WATMAIL: 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.
WATMAIL
Largest movements
- Cash +€34,382
up €34,382 (+64.6%), from €53,262 to €87,643
mainly Advances received (+€35,873) and Stocks and contracts (+€28,231)
- Stocks and contracts -€28,231
down €28,231 (-35.9%), from €78,715 to €50,484
of which Contracts in progress: -€28,206
- Financial fixed assets +€8,110
up €8,110 (+477.1%), from €1,700 to €9,810
- Formation expenses -€3,923
down €3,923 (-16.7%), from €23,535 to €19,613
- Receivables within one year -€3,533
down €3,533 (-5.7%), from €61,981 to €58,449
of which Other amounts receivable: -€3,634
- Advances received +€35,873
up €35,873 (+26.4%), from €135,751 to €171,624
- Trade debts -€31,488
down €31,488 (-28.1%), from €112,013 to €80,525
- Profit (loss) carried forward -€20,030
down €20,030 (-23.7%), from -€84,343 to -€104,373
- Other debts +€11,107
up €11,107, from €0 to €11,107
- Tax, wage and social debts +€9,876
up €9,876 (+21.6%), from €45,654 to €55,530
of which Taxes: +€11,235
- Gross operating margin +€51,284
up €51,284 (+23.7%), from €216,612 to €267,896
- Staff costs +€39,354
up €39,354 (+16.7%), from €235,877 to €275,231
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 | €229,075 | €234,413 | +€5,338 | +2.3% |
| Formation expenses | 20 | €23,535 | €19,613 | -€3,923 | -16.7% |
| Fixed assets | 21/28 | €10,002 | €16,552 | +€6,550 | +65.5% |
| Tangible fixed assets | 22/27 | €8,302 | €6,741 | -€1,560 | -18.8% |
| Plant, machinery and equipment | 23 | €4,279 | €2,807 | -€1,472 | -34.4% |
| Furniture and vehicles | 24 | €4,023 | €3,935 | -€88 | -2.2% |
| Financial fixed assets | 28 | €1,700 | €9,810 | +€8,110 | +477.1% |
| Current assets | 29/58 | €195,537 | €198,248 | +€2,711 | +1.4% |
| Stocks and contracts in progress | 3 | €78,715 | €50,484 | -€28,231 | -35.9% |
| Stocks | 30/36 | €1,722 | €1,698 | -€24 | -1.4% |
| Contracts in progress | 37 | €76,992 | €48,786 | -€28,206 | -36.6% |
| Amounts receivable within one year | 40/41 | €61,981 | €58,449 | -€3,533 | -5.7% |
| Trade receivables | 40 | - | €102 | +€102 | |
| Other amounts receivable | 41 | €61,981 | €58,347 | -€3,634 | -5.9% |
| Cash at bank and in hand | 54/58 | €53,262 | €87,643 | +€34,382 | +64.6% |
| Deferred charges and accrued income | 490/1 | €1,580 | €1,672 | +€92 | +5.9% |
| Total equity and liabilities | 10/49 | €229,075 | €234,413 | +€5,338 | +2.3% |
| Equity | 10/15 | -€64,343 | -€84,373 | -€20,030 | -31.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,343 | -€104,373 | -€20,030 | -23.7% |
| Amounts payable | 17/49 | €293,418 | €318,786 | +€25,368 | +8.6% |
| Amounts payable within one year | 42/48 | €293,418 | €318,786 | +€25,368 | +8.6% |
| Trade debts | 44 | €112,013 | €80,525 | -€31,488 | -28.1% |
| Suppliers | 440/4 | €112,013 | €80,525 | -€31,488 | -28.1% |
| Advances received on contracts in progress | 46 | €135,751 | €171,624 | +€35,873 | +26.4% |
| Taxes, remuneration and social security | 45 | €45,654 | €55,530 | +€9,876 | +21.6% |
| Taxes | 450/3 | €17,402 | €28,638 | +€11,235 | +64.6% |
| Remuneration and social security | 454/9 | €28,251 | €26,892 | -€1,359 | -4.8% |
| Other amounts payable | 47/48 | €0 | €11,107 | +€11,107 | |
| Remuneration, social security and pensions | 62 | €235,877 | €275,231 | +€39,354 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,379 | €7,086 | -€293 | -4.0% |
| Other operating charges | 640/8 | €1,352 | €2,402 | +€1,050 | +77.7% |
| Gross operating margin | 9900 | €216,612 | €267,896 | +€51,284 | +23.7% |
| Operating profit (loss) | 9901 | -€27,996 | -€16,823 | +€11,173 | +39.9% |
| Financial income | 75/76B | €585 | €536 | -€49 | -8.4% |
| Recurring financial income | 75 | €585 | €536 | -€49 | -8.4% |
| Financial charges | 65/66B | €4,064 | €3,552 | -€512 | -12.6% |
| Recurring financial charges | 65 | €4,064 | €3,552 | -€512 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | -€31,476 | -€19,840 | +€11,636 | +37.0% |
| Income taxes | 67/77 | €160 | €191 | +€31 | +19.1% |
| Profit (loss) for the period | 9904 | -€31,636 | -€20,030 | +€11,605 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,636 | -€20,030 | +€11,605 | +36.7% |
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 12 October 2026 via checked.be.