VIVAQUA: 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.
What changed
VIVAQUA
NACE 36.000, Water collection, treatment and supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.6m
2024 · -€860,069+€5.5m
Equity
€569.7m
2024 · €559.5m+€10.2m
Cash
€9.7m
2024 · €40.3m-€30.6m
Balance sheet total
€1.76bn
2024 · €1.80bn-€44.3m
Largest movements
Assets
- Tangible fixed assets +€42.2m
up €42.2m (+3.0%), from €1.39bn to €1.43bn
of which Land and buildings: +€37.4m
- Cash -€30.6m
down €30.6m (-75.9%), from €40.3m to €9.7m
mainly Investment in fixed assets (net) (-€127.7m) and Debts after one year (-€59.2m)
- Current investments -€27.9m
down €27.9m (-63.1%), from €44.2m to €16.3m
Equity and liabilities
- Debts after one year -€59.2m
down €59.2m (-5.8%), from €1.02bn to €962.1m
of which Financial debts: -€59.2m
Income statement
- Provisions +€31.8m
up €31.8m (+97.5%), from -€32.7m to -€805,690
- Depreciation -€31.0m
down €31.0m (-23.7%), from €130.7m to €99.8m
- Turnover +€30.1m
up €30.1m (+9.2%), from €325.9m to €356.0m
- Write-downs +€23.1m
up €23.1m (+94.6%), from -€24.4m to -€1.3m
- Other operating charges -€22.1m
down €22.1m (-46.1%), from €47.8m to €25.8m
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.
Result 2024
-€860,069
Turnover
+€30.1m
Other operating income
-€14.7m
Goods and materials
+€4.3m
Services and other goods
-€11.7m
Staff costs
-€3.8m
Depreciation
+€31.0m
Write-downs
-€23.1m
Provisions
-€31.8m
Other operating charges
+€22.1m
Other operating items
+€3.3m
Financial income
-€398,263
Financial charges
+€330,252
Result 2025
€4.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€132.3m
Investment
-€99.8m
Financing
-€63.1m
Cash 2024
€40.3m
From operations (derived)
+€132.3m
Net result for the year
+€4.6m
Depreciation
+€99.8m
Stocks and contracts
-€1.9m
Receivables within one year
+€16.9m
Deferred charges and accrued income
-€1.2m
Provisions
-€805,690
Trade debts
+€5.0m
Tax, wage and social debts
-€111,360
Other debts
-€652,147
Accrued charges and deferred income
+€10.8m
Investment (derived)
-€99.8m
Investment in fixed assets (net)
-€127.7m
Current investments
+€27.9m
Financing
-€63.1m
Debts after one year
-€59.2m
Current portion of long-term debt
-€1.2m
Short-term financial debts
-€8.2m
Contributions, distributions and other
+€5.6m
Cash 2025
€9.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,803,925,994 | €1,759,637,813 | -€44.3m | -2.5% |
| Formation expenses | 20 | €130,833,330 | €121,149,997 | -€9.7m | -7.4% |
| Fixed assets | 21/28 | €1,411,582,265 | €1,449,165,186 | +€37.6m | +2.7% |
| Intangible fixed assets | 21 | €23,792,170 | €19,221,995 | -€4.6m | -19.2% |
| Tangible fixed assets | 22/27 | €1,387,605,703 | €1,429,758,798 | +€42.2m | +3.0% |
| Land and buildings | 22 | €1,215,087,824 | €1,252,518,048 | +€37.4m | +3.1% |
| Plant, machinery and equipment | 23 | €3,662,817 | €3,741,110 | +€78,293 | +2.1% |
| Furniture and vehicles | 24 | €7,138,640 | €6,626,718 | -€511,922 | -7.2% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Assets under construction and advance payments | 27 | €161,716,422 | €166,872,922 | +€5.2m | +3.2% |
| Financial fixed assets | 28 | €184,392 | €184,392 | = | 0.0% |
