WATSON GRAY - ARA: 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.
WATSON GRAY - ARA
Largest movements
- Receivables within one year -€92,922
down €92,922 (-26.7%), from €347,827 to €254,905
of which Trade receivables: -€108,683
- Deferred charges and accrued income +€52,672
up €52,672 (+1,110%), from €4,747 to €57,419
- Cash +€52,249
up €52,249 (+188%), from €27,725 to €79,973
mainly Receivables within one year (+€92,922) and Depreciation (+€44,288)
- Tangible fixed assets -€40,219
down €40,219 (-22.1%), from €181,891 to €141,672
of which Leasing and similar rights: -€42,848
- Stocks and contracts +€37,230
up €37,230 (+6.8%), from €545,618 to €582,848
- Trade debts +€41,759
up €41,759 (+11.0%), from €380,439 to €422,198
- Debts after one year -€31,287
down €31,287 (-22.0%), from €142,317 to €111,030
- Tax, wage and social debts -€27,810
down €27,810 (-79.8%), from €34,845 to €7,035
of which Taxes: -€27,072
- Other debts +€19,777
up €19,777 (+15.3%), from €129,378 to €149,155
- Gross operating margin -€134,432
down €134,432 (-56.1%), from €239,829 to €105,397
- Taxes -€31,452
down €31,452 (-92.5%), from €34,017 to €2,565
- Financial income -€22,098
down €22,098 (-43.1%), from €51,276 to €29,178
- Financial charges -€10,522
down €10,522 (-22.2%), from €47,496 to €36,974
- Depreciation +€5,602
up €5,602 (+14.5%), from €38,686 to €44,288
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,114,158 | €1,123,167 | +€9,010 | +0.8% |
| Fixed assets | 21/28 | €188,241 | €148,022 | -€40,219 | -21.4% |
| Tangible fixed assets | 22/27 | €181,891 | €141,672 | -€40,219 | -22.1% |
| Plant, machinery and equipment | 23 | €0 | €2,629 | +€2,629 | |
| Leasing and similar rights | 25 | €181,891 | €139,043 | -€42,848 | -23.6% |
| Financial fixed assets | 28 | €6,350 | €6,350 | = | 0.0% |
| Current assets | 29/58 | €925,917 | €975,145 | +€49,228 | +5.3% |
| Stocks and contracts in progress | 3 | €545,618 | €582,848 | +€37,230 | +6.8% |
| Stocks | 30/36 | €545,618 | €582,848 | +€37,230 | +6.8% |
| Amounts receivable within one year | 40/41 | €347,827 | €254,905 | -€92,922 | -26.7% |
| Trade receivables | 40 | €254,484 | €145,801 | -€108,683 | -42.7% |
| Other amounts receivable | 41 | €93,343 | €109,104 | +€15,761 | +16.9% |
| Cash at bank and in hand | 54/58 | €27,725 | €79,973 | +€52,249 | +188% |
| Deferred charges and accrued income | 490/1 | €4,747 | €57,419 | +€52,672 | +1,110% |
| Total equity and liabilities | 10/49 | €1,114,158 | €1,123,167 | +€9,010 | +0.8% |
| Equity | 10/15 | €20,460 | €26,877 | +€6,417 | +31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €8,277 | +€6,417 | +345% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €0 | €6,417 | +€6,417 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,093,698 | €1,096,291 | +€2,593 | +0.2% |
| Amounts payable after more than one year | 17 | €142,317 | €111,030 | -€31,287 | -22.0% |
| Financial debts | 170/4 | €142,317 | €111,030 | -€31,287 | -22.0% |
| Amounts payable within one year | 42/48 | €949,735 | €984,741 | +€35,007 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €405,073 | €406,354 | +€1,281 | +0.3% |
| Trade debts | 44 | €380,439 | €422,198 | +€41,759 | +11.0% |
| Suppliers | 440/4 | €380,439 | €422,198 | +€41,759 | +11.0% |
| Taxes, remuneration and social security | 45 | €34,845 | €7,035 | -€27,810 | -79.8% |
| Taxes | 450/3 | €31,540 | €4,467 | -€27,072 | -85.8% |
| Remuneration and social security | 454/9 | €3,306 | €2,568 | -€738 | -22.3% |
| Other amounts payable | 47/48 | €129,378 | €149,155 | +€19,777 | +15.3% |
| Accrued charges and deferred income | 492/3 | €1,646 | €519 | -€1,126 | -68.4% |
| Non-recurring operating income | 76A | €92,577 | €0 | -€92,577 | -100% |
| Remuneration, social security and pensions | 62 | €29,559 | €33,030 | +€3,470 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,686 | €44,288 | +€5,602 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,600 | -€1,600 | |
| Other operating charges | 640/8 | €17,895 | €12,651 | -€5,244 | -29.3% |
| Non-recurring operating charges | 66A | €14,063 | €251 | -€13,811 | -98.2% |
| Gross operating margin | 9900 | €239,829 | €105,397 | -€134,432 | -56.1% |
| Operating profit (loss) | 9901 | €139,626 | €16,778 | -€122,848 | -88.0% |
| Financial income | 75/76B | €51,276 | €29,178 | -€22,098 | -43.1% |
| Recurring financial income | 75 | €51,276 | €29,178 | -€22,098 | -43.1% |
| Financial charges | 65/66B | €47,496 | €36,974 | -€10,522 | -22.2% |
| Recurring financial charges | 65 | €47,496 | €36,974 | -€10,522 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €143,405 | €8,982 | -€134,423 | -93.7% |
| Income taxes | 67/77 | €34,017 | €2,565 | -€31,452 | -92.5% |
| Profit (loss) for the period | 9904 | €109,388 | €6,417 | -€102,971 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,388 | €6,417 | -€102,971 | -94.1% |
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 20 October 2026 via checked.be.