Dr. Marc Watté: 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.
Dr. Marc Watté
Largest movements
- Tangible fixed assets +€130,568
up €130,568 (+18.8%), from €693,085 to €823,653
of which Land and buildings: +€327,411
- Cash +€50,084
up €50,084 (+3,128%), from €1,601 to €51,685
mainly Net result for the year (+€157,337) and Tax, wage and social debts (+€30,335)
- Receivables within one year +€40,950
up €40,950 (+21.1%), from €193,905 to €234,856
of which Trade receivables: +€32,631
- Profit (loss) carried forward +€157,337
up €157,337 (+56.0%), from €281,142 to €438,479
- Tax, wage and social debts +€30,335
up €30,335 (+129%), from €23,512 to €53,847
- Debts after one year +€19,375
up €19,375 (+4.5%), from €428,465 to €447,840
- Other debts +€11,366
up €11,366 (+11.6%), from €97,997 to €109,362
- Gross operating margin +€104,305
up €104,305 (+77.9%), from €133,852 to €238,157
- Depreciation +€12,744
up €12,744 (+93.7%), from €13,596 to €26,340
- Taxes +€5,195
up €5,195 (+12.7%), from €40,954 to €46,148
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 | €892,691 | €1,114,216 | +€221,525 | +24.8% |
| Fixed assets | 21/28 | €693,085 | €823,653 | +€130,568 | +18.8% |
| Tangible fixed assets | 22/27 | €693,085 | €823,653 | +€130,568 | +18.8% |
| Land and buildings | 22 | €491,848 | €819,259 | +€327,411 | +66.6% |
| Furniture and vehicles | 24 | €4,444 | €4,394 | -€50 | -1.1% |
| Assets under construction and advance payments | 27 | €196,793 | €0 | -€196,793 | -100% |
| Current assets | 29/58 | €199,606 | €290,562 | +€90,956 | +45.6% |
| Amounts receivable within one year | 40/41 | €193,905 | €234,856 | +€40,950 | +21.1% |
| Trade receivables | 40 | €17,068 | €49,699 | +€32,631 | +191% |
| Other amounts receivable | 41 | €176,837 | €185,157 | +€8,320 | +4.7% |
| Current investments | 50/53 | €3,998 | €3,998 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,601 | €51,685 | +€50,084 | +3,128% |
| Deferred charges and accrued income | 490/1 | €101 | €24 | -€77 | -76.6% |
| Total equity and liabilities | 10/49 | €892,691 | €1,114,216 | +€221,525 | +24.8% |
| Equity | 10/15 | €286,142 | €443,479 | +€157,337 | +55.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €281,142 | €438,479 | +€157,337 | +56.0% |
| Amounts payable | 17/49 | €606,549 | €670,736 | +€64,188 | +10.6% |
| Amounts payable after more than one year | 17 | €428,465 | €447,840 | +€19,375 | +4.5% |
| Financial debts | 170/4 | €428,465 | €447,840 | +€19,375 | +4.5% |
| Amounts payable within one year | 42/48 | €177,824 | €222,896 | +€45,072 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €33,080 | €28,934 | -€4,146 | -12.5% |
| Financial debts | 43 | €4,137 | €846 | -€3,292 | -79.6% |
| Credit institutions | 430/8 | €4,137 | €846 | -€3,292 | -79.6% |
| Trade debts | 44 | €19,097 | €29,907 | +€10,809 | +56.6% |
| Suppliers | 440/4 | €19,097 | €29,907 | +€10,809 | +56.6% |
| Taxes, remuneration and social security | 45 | €23,512 | €53,847 | +€30,335 | +129% |
| Taxes | 450/3 | €23,512 | €53,847 | +€30,335 | +129% |
| Other amounts payable | 47/48 | €97,997 | €109,362 | +€11,366 | +11.6% |
| Accrued charges and deferred income | 492/3 | €260 | €0 | -€260 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,596 | €26,340 | +€12,744 | +93.7% |
| Other operating charges | 640/8 | €774 | €34 | -€740 | -95.6% |
| Gross operating margin | 9900 | €133,852 | €238,157 | +€104,305 | +77.9% |
| Operating profit (loss) | 9901 | €119,482 | €211,783 | +€92,301 | +77.3% |
| Financial income | 75/76B | €6,973 | €7,327 | +€354 | +5.1% |
| Recurring financial income | 75 | €6,973 | €7,327 | +€354 | +5.1% |
| Financial charges | 65/66B | €13,565 | €15,625 | +€2,059 | +15.2% |
| Recurring financial charges | 65 | €13,565 | €15,625 | +€2,059 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €112,890 | €203,485 | +€90,595 | +80.3% |
| Income taxes | 67/77 | €40,954 | €46,148 | +€5,195 | +12.7% |
| Profit (loss) for the period | 9904 | €71,936 | €157,337 | +€85,401 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €71,936 | €157,337 | +€85,401 | +119% |
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 23 October 2026 via checked.be.