WATCOS: 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.
WATCOS
Largest movements
- Cash -€126,444
down €126,444 (-74.8%), from €169,099 to €42,655
mainly Trade debts (-€103,416) and Stocks and contracts (-€66,755)
- Stocks and contracts +€66,755
up €66,755 (+364.2%), from €18,328 to €85,083
- Receivables within one year -€26,079
down €26,079 (-16.0%), from €162,932 to €136,853
of which Trade receivables: -€20,773
- Tangible fixed assets -€14,686
down €14,686 (-19.5%), from €75,243 to €60,557
of which Plant, machinery and equipment: -€14,656
- Trade debts -€103,416
down €103,416 (-63.5%), from €162,742 to €59,326
- Tax, wage and social debts +€23,090
up €23,090 (+73.9%), from €31,250 to €54,340
of which Taxes: +€21,613
- Debts after one year -€14,754
down €14,754 (-53.8%), from €27,404 to €12,650
- Reserves -€8,883
down €8,883 (-5.8%), from €153,819 to €144,936
of which Distributable reserves: -€8,883
- Staff costs +€24,365
up €24,365 (+14.6%), from €167,370 to €191,735
- Taxes -€8,409
down €8,409 (-83.5%), from €10,069 to €1,660
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 | €427,565 | €327,848 | -€99,717 | -23.3% |
| Fixed assets | 21/28 | €77,206 | €62,520 | -€14,686 | -19.0% |
| Tangible fixed assets | 22/27 | €75,243 | €60,557 | -€14,686 | -19.5% |
| Plant, machinery and equipment | 23 | €75,213 | €60,557 | -€14,656 | -19.5% |
| Furniture and vehicles | 24 | €30 | - | -€30 | |
| Financial fixed assets | 28 | €1,963 | €1,963 | = | 0.0% |
| Current assets | 29/58 | €350,359 | €265,328 | -€85,031 | -24.3% |
| Stocks and contracts in progress | 3 | €18,328 | €85,083 | +€66,755 | +364.2% |
| Stocks | 30/36 | €18,328 | €85,083 | +€66,755 | +364.2% |
| Amounts receivable within one year | 40/41 | €162,932 | €136,853 | -€26,079 | -16.0% |
| Trade receivables | 40 | €147,800 | €127,027 | -€20,773 | -14.1% |
| Other amounts receivable | 41 | €15,132 | €9,826 | -€5,306 | -35.1% |
| Cash at bank and in hand | 54/58 | €169,099 | €42,655 | -€126,444 | -74.8% |
| Deferred charges and accrued income | 490/1 | - | €737 | +€737 | |
| Total equity and liabilities | 10/49 | €427,565 | €327,848 | -€99,717 | -23.3% |
| Equity | 10/15 | €161,879 | €152,996 | -€8,883 | -5.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €153,819 | €144,936 | -€8,883 | -5.8% |
| Tax-exempt reserves | 132 | €9,500 | €9,500 | = | 0.0% |
| Distributable reserves | 133 | €144,319 | €135,436 | -€8,883 | -6.2% |
| Amounts payable | 17/49 | €265,686 | €174,852 | -€90,834 | -34.2% |
| Amounts payable after more than one year | 17 | €27,404 | €12,650 | -€14,754 | -53.8% |
| Financial debts | 170/4 | €27,404 | €12,650 | -€14,754 | -53.8% |
| Amounts payable within one year | 42/48 | €238,282 | €162,202 | -€76,080 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €14,754 | €14,754 | = | 0.0% |
| Trade debts | 44 | €162,742 | €59,326 | -€103,416 | -63.5% |
| Suppliers | 440/4 | €162,742 | €59,326 | -€103,416 | -63.5% |
| Taxes, remuneration and social security | 45 | €31,250 | €54,340 | +€23,090 | +73.9% |
| Taxes | 450/3 | €10,069 | €31,682 | +€21,613 | +214.6% |
| Remuneration and social security | 454/9 | €21,181 | €22,658 | +€1,477 | +7.0% |
| Other amounts payable | 47/48 | €29,536 | €33,782 | +€4,246 | +14.4% |
| Remuneration, social security and pensions | 62 | €167,370 | €191,735 | +€24,365 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,623 | €14,687 | +€64 | +0.4% |
| Other operating charges | 640/8 | €257 | €378 | +€121 | +47.1% |
| Gross operating margin | 9900 | €214,088 | €213,076 | -€1,012 | -0.5% |
| Operating profit (loss) | 9901 | €31,838 | €6,276 | -€25,562 | -80.3% |
| Financial charges | 65/66B | €1,593 | €1,524 | -€69 | -4.3% |
| Recurring financial charges | 65 | €1,593 | €1,271 | -€322 | -20.2% |
| Non-recurring financial charges | 66B | - | €253 | +€253 | |
| Profit (loss) for the period before taxes | 9903 | €30,245 | €4,752 | -€25,493 | -84.3% |
| Income taxes | 67/77 | €10,069 | €1,660 | -€8,409 | -83.5% |
| Profit (loss) for the period | 9904 | €20,176 | €3,092 | -€17,084 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,176 | €3,092 | -€17,084 | -84.7% |
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 10 October 2026 via checked.be.