WATERHOEN: 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.
WATERHOEN
Largest movements
- Current investments +€10,658
new in 2025: €10,658
- Receivables within one year +€6,676
up €6,676 (+101%), from €6,604 to €13,280
of which Trade receivables: +€6,752
- Cash +€3,671
up €3,671 (+17.4%), from €21,104 to €24,776
mainly Net result for the year (+€19,294) and Trade debts (+€9,383)
- Deferred charges and accrued income +€1,618
up €1,618 (+2,098%), from €77 to €1,695
- Profit (loss) carried forward +€19,294
up €19,294 (+92.5%), from -€20,870 to -€1,576
- Other debts -€14,847
down €14,847 (-55.1%), from €26,964 to €12,118
- Trade debts +€9,383
up €9,383 (+205%), from €4,567 to €13,950
- Tax, wage and social debts +€8,828
up €8,828 (+2,014%), from €438 to €9,266
- Gross operating margin +€30,486
up €30,486, from -€3,332 to €27,155
- Taxes +€5,200
new in 2025: €5,200
- Write-downs +€1,415
no longer reported in 2025 (was -€1,415)
- Other operating charges -€893
down €893 (-39.8%), from €2,242 to €1,348
- Financial charges +€475
up €475 (+72.9%), from €651 to €1,126
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 | €33,100 | €55,758 | +€22,658 | +68.5% |
| Fixed assets | 21/28 | €933 | €715 | -€218 | -23.4% |
| Tangible fixed assets | 22/27 | €873 | €655 | -€218 | -25.0% |
| Plant, machinery and equipment | 23 | €873 | €655 | -€218 | -25.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €32,167 | €55,043 | +€22,877 | +71.1% |
| Stocks and contracts in progress | 3 | €4,381 | €4,634 | +€253 | +5.8% |
| Stocks | 30/36 | €4,381 | €4,634 | +€253 | +5.8% |
| Amounts receivable within one year | 40/41 | €6,604 | €13,280 | +€6,676 | +101% |
| Trade receivables | 40 | €6,500 | €13,252 | +€6,752 | +104% |
| Other amounts receivable | 41 | €104 | €28 | -€76 | -72.8% |
| Current investments | 50/53 | - | €10,658 | +€10,658 | |
| Cash at bank and in hand | 54/58 | €21,104 | €24,776 | +€3,671 | +17.4% |
| Deferred charges and accrued income | 490/1 | €77 | €1,695 | +€1,618 | +2,098% |
| Total equity and liabilities | 10/49 | €33,100 | €55,758 | +€22,658 | +68.5% |
| Equity | 10/15 | €1,130 | €20,424 | +€19,294 | +1,707% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,870 | -€1,576 | +€19,294 | +92.5% |
| Amounts payable | 17/49 | €31,970 | €35,334 | +€3,364 | +10.5% |
| Amounts payable within one year | 42/48 | €31,970 | €35,334 | +€3,364 | +10.5% |
| Trade debts | 44 | €4,567 | €13,950 | +€9,383 | +205% |
| Suppliers | 440/4 | €4,567 | €13,950 | +€9,383 | +205% |
| Taxes, remuneration and social security | 45 | €438 | €9,266 | +€8,828 | +2,014% |
| Taxes | 450/3 | €438 | €9,266 | +€8,828 | +2,014% |
| Other amounts payable | 47/48 | €26,964 | €12,118 | -€14,847 | -55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218 | €218 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,415 | - | +€1,415 | |
| Other operating charges | 640/8 | €2,242 | €1,348 | -€893 | -39.8% |
| Gross operating margin | 9900 | -€3,332 | €27,155 | +€30,486 | |
| Operating profit (loss) | 9901 | -€4,376 | €25,588 | +€29,964 | |
| Financial income | 75/76B | €300 | €32 | -€268 | -89.3% |
| Recurring financial income | 75 | €300 | €32 | -€268 | -89.3% |
| Financial charges | 65/66B | €651 | €1,126 | +€475 | +72.9% |
| Recurring financial charges | 65 | €651 | €1,126 | +€475 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,728 | €24,494 | +€29,222 | |
| Income taxes | 67/77 | - | €5,200 | +€5,200 | |
| Profit (loss) for the period | 9904 | -€4,728 | €19,294 | +€24,022 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,728 | €19,294 | +€24,022 |
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 13 October 2026 via checked.be.