Watch Expert: 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 Expert
Largest movements
- Stocks and contracts +€96,100
up €96,100 (+49.4%), from €194,600 to €290,700
- Reserves +€80,783
up €80,783 (+91.2%), from €88,605 to €169,389
- Trade debts -€27,119
down €27,119 (-97.0%), from €27,956 to €837
- Other debts +€21,354
new in 2025: €21,354
- Tax, wage and social debts +€17,549
up €17,549 (+41.3%), from €42,515 to €60,064
- Gross operating margin +€19,559
up €19,559 (+20.6%), from €94,803 to €114,362
- Taxes +€5,535
up €5,535 (+22.4%), from €24,758 to €30,294
- Other operating charges -€1,723
down €1,723 (-78.0%), from €2,210 to €487
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 | €211,576 | €304,143 | +€92,567 | +43.8% |
| Fixed assets | 21/28 | €8,300 | €6,160 | -€2,140 | -25.8% |
| Tangible fixed assets | 22/27 | €8,300 | €6,160 | -€2,140 | -25.8% |
| Plant, machinery and equipment | 23 | €2,150 | €1,440 | -€710 | -33.0% |
| Furniture and vehicles | 24 | €6,150 | €4,720 | -€1,430 | -23.3% |
| Current assets | 29/58 | €203,276 | €297,983 | +€94,707 | +46.6% |
| Stocks and contracts in progress | 3 | €194,600 | €290,700 | +€96,100 | +49.4% |
| Stocks | 30/36 | €194,600 | €290,700 | +€96,100 | +49.4% |
| Amounts receivable within one year | 40/41 | €1,642 | - | -€1,642 | |
| Trade receivables | 40 | €250 | - | -€250 | |
| Other amounts receivable | 41 | €1,392 | - | -€1,392 | |
| Cash at bank and in hand | 54/58 | €7,034 | €7,283 | +€249 | +3.5% |
| Total equity and liabilities | 10/49 | €211,576 | €304,143 | +€92,567 | +43.8% |
| Equity | 10/15 | €138,605 | €219,389 | +€80,783 | +58.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €88,605 | €169,389 | +€80,783 | +91.2% |
| Distributable reserves | 133 | €88,605 | €169,389 | +€80,783 | +91.2% |
| Amounts payable | 17/49 | €72,971 | €84,754 | +€11,783 | +16.1% |
| Amounts payable within one year | 42/48 | €70,471 | €82,254 | +€11,783 | +16.7% |
| Trade debts | 44 | €27,956 | €837 | -€27,119 | -97.0% |
| Suppliers | 440/4 | €27,956 | €837 | -€27,119 | -97.0% |
| Taxes, remuneration and social security | 45 | €42,515 | €60,064 | +€17,549 | +41.3% |
| Taxes | 450/3 | €42,515 | €60,064 | +€17,549 | +41.3% |
| Other amounts payable | 47/48 | - | €21,354 | +€21,354 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,549 | €2,140 | +€591 | +38.2% |
| Other operating charges | 640/8 | €2,210 | €487 | -€1,723 | -78.0% |
| Gross operating margin | 9900 | €94,803 | €114,362 | +€19,559 | +20.6% |
| Operating profit (loss) | 9901 | €91,044 | €111,735 | +€20,691 | +22.7% |
| Financial charges | 65/66B | €263 | €658 | +€395 | +150.3% |
| Recurring financial charges | 65 | €263 | €658 | +€395 | +150.3% |
| Profit (loss) for the period before taxes | 9903 | €90,781 | €111,077 | +€20,296 | +22.4% |
| Income taxes | 67/77 | €24,758 | €30,294 | +€5,535 | +22.4% |
| Profit (loss) for the period | 9904 | €66,022 | €80,783 | +€14,761 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €66,022 | €80,783 | +€14,761 | +22.4% |
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 11 October 2026 via checked.be.