WATSEC: 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.
WATSEC
Largest movements
- Deferred charges and accrued income -€28,049
no longer reported in 2025 (was €28,049)
- Intangible fixed assets -€22,159
down €22,159 (-50.0%), from €44,318 to €22,159
- Receivables within one year +€19,684
up €19,684 (+35.8%), from €55,018 to €74,703
of which Other amounts receivable: +€52,579
- Tangible fixed assets -€6,237
down €6,237 (-31.1%), from €20,028 to €13,791
- Cash -€4,867
no longer reported in 2025 (was €4,867)
mainly Trade debts (-€31,675) and Receivables within one year (-€19,684)
- Trade debts -€31,675
down €31,675 (-76.1%), from €41,608 to €9,932
- Tax, wage and social debts -€12,222
down €12,222 (-48.1%), from €25,430 to €13,208
of which Remuneration and social security: -€11,634
- Short-term financial debts +€12,172
new in 2025: €12,172
- Other debts -€7,517
down €7,517 (-75.2%), from €10,000 to €2,483
- Accrued charges and deferred income -€1,631
no longer reported in 2025 (was €1,631)
- Gross operating margin -€27,825
down €27,825 (-16.8%), from €165,345 to €137,520
- Taxes -€7,399
no longer reported in 2025 (was €7,399)
- Financial charges -€2,587
down €2,587 (-46.6%), from €5,547 to €2,960
- Other operating charges -€2,444
down €2,444 (-77.6%), from €3,151 to €707
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 | €152,633 | €112,631 | -€40,002 | -26.2% |
| Fixed assets | 21/28 | €64,698 | €36,803 | -€27,896 | -43.1% |
| Intangible fixed assets | 21 | €44,318 | €22,159 | -€22,159 | -50.0% |
| Tangible fixed assets | 22/27 | €20,028 | €13,791 | -€6,237 | -31.1% |
| Plant, machinery and equipment | 23 | €20,028 | €13,791 | -€6,237 | -31.1% |
| Financial fixed assets | 28 | €352 | €852 | +€500 | +141.9% |
| Current assets | 29/58 | €87,935 | €75,828 | -€12,106 | -13.8% |
| Stocks and contracts in progress | 3 | - | €1,125 | +€1,125 | |
| Stocks | 30/36 | - | €1,125 | +€1,125 | |
| Amounts receivable within one year | 40/41 | €55,018 | €74,703 | +€19,684 | +35.8% |
| Trade receivables | 40 | €41,759 | €8,865 | -€32,895 | -78.8% |
| Other amounts receivable | 41 | €13,259 | €65,838 | +€52,579 | +396.5% |
| Cash at bank and in hand | 54/58 | €4,867 | - | -€4,867 | |
| Deferred charges and accrued income | 490/1 | €28,049 | - | -€28,049 | |
| Total equity and liabilities | 10/49 | €152,633 | €112,631 | -€40,002 | -26.2% |
| Equity | 10/15 | €73,964 | €74,835 | +€871 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,504 | €54,375 | +€871 | +1.6% |
| Amounts payable | 17/49 | €78,669 | €37,796 | -€40,873 | -52.0% |
| Amounts payable within one year | 42/48 | €77,038 | €37,796 | -€39,242 | -50.9% |
| Financial debts | 43 | - | €12,172 | +€12,172 | |
| Credit institutions | 430/8 | - | €12,172 | +€12,172 | |
| Trade debts | 44 | €41,608 | €9,932 | -€31,675 | -76.1% |
| Suppliers | 440/4 | €41,608 | €9,932 | -€31,675 | -76.1% |
| Taxes, remuneration and social security | 45 | €25,430 | €13,208 | -€12,222 | -48.1% |
| Taxes | 450/3 | €13,796 | €13,208 | -€587 | -4.3% |
| Remuneration and social security | 454/9 | €11,634 | - | -€11,634 | |
| Other amounts payable | 47/48 | €10,000 | €2,483 | -€7,517 | -75.2% |
| Accrued charges and deferred income | 492/3 | €1,631 | - | -€1,631 | |
| Remuneration, social security and pensions | 62 | €105,528 | €104,588 | -€940 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,627 | €28,396 | -€231 | -0.8% |
| Other operating charges | 640/8 | €3,151 | €707 | -€2,444 | -77.6% |
| Gross operating margin | 9900 | €165,345 | €137,520 | -€27,825 | -16.8% |
| Operating profit (loss) | 9901 | €28,039 | €3,829 | -€24,211 | -86.3% |
| Financial income | 75/76B | €59 | €2 | -€57 | -96.6% |
| Recurring financial income | 75 | €59 | €2 | -€57 | -96.6% |
| Financial charges | 65/66B | €5,547 | €2,960 | -€2,587 | -46.6% |
| Recurring financial charges | 65 | €5,547 | €2,960 | -€2,587 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €22,551 | €871 | -€21,681 | -96.1% |
| Income taxes | 67/77 | €7,399 | - | -€7,399 | |
| Profit (loss) for the period | 9904 | €15,152 | €871 | -€14,281 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,152 | €871 | -€14,281 | -94.3% |
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 11 October 2026 via checked.be.