WATCH-MAKER: what changed
Two fiscal 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-MAKER
Largest movements
- Tangible fixed assets -€27,191
down €27,191 (-32.4%), from €83,809 to €56,618
of which Plant, machinery and equipment: -€17,091
- Cash +€21,834
up €21,834 (+9166.3%), from €238 to €22,072
mainly Depreciation (+€27,419) and Net result for the year (+€22,946)
- Receivables within one year +€14,995
up €14,995 (+144.8%), from €10,354 to €25,349
- Profit (loss) carried forward +€22,946
up €22,946 (+94.7%), from -€24,223 to -€1,278
- Debts after one year -€19,913
down €19,913 (-52.4%), from €37,998 to €18,085
- Other debts +€4,014
up €4,014 (+1438.9%), from €279 to €4,293
- Tax, wage and social debts +€3,955
up €3,955 (+42.8%), from €9,240 to €13,194
of which Taxes: +€7,528
- Trade debts -€3,594
down €3,594 (-20.5%), from €17,502 to €13,908
- Purchases and services -€78,390
down €78,390 (-48.4%), from €161,992 to €83,602
- Turnover -€44,677
down €44,677 (-24.0%), from €185,898 to €141,221
- Gross operating margin +€33,712
up €33,712 (+141.0%), from €23,906 to €57,619
- Staff costs -€14,332
down €14,332 (-97.5%), from €14,701 to €369
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 | €96,068 | €104,480 | +€8,412 | +8.8% |
| Formation expenses | 20 | €266 | €38 | -€228 | -85.8% |
| Fixed assets | 21/28 | €83,809 | €56,618 | -€27,191 | -32.4% |
| Tangible fixed assets | 22/27 | €83,809 | €56,618 | -€27,191 | -32.4% |
| Plant, machinery and equipment | 23 | €50,627 | €33,536 | -€17,091 | -33.8% |
| Furniture and vehicles | 24 | €24,256 | €15,523 | -€8,733 | -36.0% |
| Other tangible fixed assets | 26 | €8,927 | €7,559 | -€1,368 | -15.3% |
| Current assets | 29/58 | €11,993 | €47,824 | +€35,831 | +298.8% |
| Amounts receivable within one year | 40/41 | €10,354 | €25,349 | +€14,995 | +144.8% |
| Trade receivables | 40 | €10,354 | €25,349 | +€14,995 | +144.8% |
| Cash at bank and in hand | 54/58 | €238 | €22,072 | +€21,834 | +9166.3% |
| Deferred charges and accrued income | 490/1 | €1,400 | €403 | -€998 | -71.3% |
| Total equity and liabilities | 10/49 | €96,068 | €104,480 | +€8,412 | +8.8% |
| Equity | 10/15 | €12,141 | €35,087 | +€22,946 | +189.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €28,864 | €28,864 | = | 0.0% |
| Distributable reserves | 133 | €28,864 | €28,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,223 | -€1,278 | +€22,946 | +94.7% |
| Amounts payable | 17/49 | €83,927 | €69,393 | -€14,534 | -17.3% |
| Amounts payable after more than one year | 17 | €37,998 | €18,085 | -€19,913 | -52.4% |
| Financial debts | 170/4 | €37,998 | €18,085 | -€19,913 | -52.4% |
| Amounts payable within one year | 42/48 | €45,929 | €51,308 | +€5,379 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €18,908 | €19,913 | +€1,005 | +5.3% |
| Trade debts | 44 | €17,502 | €13,908 | -€3,594 | -20.5% |
| Suppliers | 440/4 | €17,502 | €13,908 | -€3,594 | -20.5% |
| Taxes, remuneration and social security | 45 | €9,240 | €13,194 | +€3,955 | +42.8% |
| Taxes | 450/3 | €5,666 | €13,194 | +€7,528 | +132.9% |
| Remuneration and social security | 454/9 | €3,573 | - | -€3,573 | |
| Other amounts payable | 47/48 | €279 | €4,293 | +€4,014 | +1438.9% |
| Turnover | 70 | €185,898 | €141,221 | -€44,677 | -24.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €161,992 | €83,602 | -€78,390 | -48.4% |
| Remuneration, social security and pensions | 62 | €14,701 | €369 | -€14,332 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,692 | €27,419 | -€1,273 | -4.4% |
| Other operating charges | 640/8 | €538 | €1,587 | +€1,049 | +195.1% |
| Gross operating margin | 9900 | €23,906 | €57,619 | +€33,712 | +141.0% |
| Operating profit (loss) | 9901 | -€20,024 | €28,244 | +€48,268 | |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €4,048 | €5,148 | +€1,100 | +27.2% |
| Recurring financial charges | 65 | €4,048 | €5,148 | +€1,100 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,057 | €23,096 | +€47,153 | |
| Income taxes | 67/77 | €166 | €150 | -€16 | -9.7% |
| Profit (loss) for the period | 9904 | -€24,223 | €22,946 | +€47,169 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,223 | €22,946 | +€47,169 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.