WATERMELON: what changed
Two fiscal 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.
WATERMELON
Largest movements
- Receivables within one year -€23,266
down €23,266 (-35.2%), from €66,164 to €42,897
of which Trade receivables: -€22,768
- Tangible fixed assets +€7,483
up €7,483 (+4.3%), from €172,813 to €180,296
of which Furniture and vehicles: +€14,708
- Profit (loss) carried forward -€19,255
down €19,255 (-69.0%), from -€27,920 to -€47,175
- Trade debts +€14,372
up €14,372 (+511.4%), from €2,810 to €17,182
- Debts after one year -€8,892
down €8,892 (-5.7%), from €157,331 to €148,438
- Short-term financial debts +€6,130
up €6,130, from €0 to €6,130
- Tax, wage and social debts -€5,479
down €5,479 (-27.4%), from €19,962 to €14,483
- Gross operating margin -€50,609
down €50,609 (-89.9%), from €56,306 to €5,697
- Depreciation -€17,032
down €17,032 (-52.1%), from €32,698 to €15,666
- Financial charges +€1,551
up €1,551 (+32.3%), from €4,801 to €6,351
- Taxes -€1,512
down €1,512 (-100.0%), from €1,512 to €0
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.
Cash bridge derived
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 | €240,891 | €225,215 | -€15,675 | -6.5% |
| Fixed assets | 21/28 | €173,862 | €181,301 | +€7,439 | +4.3% |
| Tangible fixed assets | 22/27 | €172,813 | €180,296 | +€7,483 | +4.3% |
| Land and buildings | 22 | €166,358 | €159,133 | -€7,225 | -4.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,455 | €21,163 | +€14,708 | +227.9% |
| Financial fixed assets | 28 | €1,049 | €1,005 | -€44 | -4.2% |
| Current assets | 29/58 | €67,029 | €43,915 | -€23,114 | -34.5% |
| Amounts receivable within one year | 40/41 | €66,164 | €42,897 | -€23,266 | -35.2% |
| Trade receivables | 40 | €25,439 | €2,671 | -€22,768 | -89.5% |
| Other amounts receivable | 41 | €40,725 | €40,226 | -€499 | -1.2% |
| Cash at bank and in hand | 54/58 | €865 | €524 | -€341 | -39.4% |
| Deferred charges and accrued income | 490/1 | €0 | €493 | +€493 | |
| Total equity and liabilities | 10/49 | €240,891 | €225,215 | -€15,675 | -6.5% |
| Equity | 10/15 | €2,080 | -€17,175 | -€19,255 | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,920 | -€47,175 | -€19,255 | -69.0% |
| Amounts payable | 17/49 | €238,811 | €242,390 | +€3,579 | +1.5% |
| Amounts payable after more than one year | 17 | €157,331 | €148,438 | -€8,892 | -5.7% |
| Financial debts | 170/4 | €157,331 | €148,438 | -€8,892 | -5.7% |
| Amounts payable within one year | 42/48 | €81,480 | €93,952 | +€12,472 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €9,821 | €8,892 | -€929 | -9.5% |
| Financial debts | 43 | €0 | €6,130 | +€6,130 | |
| Credit institutions | 430/8 | €0 | €6,130 | +€6,130 | |
| Trade debts | 44 | €2,810 | €17,182 | +€14,372 | +511.4% |
| Suppliers | 440/4 | €2,810 | €17,182 | +€14,372 | +511.4% |
| Taxes, remuneration and social security | 45 | €19,962 | €14,483 | -€5,479 | -27.4% |
| Taxes | 450/3 | €19,962 | €14,483 | -€5,479 | -27.4% |
| Other amounts payable | 47/48 | €48,887 | €47,265 | -€1,622 | -3.3% |
| Non-recurring operating income | 76A | €16,508 | €0 | -€16,508 | -100.0% |
| Remuneration, social security and pensions | 62 | €192 | €370 | +€178 | +93.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,698 | €15,666 | -€17,032 | -52.1% |
| Other operating charges | 640/8 | €2,013 | €1,930 | -€83 | -4.1% |
| Non-recurring operating charges | 66A | €9,522 | €637 | -€8,886 | -93.3% |
| Gross operating margin | 9900 | €56,306 | €5,697 | -€50,609 | -89.9% |
| Operating profit (loss) | 9901 | €11,881 | -€12,906 | -€24,787 | |
| Financial income | 75/76B | €5 | €2 | -€3 | -59.2% |
| Recurring financial income | 75 | €5 | €2 | -€3 | -59.2% |
| Financial charges | 65/66B | €4,801 | €6,351 | +€1,551 | +32.3% |
| Recurring financial charges | 65 | €4,801 | €6,351 | +€1,551 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €7,086 | -€19,255 | -€26,340 | |
| Income taxes | 67/77 | €1,512 | €0 | -€1,512 | -100.0% |
| Profit (loss) for the period | 9904 | €5,574 | -€19,255 | -€24,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,574 | -€19,255 | -€24,829 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.