MR WATCHLEY: 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.
MR WATCHLEY
Largest movements
- Cash +€67,411
up €67,411 (+23.4%), from €288,549 to €355,961
mainly Other debts (+€207,311) and Net result for the year (+€118,932)
- Receivables within one year +€36,249
up €36,249 (+72.3%), from €50,119 to €86,369
of which Trade receivables: +€70,895
- Stocks and contracts +€12,182
up €12,182 (+4.0%), from €307,408 to €319,590
- Other debts +€207,311
up €207,311 (+54.6%), from €379,952 to €587,262
- Reserves -€179,968
down €179,968 (-99.8%), from €180,397 to €429
- Advances received +€81,500
new in 2025: €81,500
- Accrued charges and deferred income +€34,734
up €34,734 (+83.9%), from €41,395 to €76,129
- Trade debts -€34,225
down €34,225 (-92.8%), from €36,879 to €2,654
- Gross operating margin -€81,978
down €81,978 (-32.4%), from €253,025 to €171,047
- Taxes -€17,695
down €17,695 (-28.2%), from €62,809 to €45,114
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 | €684,459 | €794,041 | +€109,582 | +16.0% |
| Fixed assets | 21/28 | €36,083 | €30,773 | -€5,309 | -14.7% |
| Intangible fixed assets | 21 | €3,934 | €2,978 | -€956 | -24.3% |
| Tangible fixed assets | 22/27 | €31,983 | €27,630 | -€4,353 | -13.6% |
| Plant, machinery and equipment | 23 | €2,960 | €1,902 | -€1,058 | -35.7% |
| Furniture and vehicles | 24 | €21,166 | €17,871 | -€3,295 | -15.6% |
| Other tangible fixed assets | 26 | €7,857 | €7,857 | = | 0.0% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €648,376 | €763,268 | +€114,892 | +17.7% |
| Stocks and contracts in progress | 3 | €307,408 | €319,590 | +€12,182 | +4.0% |
| Stocks | 30/36 | €307,408 | €319,590 | +€12,182 | +4.0% |
| Amounts receivable within one year | 40/41 | €50,119 | €86,369 | +€36,249 | +72.3% |
| Trade receivables | 40 | €14,501 | €85,396 | +€70,895 | +489% |
| Other amounts receivable | 41 | €35,618 | €973 | -€34,646 | -97.3% |
| Cash at bank and in hand | 54/58 | €288,549 | €355,961 | +€67,411 | +23.4% |
| Deferred charges and accrued income | 490/1 | €2,300 | €1,349 | -€951 | -41.4% |
| Total equity and liabilities | 10/49 | €684,459 | €794,041 | +€109,582 | +16.0% |
| Equity | 10/15 | €190,397 | €10,429 | -€179,968 | -94.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €180,397 | €429 | -€179,968 | -99.8% |
| Distributable reserves | 133 | €180,397 | €429 | -€179,968 | -99.8% |
| Amounts payable | 17/49 | €494,062 | €783,612 | +€289,551 | +58.6% |
| Amounts payable within one year | 42/48 | €452,667 | €707,484 | +€254,817 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €6,834 | - | -€6,834 | |
| Financial debts | 43 | €7,386 | - | -€7,386 | |
| Credit institutions | 430/8 | €7,386 | - | -€7,386 | |
| Trade debts | 44 | €36,879 | €2,654 | -€34,225 | -92.8% |
| Suppliers | 440/4 | €36,879 | €2,654 | -€34,225 | -92.8% |
| Advances received on contracts in progress | 46 | - | €81,500 | +€81,500 | |
| Taxes, remuneration and social security | 45 | €21,616 | €36,067 | +€14,451 | +66.9% |
| Taxes | 450/3 | €21,438 | €34,267 | +€12,829 | +59.8% |
| Remuneration and social security | 454/9 | €177 | €1,800 | +€1,623 | +914% |
| Other amounts payable | 47/48 | €379,952 | €587,262 | +€207,311 | +54.6% |
| Accrued charges and deferred income | 492/3 | €41,395 | €76,129 | +€34,734 | +83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,762 | €5,309 | -€1,453 | -21.5% |
| Other operating charges | 640/8 | €768 | €1,663 | +€895 | +117% |
| Gross operating margin | 9900 | €253,025 | €171,047 | -€81,978 | -32.4% |
| Operating profit (loss) | 9901 | €245,495 | €164,075 | -€81,421 | -33.2% |
| Financial income | 75/76B | €2,561 | €2,674 | +€112 | +4.4% |
| Recurring financial income | 75 | €2,561 | €2,674 | +€112 | +4.4% |
| Financial charges | 65/66B | €4,612 | €2,703 | -€1,909 | -41.4% |
| Recurring financial charges | 65 | €4,612 | €2,703 | -€1,909 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €243,445 | €164,045 | -€79,399 | -32.6% |
| Income taxes | 67/77 | €62,809 | €45,114 | -€17,695 | -28.2% |
| Profit (loss) for the period | 9904 | €180,636 | €118,932 | -€61,704 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €180,636 | €118,932 | -€61,704 | -34.2% |
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 17 October 2026 via checked.be.