GERALD WATELET: 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.
GERALD WATELET
Largest movements
- Receivables after one year -€66,209
down €66,209 (-88.3%), from €75,001 to €8,792
of which Other amounts receivable: -€75,001
- Receivables within one year -€34,580
down €34,580 (-77.2%), from €44,776 to €10,196
of which Trade receivables: -€34,580
- Stocks and contracts -€6,578
down €6,578 (-7.5%), from €87,686 to €81,108
- Tangible fixed assets -€5,961
down €5,961 (-33.4%), from €17,823 to €11,862
of which Other tangible fixed assets: -€5,621
- Cash -€2,840
down €2,840 (-97.0%), from €2,928 to €88
mainly Net result for the year (-€78,263) and Contributions, distributions and other (-€37,650)
- Profit (loss) carried forward -€78,263
down €78,263 (-147%), from -€53,088 to -€131,351
- Reserves -€37,650
down €37,650 (-51.4%), from €73,201 to €35,551
of which Distributable reserves: -€37,650
- Tax, wage and social debts -€25,997
down €25,997 (-25.8%), from €100,615 to €74,618
of which Taxes: -€25,414
- Short-term financial debts +€10,312
up €10,312, from €0 to €10,312
- Accrued charges and deferred income +€9,620
up €9,620, from €0 to €9,620
- Gross operating margin -€48,379
down €48,379 (-555%), from -€8,722 to -€57,101
- Other operating charges +€5,201
up €5,201 (+61.5%), from €8,450 to €13,650
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 | €241,037 | €123,795 | -€117,242 | -48.6% |
| Fixed assets | 21/28 | €17,823 | €11,862 | -€5,961 | -33.4% |
| Tangible fixed assets | 22/27 | €17,823 | €11,862 | -€5,961 | -33.4% |
| Furniture and vehicles | 24 | €2,736 | €2,396 | -€340 | -12.4% |
| Other tangible fixed assets | 26 | €15,087 | €9,466 | -€5,621 | -37.3% |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €223,214 | €111,933 | -€111,281 | -49.9% |
| Amounts receivable after more than one year | 29 | €75,001 | €8,792 | -€66,209 | -88.3% |
| Trade receivables | 290 | - | €8,792 | +€8,792 | |
| Other amounts receivable | 291 | €75,001 | - | -€75,001 | |
| Stocks and contracts in progress | 3 | €87,686 | €81,108 | -€6,578 | -7.5% |
| Stocks | 30/36 | €87,686 | €81,108 | -€6,578 | -7.5% |
| Amounts receivable within one year | 40/41 | €44,776 | €10,196 | -€34,580 | -77.2% |
| Trade receivables | 40 | €44,776 | €10,196 | -€34,580 | -77.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €2,928 | €88 | -€2,840 | -97.0% |
| Deferred charges and accrued income | 490/1 | €12,823 | €11,748 | -€1,075 | -8.4% |
| Total equity and liabilities | 10/49 | €241,037 | €123,795 | -€117,242 | -48.6% |
| Equity | 10/15 | €38,713 | -€77,200 | -€115,913 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,201 | €35,551 | -€37,650 | -51.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €73,201 | €35,551 | -€37,650 | -51.4% |
| Profit (loss) carried forward | 14 | -€53,088 | -€131,351 | -€78,263 | -147% |
| Amounts payable | 17/49 | €202,324 | €200,995 | -€1,329 | -0.7% |
| Amounts payable within one year | 42/48 | €202,324 | €191,375 | -€10,949 | -5.4% |
| Financial debts | 43 | €0 | €10,312 | +€10,312 | |
| Credit institutions | 430/8 | €0 | €10,312 | +€10,312 | |
| Trade debts | 44 | €100,869 | €105,606 | +€4,737 | +4.7% |
| Suppliers | 440/4 | €100,869 | €105,606 | +€4,737 | +4.7% |
| Taxes, remuneration and social security | 45 | €100,615 | €74,618 | -€25,997 | -25.8% |
| Taxes | 450/3 | €100,032 | €74,618 | -€25,414 | -25.4% |
| Remuneration and social security | 454/9 | €583 | €0 | -€583 | -100% |
| Other amounts payable | 47/48 | €839 | €839 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €9,620 | +€9,620 | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €142 | €153 | +€10 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,757 | €6,781 | +€24 | +0.4% |
| Other operating charges | 640/8 | €8,450 | €13,650 | +€5,201 | +61.5% |
| Gross operating margin | 9900 | -€8,722 | -€57,101 | -€48,379 | -555% |
| Operating profit (loss) | 9901 | -€24,072 | -€77,685 | -€53,614 | -223% |
| Financial income | 75/76B | €1,759 | €1,767 | +€8 | +0.5% |
| Recurring financial income | 75 | €1,759 | €1,767 | +€8 | +0.5% |
| Financial charges | 65/66B | €2,069 | €1,594 | -€475 | -23.0% |
| Recurring financial charges | 65 | €2,069 | €1,594 | -€475 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,382 | -€77,513 | -€53,131 | -218% |
| Income taxes | 67/77 | €1,274 | €750 | -€523 | -41.1% |
| Profit (loss) for the period | 9904 | -€25,656 | -€78,263 | -€52,607 | -205% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,656 | -€78,263 | -€52,607 | -205% |
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 18 October 2026 via checked.be.