WATERWEG: 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.
What changed
WATERWEG
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€278,089
2024 · €264,170+€13,919
Equity
€1.1m
2024 · €832,316+€278,089
Cash
€76,075
2024 · €48,488+€27,587
Balance sheet total
€5.1m
2024 · €5.1m-€9,730
Largest movements
Assets
- Tangible fixed assets -€141,553
down €141,553 (-2.8%), from €5.0m to €4.9m
of which Land and buildings: -€288,614
- Receivables within one year +€103,550
up €103,550 (+107%), from €97,147 to €200,697
of which Other amounts receivable: +€113,000
Equity and liabilities
- Debts after one year -€307,636
down €307,636 (-9.2%), from €3.4m to €3.1m
- Reserves +€278,089
up €278,089 (+34.2%), from €812,316 to €1.1m
Income statement
- Gross operating margin +€43,178
up €43,178 (+5.3%), from €809,468 to €852,646
- Other operating charges +€9,309
up €9,309 (+30.0%), from €31,047 to €40,357
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.
Result 2024
€264,170
Gross operating margin
+€43,178
Depreciation
+€894
Other operating charges
-€9,309
Other operating items
-€20,908
Financial income
+€3
Financial charges
+€6,248
Taxes
-€6,186
Result 2025
€278,089
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€484,865
Investment
-€192,535
Financing
-€264,744
Cash 2024
€48,488
From operations (derived)
+€484,865
Net result for the year
+€278,089
Depreciation
+€334,088
Receivables within one year
-€103,550
Smaller working-capital items
-€1,216
Tax, wage and social debts
-€3,147
Other debts
-€19,399
Investment (derived)
-€192,535
Investment in fixed assets (net)
-€192,535
Financing
-€264,744
Debts after one year
-€307,636
Current portion of long-term debt
+€42,893
Cash 2025
€76,075
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,143,766 | €5,134,035 | -€9,730 | -0.2% |
| Fixed assets | 21/28 | €4,992,516 | €4,850,964 | -€141,553 | -2.8% |
| Tangible fixed assets | 22/27 | €4,992,266 | €4,850,714 | -€141,553 | -2.8% |
| Land and buildings | 22 | €4,837,497 | €4,548,883 | -€288,614 | -6.0% |
| Plant, machinery and equipment | 23 | €106,816 | €146,411 | +€39,596 | +37.1% |
| Furniture and vehicles | 24 | €17,004 | €15,005 | -€1,999 | -11.8% |
| Leasing and similar rights | 25 | €30,950 | €140,414 | +€109,465 | +354% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €151,249 | €283,072 | +€131,822 | +87.2% |
| Amounts receivable within one year | 40/41 | €97,147 | €200,697 | +€103,550 | +107% |
| Trade receivables | 40 | €62,043 | €52,593 | -€9,450 | -15.2% |
| Other amounts receivable | 41 | €35,104 | €148,104 | +€113,000 | +322% |
| Cash at bank and in hand | 54/58 | €48,488 | €76,075 | +€27,587 | +56.9% |
| Deferred charges and accrued income | 490/1 | €5,614 | €6,300 | +€686 | +12.2% |
| Total equity and liabilities | 10/49 | €5,143,766 | €5,134,035 | -€9,730 | -0.2% |
| Equity | 10/15 | €832,316 | €1,110,405 | +€278,089 | +33.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €812,316 | €1,090,405 | +€278,089 | +34.2% |
| Distributable reserves | 133 | €812,316 | €1,090,405 | +€278,089 | +34.2% |
| Amounts payable | 17/49 | €4,311,450 | €4,023,631 | -€287,819 | -6.7% |
| Amounts payable after more than one year | 17 | €3,359,518 | €3,051,881 | -€307,636 | -9.2% |
| Financial debts | 170/4 | €3,359,518 | €3,051,881 | -€307,636 | -9.2% |
| Amounts payable within one year | 42/48 | €951,932 | €971,750 | +€19,817 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €428,376 | €471,269 | +€42,893 | +10.0% |
| Trade debts | 44 | €12,923 | €12,393 | -€530 | -4.1% |
| Suppliers | 440/4 | €12,923 | €12,393 | -€530 | -4.1% |
| Taxes, remuneration and social security | 45 | €105,703 | €102,556 | -€3,147 | -3.0% |
| Taxes | 450/3 | €105,703 | €102,556 | -€3,147 | -3.0% |
| Other amounts payable | 47/48 | €404,930 | €385,531 | -€19,399 | -4.8% |
| Non-recurring operating income | 76A | - | €7,512 | +€7,512 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €334,981 | €334,088 | -€894 | -0.3% |
| Other operating charges | 640/8 | €31,047 | €40,357 | +€9,309 | +30.0% |
| Non-recurring operating charges | 66A | - | €20,908 | +€20,908 | |
| Gross operating margin | 9900 | €809,468 | €852,646 | +€43,178 | +5.3% |
| Operating profit (loss) | 9901 | €443,439 | €457,294 | +€13,855 | +3.1% |
| Financial income | 75/76B | €0 | €3 | +€3 | |
| Recurring financial income | 75 | €0 | €3 | +€3 | |
| Financial charges | 65/66B | €75,648 | €69,400 | -€6,248 | -8.3% |
| Recurring financial charges | 65 | €75,648 | €69,400 | -€6,248 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €367,791 | €387,896 | +€20,105 | +5.5% |
| Income taxes | 67/77 | €103,622 | €109,807 | +€6,186 | +6.0% |
| Profit (loss) for the period | 9904 | €264,170 | €278,089 | +€13,919 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €264,170 | €278,089 | +€13,919 | +5.3% |
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.