L'EAU D'HIVER: 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.
L'EAU D'HIVER
Largest movements
- Tangible fixed assets +€228,765
up €228,765 (+56.6%), from €403,913 to €632,678
of which Land and buildings: +€477,211
- Current investments -€58,224
down €58,224 (-23.3%), from €250,000 to €191,776
- Receivables within one year -€51,111
down €51,111 (-17.4%), from €293,124 to €242,014
of which Trade receivables: -€108,180
- Debts after one year +€175,232
up €175,232 (+87.6%), from €200,000 to €375,232
- Trade debts -€157,023
down €157,023 (-67.1%), from €233,879 to €76,856
- Profit (loss) carried forward +€67,558
up €67,558 (+67.3%), from -€100,321 to -€32,763
- Current portion of long-term debt +€38,214
up €38,214, from €0 to €38,214
- Gross operating margin -€419,637
down €419,637 (-77.4%), from €541,981 to €122,344
- Taxes -€96,398
down €96,398 (-84.3%), from €114,384 to €17,986
- Financial charges -€28,180
down €28,180 (-58.7%), from €48,019 to €19,838
- Other operating charges -€13,081
down €13,081 (-30.9%), from €42,313 to €29,232
- Depreciation -€6,700
down €6,700 (-43.4%), from €15,440 to €8,740
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 | €1,253,377 | €1,380,364 | +€126,987 | +10.1% |
| Fixed assets | 21/28 | €403,913 | €632,678 | +€228,765 | +56.6% |
| Tangible fixed assets | 22/27 | €403,913 | €632,678 | +€228,765 | +56.6% |
| Land and buildings | 22 | €106,400 | €583,611 | +€477,211 | +449% |
| Plant, machinery and equipment | 23 | €718 | €0 | -€718 | -100% |
| Furniture and vehicles | 24 | €47,464 | €49,067 | +€1,603 | +3.4% |
| Assets under construction and advance payments | 27 | €249,331 | €0 | -€249,331 | -100% |
| Current assets | 29/58 | €849,464 | €747,686 | -€101,778 | -12.0% |
| Amounts receivable after more than one year | 29 | €277,248 | €284,512 | +€7,264 | +2.6% |
| Other amounts receivable | 291 | €277,248 | €284,512 | +€7,264 | +2.6% |
| Amounts receivable within one year | 40/41 | €293,124 | €242,014 | -€51,111 | -17.4% |
| Trade receivables | 40 | €200,495 | €92,315 | -€108,180 | -54.0% |
| Other amounts receivable | 41 | €92,629 | €149,698 | +€57,069 | +61.6% |
| Current investments | 50/53 | €250,000 | €191,776 | -€58,224 | -23.3% |
| Cash at bank and in hand | 54/58 | €27,033 | €27,090 | +€56 | +0.2% |
| Deferred charges and accrued income | 490/1 | €2,059 | €2,295 | +€236 | +11.5% |
| Total equity and liabilities | 10/49 | €1,253,377 | €1,380,364 | +€126,987 | +10.1% |
| Equity | 10/15 | €782,179 | €849,737 | +€67,558 | +8.6% |
| Contributions | 10/11 | €882,500 | €882,500 | = | 0.0% |
| Capital | 10 | €882,500 | €882,500 | = | 0.0% |
| Issued capital | 100 | €882,500 | €882,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,321 | -€32,763 | +€67,558 | +67.3% |
| Amounts payable | 17/49 | €471,199 | €530,627 | +€59,429 | +12.6% |
| Amounts payable after more than one year | 17 | €200,000 | €375,232 | +€175,232 | +87.6% |
| Financial debts | 170/4 | €200,000 | €375,232 | +€175,232 | +87.6% |
| Amounts payable within one year | 42/48 | €271,199 | €155,395 | -€115,804 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €38,214 | +€38,214 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €233,879 | €76,856 | -€157,023 | -67.1% |
| Suppliers | 440/4 | €233,879 | €76,856 | -€157,023 | -67.1% |
| Taxes, remuneration and social security | 45 | €37,319 | €40,324 | +€3,005 | +8.1% |
| Taxes | 450/3 | €37,319 | €40,324 | +€3,005 | +8.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €446,248 | €0 | -€446,248 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,440 | €8,740 | -€6,700 | -43.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €42,313 | €29,232 | -€13,081 | -30.9% |
| Non-recurring operating charges | 66A | €4,133 | €0 | -€4,133 | -100% |
| Gross operating margin | 9900 | €541,981 | €122,344 | -€419,637 | -77.4% |
| Operating profit (loss) | 9901 | €480,095 | €84,372 | -€395,723 | -82.4% |
| Financial income | 75/76B | €21,448 | €21,011 | -€437 | -2.0% |
| Recurring financial income | 75 | €21,448 | €21,011 | -€437 | -2.0% |
| Financial charges | 65/66B | €48,019 | €19,838 | -€28,180 | -58.7% |
| Recurring financial charges | 65 | €48,019 | €19,838 | -€28,180 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €453,524 | €85,544 | -€367,980 | -81.1% |
| Income taxes | 67/77 | €114,384 | €17,986 | -€96,398 | -84.3% |
| Profit (loss) for the period | 9904 | €339,140 | €67,558 | -€271,582 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €339,140 | €67,558 | -€271,582 | -80.1% |
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 28 October 2026 via checked.be.