WAter: 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.
WAter
Largest movements
- Cash +€8,391
up €8,391 (+10.8%), from €77,437 to €85,828
mainly Net result for the year (+€50,915) and Other debts (+€10,000)
- Receivables within one year +€7,924
up €7,924 (+47.3%), from €16,763 to €24,687
of which Trade receivables: +€11,616
- Current investments +€4,726
new in 2025: €4,726
- Reserves +€50,915
up €50,915 (+31.1%), from €163,594 to €214,509
- Current portion of long-term debt -€21,655
no longer reported in 2025 (was €21,655)
- Contributions -€10,000
down €10,000 (-28.2%), from €35,400 to €25,400
- Other debts +€10,000
new in 2025: €10,000
- Trade debts -€7,358
down €7,358 (-88.9%), from €8,274 to €916
- Gross operating margin +€3,411
up €3,411 (+4.7%), from €72,055 to €75,466
- Taxes +€1,174
up €1,174 (+5.1%), from €22,870 to €24,044
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 | €252,118 | €274,012 | +€21,894 | +8.7% |
| Fixed assets | 21/28 | €157,750 | €158,492 | +€742 | +0.5% |
| Tangible fixed assets | 22/27 | - | €742 | +€742 | |
| Plant, machinery and equipment | 23 | - | €742 | +€742 | |
| Financial fixed assets | 28 | €157,750 | €157,750 | = | 0.0% |
| Current assets | 29/58 | €94,368 | €115,519 | +€21,151 | +22.4% |
| Amounts receivable within one year | 40/41 | €16,763 | €24,687 | +€7,924 | +47.3% |
| Trade receivables | 40 | €12,024 | €23,639 | +€11,616 | +96.6% |
| Other amounts receivable | 41 | €4,740 | €1,048 | -€3,692 | -77.9% |
| Current investments | 50/53 | - | €4,726 | +€4,726 | |
| Cash at bank and in hand | 54/58 | €77,437 | €85,828 | +€8,391 | +10.8% |
| Deferred charges and accrued income | 490/1 | €168 | €279 | +€111 | +66.0% |
| Total equity and liabilities | 10/49 | €252,118 | €274,012 | +€21,894 | +8.7% |
| Equity | 10/15 | €198,994 | €239,909 | +€40,915 | +20.6% |
| Contributions | 10/11 | €35,400 | €25,400 | -€10,000 | -28.2% |
| Reserves | 13 | €163,594 | €214,509 | +€50,915 | +31.1% |
| Distributable reserves | 133 | €163,594 | €214,509 | +€50,915 | +31.1% |
| Amounts payable | 17/49 | €53,124 | €34,102 | -€19,022 | -35.8% |
| Amounts payable after more than one year | 17 | €303 | €596 | +€293 | +96.7% |
| Other amounts payable | 178/9 | €303 | €596 | +€293 | +96.7% |
| Amounts payable within one year | 42/48 | €52,821 | €33,506 | -€19,315 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €21,655 | - | -€21,655 | |
| Trade debts | 44 | €8,274 | €916 | -€7,358 | -88.9% |
| Suppliers | 440/4 | €8,274 | €916 | -€7,358 | -88.9% |
| Taxes, remuneration and social security | 45 | €22,892 | €22,590 | -€302 | -1.3% |
| Taxes | 450/3 | €19,592 | €19,290 | -€302 | -1.5% |
| Remuneration and social security | 454/9 | €3,300 | €3,300 | = | 0.0% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €59 | +€59 | |
| Other operating charges | 640/8 | €190 | €194 | +€4 | +2.1% |
| Gross operating margin | 9900 | €72,055 | €75,466 | +€3,411 | +4.7% |
| Operating profit (loss) | 9901 | €71,866 | €75,214 | +€3,348 | +4.7% |
| Financial income | 75/76B | €0 | €29 | +€29 | +289300.0% |
| Recurring financial income | 75 | €0 | €29 | +€29 | +289300.0% |
| Financial charges | 65/66B | €404 | €284 | -€120 | -29.7% |
| Recurring financial charges | 65 | €404 | €284 | -€120 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €71,462 | €74,959 | +€3,498 | +4.9% |
| Income taxes | 67/77 | €22,870 | €24,044 | +€1,174 | +5.1% |
| Profit (loss) for the period | 9904 | €48,592 | €50,915 | +€2,323 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,592 | €50,915 | +€2,323 | +4.8% |
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 11 October 2026 via checked.be.