WATT ELSE: 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
WATT ELSE
NACE 62.100, Computer programming
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9,965
2024 · €188,634-€178,669
Equity
€661,197
2024 · €653,688+€7,509
Cash
€103,248
2024 · €536,448-€433,200
Balance sheet total
€2.4m
2024 · €3.0m-€580,805
Largest movements
Assets
- Receivables within one year -€620,438
down €620,438 (-46.5%), from €1.3m to €713,668
of which Trade receivables: -€510,962
- Stocks and contracts +€545,000
new in 2025: €545,000
- Cash -€433,200
down €433,200 (-80.8%), from €536,448 to €103,248
mainly Trade debts (-€578,100) and Stocks and contracts (-€545,000)
- Tangible fixed assets -€63,668
down €63,668 (-6.4%), from €990,117 to €926,449
Equity and liabilities
- Trade debts -€578,100
down €578,100 (-53.5%), from €1.1m to €501,850
- Tax, wage and social debts -€68,712
down €68,712 (-44.8%), from €153,508 to €84,797
of which Taxes: -€40,681
- Debts after one year +€59,449
up €59,449 (+6.3%), from €942,885 to €1.0m
of which Financial debts: +€57,649
Income statement
- Write-downs +€165,000
new in 2025: €165,000
- Gross operating margin -€132,681
down €132,681 (-13.6%), from €977,921 to €845,240
- Staff costs -€90,531
down €90,531 (-14.2%), from €637,505 to €546,974
- Taxes -€57,318
down €57,318 (-88.2%), from €64,988 to €7,670
- Financial income -€34,095
down €34,095 (-85.3%), from €39,958 to €5,862
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
€188,634
Gross operating margin
-€132,681
Staff costs
+€90,531
Depreciation
+€15,374
Write-downs
-€165,000
Other operating charges
+€1,474
Other operating items
-€3,706
Financial income
-€34,095
Financial charges
-€7,885
Taxes
+€57,318
Result 2025
€9,965
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.
From operations
-€496,798
Investment
-€6,623
Financing
+€70,221
Cash 2024
€536,448
From operations (derived)
-€496,798
Net result for the year
+€9,965
Depreciation
+€70,291
Receivables after one year
-€6,811
Stocks and contracts
-€545,000
Receivables within one year
+€620,438
Deferred charges and accrued income
+€15,311
Trade debts
-€578,100
Tax, wage and social debts
-€68,712
Other debts
-€14,063
Accrued charges and deferred income
-€117
Investment (derived)
-€6,623
Investment in fixed assets (net)
-€6,623
Financing
+€70,221
Debts after one year
+€59,449
Current portion of long-term debt
+€13,227
Contributions, distributions and other
-€2,455
Cash 2025
€103,248
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,995,695 | €2,414,890 | -€580,805 | -19.4% |
| Fixed assets | 21/28 | €990,247 | €926,579 | -€63,668 | -6.4% |
| Tangible fixed assets | 22/27 | €990,117 | €926,449 | -€63,668 | -6.4% |
| Land and buildings | 22 | €871,834 | €846,907 | -€24,927 | -2.9% |
| Plant, machinery and equipment | 23 | €14,703 | €8,237 | -€6,466 | -44.0% |
| Furniture and vehicles | 24 | €89,675 | €61,449 | -€28,225 | -31.5% |
| Other tangible fixed assets | 26 | €13,905 | €9,855 | -€4,049 | -29.1% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €2,005,449 | €1,488,311 | -€517,138 | -25.8% |
| Amounts receivable after more than one year | 29 | €85,689 | €92,500 | +€6,811 | +7.9% |
| Other amounts receivable | 291 | €85,689 | €92,500 | +€6,811 | +7.9% |
| Stocks and contracts in progress | 3 | - | €545,000 | +€545,000 | |
| Stocks | 30/36 | - | €545,000 | +€545,000 | |
| Amounts receivable within one year | 40/41 | €1,334,106 | €713,668 | -€620,438 | -46.5% |
| Trade receivables | 40 | €1,205,403 | €694,441 | -€510,962 | -42.4% |
| Other amounts receivable | 41 | €128,702 | €19,227 | -€109,475 | -85.1% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €536,448 | €103,248 | -€433,200 | -80.8% |
| Deferred charges and accrued income | 490/1 | €39,206 | €23,895 | -€15,311 | -39.1% |
| Total equity and liabilities | 10/49 | €2,995,695 | €2,414,890 | -€580,805 | -19.4% |
| Equity | 10/15 | €653,688 | €661,197 | +€7,509 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,890 | €12,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,030 | €11,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | €546,080 | €556,044 | +€9,965 | +1.8% |
| Investment grants | 15 | €76,118 | €73,663 | -€2,455 | -3.2% |
| Amounts payable | 17/49 | €2,342,007 | €1,753,693 | -€588,314 | -25.1% |
| Amounts payable after more than one year | 17 | €942,885 | €1,002,334 | +€59,449 | +6.3% |
| Financial debts | 170/4 | €941,785 | €999,434 | +€57,649 | +6.1% |
| Other amounts payable | 178/9 | €1,100 | €2,900 | +€1,800 | +163.6% |
| Amounts payable within one year | 42/48 | €1,397,981 | €750,334 | -€647,646 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €137,246 | €150,473 | +€13,227 | +9.6% |
| Trade debts | 44 | €1,079,950 | €501,850 | -€578,100 | -53.5% |
| Suppliers | 440/4 | €1,079,950 | €501,850 | -€578,100 | -53.5% |
| Taxes, remuneration and social security | 45 | €153,508 | €84,797 | -€68,712 | -44.8% |
| Taxes | 450/3 | €50,331 | €9,649 | -€40,681 | -80.8% |
| Remuneration and social security | 454/9 | €103,178 | €75,148 | -€28,030 | -27.2% |
| Other amounts payable | 47/48 | €27,276 | €13,214 | -€14,063 | -51.6% |
| Accrued charges and deferred income | 492/3 | €1,141 | €1,024 | -€117 | -10.3% |
| Non-recurring operating income | 76A | - | €9,149 | +€9,149 | |
| Remuneration, social security and pensions | 62 | €637,505 | €546,974 | -€90,531 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,665 | €70,291 | -€15,374 | -17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €165,000 | +€165,000 | |
| Other operating charges | 640/8 | €7,091 | €5,618 | -€1,474 | -20.8% |
| Non-recurring operating charges | 66A | - | €3,706 | +€3,706 | |
| Gross operating margin | 9900 | €977,921 | €845,240 | -€132,681 | -13.6% |
| Operating profit (loss) | 9901 | €247,659 | €53,652 | -€194,008 | -78.3% |
| Financial income | 75/76B | €39,958 | €5,862 | -€34,095 | -85.3% |
| Recurring financial income | 75 | €39,958 | €5,862 | -€34,095 | -85.3% |
| Financial charges | 65/66B | €33,995 | €41,880 | +€7,885 | +23.2% |
| Recurring financial charges | 65 | €33,995 | €41,880 | +€7,885 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €253,622 | €17,634 | -€235,987 | -93.0% |
| Income taxes | 67/77 | €64,988 | €7,670 | -€57,318 | -88.2% |
| Profit (loss) for the period | 9904 | €188,634 | €9,965 | -€178,669 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €188,634 | €9,965 | -€178,669 | -94.7% |
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 9 October 2026 via checked.be.