,832
Receivables after one year
+€5.5m
Receivables within one year
+€7.1m
Deferred charges and accrued income
+€260,960
Smaller working-capital items
-€11,457
Other debts
-€750,030
Investment (derived)
-€2.5m
Current investments
-€2.5m
Financing
-€10.0m
Debts after one year
-€10.0m
Cash 2025
€10.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,235,549 | €40,278,894 | -€10.0m | -19.8% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Current assets | 29/58 | €50,235,549 | €40,278,894 | -€10.0m | -19.8% |
| Amounts receivable after more than one year | 29 | €20,393,005 | €14,852,147 | -€5.5m | -27.2% |
| Other amounts receivable | 291 | €20,393,005 | €14,852,147 | -€5.5m | -27.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €12,651,067 | €5,592,053 | -€7.1m | -55.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €12,651,067 | €5,592,053 | -€7.1m | -55.8% |
| Current investments | 50/53 | €6,750,000 | €9,249,999 | +€2.5m | +37.0% |
| Other investments | 51/53 | €6,750,000 | - | -€6.8m | |
| Cash at bank and in hand | 54/58 | €9,746,613 | €10,150,792 | +€404,179 | +4.1% |
| Deferred charges and accrued income | 490/1 | €694,864 | €433,904 | -€260,960 | -37.6% |
| Total equity and liabilities | 10/49 | €50,235,549 | €40,278,894 | -€10.0m | -19.8% |
| Equity | 10/15 | €23,108,921 | €23,913,753 | +€804,832 | +3.5% |
| Contributions | 10/11 | €53,283,700 | €53,283,700 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €40,600 | €40,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €40,600 | €40,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,215,379 | -€29,410,547 | +€804,832 | +2.7% |
| Amounts payable | 17/49 | €27,126,628 | €16,365,141 | -€10.8m | -39.7% |
| Amounts payable after more than one year | 17 | €25,800,000 | €15,800,000 | -€10.0m | -38.8% |
| Financial debts | 170/4 | €25,800,000 | €15,800,000 | -€10.0m | -38.8% |
| Other loans | 174 | €25,800,000 | - | -€25.8m | |
| Amounts payable within one year | 42/48 | €1,323,428 | €561,941 | -€761,487 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,375 | €2,518 | -€857 | -25.4% |
| Suppliers | 440/4 | €3,375 | €2,518 | -€857 | -25.4% |
| Taxes, remuneration and social security | 45 | €348,317 | €337,717 | -€10,600 | -3.0% |
| Taxes | 450/3 | €348,317 | €337,717 | -€10,600 | -3.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €971,736 | €221,706 | -€750,030 | -77.2% |
| Accrued charges and deferred income | 492/3 | €3,200 | €3,200 | = | 0.0% |
| Operating income | 70/76A | €100,230 | - | -€100,230 | |
| Turnover | 70 | €100,000 | - | -€100,000 | |
| Other operating income | 74 | €230 | - | -€230 | |
| Operating charges | 60/66A | €108,082 | - | -€108,082 | |
| Services and other goods | 61 | €17,378 | - | -€17,378 | |
| Remuneration, social security and pensions | 62 | €89,193 | €230 | -€88,963 | -99.7% |
| Other operating charges | 640/8 | €1,510 | €1,768 | +€258 | +17.1% |
| Gross operating margin | 9900 | - | -€24,448 | -€24,448 | |
| Operating profit (loss) | 9901 | -€7,852 | -€26,446 | -€18,595 | -237% |
| Financial income | 75/76B | €23,480,370 | €1,102,109 | -€22.4m | -95.3% |
| Recurring financial income | 75 | €3,205,091 | €1,102,109 | -€2.1m | -65.6% |
| Income from financial fixed assets | 750 | €1,900,000 | - | -€1.9m | |
| Income from current assets | 751 | €1,305,091 | - | -€1.3m | |
| Non-recurring financial income | 76B | €20,275,279 | €0 | -€20.3m | -100% |
| Financial charges | 65/66B | €95,910 | €138 | -€95,773 | -99.9% |
| Recurring financial charges | 65 | €95,910 | €138 | -€95,773 | -99.9% |
| Debt charges | 650 | €95,701 | - | -€95,701 | |
| Other financial charges | 652/9 | €209 | - | -€209 | |
| Profit (loss) for the period before taxes | 9903 | €23,376,608 | €1,075,524 | -€22.3m | -95.4% |
| Income taxes | 67/77 | €338,234 | €270,693 | -€67,541 | -20.0% |
| Taxes | 670/3 | €338,234 | - | -€338,234 | |
| Profit (loss) for the period | 9904 | €23,038,374 | €804,832 | -€22.2m | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,038,374 | €804,832 | -€22.2m | -96.5% |
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 21 October 2026 via checked.be.