WATERLUM: 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.
WATERLUM
Largest movements
- Cash -€917,322
down €917,322 (-89.6%), from €1.0m to €106,687
mainly Debts after one year (-€926,578) and Net result for the year (-€161,207)
- Tangible fixed assets -€136,019
down €136,019 (-2.1%), from €6.6m to €6.5m
of which Land and buildings: -€158,850
- Debts after one year -€926,578
down €926,578 (-12.8%), from €7.2m to €6.3m
of which Financial debts: -€935,166
- Profit (loss) carried forward -€161,207
down €161,207 (-33.0%), from -€487,774 to -€648,981
- Financial charges +€101,524
up €101,524 (+32.6%), from €311,022 to €412,547
- Turnover +€28,315
up €28,315 (+2.6%), from €1.1m to €1.1m
- Gross operating margin +€18,615
up €18,615 (+3.1%), from €598,743 to €617,358
- Depreciation +€14,678
up €14,678 (+7.0%), from €208,508 to €223,187
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 | €7,855,105 | €6,826,069 | -€1.0m | -13.1% |
| Fixed assets | 21/28 | €6,598,097 | €6,462,078 | -€136,019 | -2.1% |
| Tangible fixed assets | 22/27 | €6,598,097 | €6,462,078 | -€136,019 | -2.1% |
| Land and buildings | 22 | €6,278,306 | €6,119,456 | -€158,850 | -2.5% |
| Plant, machinery and equipment | 23 | €315,432 | €339,364 | +€23,932 | +7.6% |
| Furniture and vehicles | 24 | €4,359 | €3,258 | -€1,102 | -25.3% |
| Current assets | 29/58 | €1,257,007 | €363,991 | -€893,017 | -71.0% |
| Amounts receivable within one year | 40/41 | €77,251 | €107,715 | +€30,463 | +39.4% |
| Trade receivables | 40 | €77,251 | €107,715 | +€30,463 | +39.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,024,009 | €106,687 | -€917,322 | -89.6% |
| Deferred charges and accrued income | 490/1 | €155,747 | €149,589 | -€6,158 | -4.0% |
| Total equity and liabilities | 10/49 | €7,855,105 | €6,826,069 | -€1.0m | -13.1% |
| Equity | 10/15 | €64,726 | -€96,481 | -€161,207 | |
| Contributions | 10/11 | €552,500 | €552,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€487,774 | -€648,981 | -€161,207 | -33.0% |
| Amounts payable | 17/49 | €7,790,379 | €6,922,549 | -€867,829 | -11.1% |
| Amounts payable after more than one year | 17 | €7,215,816 | €6,289,238 | -€926,578 | -12.8% |
| Financial debts | 170/4 | €6,917,760 | €5,982,594 | -€935,166 | -13.5% |
| Other amounts payable | 178/9 | €298,056 | €306,644 | +€8,588 | +2.9% |
| Amounts payable within one year | 42/48 | €542,047 | €604,256 | +€62,209 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €400,000 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €139,643 | €204,137 | +€64,494 | +46.2% |
| Suppliers | 440/4 | €139,643 | €204,137 | +€64,494 | +46.2% |
| Taxes, remuneration and social security | 45 | €2,404 | €119 | -€2,285 | -95.0% |
| Taxes | 450/3 | €2,404 | €119 | -€2,285 | -95.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €32,515 | €29,055 | -€3,460 | -10.6% |
| Turnover | 70 | €1,071,484 | €1,099,799 | +€28,315 | +2.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €472,741 | €482,441 | +€9,700 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,508 | €223,187 | +€14,678 | +7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,089 | €0 | +€9,089 | |
| Other operating charges | 640/8 | €138,462 | €142,833 | +€4,370 | +3.2% |
| Gross operating margin | 9900 | €598,743 | €617,358 | +€18,615 | +3.1% |
| Operating profit (loss) | 9901 | €260,861 | €251,339 | -€9,523 | -3.7% |
| Financial income | 75/76B | €1 | €1 | +€0 | +44.7% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +44.7% |
| Financial charges | 65/66B | €311,022 | €412,547 | +€101,524 | +32.6% |
| Recurring financial charges | 65 | €311,022 | €412,547 | +€101,524 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,160 | -€161,207 | -€111,047 | -221% |
| Profit (loss) for the period | 9904 | -€50,160 | -€161,207 | -€111,047 | -221% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,160 | -€161,207 | -€111,047 | -221% |
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 28 October 2026 via checked.be.