HOLMES & 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.
HOLMES & WATSON
Largest movements
- Receivables within one year +€55,106
up €55,106 (+515.1%), from €10,699 to €65,805
of which Trade receivables: +€36,498
- Cash -€27,785
down €27,785 (-75.1%), from €37,017 to €9,231
mainly Receivables within one year (-€55,106) and Net result for the year (-€36,387)
- Deferred charges and accrued income +€3,143
up €3,143 (+524.9%), from €599 to €3,742
- Trade debts +€59,561
up €59,561 (+174.4%), from €34,161 to €93,722
- Profit (loss) carried forward -€36,387
down €36,387 (-69.8%), from -€52,144 to -€88,531
- Tax, wage and social debts +€5,474
up €5,474 (+28644.4%), from €19 to €5,493
- Other debts +€857
up €857 (+11.0%), from €7,760 to €8,617
- Gross operating margin +€15,674
up €15,674 (+30.5%), from -€51,324 to -€35,650
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.
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 | €49,795 | €79,886 | +€30,091 | +60.4% |
| Formation expenses | 20 | €1,481 | €1,108 | -€373 | -25.2% |
| Current assets | 29/58 | €48,315 | €78,778 | +€30,464 | +63.1% |
| Amounts receivable within one year | 40/41 | €10,699 | €65,805 | +€55,106 | +515.1% |
| Trade receivables | 40 | €9,671 | €46,168 | +€36,498 | +377.4% |
| Other amounts receivable | 41 | €1,028 | €19,637 | +€18,609 | +1809.7% |
| Cash at bank and in hand | 54/58 | €37,017 | €9,231 | -€27,785 | -75.1% |
| Deferred charges and accrued income | 490/1 | €599 | €3,742 | +€3,143 | +524.9% |
| Total equity and liabilities | 10/49 | €49,795 | €79,886 | +€30,091 | +60.4% |
| Equity | 10/15 | -€42,144 | -€78,531 | -€36,387 | -86.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,144 | -€88,531 | -€36,387 | -69.8% |
| Amounts payable | 17/49 | €91,940 | €158,417 | +€66,477 | +72.3% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,940 | €107,832 | +€65,892 | +157.1% |
| Trade debts | 44 | €34,161 | €93,722 | +€59,561 | +174.4% |
| Suppliers | 440/4 | €34,161 | €93,722 | +€59,561 | +174.4% |
| Taxes, remuneration and social security | 45 | €19 | €5,493 | +€5,474 | +28644.4% |
| Taxes | 450/3 | €19 | €5,493 | +€5,474 | +28644.4% |
| Other amounts payable | 47/48 | €7,760 | €8,617 | +€857 | +11.0% |
| Accrued charges and deferred income | 492/3 | - | €586 | +€586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384 | €373 | -€11 | -2.9% |
| Other operating charges | 640/8 | €176 | €128 | -€48 | -27.3% |
| Gross operating margin | 9900 | -€51,324 | -€35,650 | +€15,674 | +30.5% |
| Operating profit (loss) | 9901 | -€51,884 | -€36,151 | +€15,733 | +30.3% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €261 | €268 | +€7 | +2.7% |
| Recurring financial charges | 65 | €261 | €268 | +€7 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€52,144 | -€36,387 | +€15,758 | +30.2% |
| Profit (loss) for the period | 9904 | -€52,144 | -€36,387 | +€15,758 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,144 | -€36,387 | +€15,758 | +30.2% |
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 7 October 2026 via checked.be.