WATELET: 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.
WATELET
Largest movements
- Cash +€13,574
up €13,574 (+72.1%), from €18,837 to €32,411
mainly Trade debts (+€20,334) and Net result for the year (+€14,669)
- Receivables within one year +€12,337
up €12,337 (+17.1%), from €72,071 to €84,408
of which Trade receivables: +€16,926
- Deferred charges and accrued income -€8,616
down €8,616 (-38.7%), from €22,289 to €13,673
- Stocks and contracts -€4,707
down €4,707 (-18.8%), from €24,987 to €20,280
- Trade debts +€20,334
up €20,334 (+62.5%), from €32,535 to €52,869
- Reserves +€14,669
up €14,669 (+29.5%), from €49,741 to €64,409
- Other debts -€14,263
down €14,263 (-33.4%), from €42,717 to €28,454
- Debts after one year -€9,077
down €9,077 (-27.3%), from €33,292 to €24,215
- Tax, wage and social debts +€7,833
up €7,833 (+60.6%), from €12,932 to €20,765
of which Taxes: +€6,854
- Gross operating margin -€15,036
down €15,036 (-13.9%), from €108,139 to €93,103
- Other operating charges +€2,718
up €2,718 (+135%), from €2,015 to €4,732
- Staff costs -€2,471
down €2,471 (-4.5%), from €54,921 to €52,450
- Taxes +€2,111
up €2,111 (+43.6%), from €4,842 to €6,954
- Depreciation -€1,359
down €1,359 (-9.8%), from €13,896 to €12,537
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.
Derived cash bridge
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 | €203,786 | €218,389 | +€14,603 | +7.2% |
| Fixed assets | 21/28 | €65,600 | €67,617 | +€2,017 | +3.1% |
| Tangible fixed assets | 22/27 | €65,391 | €67,258 | +€1,867 | +2.9% |
| Land and buildings | 22 | €55,307 | €50,474 | -€4,834 | -8.7% |
| Plant, machinery and equipment | 23 | - | €8,674 | +€8,674 | |
| Furniture and vehicles | 24 | €4,963 | €8,110 | +€3,147 | +63.4% |
| Leasing and similar rights | 25 | €5,121 | - | -€5,121 | |
| Financial fixed assets | 28 | €209 | €359 | +€150 | +71.6% |
| Current assets | 29/58 | €138,185 | €150,772 | +€12,587 | +9.1% |
| Stocks and contracts in progress | 3 | €24,987 | €20,280 | -€4,707 | -18.8% |
| Stocks | 30/36 | €24,987 | €20,280 | -€4,707 | -18.8% |
| Amounts receivable within one year | 40/41 | €72,071 | €84,408 | +€12,337 | +17.1% |
| Trade receivables | 40 | €65,477 | €82,403 | +€16,926 | +25.8% |
| Other amounts receivable | 41 | €6,594 | €2,005 | -€4,589 | -69.6% |
| Cash at bank and in hand | 54/58 | €18,837 | €32,411 | +€13,574 | +72.1% |
| Deferred charges and accrued income | 490/1 | €22,289 | €13,673 | -€8,616 | -38.7% |
| Total equity and liabilities | 10/49 | €203,786 | €218,389 | +€14,603 | +7.2% |
| Equity | 10/15 | €68,341 | €83,009 | +€14,669 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,741 | €64,409 | +€14,669 | +29.5% |
| Distributable reserves | 133 | €49,741 | €64,409 | +€14,669 | +29.5% |
| Amounts payable | 17/49 | €135,445 | €135,380 | -€66 | 0.0% |
| Amounts payable after more than one year | 17 | €33,292 | €24,215 | -€9,077 | -27.3% |
| Financial debts | 170/4 | €33,292 | €24,215 | -€9,077 | -27.3% |
| Amounts payable within one year | 42/48 | €102,032 | €111,165 | +€9,133 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €13,848 | €9,077 | -€4,771 | -34.5% |
| Trade debts | 44 | €32,535 | €52,869 | +€20,334 | +62.5% |
| Suppliers | 440/4 | €32,535 | €52,869 | +€20,334 | +62.5% |
| Taxes, remuneration and social security | 45 | €12,932 | €20,765 | +€7,833 | +60.6% |
| Taxes | 450/3 | €4,842 | €11,697 | +€6,854 | +142% |
| Remuneration and social security | 454/9 | €8,090 | €9,069 | +€979 | +12.1% |
| Other amounts payable | 47/48 | €42,717 | €28,454 | -€14,263 | -33.4% |
| Accrued charges and deferred income | 492/3 | €121 | - | -€121 | |
| Non-recurring operating income | 76A | €537 | - | -€537 | |
| Remuneration, social security and pensions | 62 | €54,921 | €52,450 | -€2,471 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,896 | €12,537 | -€1,359 | -9.8% |
| Other operating charges | 640/8 | €2,015 | €4,732 | +€2,718 | +135% |
| Gross operating margin | 9900 | €108,139 | €93,103 | -€15,036 | -13.9% |
| Operating profit (loss) | 9901 | €37,307 | €23,384 | -€13,923 | -37.3% |
| Financial income | 75/76B | €333 | €24 | -€309 | -92.9% |
| Recurring financial income | 75 | €333 | €24 | -€309 | -92.9% |
| Financial charges | 65/66B | €2,256 | €1,785 | -€471 | -20.9% |
| Recurring financial charges | 65 | €2,256 | €1,785 | -€471 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €35,384 | €21,622 | -€13,762 | -38.9% |
| Income taxes | 67/77 | €4,842 | €6,954 | +€2,111 | +43.6% |
| Profit (loss) for the period | 9904 | €30,542 | €14,669 | -€15,873 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,542 | €14,669 | -€15,873 | -52.0% |
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 14 October 2026 via checked.be.