WATT MATTERS TWO: 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.
WATT MATTERS TWO
Largest movements
- Receivables after one year +€4.7m
new in 2025: €4.7m
- Receivables within one year +€376,806
up €376,806 (+35.5%), from €1.1m to €1.4m
of which Other amounts receivable: +€220,077
- Tangible fixed assets -€149,015
down €149,015 (-2.0%), from €7.3m to €7.2m
of which Assets under construction and advance payments: -€4.6m
- Debts after one year +€2.4m
up €2.4m (+40.1%), from €5.9m to €8.3m
- Accrued charges and deferred income +€1.9m
new in 2025: €1.9m
- Short-term financial debts -€1.0m
down €1.0m (-100.0%), from €1.0m to €2
- Trade debts +€864,109
up €864,109 (+116%), from €742,888 to €1.6m
- Current portion of long-term debt +€514,993
up €514,993 (+228%), from €225,749 to €740,742
- Gross operating margin +€386,052
up €386,052 (+75.6%), from €510,681 to €896,733
- Financial charges +€223,588
up €223,588 (+134%), from €167,043 to €390,631
- Depreciation +€203,383
up €203,383 (+126%), from €160,798 to €364,181
- Provisions -€81,490
down €81,490, from €28,275 to -€53,215
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 | €8,512,913 | €13,408,120 | +€4.9m | +57.5% |
| Formation expenses | 20 | - | €44,353 | +€44,353 | |
| Fixed assets | 21/28 | €7,330,468 | €7,181,453 | -€149,015 | -2.0% |
| Tangible fixed assets | 22/27 | €7,330,468 | €7,181,453 | -€149,015 | -2.0% |
| Plant, machinery and equipment | 23 | €1,738,049 | €6,148,311 | +€4.4m | +254% |
| Assets under construction and advance payments | 27 | €5,592,419 | €1,033,143 | -€4.6m | -81.5% |
| Current assets | 29/58 | €1,182,445 | €6,182,314 | +€5.0m | +423% |
| Amounts receivable after more than one year | 29 | - | €4,726,221 | +€4.7m | |
| Trade receivables | 290 | - | €4,726,221 | +€4.7m | |
| Amounts receivable within one year | 40/41 | €1,060,572 | €1,437,378 | +€376,806 | +35.5% |
| Trade receivables | 40 | €747,059 | €903,788 | +€156,729 | +21.0% |
| Other amounts receivable | 41 | €313,513 | €533,590 | +€220,077 | +70.2% |
| Cash at bank and in hand | 54/58 | €34,056 | €16,244 | -€17,812 | -52.3% |
| Deferred charges and accrued income | 490/1 | €87,818 | €2,471 | -€85,346 | -97.2% |
| Total equity and liabilities | 10/49 | €8,512,913 | €13,408,120 | +€4.9m | +57.5% |
| Equity | 10/15 | €538,981 | €782,989 | +€244,009 | +45.3% |
| Contributions | 10/11 | €250,379 | €250,379 | = | 0.0% |
| Contributions outside capital | 11 | €250,379 | €250,379 | = | 0.0% |
| Other | 1109/19 | €250,379 | €250,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,019 | €406,163 | +€203,144 | +100% |
| Investment grants | 15 | €85,582 | €126,447 | +€40,865 | +47.7% |
| Provisions and deferred taxes | 16 | €53,215 | - | -€53,215 | |
| Provisions for liabilities and charges | 160/5 | €53,215 | - | -€53,215 | |
| Major repairs and maintenance | 162 | €53,215 | - | -€53,215 | |
| Amounts payable | 17/49 | €7,920,718 | €12,625,131 | +€4.7m | +59.4% |
| Amounts payable after more than one year | 17 | €5,931,958 | €8,311,366 | +€2.4m | +40.1% |
| Financial debts | 170/4 | €5,931,958 | €8,311,366 | +€2.4m | +40.1% |
| Amounts payable within one year | 42/48 | €1,988,760 | €2,415,597 | +€426,838 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €225,749 | €740,742 | +€514,993 | +228% |
| Financial debts | 43 | €1,020,123 | €2 | -€1.0m | -100.0% |
| Credit institutions | 430/8 | €1,020,123 | €2 | -€1.0m | -100.0% |
| Trade debts | 44 | €742,888 | €1,606,997 | +€864,109 | +116% |
| Suppliers | 440/4 | €742,888 | €1,606,997 | +€864,109 | +116% |
| Other amounts payable | 47/48 | - | €67,856 | +€67,856 | |
| Accrued charges and deferred income | 492/3 | - | €1,898,168 | +€1.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,798 | €364,181 | +€203,383 | +126% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,275 | -€53,215 | -€81,490 | |
| Other operating charges | 640/8 | - | €1,226 | +€1,226 | |
| Gross operating margin | 9900 | €510,681 | €896,733 | +€386,052 | +75.6% |
| Operating profit (loss) | 9901 | €321,608 | €584,542 | +€262,934 | +81.8% |
| Financial income | 75/76B | €11,894 | €9,233 | -€2,661 | -22.4% |
| Recurring financial income | 75 | €11,894 | €9,233 | -€2,661 | -22.4% |
| Financial charges | 65/66B | €167,043 | €390,631 | +€223,588 | +134% |
| Recurring financial charges | 65 | €167,043 | €390,631 | +€223,588 | +134% |
| Profit (loss) for the period before taxes | 9903 | €166,459 | €203,144 | +€36,685 | +22.0% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €166,459 | €203,144 | +€36,685 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €166,459 | €203,144 | +€36,685 | +22.0% |
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.