So Watts: 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.
So Watts
Largest movements
- Stocks and contracts -€22,633
down €22,633 (-43.2%), from €52,369 to €29,736
- Tangible fixed assets -€6,627
down €6,627 (-15.7%), from €42,233 to €35,607
of which Furniture and vehicles: -€4,264
- Deferred charges and accrued income -€4,697
down €4,697 (-23.8%), from €19,717 to €15,020
- Receivables within one year -€3,852
down €3,852 (-13.6%), from €28,356 to €24,504
of which Other amounts receivable: -€6,296
- Other debts +€82,139
up €82,139 (+3527.5%), from €2,329 to €84,468
- Tax, wage and social debts -€27,359
down €27,359 (-69.5%), from €39,380 to €12,021
of which Taxes: -€21,274
- Profit (loss) carried forward -€22,444
down €22,444 (-14.4%), from -€155,664 to -€178,109
- Advances received -€20,550
no longer reported in 2025 (was €20,550)
- Short-term financial debts -€17,719
no longer reported in 2025 (was €17,719)
- Gross operating margin +€77,123
up €77,123, from -€23,758 to €53,365
- Staff costs -€50,054
down €50,054 (-47.8%), from €104,662 to €54,608
- Other operating charges -€7,867
down €7,867 (-81.1%), from €9,699 to €1,832
- Financial charges -€6,101
down €6,101 (-38.0%), from €16,059 to €9,958
of which Non-recurring financial charges: -€6,728
- Financial income +€5,235
up €5,235 (+6200.4%), from €84 to €5,319
of which Non-recurring financial income: +€5,247
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 | €144,942 | €108,199 | -€36,743 | -25.4% |
| Fixed assets | 21/28 | €42,462 | €35,835 | -€6,627 | -15.6% |
| Tangible fixed assets | 22/27 | €42,233 | €35,607 | -€6,627 | -15.7% |
| Plant, machinery and equipment | 23 | €5,544 | €6,940 | +€1,396 | +25.2% |
| Furniture and vehicles | 24 | €16,425 | €12,160 | -€4,264 | -26.0% |
| Other tangible fixed assets | 26 | €20,265 | €16,506 | -€3,759 | -18.5% |
| Financial fixed assets | 28 | €228 | €228 | = | 0.0% |
| Current assets | 29/58 | €102,480 | €72,364 | -€30,117 | -29.4% |
| Stocks and contracts in progress | 3 | €52,369 | €29,736 | -€22,633 | -43.2% |
| Stocks | 30/36 | €52,369 | €29,736 | -€22,633 | -43.2% |
| Amounts receivable within one year | 40/41 | €28,356 | €24,504 | -€3,852 | -13.6% |
| Trade receivables | 40 | €20,963 | €23,407 | +€2,444 | +11.7% |
| Other amounts receivable | 41 | €7,393 | €1,098 | -€6,296 | -85.2% |
| Cash at bank and in hand | 54/58 | €2,038 | €3,103 | +€1,065 | +52.2% |
| Deferred charges and accrued income | 490/1 | €19,717 | €15,020 | -€4,697 | -23.8% |
| Total equity and liabilities | 10/49 | €144,942 | €108,199 | -€36,743 | -25.4% |
| Equity | 10/15 | -€8,143 | -€30,588 | -€22,444 | -275.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €141,321 | €141,321 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €139,461 | €139,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,664 | -€178,109 | -€22,444 | -14.4% |
| Amounts payable | 17/49 | €153,085 | €138,786 | -€14,299 | -9.3% |
| Amounts payable after more than one year | 17 | €9,177 | €4,991 | -€4,187 | -45.6% |
| Financial debts | 170/4 | €9,177 | €4,991 | -€4,187 | -45.6% |
| Amounts payable within one year | 42/48 | €143,908 | €133,796 | -€10,112 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €13,058 | €4,136 | -€8,922 | -68.3% |
| Financial debts | 43 | €17,719 | - | -€17,719 | |
| Credit institutions | 430/8 | €17,719 | - | -€17,719 | |
| Trade debts | 44 | €50,872 | €33,171 | -€17,701 | -34.8% |
| Suppliers | 440/4 | €50,872 | €33,171 | -€17,701 | -34.8% |
| Advances received on contracts in progress | 46 | €20,550 | - | -€20,550 | |
| Taxes, remuneration and social security | 45 | €39,380 | €12,021 | -€27,359 | -69.5% |
| Taxes | 450/3 | €31,452 | €10,178 | -€21,274 | -67.6% |
| Remuneration and social security | 454/9 | €7,928 | €1,843 | -€6,085 | -76.8% |
| Other amounts payable | 47/48 | €2,329 | €84,468 | +€82,139 | +3527.5% |
| Non-recurring operating income | 76A | - | €8,410 | +€8,410 | |
| Remuneration, social security and pensions | 62 | €104,662 | €54,608 | -€50,054 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,897 | €14,730 | +€2,833 | +23.8% |
| Other operating charges | 640/8 | €9,699 | €1,832 | -€7,867 | -81.1% |
| Gross operating margin | 9900 | -€23,758 | €53,365 | +€77,123 | |
| Operating profit (loss) | 9901 | -€150,016 | -€17,805 | +€132,211 | +88.1% |
| Financial income | 75/76B | €84 | €5,319 | +€5,235 | +6200.4% |
| Recurring financial income | 75 | €84 | €73 | -€12 | -13.9% |
| Non-recurring financial income | 76B | - | €5,247 | +€5,247 | |
| Financial charges | 65/66B | €16,059 | €9,958 | -€6,101 | -38.0% |
| Recurring financial charges | 65 | €9,332 | €9,958 | +€627 | +6.7% |
| Non-recurring financial charges | 66B | €6,728 | - | -€6,728 | |
| Profit (loss) for the period before taxes | 9903 | -€165,991 | -€22,444 | +€143,547 | +86.5% |
| Profit (loss) for the period | 9904 | -€165,991 | -€22,444 | +€143,547 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€165,991 | -€22,444 | +€143,547 | +86.5% |
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 10 October 2026 via checked.be.