Watchtower: 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.
Watchtower
Largest movements
- Tangible fixed assets -€7,279
down €7,279 (-62.6%), from €11,627 to €4,348
- Receivables within one year -€3,989
down €3,989 (-8.4%), from €47,466 to €43,477
of which Trade receivables: -€42,262
- Deferred charges and accrued income +€1,456
up €1,456, from €0 to €1,456
- Trade debts -€42,730
down €42,730 (-88.5%), from €48,306 to €5,576
- Profit (loss) carried forward +€34,330
up €34,330 (+88.9%), from -€38,616 to -€4,286
- Other debts -€6,387
down €6,387 (-51.4%), from €12,418 to €6,031
- Tax, wage and social debts +€4,771
up €4,771 (+69.7%), from €6,841 to €11,612
- Gross operating margin +€26,399
up €26,399 (+141.8%), from €18,612 to €45,011
- Financial charges -€5,482
down €5,482 (-91.2%), from €6,011 to €529
of which Non-recurring financial charges: -€5,621
- Taxes +€1,905
up €1,905 (+1406.4%), from €135 to €2,040
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 | €59,394 | €49,379 | -€10,015 | -16.9% |
| Fixed assets | 21/28 | €11,627 | €4,348 | -€7,279 | -62.6% |
| Tangible fixed assets | 22/27 | €11,627 | €4,348 | -€7,279 | -62.6% |
| Furniture and vehicles | 24 | €11,627 | €4,348 | -€7,279 | -62.6% |
| Current assets | 29/58 | €47,768 | €45,031 | -€2,736 | -5.7% |
| Amounts receivable within one year | 40/41 | €47,466 | €43,477 | -€3,989 | -8.4% |
| Trade receivables | 40 | €47,456 | €5,194 | -€42,262 | -89.1% |
| Other amounts receivable | 41 | €10 | €38,283 | +€38,272 | +368003.5% |
| Cash at bank and in hand | 54/58 | €301 | €99 | -€203 | -67.2% |
| Deferred charges and accrued income | 490/1 | €0 | €1,456 | +€1,456 | |
| Total equity and liabilities | 10/49 | €59,394 | €49,379 | -€10,015 | -16.9% |
| Equity | 10/15 | -€32,416 | €1,914 | +€34,330 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,616 | -€4,286 | +€34,330 | +88.9% |
| Amounts payable | 17/49 | €91,811 | €47,465 | -€44,346 | -48.3% |
| Amounts payable after more than one year | 17 | €17,299 | €17,299 | = | 0.0% |
| Financial debts | 170/4 | €17,299 | €17,299 | = | 0.0% |
| Amounts payable within one year | 42/48 | €74,512 | €30,166 | -€44,346 | -59.5% |
| Current portion of amounts payable after more than one year | 42 | €6,947 | €6,947 | = | 0.0% |
| Trade debts | 44 | €48,306 | €5,576 | -€42,730 | -88.5% |
| Suppliers | 440/4 | €48,306 | €5,576 | -€42,730 | -88.5% |
| Taxes, remuneration and social security | 45 | €6,841 | €11,612 | +€4,771 | +69.7% |
| Taxes | 450/3 | €6,841 | €11,612 | +€4,771 | +69.7% |
| Other amounts payable | 47/48 | €12,418 | €6,031 | -€6,387 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,279 | €7,279 | = | 0.0% |
| Other operating charges | 640/8 | €945 | €1,067 | +€121 | +12.8% |
| Gross operating margin | 9900 | €18,612 | €45,011 | +€26,399 | +141.8% |
| Operating profit (loss) | 9901 | €10,388 | €36,665 | +€26,277 | +253.0% |
| Financial income | 75/76B | €1 | €235 | +€234 | +27190.7% |
| Recurring financial income | 75 | €1 | €235 | +€234 | +27190.7% |
| Financial charges | 65/66B | €6,011 | €529 | -€5,482 | -91.2% |
| Recurring financial charges | 65 | €390 | €529 | +€139 | +35.6% |
| Non-recurring financial charges | 66B | €5,621 | €0 | -€5,621 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €4,377 | €36,371 | +€31,993 | +730.9% |
| Income taxes | 67/77 | €135 | €2,040 | +€1,905 | +1406.4% |
| Profit (loss) for the period | 9904 | €4,242 | €34,330 | +€30,089 | +709.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,242 | €34,330 | +€30,089 | +709.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.