| Affiliated companies | 280/1 | €0 | €0 | = | 0.0% |
| Participating interests | 280 | €0 | €0 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €25,000 | €25,000 | = | 0.0% |
| Participating interests | 282 | €25,000 | €25,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €159,392 | €159,392 | = | 0.0% |
| Shares | 284 | €74,737 | €74,737 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €84,655 | €84,655 | = | 0.0% |
| Current assets | 29/58 | €261,510,398 | €189,322,630 | -€72.2m | -27.6% |
| Stocks and contracts in progress | 3 | €11,055,037 | €12,968,673 | +€1.9m | +17.3% |
| Stocks | 30/36 | €11,055,037 | €12,968,673 | +€1.9m | +17.3% |
| Raw materials and consumables | 30/31 | €8,105,571 | €9,262,781 | +€1.2m | +14.3% |
| Work in progress | 32 | €39,873 | €48,990 | +€9,117 | +22.9% |
| Finished goods | 33 | €2,909,593 | €3,656,902 | +€747,309 | +25.7% |
| Amounts receivable within one year | 40/41 | €161,509,860 | €144,633,343 | -€16.9m | -10.4% |
| Trade receivables | 40 | €151,372,068 | €132,793,039 | -€18.6m | -12.3% |
| Other amounts receivable | 41 | €10,137,792 | €11,840,305 | +€1.7m | +16.8% |
| Current investments | 50/53 | €44,160,694 | €16,285,000 | -€27.9m | -63.1% |
| Other investments | 51/53 | €44,160,694 | €16,285,000 | -€27.9m | -63.1% |
| Cash at bank and in hand | 54/58 | €40,252,632 | €9,688,169 | -€30.6m | -75.9% |
| Deferred charges and accrued income | 490/1 | €4,532,175 | €5,747,445 | +€1.2m | +26.8% |
| Total equity and liabilities | 10/49 | €1,803,925,994 | €1,759,637,813 | -€44.3m | -2.5% |
| Equity | 10/15 | €559,497,068 | €569,707,719 | +€10.2m | +1.8% |
| Contributions | 10/11 | €4,875,467 | €4,875,467 | = | 0.0% |
| Revaluation surpluses | 12 | €155,786,294 | €155,372,940 | -€413,354 | -0.3% |
| Reserves | 13 | €271,061,211 | €275,700,126 | +€4.6m | +1.7% |
| Non-distributable reserves | 130/1 | €384,473 | €384,473 | = | 0.0% |
| Reserves not available under the articles | 1311 | €384,473 | €384,473 | = | 0.0% |
| Tax-exempt reserves | 132 | €270,676,738 | €275,315,653 | +€4.6m | +1.7% |
| Investment grants | 15 | €127,774,095 | €133,759,186 | +€6.0m | +4.7% |
| Provisions and deferred taxes | 16 | €29,672,999 | €28,867,309 | -€805,690 | -2.7% |
| Provisions for liabilities and charges | 160/5 | €29,672,999 | €28,867,309 | -€805,690 | -2.7% |
| Pensions and similar obligations | 160 | €13,434,963 | €6,996,309 | -€6.4m | -47.9% |
| Other liabilities and charges | 164/5 | €16,238,036 | €21,871,000 | +€5.6m | +34.7% |
| Amounts payable | 17/49 | €1,214,755,927 | €1,161,062,786 | -€53.7m | -4.4% |
| Amounts payable after more than one year | 17 | €1,021,272,454 | €962,089,278 | -€59.2m | -5.8% |
| Financial debts | 170/4 | €1,021,261,856 | €962,078,680 | -€59.2m | -5.8% |
| Credit institutions | 173 | €899,778,525 | €850,278,682 | -€49.5m | -5.5% |
| Other loans | 174 | €121,483,331 | €111,799,998 | -€9.7m | -8.0% |
| Other amounts payable | 178/9 | €10,598 | €10,598 | = | 0.0% |
| Amounts payable within one year | 42/48 | €145,974,678 | €140,705,335 | -€5.3m | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €60,415,292 | €59,183,176 | -€1.2m | -2.0% |
| Financial debts | 43 | €14,809,721 | €6,559,898 | -€8.2m | -55.7% |
