In a pot, heat up the water, milk, and butter till it reaches a boil.
Turn down the heat and add in the flour. Stir it until it bonds together and forms into a ball of dough.
Turn off the stove. Using a hand mixer on low let it run for 1 minute to cool the dough down.
Slowly add the mixed eggs in until the dough is smooth and has a shine to it.
Prepare a piping bag with a round tip #12 and fill the bag with the dough. If you don’t have a piping bag, fill a large freezer bag with the dough and cut off one of the bottom corners to form a ½-inch hole for piping.
Put parchment paper on the trays. Pipe the dough into 3-inch diameter rings. The width of the ring should be ½ inch.
Bake each tray individually at 370°F for 10 minutes.
In a medium-sized bowl, add all the icing ingredients and combine them.
Let the donuts cool for 1 minute and then drizzle the icing over all the donuts.
Serve while hot.