WATTS: what changed
Two fiscal 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.
WATTS
Largest movements
- Cash -€422,003
down €422,003 (-30.2%), from €1.4m to €973,184
mainly Investment in fixed assets (net) (-€615,619) and Contributions, distributions and other (-€600,000)
- Tangible fixed assets +€73,026
up €73,026 (+6.1%), from €1.2m to €1.3m
of which Land and buildings: +€131,563
- Reserves -€247,648
down €247,648 (-11.6%), from €2.1m to €1.9m
of which Distributable reserves: -€247,648
- Tax, wage and social debts -€120,309
down €120,309 (-71.7%), from €167,768 to €47,458
of which Taxes: -€104,585
- Other debts +€100,000
up €100,000 (+20.0%), from €500,000 to €600,000
- Trade debts -€74,268
down €74,268 (-31.1%), from €238,880 to €164,611
- Short-term financial debts +€50,607
up €50,607, from €0 to €50,607
- Gross operating margin -€147,466
down €147,466 (-10.4%), from €1.4m to €1.3m
- Taxes -€62,590
down €62,590 (-35.8%), from €174,713 to €112,123
- Depreciation +€61,196
up €61,196 (+12.9%), from €475,098 to €536,294
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,220,050 | €2,903,407 | -€316,643 | -9.8% |
| Fixed assets | 21/28 | €1,214,402 | €1,293,728 | +€79,326 | +6.5% |
| Tangible fixed assets | 22/27 | €1,198,043 | €1,271,068 | +€73,026 | +6.1% |
| Land and buildings | 22 | €217,661 | €349,224 | +€131,563 | +60.4% |
| Plant, machinery and equipment | 23 | €813,936 | €665,958 | -€147,978 | -18.2% |
| Furniture and vehicles | 24 | €166,446 | €255,886 | +€89,440 | +53.7% |
| Financial fixed assets | 28 | €16,359 | €22,659 | +€6,300 | +38.5% |
| Current assets | 29/58 | €2,005,648 | €1,609,679 | -€395,969 | -19.7% |
| Amounts receivable within one year | 40/41 | €609,530 | €626,212 | +€16,682 | +2.7% |
| Trade receivables | 40 | €417,999 | €337,407 | -€80,592 | -19.3% |
| Other amounts receivable | 41 | €191,532 | €288,806 | +€97,274 | +50.8% |
| Cash at bank and in hand | 54/58 | €1,395,187 | €973,184 | -€422,003 | -30.2% |
| Deferred charges and accrued income | 490/1 | €931 | €10,283 | +€9,352 | +1004.4% |
| Total equity and liabilities | 10/49 | €3,220,050 | €2,903,407 | -€316,643 | -9.8% |
| Equity | 10/15 | €2,154,390 | €1,906,743 | -€247,648 | -11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,135,790 | €1,888,143 | -€247,648 | -11.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,135,790 | €1,888,143 | -€247,648 | -11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,065,660 | €996,664 | -€68,996 | -6.5% |
| Amounts payable after more than one year | 17 | €102,611 | €67,621 | -€34,990 | -34.1% |
| Financial debts | 170/4 | €102,611 | €67,621 | -€34,990 | -34.1% |
| Amounts payable within one year | 42/48 | €963,045 | €928,774 | -€34,271 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €56,397 | €66,098 | +€9,700 | +17.2% |
| Financial debts | 43 | €0 | €50,607 | +€50,607 | |
| Credit institutions | 430/8 | €0 | €50,607 | +€50,607 | |
| Trade debts | 44 | €238,880 | €164,611 | -€74,268 | -31.1% |
| Suppliers | 440/4 | €238,880 | €164,611 | -€74,268 | -31.1% |
| Taxes, remuneration and social security | 45 | €167,768 | €47,458 | -€120,309 | -71.7% |
| Taxes | 450/3 | €143,200 | €38,616 | -€104,585 | -73.0% |
| Remuneration and social security | 454/9 | €24,568 | €8,843 | -€15,725 | -64.0% |
| Other amounts payable | 47/48 | €500,000 | €600,000 | +€100,000 | +20.0% |
| Accrued charges and deferred income | 492/3 | €4 | €268 | +€265 | +6679.5% |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100.0% |
| Remuneration, social security and pensions | 62 | €248,395 | €252,337 | +€3,942 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €475,098 | €536,294 | +€61,196 | +12.9% |
| Other operating charges | 640/8 | €11,068 | €11,251 | +€183 | +1.7% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €1,411,473 | €1,264,007 | -€147,466 | -10.4% |
| Operating profit (loss) | 9901 | €676,912 | €464,025 | -€212,887 | -31.4% |
| Financial income | 75/76B | €11,426 | €12,682 | +€1,256 | +11.0% |
| Recurring financial income | 75 | €11,426 | €12,682 | +€1,256 | +11.0% |
| Financial charges | 65/66B | €20,462 | €12,232 | -€8,230 | -40.2% |
| Recurring financial charges | 65 | €20,462 | €12,232 | -€8,230 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €667,877 | €464,476 | -€203,401 | -30.5% |
| Income taxes | 67/77 | €174,713 | €112,123 | -€62,590 | -35.8% |
| Profit (loss) for the period | 9904 | €493,164 | €352,352 | -€140,811 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €493,164 | €352,352 | -€140,811 | -28.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.