WATCH AND GOLD: 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.
WATCH AND GOLD
Largest movements
- Stocks and contracts +€38,772
up €38,772 (+21.7%), from €178,385 to €217,157
- Cash -€21,599
down €21,599 (-77.6%), from €27,847 to €6,248
mainly Stocks and contracts (-€38,772) and Receivables within one year (-€14,294)
- Receivables within one year +€14,294
up €14,294 (+5,831%), from €245 to €14,539
- Profit (loss) carried forward +€17,870
up €17,870 (+10.3%), from €173,653 to €191,523
- Tax, wage and social debts +€5,968
up €5,968 (+149%), from €4,010 to €9,978
- Other debts +€5,709
up €5,709 (+28.4%), from €20,130 to €25,840
- Taxes +€1,900
up €1,900 (+59.4%), from €3,200 to €5,100
- Gross operating margin +€1,595
up €1,595 (+7.1%), from €22,484 to €24,078
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 | €206,656 | €238,283 | +€31,627 | +15.3% |
| Fixed assets | 21/28 | €148 | €307 | +€159 | +107% |
| Tangible fixed assets | 22/27 | €148 | €307 | +€159 | +107% |
| Plant, machinery and equipment | 23 | €148 | - | -€148 | |
| Furniture and vehicles | 24 | - | €307 | +€307 | |
| Current assets | 29/58 | €206,508 | €237,976 | +€31,468 | +15.2% |
| Stocks and contracts in progress | 3 | €178,385 | €217,157 | +€38,772 | +21.7% |
| Stocks | 30/36 | €178,385 | €217,157 | +€38,772 | +21.7% |
| Amounts receivable within one year | 40/41 | €245 | €14,539 | +€14,294 | +5,831% |
| Trade receivables | 40 | €245 | €14,539 | +€14,294 | +5,831% |
| Cash at bank and in hand | 54/58 | €27,847 | €6,248 | -€21,599 | -77.6% |
| Deferred charges and accrued income | 490/1 | €32 | €33 | +€1 | +3.2% |
| Total equity and liabilities | 10/49 | €206,656 | €238,283 | +€31,627 | +15.3% |
| Equity | 10/15 | €181,713 | €199,583 | +€17,870 | +9.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,653 | €191,523 | +€17,870 | +10.3% |
| Amounts payable | 17/49 | €24,943 | €38,700 | +€13,757 | +55.2% |
| Amounts payable within one year | 42/48 | €24,943 | €37,050 | +€12,107 | +48.5% |
| Trade debts | 44 | €803 | €1,233 | +€430 | +53.6% |
| Suppliers | 440/4 | €803 | €1,233 | +€430 | +53.6% |
| Taxes, remuneration and social security | 45 | €4,010 | €9,978 | +€5,968 | +149% |
| Taxes | 450/3 | €4,010 | €9,978 | +€5,968 | +149% |
| Other amounts payable | 47/48 | €20,130 | €25,840 | +€5,709 | +28.4% |
| Accrued charges and deferred income | 492/3 | - | €1,650 | +€1,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €296 | €301 | +€5 | +1.8% |
| Other operating charges | 640/8 | €435 | €435 | = | 0.0% |
| Gross operating margin | 9900 | €22,484 | €24,078 | +€1,595 | +7.1% |
| Operating profit (loss) | 9901 | €21,753 | €23,342 | +€1,589 | +7.3% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €145 | €374 | +€229 | +158% |
| Recurring financial charges | 65 | €145 | €374 | +€229 | +158% |
| Profit (loss) for the period before taxes | 9903 | €21,608 | €22,970 | +€1,362 | +6.3% |
| Income taxes | 67/77 | €3,200 | €5,100 | +€1,900 | +59.4% |
| Profit (loss) for the period | 9904 | €18,408 | €17,870 | -€538 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,408 | €17,870 | -€538 | -2.9% |
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 26 October 2026 via checked.be.