THOMAS WATERPLAS: 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.
THOMAS WATERPLAS
Largest movements
- Cash +€41,640
up €41,640 (+31.0%), from €134,292 to €175,932
mainly Net result for the year (+€59,610) and Tax, wage and social debts (+€1,371)
- Receivables within one year +€15,608
up €15,608 (+2,234%), from €699 to €16,306
of which Trade receivables: +€16,224
- Tangible fixed assets +€2,517
up €2,517 (+104%), from €2,425 to €4,942
of which Furniture and vehicles: +€2,946
- Profit (loss) carried forward +€51,144
new in 2025: €51,144
- Reserves +€8,466
up €8,466 (+7.8%), from €108,856 to €117,323
- Gross operating margin +€12,962
up €12,962 (+18.9%), from €68,494 to €81,456
- Taxes +€2,797
up €2,797 (+21.4%), from €13,051 to €15,848
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 | €139,656 | €200,749 | +€61,092 | +43.7% |
| Fixed assets | 21/28 | €2,425 | €4,942 | +€2,517 | +104% |
| Tangible fixed assets | 22/27 | €2,425 | €4,942 | +€2,517 | +104% |
| Plant, machinery and equipment | 23 | €1,314 | €885 | -€429 | -32.6% |
| Furniture and vehicles | 24 | €1,111 | €4,057 | +€2,946 | +265% |
| Current assets | 29/58 | €137,232 | €195,806 | +€58,575 | +42.7% |
| Amounts receivable within one year | 40/41 | €699 | €16,306 | +€15,608 | +2,234% |
| Trade receivables | 40 | - | €16,224 | +€16,224 | |
| Other amounts receivable | 41 | €699 | €82 | -€616 | -88.2% |
| Cash at bank and in hand | 54/58 | €134,292 | €175,932 | +€41,640 | +31.0% |
| Deferred charges and accrued income | 490/1 | €2,241 | €3,568 | +€1,327 | +59.2% |
| Total equity and liabilities | 10/49 | €139,656 | €200,749 | +€61,092 | +43.7% |
| Equity | 10/15 | €123,856 | €183,466 | +€59,610 | +48.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €108,856 | €117,323 | +€8,466 | +7.8% |
| Distributable reserves | 133 | €108,856 | €117,323 | +€8,466 | +7.8% |
| Profit (loss) carried forward | 14 | - | €51,144 | +€51,144 | |
| Amounts payable | 17/49 | €15,800 | €17,282 | +€1,482 | +9.4% |
| Amounts payable within one year | 42/48 | €15,800 | €17,282 | +€1,482 | +9.4% |
| Trade debts | 44 | €2,319 | €1,143 | -€1,176 | -50.7% |
| Suppliers | 440/4 | €2,319 | €1,143 | -€1,176 | -50.7% |
| Taxes, remuneration and social security | 45 | €8,819 | €10,190 | +€1,371 | +15.5% |
| Taxes | 450/3 | €8,819 | €10,190 | +€1,371 | +15.5% |
| Other amounts payable | 47/48 | €4,663 | €5,950 | +€1,287 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €1,208 | +€439 | +57.0% |
| Other operating charges | 640/8 | €1,903 | €1,719 | -€184 | -9.7% |
| Gross operating margin | 9900 | €68,494 | €81,456 | +€12,962 | +18.9% |
| Operating profit (loss) | 9901 | €65,821 | €78,529 | +€12,707 | +19.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €2,788 | €3,072 | +€284 | +10.2% |
| Recurring financial charges | 65 | €2,788 | €3,072 | +€284 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €63,034 | €75,458 | +€12,425 | +19.7% |
| Income taxes | 67/77 | €13,051 | €15,848 | +€2,797 | +21.4% |
| Profit (loss) for the period | 9904 | €49,982 | €59,610 | +€9,628 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,982 | €59,610 | +€9,628 | +19.3% |
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 30 October 2026 via checked.be.