Watt & More: 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 & More
Largest movements
- Stocks and contracts -€95,330
down €95,330 (-27.5%), from €346,897 to €251,567
of which Contracts in progress: -€100,196
- Receivables within one year +€64,913
up €64,913 (+46.3%), from €140,228 to €205,142
of which Trade receivables: +€46,346
- Cash -€22,050
down €22,050 (-89.3%), from €24,703 to €2,653
mainly Receivables within one year (-€64,913) and Trade debts (-€61,909)
- Deferred charges and accrued income +€5,651
up €5,651 (+105%), from €5,364 to €11,015
- Trade debts -€61,909
down €61,909 (-65.7%), from €94,272 to €32,364
- Tax, wage and social debts +€15,837
up €15,837 (+84.7%), from €18,690 to €34,527
of which Remuneration and social security: +€16,022
- Other debts -€15,486
down €15,486 (-3.6%), from €427,475 to €411,990
- Profit (loss) carried forward +€11,944
up €11,944 (+17.9%), from -€66,544 to -€54,600
- Staff costs +€57,719
up €57,719 (+49.1%), from €117,524 to €175,243
- Gross operating margin +€47,569
up €47,569 (+31.4%), from €151,356 to €198,925
- Depreciation -€12,767
down €12,767 (-82.2%), from €15,526 to €2,759
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 | €530,643 | €481,067 | -€49,576 | -9.3% |
| Fixed assets | 21/28 | €13,450 | €10,691 | -€2,759 | -20.5% |
| Tangible fixed assets | 22/27 | €13,450 | €10,691 | -€2,759 | -20.5% |
| Land and buildings | 22 | €13,450 | €10,691 | -€2,759 | -20.5% |
| Current assets | 29/58 | €517,193 | €470,377 | -€46,817 | -9.1% |
| Stocks and contracts in progress | 3 | €346,897 | €251,567 | -€95,330 | -27.5% |
| Stocks | 30/36 | €85,512 | €90,377 | +€4,865 | +5.7% |
| Contracts in progress | 37 | €261,386 | €161,190 | -€100,196 | -38.3% |
| Amounts receivable within one year | 40/41 | €140,228 | €205,142 | +€64,913 | +46.3% |
| Trade receivables | 40 | €140,194 | €186,540 | +€46,346 | +33.1% |
| Other amounts receivable | 41 | €34 | €18,602 | +€18,568 | +53,913% |
| Cash at bank and in hand | 54/58 | €24,703 | €2,653 | -€22,050 | -89.3% |
| Deferred charges and accrued income | 490/1 | €5,364 | €11,015 | +€5,651 | +105% |
| Total equity and liabilities | 10/49 | €530,643 | €481,067 | -€49,576 | -9.3% |
| Equity | 10/15 | -€9,794 | €2,150 | +€11,944 | |
| Contributions | 10/11 | €56,750 | €56,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,544 | -€54,600 | +€11,944 | +17.9% |
| Amounts payable | 17/49 | €540,437 | €478,917 | -€61,520 | -11.4% |
| Amounts payable within one year | 42/48 | €540,437 | €478,880 | -€61,557 | -11.4% |
| Trade debts | 44 | €94,272 | €32,364 | -€61,909 | -65.7% |
| Suppliers | 440/4 | €94,272 | €32,364 | -€61,909 | -65.7% |
| Taxes, remuneration and social security | 45 | €18,690 | €34,527 | +€15,837 | +84.7% |
| Taxes | 450/3 | €361 | €176 | -€185 | -51.2% |
| Remuneration and social security | 454/9 | €18,328 | €34,350 | +€16,022 | +87.4% |
| Other amounts payable | 47/48 | €427,475 | €411,990 | -€15,486 | -3.6% |
| Accrued charges and deferred income | 492/3 | - | €37 | +€37 | |
| Non-recurring operating income | 76A | - | €3,058 | +€3,058 | |
| Remuneration, social security and pensions | 62 | €117,524 | €175,243 | +€57,719 | +49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,526 | €2,759 | -€12,767 | -82.2% |
| Other operating charges | 640/8 | €1,858 | €1,275 | -€583 | -31.4% |
| Gross operating margin | 9900 | €151,356 | €198,925 | +€47,569 | +31.4% |
| Operating profit (loss) | 9901 | €16,448 | €19,648 | +€3,200 | +19.5% |
| Financial income | 75/76B | €687 | €42 | -€645 | -93.8% |
| Recurring financial income | 75 | €687 | €42 | -€645 | -93.8% |
| Financial charges | 65/66B | €7,566 | €7,570 | +€5 | +0.1% |
| Recurring financial charges | 65 | €7,566 | €7,570 | +€5 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €9,569 | €12,120 | +€2,551 | +26.7% |
| Income taxes | 67/77 | €361 | €176 | -€185 | -51.2% |
| Profit (loss) for the period | 9904 | €9,208 | €11,944 | +€2,736 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,208 | €11,944 | +€2,736 | +29.7% |
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 16 October 2026 via checked.be.