LAAGWATER: 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.
LAAGWATER
Largest movements
- Cash +€6,640
up €6,640 (+53.4%), from €12,445 to €19,084
mainly Depreciation (+€41,606) and Tax, wage and social debts (+€15,135)
- Tangible fixed assets +€2,178
up €2,178 (+1.7%), from €126,571 to €128,749
of which Leasing and similar rights: +€7,008
- Tax, wage and social debts +€15,135
up €15,135 (+422.0%), from €3,587 to €18,721
of which Remuneration and social security: +€9,336
- Reserves +€12,598
up €12,598 (+14.2%), from €88,672 to €101,270
of which Distributable reserves: +€12,598
- Debts after one year -€11,613
down €11,613 (-24.6%), from €47,237 to €35,625
- Trade debts -€3,565
down €3,565 (-24.1%), from €14,762 to €11,197
- Staff costs +€16,199
up €16,199 (+5686.4%), from €285 to €16,484
- Depreciation +€6,080
up €6,080 (+17.1%), from €35,526 to €41,606
- Gross operating margin +€4,362
up €4,362 (+6.0%), from €73,224 to €77,586
- Other operating charges -€1,782
down €1,782 (-53.9%), from €3,308 to €1,526
- Taxes +€1,506
up €1,506, from -€30 to €1,475
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 | €187,384 | €199,066 | +€11,682 | +6.2% |
| Fixed assets | 21/28 | €130,971 | €133,149 | +€2,178 | +1.7% |
| Tangible fixed assets | 22/27 | €126,571 | €128,749 | +€2,178 | +1.7% |
| Plant, machinery and equipment | 23 | €82,946 | €89,119 | +€6,173 | +7.4% |
| Furniture and vehicles | 24 | €43,625 | €32,622 | -€11,003 | -25.2% |
| Leasing and similar rights | 25 | - | €7,008 | +€7,008 | |
| Financial fixed assets | 28 | €4,400 | €4,400 | = | 0.0% |
| Current assets | 29/58 | €56,413 | €65,917 | +€9,504 | +16.8% |
| Stocks and contracts in progress | 3 | €16,175 | €16,011 | -€164 | -1.0% |
| Stocks | 30/36 | €16,175 | €16,011 | -€164 | -1.0% |
| Amounts receivable within one year | 40/41 | €27,122 | €28,207 | +€1,085 | +4.0% |
| Trade receivables | 40 | €23,442 | €24,802 | +€1,361 | +5.8% |
| Other amounts receivable | 41 | €3,680 | €3,405 | -€275 | -7.5% |
| Cash at bank and in hand | 54/58 | €12,445 | €19,084 | +€6,640 | +53.4% |
| Deferred charges and accrued income | 490/1 | €671 | €2,615 | +€1,943 | +289.4% |
| Total equity and liabilities | 10/49 | €187,384 | €199,066 | +€11,682 | +6.2% |
| Equity | 10/15 | €94,872 | €107,470 | +€12,598 | +13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,672 | €101,270 | +€12,598 | +14.2% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Distributable reserves | 133 | €87,742 | €100,340 | +€12,598 | +14.4% |
| Amounts payable | 17/49 | €92,512 | €91,596 | -€916 | -1.0% |
| Amounts payable after more than one year | 17 | €47,237 | €35,625 | -€11,613 | -24.6% |
| Financial debts | 170/4 | €47,237 | €35,625 | -€11,613 | -24.6% |
| Amounts payable within one year | 42/48 | €45,275 | €55,971 | +€10,696 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €17,327 | €17,520 | +€193 | +1.1% |
| Trade debts | 44 | €14,762 | €11,197 | -€3,565 | -24.1% |
| Suppliers | 440/4 | €14,762 | €11,197 | -€3,565 | -24.1% |
| Taxes, remuneration and social security | 45 | €3,587 | €18,721 | +€15,135 | +422.0% |
| Taxes | 450/3 | €3,587 | €9,386 | +€5,799 | +161.7% |
| Remuneration and social security | 454/9 | - | €9,336 | +€9,336 | |
| Other amounts payable | 47/48 | €9,600 | €8,533 | -€1,066 | -11.1% |
| Remuneration, social security and pensions | 62 | €285 | €16,484 | +€16,199 | +5686.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,526 | €41,606 | +€6,080 | +17.1% |
| Other operating charges | 640/8 | €3,308 | €1,526 | -€1,782 | -53.9% |
| Non-recurring operating charges | 66A | €1,595 | - | -€1,595 | |
| Gross operating margin | 9900 | €73,224 | €77,586 | +€4,362 | +6.0% |
| Operating profit (loss) | 9901 | €32,510 | €17,970 | -€14,539 | -44.7% |
| Financial income | 75/76B | €954 | - | -€954 | |
| Recurring financial income | 75 | €954 | - | -€954 | |
| Financial charges | 65/66B | €3,689 | €3,897 | +€208 | +5.6% |
| Recurring financial charges | 65 | €3,689 | €3,897 | +€208 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €29,775 | €14,074 | -€15,701 | -52.7% |
| Income taxes | 67/77 | -€30 | €1,475 | +€1,506 | |
| Profit (loss) for the period | 9904 | €29,805 | €12,598 | -€17,206 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,805 | €12,598 | -€17,206 | -57.7% |
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.