WATER-WORKS: what changed
WATER-WORKS
Largest movements
- Tangible fixed assets -€27,654
down €27,654 (-5.3%), from €519,396 to €491,741
of which Land and buildings: -€19,807
- Receivables within one year -€25,781
down €25,781 (-51.3%), from €50,272 to €24,491
of which Trade receivables: -€24,703
- Debts after one year -€77,124
down €77,124 (-15.1%), from €510,960 to €433,836
of which Other amounts payable: -€124,308
- Current portion of long-term debt +€23,157
up €23,157 (+125%), from €18,492 to €41,648
- Trade debts -€11,613
down €11,613 (-65.2%), from €17,799 to €6,186
- Reserves +€8,874
up €8,874 (+222%), from €3,995 to €12,869
- Tax, wage and social debts +€6,515
up €6,515 (+127%), from €5,114 to €11,629
of which Remuneration and social security: +€5,706
- Gross operating margin +€98,660
up €98,660 (+62.9%), from €156,797 to €255,457
- Staff costs +€75,473
up €75,473 (+88.8%), from €85,000 to €160,472
- Depreciation +€10,901
up €10,901 (+25.0%), from €43,588 to €54,489
- Financial charges +€6,993
up €6,993 (+45.0%), from €15,530 to €22,523
- Other operating charges -€4,860
down €4,860 (-72.0%), from €6,753 to €1,893
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €576,188 | €531,154 | -€45,034 | -7.8% |
| Fixed assets | 21/28 | €521,196 | €493,541 | -€27,654 | -5.3% |
| Tangible fixed assets | 22/27 | €519,396 | €491,741 | -€27,654 | -5.3% |
| Land and buildings | 22 | €402,426 | €382,618 | -€19,807 | -4.9% |
| Plant, machinery and equipment | 23 | €92,658 | €75,029 | -€17,629 | -19.0% |
| Furniture and vehicles | 24 | €24,312 | €34,094 | +€9,782 | +40.2% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €54,993 | €37,613 | -€17,380 | -31.6% |
| Amounts receivable within one year | 40/41 | €50,272 | €24,491 | -€25,781 | -51.3% |
| Trade receivables | 40 | €42,693 | €17,990 | -€24,703 | -57.9% |
| Other amounts receivable | 41 | €7,579 | €6,501 | -€1,078 | -14.2% |
| Cash at bank and in hand | 54/58 | €4,721 | €10,194 | +€5,473 | +116% |
| Deferred charges and accrued income | 490/1 | - | €2,927 | +€2,927 | |
| Total equity and liabilities | 10/49 | €576,188 | €531,154 | -€45,034 | -7.8% |
| Equity | 10/15 | €19,995 | €28,869 | +€8,874 | +44.4% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €3,995 | €12,869 | +€8,874 | +222% |
| Distributable reserves | 133 | €3,995 | €12,869 | +€8,874 | +222% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €556,193 | €502,285 | -€53,909 | -9.7% |
| Amounts payable after more than one year | 17 | €510,960 | €433,836 | -€77,124 | -15.1% |
| Financial debts | 170/4 | €386,652 | €433,836 | +€47,184 | +12.2% |
| Other amounts payable | 178/9 | €124,308 | €0 | -€124,308 | -100% |
| Amounts payable within one year | 42/48 | €42,572 | €60,630 | +€18,058 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €18,492 | €41,648 | +€23,157 | +125% |
| Trade debts | 44 | €17,799 | €6,186 | -€11,613 | -65.2% |
| Suppliers | 440/4 | €17,799 | €6,186 | -€11,613 | -65.2% |
| Taxes, remuneration and social security | 45 | €5,114 | €11,629 | +€6,515 | +127% |
| Taxes | 450/3 | €1,388 | €2,197 | +€809 | +58.2% |
| Remuneration and social security | 454/9 | €3,726 | €9,432 | +€5,706 | +153% |
| Other amounts payable | 47/48 | €1,166 | €1,166 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,662 | €7,819 | +€5,157 | +194% |
| Remuneration, social security and pensions | 62 | €85,000 | €160,472 | +€75,473 | +88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,588 | €54,489 | +€10,901 | +25.0% |
| Other operating charges | 640/8 | €6,753 | €1,893 | -€4,860 | -72.0% |
| Non-recurring operating charges | 66A | - | €4,605 | +€4,605 | |
| Gross operating margin | 9900 | €156,797 | €255,457 | +€98,660 | +62.9% |
| Operating profit (loss) | 9901 | €21,456 | €33,999 | +€12,542 | +58.5% |
| Financial income | 75/76B | €279 | €237 | -€43 | -15.3% |
| Recurring financial income | 75 | €279 | €237 | -€43 | -15.3% |
| Financial charges | 65/66B | €15,530 | €22,523 | +€6,993 | +45.0% |
| Recurring financial charges | 65 | €15,530 | €22,523 | +€6,993 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €6,206 | €11,712 | +€5,507 | +88.7% |
| Income taxes | 67/77 | €545 | €1,172 | +€628 | +115% |
| Profit (loss) for the period | 9904 | €5,661 | €10,540 | +€4,879 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,661 | €10,540 | +€4,879 | +86.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.