Waterheide: 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.
Waterheide
Largest movements
- Receivables within one year -€55,692
down €55,692 (-71.7%), from €77,715 to €22,023
of which Trade receivables: -€58,209
- Tangible fixed assets -€54,455
down €54,455 (-26.6%), from €205,072 to €150,617
of which Plant, machinery and equipment: -€31,910
- Cash -€28,789
down €28,789 (-46.6%), from €61,800 to €33,011
mainly Net result for the year (-€88,830) and Trade debts (-€33,393)
- Stocks and contracts -€11,010
down €11,010 (-13.7%), from €80,211 to €69,201
- Profit (loss) carried forward -€88,830
down €88,830 (-21.0%), from -€423,627 to -€512,457
- Trade debts -€33,393
down €33,393 (-41.0%), from €81,543 to €48,150
- Short-term financial debts -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Current portion of long-term debt -€15,000
down €15,000 (-100%), from €15,000 to €0
- Other debts +€8,941
up €8,941 (+2.5%), from €360,602 to €369,543
- Depreciation -€73,856
down €73,856 (-57.6%), from €128,311 to €54,455
- Staff costs -€40,201
down €40,201 (-14.6%), from €275,492 to €235,292
- Gross operating margin -€29,780
down €29,780 (-12.1%), from €246,887 to €217,108
- Financial income -€8,354
down €8,354 (-94.2%), from €8,868 to €514
- Financial charges -€2,471
down €2,471 (-23.2%), from €10,664 to €8,193
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 | €433,120 | €279,427 | -€153,693 | -35.5% |
| Fixed assets | 21/28 | €207,752 | €153,297 | -€54,455 | -26.2% |
| Tangible fixed assets | 22/27 | €205,072 | €150,617 | -€54,455 | -26.6% |
| Land and buildings | 22 | €57,432 | €48,186 | -€9,246 | -16.1% |
| Plant, machinery and equipment | 23 | €108,003 | €76,094 | -€31,910 | -29.5% |
| Furniture and vehicles | 24 | €39,637 | €26,337 | -€13,300 | -33.6% |
| Financial fixed assets | 28 | €2,680 | €2,680 | = | 0.0% |
| Current assets | 29/58 | €225,368 | €126,130 | -€99,238 | -44.0% |
| Stocks and contracts in progress | 3 | €80,211 | €69,201 | -€11,010 | -13.7% |
| Stocks | 30/36 | €80,211 | €69,201 | -€11,010 | -13.7% |
| Amounts receivable within one year | 40/41 | €77,715 | €22,023 | -€55,692 | -71.7% |
| Trade receivables | 40 | €67,019 | €8,809 | -€58,209 | -86.9% |
| Other amounts receivable | 41 | €10,697 | €13,214 | +€2,517 | +23.5% |
| Cash at bank and in hand | 54/58 | €61,800 | €33,011 | -€28,789 | -46.6% |
| Deferred charges and accrued income | 490/1 | €5,641 | €1,894 | -€3,747 | -66.4% |
| Total equity and liabilities | 10/49 | €433,120 | €279,427 | -€153,693 | -35.5% |
| Equity | 10/15 | -€143,630 | -€232,460 | -€88,830 | -61.8% |
| Contributions | 10/11 | €277,403 | €277,403 | = | 0.0% |
| Reserves | 13 | €2,595 | €2,595 | = | 0.0% |
| Distributable reserves | 133 | €2,595 | €2,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€423,627 | -€512,457 | -€88,830 | -21.0% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €576,750 | €511,886 | -€64,863 | -11.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €576,750 | €511,886 | -€64,863 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €0 | -€15,000 | -100% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Credit institutions | 430/8 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €81,543 | €48,150 | -€33,393 | -41.0% |
| Suppliers | 440/4 | €81,543 | €48,150 | -€33,393 | -41.0% |
| Taxes, remuneration and social security | 45 | €19,605 | €19,193 | -€412 | -2.1% |
| Taxes | 450/3 | €2,405 | €3,023 | +€617 | +25.7% |
| Remuneration and social security | 454/9 | €17,199 | €16,170 | -€1,029 | -6.0% |
| Other amounts payable | 47/48 | €360,602 | €369,543 | +€8,941 | +2.5% |
| Remuneration, social security and pensions | 62 | €275,492 | €235,292 | -€40,201 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,311 | €54,455 | -€73,856 | -57.6% |
| Other operating charges | 640/8 | €8,417 | €8,511 | +€94 | +1.1% |
| Gross operating margin | 9900 | €246,887 | €217,108 | -€29,780 | -12.1% |
| Operating profit (loss) | 9901 | -€165,333 | -€81,150 | +€84,183 | +50.9% |
| Financial income | 75/76B | €8,868 | €514 | -€8,354 | -94.2% |
| Recurring financial income | 75 | €8,868 | €514 | -€8,354 | -94.2% |
| Financial charges | 65/66B | €10,664 | €8,193 | -€2,471 | -23.2% |
| Recurring financial charges | 65 | €10,664 | €8,193 | -€2,471 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | -€167,129 | -€88,830 | +€78,299 | +46.8% |
| Transfer from deferred taxes | 780 | €412 | €0 | -€412 | -100% |
| Income taxes | 67/77 | €412 | €0 | -€412 | -100% |
| Profit (loss) for the period | 9904 | -€167,129 | -€88,830 | +€78,299 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€167,129 | -€88,830 | +€78,299 | +46.8% |
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 22 October 2026 via checked.be.