Ets Wathelet: 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.
Ets Wathelet
Largest movements
- Stocks and contracts -€23,054
down €23,054 (-5.1%), from €451,448 to €428,394
- Profit (loss) carried forward -€44,948
down €44,948 (-40.6%), from -€110,672 to -€155,620
- Other debts +€33,339
up €33,339 (+46.0%), from €72,548 to €105,887
- Trade debts -€30,575
down €30,575 (-14.3%), from €213,967 to €183,393
- Tax, wage and social debts +€10,474
up €10,474 (+34.2%), from €30,633 to €41,108
of which Taxes: +€7,454
- Gross operating margin +€31,591
up €31,591 (+51.2%), from €61,667 to €93,258
- Other operating charges +€10,998
up €10,998 (+94.4%), from €11,645 to €22,643
- Financial charges -€2,418
down €2,418 (-13.8%), from €17,485 to €15,067
- Financial income -€1,999
down €1,999 (-76.3%), from €2,621 to €622
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 | €708,237 | €673,890 | -€34,346 | -4.8% |
| Fixed assets | 21/28 | €87,643 | €87,643 | = | 0.0% |
| Tangible fixed assets | 22/27 | €87,362 | €87,362 | = | 0.0% |
| Land and buildings | 22 | €87,362 | €87,362 | = | 0.0% |
| Financial fixed assets | 28 | €281 | €281 | = | 0.0% |
| Current assets | 29/58 | €620,594 | €586,247 | -€34,346 | -5.5% |
| Stocks and contracts in progress | 3 | €451,448 | €428,394 | -€23,054 | -5.1% |
| Stocks | 30/36 | €451,448 | €428,394 | -€23,054 | -5.1% |
| Amounts receivable within one year | 40/41 | €156,417 | €151,851 | -€4,565 | -2.9% |
| Trade receivables | 40 | €154,150 | €149,585 | -€4,565 | -3.0% |
| Other amounts receivable | 41 | €2,266 | €2,266 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,535 | €1,198 | -€2,337 | -66.1% |
| Deferred charges and accrued income | 490/1 | €9,194 | €4,804 | -€4,391 | -47.8% |
| Total equity and liabilities | 10/49 | €708,237 | €673,890 | -€34,346 | -4.8% |
| Equity | 10/15 | €219,097 | €174,149 | -€44,948 | -20.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €311,177 | €311,177 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,897 | €9,897 | = | 0.0% |
| Distributable reserves | 133 | €299,421 | €299,421 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,672 | -€155,620 | -€44,948 | -40.6% |
| Amounts payable | 17/49 | €489,140 | €499,742 | +€10,602 | +2.2% |
| Amounts payable within one year | 42/48 | €489,140 | €499,742 | +€10,602 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 43 | €46,992 | €44,354 | -€2,637 | -5.6% |
| Credit institutions | 430/8 | €46,992 | €44,354 | -€2,637 | -5.6% |
| Trade debts | 44 | €213,967 | €183,393 | -€30,575 | -14.3% |
| Suppliers | 440/4 | €213,967 | €183,393 | -€30,575 | -14.3% |
| Taxes, remuneration and social security | 45 | €30,633 | €41,108 | +€10,474 | +34.2% |
| Taxes | 450/3 | €21,992 | €29,447 | +€7,454 | +33.9% |
| Remuneration and social security | 454/9 | €8,641 | €11,661 | +€3,020 | +35.0% |
| Other amounts payable | 47/48 | €72,548 | €105,887 | +€33,339 | +46.0% |
| Non-recurring operating income | 76A | €3,658 | €3,322 | -€336 | -9.2% |
| Remuneration, social security and pensions | 62 | €98,776 | €99,662 | +€886 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €11,645 | €22,643 | +€10,998 | +94.4% |
| Gross operating margin | 9900 | €61,667 | €93,258 | +€31,591 | +51.2% |
| Operating profit (loss) | 9901 | -€48,754 | -€29,047 | +€19,707 | +40.4% |
| Financial income | 75/76B | €2,621 | €622 | -€1,999 | -76.3% |
| Recurring financial income | 75 | €2,621 | €622 | -€1,999 | -76.3% |
| Financial charges | 65/66B | €17,485 | €15,067 | -€2,418 | -13.8% |
| Recurring financial charges | 65 | €17,485 | €15,067 | -€2,418 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€63,617 | -€43,492 | +€20,126 | +31.6% |
| Income taxes | 67/77 | €1,399 | €1,456 | +€58 | +4.1% |
| Profit (loss) for the period | 9904 | -€65,016 | -€44,948 | +€20,068 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,016 | -€44,948 | +€20,068 | +30.9% |
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.