Dr. WATSON: what changed
Two fiscal 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. WATSON
Largest movements
- Receivables within one year +€153,292
up €153,292 (+104.1%), from €147,295 to €300,587
of which Other amounts receivable: +€130,427
- Receivables after one year -€61,628
down €61,628 (-100.0%), from €61,628 to €0
- Cash +€42,947
up €42,947 (+3148.3%), from €1,364 to €44,311
mainly Net result for the year (+€68,290) and Receivables after one year (+€61,628)
- Reserves +€149,321
up €149,321 (+328.7%), from €45,427 to €194,748
of which Distributable reserves: +€150,803
- Profit (loss) carried forward -€81,031
down €81,031 (-100.0%), from €81,031 to €0
- Debts after one year +€33,947
up €33,947 (+85.5%), from €39,690 to €73,638
- Tax, wage and social debts +€21,959
up €21,959 (+111.7%), from €19,654 to €41,613
- Other debts +€9,000
up €9,000 (+16.1%), from €56,000 to €65,000
- Gross operating margin +€52,983
up €52,983 (+312.5%), from €16,954 to €69,936
- Taxes +€15,831
up €15,831 (+245.9%), from €6,437 to €22,268
- Other operating charges +€829
up €829 (+212.4%), from €390 to €1,219
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.
Cash bridge derived
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 | €334,354 | €468,492 | +€134,138 | +40.1% |
| Fixed assets | 21/28 | €124,066 | €123,594 | -€472 | -0.4% |
| Tangible fixed assets | 22/27 | €1,566 | €1,094 | -€472 | -30.2% |
| Furniture and vehicles | 24 | €1,566 | €1,094 | -€472 | -30.2% |
| Financial fixed assets | 28 | €122,500 | €122,500 | = | 0.0% |
| Current assets | 29/58 | €210,288 | €344,898 | +€134,611 | +64.0% |
| Amounts receivable after more than one year | 29 | €61,628 | €0 | -€61,628 | -100.0% |
| Other amounts receivable | 291 | €61,628 | €0 | -€61,628 | -100.0% |
| Amounts receivable within one year | 40/41 | €147,295 | €300,587 | +€153,292 | +104.1% |
| Trade receivables | 40 | €18,150 | €41,015 | +€22,865 | +126.0% |
| Other amounts receivable | 41 | €129,145 | €259,572 | +€130,427 | +101.0% |
| Cash at bank and in hand | 54/58 | €1,364 | €44,311 | +€42,947 | +3148.3% |
| Total equity and liabilities | 10/49 | €334,354 | €468,492 | +€134,138 | +40.1% |
| Equity | 10/15 | €145,058 | €213,348 | +€68,290 | +47.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,427 | €194,748 | +€149,321 | +328.7% |
| Non-distributable reserves | 130/1 | €1,482 | €0 | -€1,482 | -100.0% |
| Reserves not available under the articles | 1311 | €1,482 | €0 | -€1,482 | -100.0% |
| Distributable reserves | 133 | €43,945 | €194,748 | +€150,803 | +343.2% |
| Profit (loss) carried forward | 14 | €81,031 | €0 | -€81,031 | -100.0% |
| Amounts payable | 17/49 | €189,295 | €255,144 | +€65,849 | +34.8% |
| Amounts payable after more than one year | 17 | €39,690 | €73,638 | +€33,947 | +85.5% |
| Financial debts | 170/4 | €39,690 | €73,638 | +€33,947 | +85.5% |
| Amounts payable within one year | 42/48 | €149,605 | €180,651 | +€31,046 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €73,816 | €69,362 | -€4,454 | -6.0% |
| Trade debts | 44 | €135 | €4,676 | +€4,541 | +3369.5% |
| Suppliers | 440/4 | €135 | €4,676 | +€4,541 | +3369.5% |
| Taxes, remuneration and social security | 45 | €19,654 | €41,613 | +€21,959 | +111.7% |
| Taxes | 450/3 | €19,654 | €41,613 | +€21,959 | +111.7% |
| Other amounts payable | 47/48 | €56,000 | €65,000 | +€9,000 | +16.1% |
| Accrued charges and deferred income | 492/3 | - | €855 | +€855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462 | €472 | +€10 | +2.2% |
| Other operating charges | 640/8 | €390 | €1,219 | +€829 | +212.4% |
| Gross operating margin | 9900 | €16,954 | €69,936 | +€52,983 | +312.5% |
| Operating profit (loss) | 9901 | €16,101 | €68,245 | +€52,144 | +323.9% |
| Financial income | 75/76B | €24,379 | €24,940 | +€561 | +2.3% |
| Recurring financial income | 75 | €24,379 | €24,940 | +€561 | +2.3% |
| Financial charges | 65/66B | €1,979 | €2,627 | +€648 | +32.7% |
| Recurring financial charges | 65 | €1,979 | €2,627 | +€648 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €38,501 | €90,558 | +€52,056 | +135.2% |
| Income taxes | 67/77 | €6,437 | €22,268 | +€15,831 | +245.9% |
| Profit (loss) for the period | 9904 | €32,065 | €68,290 | +€36,225 | +113.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,065 | €68,290 | +€36,225 | +113.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.