ONDERWATER: 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.
ONDERWATER
Largest movements
- Receivables within one year +€18,271
up €18,271 (+96.2%), from €19,002 to €37,273
of which Trade receivables: +€17,843
- Cash +€9,850
up €9,850 (+198.6%), from €4,959 to €14,809
mainly Trade debts (+€31,531) and Net result for the year (+€5,222)
- Tangible fixed assets -€3,676
down €3,676 (-45.7%), from €8,035 to €4,359
- Deferred charges and accrued income +€1,453
up €1,453 (+286.0%), from €508 to €1,961
- Stocks and contracts +€1,433
up €1,433 (+15.0%), from €9,576 to €11,009
- Trade debts +€31,531
up €31,531 (+950.0%), from €3,319 to €34,850
- Profit (loss) carried forward +€5,222
up €5,222 (+29.3%), from €17,797 to €23,019
- Accrued charges and deferred income -€4,738
down €4,738 (-94.3%), from €5,022 to €284
- Current portion of long-term debt -€3,614
down €3,614 (-42.8%), from €8,442 to €4,828
- Tax, wage and social debts -€1,070
down €1,070 (-23.8%), from €4,500 to €3,430
of which Taxes: -€4,500
- Gross operating margin -€66,443
down €66,443 (-56.6%), from €117,319 to €50,876
- Staff costs -€45,503
down €45,503 (-53.8%), from €84,543 to €39,040
- Taxes -€4,187
down €4,187 (-93.0%), from €4,500 to €313
- Other operating charges -€2,868
down €2,868 (-54.6%), from €5,248 to €2,380
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 | €42,080 | €69,411 | +€27,331 | +65.0% |
| Fixed assets | 21/28 | €8,035 | €4,359 | -€3,676 | -45.7% |
| Tangible fixed assets | 22/27 | €8,035 | €4,359 | -€3,676 | -45.7% |
| Furniture and vehicles | 24 | €8,035 | €4,359 | -€3,676 | -45.7% |
| Current assets | 29/58 | €34,045 | €65,052 | +€31,007 | +91.1% |
| Stocks and contracts in progress | 3 | €9,576 | €11,009 | +€1,433 | +15.0% |
| Stocks | 30/36 | €9,576 | €11,009 | +€1,433 | +15.0% |
| Amounts receivable within one year | 40/41 | €19,002 | €37,273 | +€18,271 | +96.2% |
| Trade receivables | 40 | €12,444 | €30,287 | +€17,843 | +143.4% |
| Other amounts receivable | 41 | €6,558 | €6,986 | +€428 | +6.5% |
| Cash at bank and in hand | 54/58 | €4,959 | €14,809 | +€9,850 | +198.6% |
| Deferred charges and accrued income | 490/1 | €508 | €1,961 | +€1,453 | +286.0% |
| Total equity and liabilities | 10/49 | €42,080 | €69,411 | +€27,331 | +65.0% |
| Equity | 10/15 | €20,797 | €26,019 | +€5,222 | +25.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,797 | €23,019 | +€5,222 | +29.3% |
| Amounts payable | 17/49 | €21,283 | €43,392 | +€22,109 | +103.9% |
| Amounts payable within one year | 42/48 | €16,261 | €43,108 | +€26,847 | +165.1% |
| Current portion of amounts payable after more than one year | 42 | €8,442 | €4,828 | -€3,614 | -42.8% |
| Trade debts | 44 | €3,319 | €34,850 | +€31,531 | +950.0% |
| Suppliers | 440/4 | €3,319 | €34,850 | +€31,531 | +950.0% |
| Taxes, remuneration and social security | 45 | €4,500 | €3,430 | -€1,070 | -23.8% |
| Taxes | 450/3 | €4,500 | - | -€4,500 | |
| Remuneration and social security | 454/9 | - | €3,430 | +€3,430 | |
| Accrued charges and deferred income | 492/3 | €5,022 | €284 | -€4,738 | -94.3% |
| Remuneration, social security and pensions | 62 | €84,543 | €39,040 | -€45,503 | -53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,841 | €3,675 | -€1,166 | -24.1% |
| Other operating charges | 640/8 | €5,248 | €2,380 | -€2,868 | -54.6% |
| Non-recurring operating charges | 66A | €80 | €162 | +€82 | +102.5% |
| Gross operating margin | 9900 | €117,319 | €50,876 | -€66,443 | -56.6% |
| Operating profit (loss) | 9901 | €22,607 | €5,619 | -€16,988 | -75.1% |
| Financial charges | 65/66B | €310 | €84 | -€226 | -72.9% |
| Recurring financial charges | 65 | €310 | €84 | -€226 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | €22,297 | €5,535 | -€16,762 | -75.2% |
| Income taxes | 67/77 | €4,500 | €313 | -€4,187 | -93.0% |
| Profit (loss) for the period | 9904 | €17,797 | €5,222 | -€12,575 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,797 | €5,222 | -€12,575 | -70.7% |
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 6 October 2026 via checked.be.