Gilbert Waterschoot: 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.
Gilbert Waterschoot
Largest movements
- Receivables within one year +€879,816
up €879,816 (+169.8%), from €518,227 to €1.4m
of which Trade receivables: +€851,613
- Stocks and contracts +€99,602
up €99,602 (+130.8%), from €76,159 to €175,761
of which Contracts in progress: +€100,000
- Short-term financial debts +€872,230
up €872,230 (+630.5%), from €138,335 to €1.0m
- Reserves +€59,004
up €59,004 (+15.8%), from €373,400 to €432,404
- Trade debts +€29,845
up €29,845 (+13.6%), from €219,689 to €249,534
- Gross operating margin -€45,391
down €45,391 (-14.7%), from €307,889 to €262,497
- Financial charges +€25,233
up €25,233 (+147.4%), from €17,117 to €42,350
- Taxes -€19,600
down €19,600 (-39.1%), from €50,078 to €30,478
- Staff costs -€5,035
down €5,035 (-3.8%), from €132,922 to €127,887
- Other operating charges -€3,216
down €3,216 (-32.1%), from €10,024 to €6,809
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 | €1,489,952 | €2,438,399 | +€948,447 | +63.7% |
| Fixed assets | 21/28 | €717,584 | €717,688 | +€103 | 0.0% |
| Tangible fixed assets | 22/27 | €717,284 | €717,388 | +€103 | 0.0% |
| Land and buildings | 22 | €708,354 | €708,354 | = | 0.0% |
| Plant, machinery and equipment | 23 | €369 | €4,489 | +€4,120 | +1117.0% |
| Furniture and vehicles | 24 | €8,561 | €4,544 | -€4,017 | -46.9% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €772,367 | €1,720,711 | +€948,344 | +122.8% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €76,159 | €175,761 | +€99,602 | +130.8% |
| Stocks | 30/36 | €17,898 | €17,500 | -€398 | -2.2% |
| Contracts in progress | 37 | €58,261 | €158,261 | +€100,000 | +171.6% |
| Amounts receivable within one year | 40/41 | €518,227 | €1,398,044 | +€879,816 | +169.8% |
| Trade receivables | 40 | €444,536 | €1,296,149 | +€851,613 | +191.6% |
| Other amounts receivable | 41 | €73,691 | €101,895 | +€28,204 | +38.3% |
| Cash at bank and in hand | 54/58 | €23,944 | €11 | -€23,933 | -100.0% |
| Deferred charges and accrued income | 490/1 | €24,038 | €16,896 | -€7,142 | -29.7% |
| Total equity and liabilities | 10/49 | €1,489,952 | €2,438,399 | +€948,447 | +63.7% |
| Equity | 10/15 | €1,118,501 | €1,177,505 | +€59,004 | +5.3% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €373,400 | €432,404 | +€59,004 | +15.8% |
| Distributable reserves | 133 | €373,400 | €432,404 | +€59,004 | +15.8% |
| Profit (loss) carried forward | 14 | €570,100 | €570,100 | = | 0.0% |
| Amounts payable | 17/49 | €371,451 | €1,260,894 | +€889,443 | +239.5% |
| Amounts payable within one year | 42/48 | €371,451 | €1,260,894 | +€889,443 | +239.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €138,335 | €1,010,565 | +€872,230 | +630.5% |
| Credit institutions | 430/8 | €138,335 | €1,010,565 | +€872,230 | +630.5% |
| Trade debts | 44 | €219,689 | €249,534 | +€29,845 | +13.6% |
| Suppliers | 440/4 | €219,689 | €249,534 | +€29,845 | +13.6% |
| Taxes, remuneration and social security | 45 | €13,427 | €794 | -€12,632 | -94.1% |
| Taxes | 450/3 | €11,611 | €794 | -€10,817 | -93.2% |
| Remuneration and social security | 454/9 | €1,815 | €0 | -€1,815 | -100.0% |
| Non-recurring operating income | 76A | €20,445 | €0 | -€20,445 | -100.0% |
| Remuneration, social security and pensions | 62 | €132,922 | €127,887 | -€5,035 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,640 | €4,367 | +€727 | +20.0% |
| Other operating charges | 640/8 | €10,024 | €6,809 | -€3,216 | -32.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €307,889 | €262,497 | -€45,391 | -14.7% |
| Operating profit (loss) | 9901 | €161,303 | €123,435 | -€37,868 | -23.5% |
| Financial income | 75/76B | €6,520 | €8,397 | +€1,877 | +28.8% |
| Recurring financial income | 75 | €6,520 | €8,397 | +€1,877 | +28.8% |
| Financial charges | 65/66B | €17,117 | €42,350 | +€25,233 | +147.4% |
| Recurring financial charges | 65 | €17,117 | €42,350 | +€25,233 | +147.4% |
| Profit (loss) for the period before taxes | 9903 | €150,706 | €89,482 | -€61,223 | -40.6% |
| Income taxes | 67/77 | €50,078 | €30,478 | -€19,600 | -39.1% |
| Profit (loss) for the period | 9904 | €100,627 | €59,004 | -€41,623 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €100,627 | €59,004 | -€41,623 | -41.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.