WATELLE: 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.
WATELLE
Largest movements
- Tangible fixed assets -€70,378
down €70,378 (-26.8%), from €262,816 to €192,439
of which Land and buildings: -€35,307
- Cash +€16,900
up €16,900 (+40.6%), from €41,614 to €58,514
mainly Depreciation (+€74,624) and Other debts (+€13,249)
- Debts after one year -€80,785
down €80,785 (-20.3%), from €398,446 to €317,661
of which Other amounts payable: -€45,000
- Other debts +€13,249
up €13,249 (+489.1%), from €2,709 to €15,957
- Profit (loss) carried forward +€11,034
up €11,034 (+5.9%), from -€187,015 to -€175,981
- Trade debts +€6,223
up €6,223 (+44.7%), from €13,910 to €20,133
- Tax, wage and social debts -€5,294
down €5,294 (-25.6%), from €20,696 to €15,402
of which Remuneration and social security: -€3,891
- Gross operating margin -€16,241
down €16,241 (-5.8%), from €280,688 to €264,447
- Depreciation +€5,206
up €5,206 (+7.5%), from €69,418 to €74,624
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 | €312,788 | €260,307 | -€52,481 | -16.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €262,816 | €192,439 | -€70,378 | -26.8% |
| Tangible fixed assets | 22/27 | €262,816 | €192,439 | -€70,378 | -26.8% |
| Land and buildings | 22 | €136,846 | €101,539 | -€35,307 | -25.8% |
| Plant, machinery and equipment | 23 | €48,109 | €36,874 | -€11,235 | -23.4% |
| Furniture and vehicles | 24 | €77,862 | €54,026 | -€23,836 | -30.6% |
| Current assets | 29/58 | €49,972 | €67,868 | +€17,897 | +35.8% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €858 | €2,117 | +€1,259 | +146.8% |
| Trade receivables | 40 | €755 | - | -€755 | |
| Other amounts receivable | 41 | €103 | €2,117 | +€2,015 | +1963.0% |
| Cash at bank and in hand | 54/58 | €41,614 | €58,514 | +€16,900 | +40.6% |
| Deferred charges and accrued income | 490/1 | €4,999 | €4,737 | -€262 | -5.2% |
| Total equity and liabilities | 10/49 | €312,788 | €260,307 | -€52,481 | -16.8% |
| Equity | 10/15 | -€168,415 | -€157,381 | +€11,034 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,015 | -€175,981 | +€11,034 | +5.9% |
| Amounts payable | 17/49 | €481,203 | €417,688 | -€63,515 | -13.2% |
| Amounts payable after more than one year | 17 | €398,446 | €317,661 | -€80,785 | -20.3% |
| Financial debts | 170/4 | €123,446 | €87,661 | -€35,785 | -29.0% |
| Other amounts payable | 178/9 | €275,000 | €230,000 | -€45,000 | -16.4% |
| Amounts payable within one year | 42/48 | €82,757 | €100,027 | +€17,270 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €45,443 | €48,535 | +€3,092 | +6.8% |
| Trade debts | 44 | €13,910 | €20,133 | +€6,223 | +44.7% |
| Suppliers | 440/4 | €13,910 | €20,133 | +€6,223 | +44.7% |
| Taxes, remuneration and social security | 45 | €20,696 | €15,402 | -€5,294 | -25.6% |
| Taxes | 450/3 | €7,138 | €5,736 | -€1,402 | -19.6% |
| Remuneration and social security | 454/9 | €13,557 | €9,666 | -€3,891 | -28.7% |
| Other amounts payable | 47/48 | €2,709 | €15,957 | +€13,249 | +489.1% |
| Remuneration, social security and pensions | 62 | €164,860 | €164,794 | -€66 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,418 | €74,624 | +€5,206 | +7.5% |
| Other operating charges | 640/8 | €4,928 | €5,530 | +€602 | +12.2% |
| Gross operating margin | 9900 | €280,688 | €264,447 | -€16,241 | -5.8% |
| Operating profit (loss) | 9901 | €41,482 | €19,498 | -€21,984 | -53.0% |
| Financial income | 75/76B | €59 | €95 | +€36 | +60.0% |
| Recurring financial income | 75 | €59 | €95 | +€36 | +60.0% |
| Financial charges | 65/66B | €10,748 | €8,197 | -€2,551 | -23.7% |
| Recurring financial charges | 65 | €10,748 | €8,197 | -€2,551 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €30,794 | €11,397 | -€19,397 | -63.0% |
| Income taxes | 67/77 | €269 | €363 | +€94 | +35.1% |
| Profit (loss) for the period | 9904 | €30,525 | €11,034 | -€19,491 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,525 | €11,034 | -€19,491 | -63.9% |
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 28 September 2026 via checked.be.