WATERMARK: what changed
WATERMARK
Largest movements
- Receivables within one year +€13,432
up €13,432 (+166%), from €8,107 to €21,539
of which Trade receivables: +€13,820
- Cash -€4,209
down €4,209 (-44.7%), from €9,416 to €5,207
mainly Receivables within one year (-€13,432) and Net result for the year (-€2,432)
- Intangible fixed assets +€900
new in 2025: €900
- Tangible fixed assets -€693
down €693 (-34.8%), from €1,993 to €1,300
- Deferred charges and accrued income -€317
down €317 (-33.3%), from €951 to €634
- Trade debts +€10,069
up €10,069 (+167%), from €6,047 to €16,116
- Profit (loss) carried forward -€2,432
down €2,432 (-49.1%), from €4,954 to €2,521
- Tax, wage and social debts +€1,779
up €1,779 (+33.3%), from €5,337 to €7,116
- Other debts -€303
down €303 (-26.8%), from €1,130 to €827
- Gross operating margin -€8,028
down €8,028, from €7,392 to -€636
- Taxes -€1,807
down €1,807 (-86.7%), from €2,083 to €276
- Depreciation +€1,057
up €1,057 (+1,238%), from €85 to €1,143
- Other operating charges +€131
up €131 (+71.2%), from €184 to €316
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,467 | €29,581 | +€9,113 | +44.5% |
| Fixed assets | 21/28 | €1,993 | €2,200 | +€207 | +10.4% |
| Intangible fixed assets | 21 | - | €900 | +€900 | |
| Tangible fixed assets | 22/27 | €1,993 | €1,300 | -€693 | -34.8% |
| Furniture and vehicles | 24 | €1,993 | €1,300 | -€693 | -34.8% |
| Current assets | 29/58 | €18,475 | €27,381 | +€8,906 | +48.2% |
| Amounts receivable within one year | 40/41 | €8,107 | €21,539 | +€13,432 | +166% |
| Trade receivables | 40 | €7,719 | €21,539 | +€13,820 | +179% |
| Other amounts receivable | 41 | €388 | - | -€388 | |
| Cash at bank and in hand | 54/58 | €9,416 | €5,207 | -€4,209 | -44.7% |
| Deferred charges and accrued income | 490/1 | €951 | €634 | -€317 | -33.3% |
| Total equity and liabilities | 10/49 | €20,467 | €29,581 | +€9,113 | +44.5% |
| Equity | 10/15 | €7,954 | €5,521 | -€2,432 | -30.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,954 | €2,521 | -€2,432 | -49.1% |
| Amounts payable | 17/49 | €12,514 | €24,059 | +€11,546 | +92.3% |
| Amounts payable within one year | 42/48 | €12,514 | €24,059 | +€11,546 | +92.3% |
| Trade debts | 44 | €6,047 | €16,116 | +€10,069 | +167% |
| Suppliers | 440/4 | €6,047 | €16,116 | +€10,069 | +167% |
| Taxes, remuneration and social security | 45 | €5,337 | €7,116 | +€1,779 | +33.3% |
| Taxes | 450/3 | €5,337 | €7,116 | +€1,779 | +33.3% |
| Other amounts payable | 47/48 | €1,130 | €827 | -€303 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85 | €1,143 | +€1,057 | +1,238% |
| Other operating charges | 640/8 | €184 | €316 | +€131 | +71.2% |
| Gross operating margin | 9900 | €7,392 | -€636 | -€8,028 | |
| Operating profit (loss) | 9901 | €7,123 | -€2,094 | -€9,217 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €86 | €62 | -€24 | -28.4% |
| Recurring financial charges | 65 | €86 | €62 | -€24 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €7,037 | -€2,156 | -€9,192 | |
| Income taxes | 67/77 | €2,083 | €276 | -€1,807 | -86.7% |
| Profit (loss) for the period | 9904 | €4,954 | -€2,432 | -€7,386 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,954 | -€2,432 | -€7,386 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.