G S W: 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.
G S W
Largest movements
- Tangible fixed assets +€22,832
up €22,832 (+71.9%), from €31,754 to €54,585
- Receivables within one year +€4,848
up €4,848 (+2,231%), from €217 to €5,065
- Profit (loss) carried forward +€26,197
up €26,197, from -€6,696 to €19,500
- Other debts -€24,287
down €24,287 (-84.5%), from €28,731 to €4,444
- Debts after one year +€19,674
up €19,674 (+553%), from €3,560 to €23,233
- Current portion of long-term debt +€6,756
up €6,756 (+203%), from €3,328 to €10,085
- Gross operating margin +€14,118
up €14,118 (+37.6%), from €37,563 to €51,681
- Depreciation +€7,086
up €7,086 (+44.1%), from €16,072 to €23,157
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 | €40,343 | €67,887 | +€27,544 | +68.3% |
| Fixed assets | 21/28 | €31,754 | €54,585 | +€22,832 | +71.9% |
| Tangible fixed assets | 22/27 | €31,754 | €54,585 | +€22,832 | +71.9% |
| Furniture and vehicles | 24 | €31,754 | €54,585 | +€22,832 | +71.9% |
| Current assets | 29/58 | €8,590 | €13,302 | +€4,712 | +54.9% |
| Amounts receivable within one year | 40/41 | €217 | €5,065 | +€4,848 | +2,231% |
| Trade receivables | 40 | €217 | €5,065 | +€4,848 | +2,231% |
| Cash at bank and in hand | 54/58 | €8,372 | €8,169 | -€203 | -2.4% |
| Deferred charges and accrued income | 490/1 | - | €68 | +€68 | |
| Total equity and liabilities | 10/49 | €40,343 | €67,887 | +€27,544 | +68.3% |
| Equity | 10/15 | €1,364 | €27,560 | +€26,197 | +1,921% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,696 | €19,500 | +€26,197 | |
| Amounts payable | 17/49 | €38,980 | €40,327 | +€1,347 | +3.5% |
| Amounts payable after more than one year | 17 | €3,560 | €23,233 | +€19,674 | +553% |
| Financial debts | 170/4 | €3,560 | €23,233 | +€19,674 | +553% |
| Amounts payable within one year | 42/48 | €35,374 | €17,067 | -€18,307 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €3,328 | €10,085 | +€6,756 | +203% |
| Trade debts | 44 | €1,697 | €1,083 | -€613 | -36.1% |
| Suppliers | 440/4 | €1,697 | €1,083 | -€613 | -36.1% |
| Taxes, remuneration and social security | 45 | €1,618 | €1,455 | -€164 | -10.1% |
| Taxes | 450/3 | €1,618 | €1,455 | -€164 | -10.1% |
| Other amounts payable | 47/48 | €28,731 | €4,444 | -€24,287 | -84.5% |
| Accrued charges and deferred income | 492/3 | €46 | €27 | -€19 | -41.7% |
| Non-recurring operating income | 76A | - | €16,598 | +€16,598 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,072 | €23,157 | +€7,086 | +44.1% |
| Other operating charges | 640/8 | €1,058 | €824 | -€234 | -22.1% |
| Gross operating margin | 9900 | €37,563 | €51,681 | +€14,118 | +37.6% |
| Operating profit (loss) | 9901 | €20,434 | €27,700 | +€7,266 | +35.6% |
| Financial charges | 65/66B | €845 | €1,304 | +€459 | +54.3% |
| Recurring financial charges | 65 | €845 | €1,304 | +€459 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €19,589 | €26,396 | +€6,807 | +34.8% |
| Income taxes | 67/77 | - | €199 | +€199 | |
| Profit (loss) for the period | 9904 | €19,589 | €26,197 | +€6,608 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,589 | €26,197 | +€6,608 | +33.7% |
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 22 October 2026 via checked.be.