Watchtower: 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.
Watchtower
Largest movements
- Receivables within one year +€13,836
up €13,836 (+93.7%), from €14,773 to €28,609
of which Trade receivables: +€14,030
- Cash +€12,129
up €12,129 (+78.7%), from €15,420 to €27,549
mainly Trade debts (+€28,085) and Depreciation (+€2,371)
- Intangible fixed assets +€2,672
up €2,672 (+38.7%), from €6,897 to €9,569
- Trade debts +€28,085
up €28,085 (+86.8%), from €32,369 to €60,454
- Write-downs +€4,600
new in 2025: €4,600
- Gross operating margin +€3,903
up €3,903 (+89.6%), from €4,357 to €8,260
- Depreciation +€1,055
up €1,055 (+80.2%), from €1,316 to €2,371
- Taxes -€214
down €214 (-38.7%), from €554 to €340
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 | €38,141 | €67,195 | +€29,054 | +76.2% |
| Fixed assets | 21/28 | €6,897 | €9,569 | +€2,672 | +38.7% |
| Intangible fixed assets | 21 | €6,897 | €9,569 | +€2,672 | +38.7% |
| Current assets | 29/58 | €31,244 | €57,626 | +€26,382 | +84.4% |
| Amounts receivable within one year | 40/41 | €14,773 | €28,609 | +€13,836 | +93.7% |
| Trade receivables | 40 | €10,954 | €24,984 | +€14,030 | +128.1% |
| Other amounts receivable | 41 | €3,819 | €3,625 | -€194 | -5.1% |
| Cash at bank and in hand | 54/58 | €15,420 | €27,549 | +€12,129 | +78.7% |
| Deferred charges and accrued income | 490/1 | €1,051 | €1,468 | +€417 | +39.7% |
| Total equity and liabilities | 10/49 | €38,141 | €67,195 | +€29,054 | +76.2% |
| Equity | 10/15 | €5,217 | €5,847 | +€630 | +12.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €2,217 | €2,847 | +€630 | +28.4% |
| Distributable reserves | 133 | €2,217 | €2,847 | +€630 | +28.4% |
| Amounts payable | 17/49 | €32,924 | €61,348 | +€28,425 | +86.3% |
| Amounts payable within one year | 42/48 | €32,924 | €61,348 | +€28,425 | +86.3% |
| Trade debts | 44 | €32,369 | €60,454 | +€28,085 | +86.8% |
| Suppliers | 440/4 | €32,369 | €60,454 | +€28,085 | +86.8% |
| Taxes, remuneration and social security | 45 | €554 | €894 | +€340 | +61.3% |
| Taxes | 450/3 | €554 | €894 | +€340 | +61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,316 | €2,371 | +€1,055 | +80.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,600 | +€4,600 | |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €4,357 | €8,260 | +€3,903 | +89.6% |
| Operating profit (loss) | 9901 | €2,924 | €1,170 | -€1,754 | -60.0% |
| Financial income | 75/76B | €30 | €3 | -€27 | -89.4% |
| Recurring financial income | 75 | €30 | €3 | -€27 | -89.4% |
| Financial charges | 65/66B | €182 | €203 | +€21 | +11.7% |
| Recurring financial charges | 65 | €182 | €203 | +€21 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €2,772 | €969 | -€1,802 | -65.0% |
| Income taxes | 67/77 | €554 | €340 | -€214 | -38.7% |
| Profit (loss) for the period | 9904 | €2,217 | €630 | -€1,588 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,217 | €630 | -€1,588 | -71.6% |
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 12 October 2026 via checked.be.