I don't know about showreels, but what kind of liquids? do you mean seas, water splashes, waterfalls or anything specific? Do you have examples?

I've usually seen splashes made frame by frame and attached to a bone spawning them in Spine. But if someone has showreels they're welcome. (:

I did this simple loop of water splashing for a fountain.

It's basically one image stretched with the mesh deformation.

Not the ultimate best animation of water but using just one image instead of a frame by frame animation sequence when you are limited on the space for optimisation, I'm satisfied with the result.

If your game engine/framework has a built-in particle system, that may be more efficient and easier to edit than doing it this way in Spine.
Looks good though, especially if it's just a small thing on screen.

Absolutely. Took the decision from a production point of view for one special building when there was 50 different buildings, didn't want to make an exception.
Reused the animation for the shore as well...

But I totally agree, it's way better to go with the particle system if you can @jgood

Looks good. I like the waves too.