G. & 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. & W.
Largest movements
- Receivables within one year +€153,911
up €153,911 (+40.5%), from €380,271 to €534,182
of which Other amounts receivable: +€153,707
- Reserves +€183,772
up €183,772 (+23.0%), from €798,324 to €982,096
of which Distributable reserves: +€183,772
- Debts after one year -€180,000
down €180,000 (-15.6%), from €1.2m to €975,000
- Other debts +€150,155
up €150,155 (+21.2%), from €708,785 to €858,939
- Financial income +€48,220
up €48,220 (+14.9%), from €323,987 to €372,207
- Financial charges -€8,485
down €8,485 (-16.4%), from €51,611 to €43,126
- Gross operating margin -€708
down €708 (-1.5%), from €48,490 to €47,783
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 | €2,925,158 | €3,062,086 | +€136,928 | +4.7% |
| Fixed assets | 21/28 | €2,522,705 | €2,522,705 | = | 0.0% |
| Tangible fixed assets | 22/27 | €722,705 | €722,705 | = | 0.0% |
| Land and buildings | 22 | €722,705 | €722,705 | = | 0.0% |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €402,452 | €539,381 | +€136,928 | +34.0% |
| Amounts receivable within one year | 40/41 | €380,271 | €534,182 | +€153,911 | +40.5% |
| Trade receivables | 40 | - | €204 | +€204 | |
| Other amounts receivable | 41 | €380,271 | €533,978 | +€153,707 | +40.4% |
| Cash at bank and in hand | 54/58 | €17,806 | €5,199 | -€12,607 | -70.8% |
| Deferred charges and accrued income | 490/1 | €4,376 | €0 | -€4,376 | -100.0% |
| Total equity and liabilities | 10/49 | €2,925,158 | €3,062,086 | +€136,928 | +4.7% |
| Equity | 10/15 | €860,324 | €1,044,096 | +€183,772 | +21.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €798,324 | €982,096 | +€183,772 | +23.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €792,124 | €975,896 | +€183,772 | +23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,064,834 | €2,017,990 | -€46,844 | -2.3% |
| Amounts payable after more than one year | 17 | €1,155,000 | €975,000 | -€180,000 | -15.6% |
| Financial debts | 170/4 | €1,155,000 | €975,000 | -€180,000 | -15.6% |
| Amounts payable within one year | 42/48 | €889,290 | €1,039,263 | +€149,973 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €180,000 | €180,000 | = | 0.0% |
| Trade debts | 44 | €505 | €324 | -€182 | -35.9% |
| Suppliers | 440/4 | €505 | €324 | -€182 | -35.9% |
| Other amounts payable | 47/48 | €708,785 | €858,939 | +€150,155 | +21.2% |
| Accrued charges and deferred income | 492/3 | €20,544 | €3,727 | -€16,817 | -81.9% |
| Other operating charges | 640/8 | €7,722 | €8,091 | +€369 | +4.8% |
| Gross operating margin | 9900 | €48,490 | €47,783 | -€708 | -1.5% |
| Operating profit (loss) | 9901 | €40,769 | €39,692 | -€1,077 | -2.6% |
| Financial income | 75/76B | €323,987 | €372,207 | +€48,220 | +14.9% |
| Recurring financial income | 75 | €323,987 | €372,207 | +€48,220 | +14.9% |
| Financial charges | 65/66B | €51,611 | €43,126 | -€8,485 | -16.4% |
| Recurring financial charges | 65 | €51,611 | €43,126 | -€8,485 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €313,144 | €368,772 | +€55,629 | +17.8% |
| Profit (loss) for the period | 9904 | €313,144 | €368,772 | +€55,629 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €313,144 | €368,772 | +€55,629 | +17.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.