WATERIS: 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.
WATERIS
Largest movements
- Cash +€33,440
up €33,440 (+40.9%), from €81,750 to €115,190
mainly Trade debts (+€39,635) and Depreciation (+€13,115)
- Tangible fixed assets -€13,115
down €13,115 (-33.6%), from €39,016 to €25,900
of which Furniture and vehicles: -€12,805
- Receivables within one year +€4,872
up €4,872 (+1.8%), from €278,136 to €283,008
of which Other amounts receivable: +€10,695
- Deferred charges and accrued income -€4,844
down €4,844 (-58.4%), from €8,291 to €3,447
- Trade debts +€39,635
up €39,635 (+158%), from €25,050 to €64,686
- Tax, wage and social debts -€21,799
down €21,799 (-45.5%), from €47,863 to €26,063
of which Remuneration and social security: -€12,215
- Reserves +€12,173
up €12,173 (+4.0%), from €306,858 to €319,031
of which Distributable reserves: +€12,173
- Debts after one year -€11,351
down €11,351 (-46.9%), from €24,223 to €12,872
- Staff costs -€91,924
down €91,924 (-49.0%), from €187,572 to €95,648
- Gross operating margin -€63,218
down €63,218 (-32.2%), from €196,214 to €132,996
- Depreciation -€10,870
down €10,870 (-45.3%), from €23,986 to €13,115
- Taxes +€5,071
up €5,071 (+322%), from €1,573 to €6,644
- Financial charges +€4,663
up €4,663 (+114%), from €4,087 to €8,750
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 | €433,499 | €452,745 | +€19,246 | +4.4% |
| Fixed assets | 21/28 | €39,016 | €25,900 | -€13,115 | -33.6% |
| Tangible fixed assets | 22/27 | €39,016 | €25,900 | -€13,115 | -33.6% |
| Land and buildings | 22 | €69 | €0 | -€69 | -100% |
| Plant, machinery and equipment | 23 | €793 | €551 | -€242 | -30.5% |
| Furniture and vehicles | 24 | €38,154 | €25,349 | -€12,805 | -33.6% |
| Current assets | 29/58 | €394,484 | €426,845 | +€32,361 | +8.2% |
| Stocks and contracts in progress | 3 | €26,308 | €25,201 | -€1,107 | -4.2% |
| Stocks | 30/36 | €26,308 | €25,201 | -€1,107 | -4.2% |
| Amounts receivable within one year | 40/41 | €278,136 | €283,008 | +€4,872 | +1.8% |
| Trade receivables | 40 | €129,859 | €124,036 | -€5,823 | -4.5% |
| Other amounts receivable | 41 | €148,277 | €158,972 | +€10,695 | +7.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €81,750 | €115,190 | +€33,440 | +40.9% |
| Deferred charges and accrued income | 490/1 | €8,291 | €3,447 | -€4,844 | -58.4% |
| Total equity and liabilities | 10/49 | €433,499 | €452,745 | +€19,246 | +4.4% |
| Equity | 10/15 | €325,458 | €337,631 | +€12,173 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €306,858 | €319,031 | +€12,173 | +4.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €304,998 | €317,171 | +€12,173 | +4.0% |
| Amounts payable | 17/49 | €108,041 | €115,114 | +€7,073 | +6.5% |
| Amounts payable after more than one year | 17 | €24,223 | €12,872 | -€11,351 | -46.9% |
| Financial debts | 170/4 | €24,223 | €12,872 | -€11,351 | -46.9% |
| Amounts payable within one year | 42/48 | €83,818 | €102,100 | +€18,282 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €10,905 | €11,351 | +€446 | +4.1% |
| Trade debts | 44 | €25,050 | €64,686 | +€39,635 | +158% |
| Suppliers | 440/4 | €25,050 | €64,686 | +€39,635 | +158% |
| Taxes, remuneration and social security | 45 | €47,863 | €26,063 | -€21,799 | -45.5% |
| Taxes | 450/3 | €27,110 | €17,525 | -€9,584 | -35.4% |
| Remuneration and social security | 454/9 | €20,753 | €8,538 | -€12,215 | -58.9% |
| Accrued charges and deferred income | 492/3 | - | €142 | +€142 | |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | €187,572 | €95,648 | -€91,924 | -49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,986 | €13,115 | -€10,870 | -45.3% |
| Other operating charges | 640/8 | €3,357 | €1,960 | -€1,397 | -41.6% |
| Gross operating margin | 9900 | €196,214 | €132,996 | -€63,218 | -32.2% |
| Operating profit (loss) | 9901 | -€18,701 | €22,272 | +€40,974 | |
| Financial income | 75/76B | €5,571 | €5,294 | -€276 | -5.0% |
| Recurring financial income | 75 | €5,571 | €5,294 | -€276 | -5.0% |
| Financial charges | 65/66B | €4,087 | €8,750 | +€4,663 | +114% |
| Recurring financial charges | 65 | €4,087 | €8,750 | +€4,663 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€17,218 | €18,817 | +€36,035 | |
| Income taxes | 67/77 | €1,573 | €6,644 | +€5,071 | +322% |
| Profit (loss) for the period | 9904 | -€18,790 | €12,173 | +€30,963 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,790 | €12,173 | +€30,963 |
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 20 October 2026 via checked.be.