WATSON - MARLOW: 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 - MARLOW
Largest movements
- Receivables within one year +€924,921
up €924,921 (+34.6%), from €2.7m to €3.6m
of which Trade receivables: +€599,224
- Profit (loss) carried forward +€303,805
up €303,805 (+131%), from €231,387 to €535,192
- Other debts +€300,000
up €300,000 (+27.3%), from €1.1m to €1.4m
- Trade debts +€271,365
up €271,365 (+26.5%), from €1.0m to €1.3m
- Gross operating margin +€1.0m
up €1.0m (+42.3%), from €2.4m to €3.5m
- Other operating charges +€554,976
up €554,976 (+7,927%), from €7,001 to €561,978
- Taxes +€93,761
up €93,761 (+19.3%), from €486,197 to €579,958
- Financial charges -€86,052
down €86,052 (-69.8%), from €123,340 to €37,288
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 | €2,806,221 | €3,697,670 | +€891,449 | +31.8% |
| Fixed assets | 21/28 | €129,758 | €96,286 | -€33,473 | -25.8% |
| Tangible fixed assets | 22/27 | €129,758 | €96,286 | -€33,473 | -25.8% |
| Furniture and vehicles | 24 | €129,758 | €96,286 | -€33,473 | -25.8% |
| Current assets | 29/58 | €2,676,463 | €3,601,384 | +€924,921 | +34.6% |
| Amounts receivable within one year | 40/41 | €2,676,423 | €3,601,344 | +€924,921 | +34.6% |
| Trade receivables | 40 | €937,837 | €1,537,061 | +€599,224 | +63.9% |
| Other amounts receivable | 41 | €1,738,586 | €2,064,284 | +€325,698 | +18.7% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €40 | €40 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,806,221 | €3,697,670 | +€891,449 | +31.8% |
| Equity | 10/15 | €299,587 | €603,392 | +€303,805 | +101% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €231,387 | €535,192 | +€303,805 | +131% |
| Amounts payable | 17/49 | €2,506,634 | €3,094,278 | +€587,643 | +23.4% |
| Amounts payable within one year | 42/48 | €2,506,634 | €3,094,278 | +€587,643 | +23.4% |
| Trade debts | 44 | €1,022,958 | €1,294,323 | +€271,365 | +26.5% |
| Suppliers | 440/4 | €1,022,958 | €1,294,323 | +€271,365 | +26.5% |
| Taxes, remuneration and social security | 45 | €383,677 | €399,955 | +€16,278 | +4.2% |
| Taxes | 450/3 | €263,345 | €266,747 | +€3,402 | +1.3% |
| Remuneration and social security | 454/9 | €120,332 | €133,208 | +€12,876 | +10.7% |
| Other amounts payable | 47/48 | €1,100,000 | €1,400,000 | +€300,000 | +27.3% |
| Non-recurring operating income | 76A | - | €5,500 | +€5,500 | |
| Remuneration, social security and pensions | 62 | €566,785 | €598,744 | +€31,959 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,277 | €39,032 | +€4,755 | +13.9% |
| Other operating charges | 640/8 | €7,001 | €561,978 | +€554,976 | +7,927% |
| Gross operating margin | 9900 | €2,448,589 | €3,483,184 | +€1.0m | +42.3% |
| Operating profit (loss) | 9901 | €1,840,525 | €2,283,430 | +€442,905 | +24.1% |
| Financial income | 75/76B | €70,452 | €37,621 | -€32,831 | -46.6% |
| Recurring financial income | 75 | €70,452 | €37,621 | -€32,831 | -46.6% |
| Financial charges | 65/66B | €123,340 | €37,288 | -€86,052 | -69.8% |
| Recurring financial charges | 65 | €123,340 | €37,288 | -€86,052 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €1,787,638 | €2,283,764 | +€496,126 | +27.8% |
| Income taxes | 67/77 | €486,197 | €579,958 | +€93,761 | +19.3% |
| Profit (loss) for the period | 9904 | €1,301,441 | €1,703,805 | +€402,364 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,301,441 | €1,703,805 | +€402,364 | +30.9% |
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 19 October 2026 via checked.be.