WATCHMEN: 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.
WATCHMEN
Largest movements
- Receivables within one year +€114,354
up €114,354 (+1965.5%), from €5,818 to €120,172
of which Trade receivables: +€87,154
- Cash -€2,987
down €2,987 (-7.1%), from €41,957 to €38,969
mainly Receivables within one year (-€114,354) and Other debts (-€1,782)
- Trade debts +€79,052
up €79,052 (+3180.4%), from €2,486 to €81,538
- Tax, wage and social debts +€26,868
up €26,868 (+117.2%), from €22,918 to €49,786
of which Remuneration and social security: +€13,571
- Reserves +€8,558
up €8,558 (+65.1%), from €13,153 to €21,710
- Other debts -€1,782
down €1,782 (-100.0%), from €1,782 to €0
- Gross operating margin +€119,979
up €119,979 (+111.9%), from €107,173 to €227,152
- Staff costs +€94,841
up €94,841 (+94.4%), from €100,423 to €195,263
- Other operating charges +€12,472
up €12,472 (+2081.9%), from €599 to €13,071
- Financial charges +€3,857
up €3,857 (+132.9%), from €2,903 to €6,760
- Taxes +€2,449
up €2,449 (+163.7%), from €1,496 to €3,944
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 | €49,585 | €161,884 | +€112,299 | +226.5% |
| Fixed assets | 21/28 | €270 | €270 | = | 0.0% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €49,315 | €161,614 | +€112,299 | +227.7% |
| Amounts receivable within one year | 40/41 | €5,818 | €120,172 | +€114,354 | +1965.5% |
| Trade receivables | 40 | €5,000 | €92,154 | +€87,154 | +1743.1% |
| Other amounts receivable | 41 | €818 | €28,018 | +€27,200 | +3324.6% |
| Cash at bank and in hand | 54/58 | €41,957 | €38,969 | -€2,987 | -7.1% |
| Deferred charges and accrued income | 490/1 | €1,540 | €2,473 | +€933 | +60.6% |
| Total equity and liabilities | 10/49 | €49,585 | €161,884 | +€112,299 | +226.5% |
| Equity | 10/15 | €16,153 | €24,710 | +€8,558 | +53.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,153 | €21,710 | +€8,558 | +65.1% |
| Distributable reserves | 133 | €13,153 | €21,710 | +€8,558 | +65.1% |
| Amounts payable | 17/49 | €33,432 | €137,174 | +€103,742 | +310.3% |
| Amounts payable within one year | 42/48 | €27,186 | €131,324 | +€104,138 | +383.1% |
| Trade debts | 44 | €2,486 | €81,538 | +€79,052 | +3180.4% |
| Suppliers | 440/4 | €2,486 | €81,538 | +€79,052 | +3180.4% |
| Taxes, remuneration and social security | 45 | €22,918 | €49,786 | +€26,868 | +117.2% |
| Taxes | 450/3 | €7,574 | €20,871 | +€13,297 | +175.6% |
| Remuneration and social security | 454/9 | €15,344 | €28,915 | +€13,571 | +88.4% |
| Other amounts payable | 47/48 | €1,782 | €0 | -€1,782 | -100.0% |
| Accrued charges and deferred income | 492/3 | €6,246 | €5,850 | -€396 | -6.3% |
| Remuneration, social security and pensions | 62 | €100,423 | €195,263 | +€94,841 | +94.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €599 | €13,071 | +€12,472 | +2081.9% |
| Gross operating margin | 9900 | €107,173 | €227,152 | +€119,979 | +111.9% |
| Operating profit (loss) | 9901 | €6,151 | €18,818 | +€12,666 | +205.9% |
| Financial income | 75/76B | €0 | €445 | +€445 | |
| Recurring financial income | 75 | €0 | €445 | +€445 | |
| Financial charges | 65/66B | €2,903 | €6,760 | +€3,857 | +132.9% |
| Recurring financial charges | 65 | €2,903 | €6,760 | +€3,857 | +132.9% |
| Profit (loss) for the period before taxes | 9903 | €3,248 | €12,502 | +€9,254 | +284.9% |
| Income taxes | 67/77 | €1,496 | €3,944 | +€2,449 | +163.7% |
| Profit (loss) for the period | 9904 | €1,752 | €8,558 | +€6,805 | +388.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,752 | €8,558 | +€6,805 | +388.3% |
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 30 September 2026 via checked.be.