WATCHTRADE: 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.
WATCHTRADE
Largest movements
- Receivables within one year +€488,558
up €488,558 (+59.2%), from €825,103 to €1.3m
of which Trade receivables: +€490,612
- Tangible fixed assets -€22,613
down €22,613 (-18.0%), from €125,674 to €103,061
of which Land and buildings: -€21,413
- Trade debts +€494,613
up €494,613 (+48.2%), from €1.0m to €1.5m
- Debts after one year -€18,800
down €18,800 (-15.3%), from €123,206 to €104,406
- Gross operating margin -€71,409
down €71,409 (-38.9%), from €183,556 to €112,147
- Other operating charges +€11,956
up €11,956 (+148.8%), from €8,035 to €19,992
- Taxes -€11,367
down €11,367 (-78.5%), from €14,481 to €3,114
- Financial charges +€6,032
up €6,032 (+38.2%), from €15,775 to €21,807
- Staff costs +€5,328
up €5,328 (+10.5%), from €50,553 to €55,882
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 | €1,304,423 | €1,778,366 | +€473,943 | +36.3% |
| Fixed assets | 21/28 | €127,740 | €104,710 | -€23,031 | -18.0% |
| Intangible fixed assets | 21 | €2,067 | €1,649 | -€418 | -20.2% |
| Tangible fixed assets | 22/27 | €125,674 | €103,061 | -€22,613 | -18.0% |
| Land and buildings | 22 | €122,488 | €101,074 | -€21,413 | -17.5% |
| Furniture and vehicles | 24 | €3,186 | €1,987 | -€1,199 | -37.6% |
| Current assets | 29/58 | €1,176,683 | €1,673,657 | +€496,973 | +42.2% |
| Stocks and contracts in progress | 3 | €267,275 | €276,646 | +€9,372 | +3.5% |
| Stocks | 30/36 | €267,275 | €276,646 | +€9,372 | +3.5% |
| Amounts receivable within one year | 40/41 | €825,103 | €1,313,662 | +€488,558 | +59.2% |
| Trade receivables | 40 | €752,227 | €1,242,839 | +€490,612 | +65.2% |
| Other amounts receivable | 41 | €72,876 | €70,823 | -€2,054 | -2.8% |
| Cash at bank and in hand | 54/58 | €84,305 | €83,348 | -€957 | -1.1% |
| Total equity and liabilities | 10/49 | €1,304,423 | €1,778,366 | +€473,943 | +36.3% |
| Equity | 10/15 | €105,791 | €94,818 | -€10,973 | -10.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €48,352 | €48,352 | = | 0.0% |
| Distributable reserves | 133 | €48,352 | €48,352 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,847 | €27,874 | -€10,973 | -28.2% |
| Amounts payable | 17/49 | €1,198,632 | €1,683,548 | +€484,916 | +40.5% |
| Amounts payable after more than one year | 17 | €123,206 | €104,406 | -€18,800 | -15.3% |
| Financial debts | 170/4 | €123,206 | €104,406 | -€18,800 | -15.3% |
| Amounts payable within one year | 42/48 | €1,075,168 | €1,579,142 | +€503,973 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €20,016 | €18,800 | -€1,216 | -6.1% |
| Trade debts | 44 | €1,025,688 | €1,520,302 | +€494,613 | +48.2% |
| Suppliers | 440/4 | €1,025,688 | €1,520,302 | +€494,613 | +48.2% |
| Taxes, remuneration and social security | 45 | €19,453 | €23,885 | +€4,432 | +22.8% |
| Taxes | 450/3 | €14,481 | €16,004 | +€1,523 | +10.5% |
| Remuneration and social security | 454/9 | €4,973 | €7,881 | +€2,908 | +58.5% |
| Other amounts payable | 47/48 | €10,011 | €16,156 | +€6,145 | +61.4% |
| Accrued charges and deferred income | 492/3 | €258 | - | -€258 | |
| Remuneration, social security and pensions | 62 | €50,553 | €55,882 | +€5,328 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,406 | €26,002 | +€1,596 | +6.5% |
| Other operating charges | 640/8 | €8,035 | €19,992 | +€11,956 | +148.8% |
| Gross operating margin | 9900 | €183,556 | €112,147 | -€71,409 | -38.9% |
| Operating profit (loss) | 9901 | €100,561 | €10,271 | -€90,290 | -89.8% |
| Financial income | 75/76B | €3,858 | €3,677 | -€182 | -4.7% |
| Recurring financial income | 75 | €3,858 | €3,677 | -€182 | -4.7% |
| Financial charges | 65/66B | €15,775 | €21,807 | +€6,032 | +38.2% |
| Recurring financial charges | 65 | €15,775 | €21,807 | +€6,032 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €88,644 | -€7,859 | -€96,503 | |
| Income taxes | 67/77 | €14,481 | €3,114 | -€11,367 | -78.5% |
| Profit (loss) for the period | 9904 | €74,163 | -€10,973 | -€85,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,163 | -€10,973 | -€85,136 |
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 8 October 2026 via checked.be.