BGWT: 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.
BGWT
Largest movements
- Receivables within one year -€4,892
down €4,892 (-19.5%), from €25,044 to €20,152
- Cash -€3,904
down €3,904 (-37.3%), from €10,475 to €6,571
mainly Other debts (-€6,500) and Trade debts (-€5,234)
- Stocks and contracts -€3,702
down €3,702 (-63.6%), from €5,822 to €2,120
- Tangible fixed assets -€921
down €921 (-6.7%), from €13,651 to €12,730
of which Furniture and vehicles: -€502
- Other debts -€6,500
down €6,500 (-25.6%), from €25,422 to €18,922
- Trade debts -€5,234
down €5,234 (-33.9%), from €15,416 to €10,182
- Tax, wage and social debts -€1,523
down €1,523 (-22.5%), from €6,778 to €5,255
- Current portion of long-term debt -€1,047
no longer reported in 2025 (was €1,047)
- Profit (loss) carried forward +€885
up €885 (+14.6%), from -€6,071 to -€5,187
- Gross operating margin -€5,622
down €5,622 (-46.1%), from €12,188 to €6,566
- Taxes +€2,871
new in 2025: €2,871
- Depreciation -€2,700
down €2,700 (-63.9%), from €4,225 to €1,526
- Financial charges -€601
down €601 (-88.7%), from €678 to €77
- Other operating charges +€421
up €421 (+53.6%), from €786 to €1,208
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 | €54,992 | €41,573 | -€13,419 | -24.4% |
| Fixed assets | 21/28 | €13,651 | €12,730 | -€921 | -6.7% |
| Tangible fixed assets | 22/27 | €13,651 | €12,730 | -€921 | -6.7% |
| Land and buildings | 22 | €11,938 | €11,520 | -€418 | -3.5% |
| Furniture and vehicles | 24 | €1,713 | €1,210 | -€502 | -29.3% |
| Current assets | 29/58 | €41,341 | €28,843 | -€12,498 | -30.2% |
| Stocks and contracts in progress | 3 | €5,822 | €2,120 | -€3,702 | -63.6% |
| Stocks | 30/36 | €5,822 | €2,120 | -€3,702 | -63.6% |
| Amounts receivable within one year | 40/41 | €25,044 | €20,152 | -€4,892 | -19.5% |
| Trade receivables | 40 | €25,044 | €20,152 | -€4,892 | -19.5% |
| Cash at bank and in hand | 54/58 | €10,475 | €6,571 | -€3,904 | -37.3% |
| Total equity and liabilities | 10/49 | €54,992 | €41,573 | -€13,419 | -24.4% |
| Equity | 10/15 | €6,329 | €7,213 | +€885 | +14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,071 | -€5,187 | +€885 | +14.6% |
| Amounts payable | 17/49 | €48,663 | €34,359 | -€14,304 | -29.4% |
| Amounts payable within one year | 42/48 | €48,663 | €34,359 | -€14,304 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €1,047 | - | -€1,047 | |
| Trade debts | 44 | €15,416 | €10,182 | -€5,234 | -33.9% |
| Suppliers | 440/4 | €15,416 | €10,182 | -€5,234 | -33.9% |
| Taxes, remuneration and social security | 45 | €6,778 | €5,255 | -€1,523 | -22.5% |
| Taxes | 450/3 | €6,778 | €5,255 | -€1,523 | -22.5% |
| Other amounts payable | 47/48 | €25,422 | €18,922 | -€6,500 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,225 | €1,526 | -€2,700 | -63.9% |
| Other operating charges | 640/8 | €786 | €1,208 | +€421 | +53.6% |
| Gross operating margin | 9900 | €12,188 | €6,566 | -€5,622 | -46.1% |
| Operating profit (loss) | 9901 | €7,176 | €3,833 | -€3,344 | -46.6% |
| Financial charges | 65/66B | €678 | €77 | -€601 | -88.7% |
| Recurring financial charges | 65 | €678 | €77 | -€601 | -88.7% |
| Profit (loss) for the period before taxes | 9903 | €6,498 | €3,756 | -€2,742 | -42.2% |
| Income taxes | 67/77 | - | €2,871 | +€2,871 | |
| Profit (loss) for the period | 9904 | €6,498 | €885 | -€5,614 | -86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,498 | €885 | -€5,614 | -86.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.