WATERGATE: 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.
WATERGATE
Largest movements
- Stocks and contracts -€94,994
down €94,994 (-10.5%), from €900,802 to €805,808
- Cash +€16,030
up €16,030 (+158.4%), from €10,118 to €26,149
mainly Debts after one year (+€455,819) and Other debts (+€188,000)
- Current portion of long-term debt -€728,000
down €728,000 (-100.0%), from €728,000 to €0
- Debts after one year +€455,819
up €455,819 (+250.5%), from €182,000 to €637,819
- Other debts +€188,000
up €188,000 (+470.0%), from €40,000 to €228,000
- Profit (loss) carried forward +€22,603
up €22,603 (+36.2%), from -€62,438 to -€39,836
- Gross operating margin +€50,335
up €50,335, from -€3,121 to €47,214
- Financial charges -€20,045
down €20,045 (-48.5%), from €41,364 to €21,318
- Other operating charges +€666
up €666 (+25.3%), from €2,627 to €3,293
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 | €910,920 | €838,085 | -€72,836 | -8.0% |
| Current assets | 29/58 | €910,920 | €838,085 | -€72,836 | -8.0% |
| Stocks and contracts in progress | 3 | €900,802 | €805,808 | -€94,994 | -10.5% |
| Stocks | 30/36 | €900,802 | €805,808 | -€94,994 | -10.5% |
| Cash at bank and in hand | 54/58 | €10,118 | €26,149 | +€16,030 | +158.4% |
| Deferred charges and accrued income | 490/1 | - | €6,128 | +€6,128 | |
| Total equity and liabilities | 10/49 | €910,920 | €838,085 | -€72,836 | -8.0% |
| Equity | 10/15 | -€50,438 | -€27,836 | +€22,603 | +44.8% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,438 | -€39,836 | +€22,603 | +36.2% |
| Amounts payable | 17/49 | €961,359 | €865,921 | -€95,438 | -9.9% |
| Amounts payable after more than one year | 17 | €182,000 | €637,819 | +€455,819 | +250.5% |
| Financial debts | 170/4 | €182,000 | €637,819 | +€455,819 | +250.5% |
| Amounts payable within one year | 42/48 | €772,859 | €228,102 | -€544,757 | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €728,000 | €0 | -€728,000 | -100.0% |
| Trade debts | 44 | €4,859 | €102 | -€4,757 | -97.9% |
| Suppliers | 440/4 | €4,859 | €102 | -€4,757 | -97.9% |
| Other amounts payable | 47/48 | €40,000 | €228,000 | +€188,000 | +470.0% |
| Accrued charges and deferred income | 492/3 | €6,500 | €0 | -€6,500 | -100.0% |
| Other operating charges | 640/8 | €2,627 | €3,293 | +€666 | +25.3% |
| Gross operating margin | 9900 | -€3,121 | €47,214 | +€50,335 | |
| Operating profit (loss) | 9901 | -€5,748 | €43,921 | +€49,669 | |
| Financial charges | 65/66B | €41,364 | €21,318 | -€20,045 | -48.5% |
| Recurring financial charges | 65 | €41,364 | €21,318 | -€20,045 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | -€47,112 | €22,603 | +€69,714 | |
| Profit (loss) for the period | 9904 | -€47,112 | €22,603 | +€69,714 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,112 | €22,603 | +€69,714 |
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 1 October 2026 via checked.be.