| Credit institutions | 430/8 | €14,809,721 | €6,559,898 | -€8.2m | -55.7% |
| Trade debts | 44 | €35,848,482 | €40,824,584 | +€5.0m | +13.9% |
| Suppliers | 440/4 | €35,848,482 | €40,824,584 | +€5.0m | +13.9% |
| Advances received on contracts in progress | 46 | €53,050 | €53,050 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,850,304 | €22,738,943 | -€111,360 | -0.5% |
| Taxes | 450/3 | €10,872,605 | €10,483,235 | -€389,369 | -3.6% |
| Remuneration and social security | 454/9 | €11,977,699 | €12,255,708 | +€278,009 | +2.3% |
| Other amounts payable | 47/48 | €11,997,830 | €11,345,683 | -€652,147 | -5.4% |
| Accrued charges and deferred income | 492/3 | €47,508,795 | €58,268,174 | +€10.8m | +22.6% |
| Operating income | 70/76A | €469,749,318 | €497,336,225 | +€27.6m | +5.9% |
| Turnover | 70 | €325,924,635 | €355,999,963 | +€30.1m | +9.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€563,832 | €756,426 | +€1.3m | |
| Own construction capitalised | 72 | €114,137,080 | €124,910,171 | +€10.8m | +9.4% |
| Other operating income | 74 | €29,435,046 | €14,762,005 | -€14.7m | -49.8% |
| Non-recurring operating income | 76A | €816,389 | €907,660 | +€91,271 | +11.2% |
| Operating charges | 60/66A | €444,014,445 | €466,034,357 | +€22.0m | +5.0% |
| Goods for resale, raw materials and consumables | 60 | €19,061,707 | €14,806,198 | -€4.3m | -22.3% |
| Purchases | 600/8 | €19,003,235 | €16,212,912 | -€2.8m | -14.7% |
| Change in stocks: decrease (increase) | 609 | €58,472 | -€1,406,714 | -€1.5m | |
| Services and other goods | 61 | €156,710,178 | €168,421,505 | +€11.7m | +7.5% |
| Remuneration, social security and pensions | 62 | €146,156,676 | €149,960,302 | +€3.8m | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,744,601 | €99,757,112 | -€31.0m | -23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,385,050 | -€1,307,901 | +€23.1m | +94.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,653,632 | -€805,690 | +€31.8m | +97.5% |
| Other operating charges | 640/8 | €47,840,667 | €25,774,635 | -€22.1m | -46.1% |
| Non-recurring operating charges | 66A | €539,298 | €9,428,197 | +€8.9m | +1,648% |
| Operating profit (loss) | 9901 | €25,734,873 | €31,301,868 | +€5.6m | +21.6% |
| Financial income | 75/76B | €2,625,200 | €2,226,937 | -€398,263 | -15.2% |
| Recurring financial income | 75 | €2,625,200 | €2,226,937 | -€398,263 | -15.2% |
| Income from current assets | 751 | €1,476,080 | €1,044,269 | -€431,811 | -29.3% |
| Other financial income | 752/9 | €1,149,120 | €1,182,668 | +€33,547 | +2.9% |
| Financial charges | 65/66B | €29,220,143 | €28,889,891 | -€330,252 | -1.1% |
| Recurring financial charges | 65 | €29,220,143 | €28,889,891 | -€330,252 | -1.1% |
| Debt charges | 650 | €28,912,470 | €28,625,353 | -€287,116 | -1.0% |
| Other financial charges | 652/9 | €307,673 | €264,537 | -€43,136 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€860,069 | €4,638,914 | +€5.5m | |
| Profit (loss) for the period | 9904 | -€860,069 | €4,638,914 | +€5.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€860,069 | €4,638,914 | +€5.5m |
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 20 October 2026 via checked.be.