L'AS DE L'EAU: 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.
What changed
L'AS DE L'EAU
NACE 33.110, Repair and maintenance of fabricated metal products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€19,063
2024 · -€14,244-€4,819
Equity
€98,589
2024 · €118,894-€20,305
Cash
€555
2024 · €667-€112
Balance sheet total
€413,789
2024 · €420,306-€6,517
Largest movements
Assets
- Stocks and contracts +€24,266
up €24,266 (+36.7%), from €66,040 to €90,306
- Tangible fixed assets -€15,352
down €15,352 (-5.1%), from €298,297 to €282,945
of which Land and buildings: -€8,069
- Receivables within one year -€14,163
down €14,163 (-32.0%), from €44,202 to €30,039
of which Trade receivables: -€18,435
Equity and liabilities
- Trade debts +€33,505
up €33,505 (+334%), from €10,026 to €43,531
- Profit (loss) carried forward -€19,063
down €19,063 (-46.8%), from €40,748 to €21,685
- Debts after one year -€14,233
down €14,233 (-6.4%), from €221,532 to €207,299
- Other debts -€5,064
down €5,064 (-25.8%), from €19,636 to €14,573
Income statement
- Staff costs +€35,434
up €35,434 (+57.3%), from €61,788 to €97,222
- Gross operating margin +€7,338
up €7,338 (+7.7%), from €95,163 to €102,502
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.
Result 2024
-€14,244
Gross operating margin
+€7,338
Staff costs
-€35,434
Depreciation
+€110
Write-downs
+€533
Other operating charges
+€149
Other operating items
+€23,029
Financial income
-€564
Financial charges
+€23
Taxes
-€3
Result 2025
-€19,063
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€18,092
Investment
+€11
Financing
-€18,215
Cash 2024
€667
From operations (derived)
+€18,092
Net result for the year
-€19,063
Depreciation
+€15,352
Stocks and contracts
-€24,266
Receivables within one year
+€14,163
Deferred charges and accrued income
+€1,145
Trade debts
+€33,505
Tax, wage and social debts
+€2,341
Other debts
-€5,064
Accrued charges and deferred income
-€22
Investment (derived)
+€11
Investment in fixed assets (net)
+€11
Financing
-€18,215
Debts after one year
-€14,233
Current portion of long-term debt
-€1,643
Short-term financial debts
-€1,098
Contributions, distributions and other
-€1,242
Cash 2025
€555
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €420,306 | €413,789 | -€6,517 | -1.6% |
| Fixed assets | 21/28 | €304,116 | €288,753 | -€15,363 | -5.1% |
| Tangible fixed assets | 22/27 | €298,297 | €282,945 | -€15,352 | -5.1% |
| Land and buildings | 22 | €257,945 | €249,876 | -€8,069 | -3.1% |
| Plant, machinery and equipment | 23 | €39,046 | €31,984 | -€7,062 | -18.1% |
| Furniture and vehicles | 24 | €1,306 | €1,085 | -€221 | -16.9% |
| Financial fixed assets | 28 | €5,819 | €5,808 | -€11 | -0.2% |
| Current assets | 29/58 | €116,190 | €125,035 | +€8,845 | +7.6% |
| Stocks and contracts in progress | 3 | €66,040 | €90,306 | +€24,266 | +36.7% |
| Stocks | 30/36 | €66,040 | €90,306 | +€24,266 | +36.7% |
| Amounts receivable within one year | 40/41 | €44,202 | €30,039 | -€14,163 | -32.0% |
| Trade receivables | 40 | €41,737 | €23,301 | -€18,435 | -44.2% |
| Other amounts receivable | 41 | €2,466 | €6,738 | +€4,272 | +173% |
| Cash at bank and in hand | 54/58 | €667 | €555 | -€112 | -16.8% |
| Deferred charges and accrued income | 490/1 | €5,281 | €4,135 | -€1,145 | -21.7% |
| Total equity and liabilities | 10/49 | €420,306 | €413,789 | -€6,517 | -1.6% |
| Equity | 10/15 | €118,894 | €98,589 | -€20,305 | -17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,460 | €54,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €52,600 | €52,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,748 | €21,685 | -€19,063 | -46.8% |
| Investment grants | 15 | €5,086 | €3,844 | -€1,242 | -24.4% |
| Amounts payable | 17/49 | €301,412 | €315,199 | +€13,787 | +4.6% |
| Amounts payable after more than one year | 17 | €221,532 | €207,299 | -€14,233 | -6.4% |
| Financial debts | 170/4 | €221,532 | €207,299 | -€14,233 | -6.4% |
| Amounts payable within one year | 42/48 | €78,255 | €106,297 | +€28,042 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €15,876 | €14,233 | -€1,643 | -10.3% |
| Financial debts | 43 | €26,655 | €25,557 | -€1,098 | -4.1% |
| Credit institutions | 430/8 | €26,655 | €25,557 | -€1,098 | -4.1% |
| Trade debts | 44 | €10,026 | €43,531 | +€33,505 | +334% |
| Suppliers | 440/4 | €10,026 | €43,531 | +€33,505 | +334% |
| Taxes, remuneration and social security | 45 | €6,062 | €8,403 | +€2,341 | +38.6% |
| Taxes | 450/3 | €226 | €223 | -€3 | -1.5% |
| Remuneration and social security | 454/9 | €5,836 | €8,180 | +€2,345 | +40.2% |
| Other amounts payable | 47/48 | €19,636 | €14,573 | -€5,064 | -25.8% |
| Accrued charges and deferred income | 492/3 | €1,626 | €1,604 | -€22 | -1.4% |
| Remuneration, social security and pensions | 62 | €61,788 | €97,222 | +€35,434 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,462 | €15,352 | -€110 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €533 | €0 | -€533 | -100% |
| Other operating charges | 640/8 | €2,011 | €1,862 | -€149 | -7.4% |
| Non-recurring operating charges | 66A | €23,029 | €0 | -€23,029 | -100% |
| Gross operating margin | 9900 | €95,163 | €102,502 | +€7,338 | +7.7% |
| Operating profit (loss) | 9901 | -€7,660 | -€11,935 | -€4,275 | -55.8% |
| Financial income | 75/76B | €1,818 | €1,254 | -€564 | -31.0% |
| Recurring financial income | 75 | €1,818 | €1,254 | -€564 | -31.0% |
| Financial charges | 65/66B | €8,197 | €8,174 | -€23 | -0.3% |
| Recurring financial charges | 65 | €8,197 | €8,174 | -€23 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,039 | -€18,855 | -€4,816 | -34.3% |
| Income taxes | 67/77 | €205 | €207 | +€3 | +1.2% |
| Profit (loss) for the period | 9904 | -€14,244 | -€19,063 | -€4,819 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,244 | -€19,063 | -€4,819 | -33.8% |
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 24 October 2026 via checked.be.