G-WEL: 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-WEL
Largest movements
- Tangible fixed assets +€21,381
new in 2025: €21,381
- Receivables within one year +€4,679
up €4,679 (+12.9%), from €36,220 to €40,899
of which Other amounts receivable: +€12,079
- Financial fixed assets -€2,753
no longer reported in 2025 (was €2,753)
- Deferred charges and accrued income +€2,049
new in 2025: €2,049
- Profit (loss) carried forward +€20,208
up €20,208 (+194%), from €10,412 to €30,620
- Debts after one year +€11,099
new in 2025: €11,099
- Trade debts -€9,517
down €9,517 (-99.8%), from €9,537 to €20
- Current portion of long-term debt +€2,579
new in 2025: €2,579
- Tax, wage and social debts +€2,028
up €2,028 (+19.9%), from €10,210 to €12,238
of which Taxes: +€1,028
- Gross operating margin +€9,768
up €9,768 (+54.3%), from €17,987 to €27,755
- Depreciation +€2,855
new in 2025: €2,855
- Financial income +€731
new in 2025: €731
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 | €39,474 | €65,464 | +€25,991 | +65.8% |
| Fixed assets | 21/28 | €2,753 | €21,381 | +€18,628 | +677% |
| Tangible fixed assets | 22/27 | - | €21,381 | +€21,381 | |
| Furniture and vehicles | 24 | - | €21,381 | +€21,381 | |
| Financial fixed assets | 28 | €2,753 | - | -€2,753 | |
| Current assets | 29/58 | €36,720 | €44,083 | +€7,363 | +20.1% |
| Amounts receivable within one year | 40/41 | €36,220 | €40,899 | +€4,679 | +12.9% |
| Trade receivables | 40 | €29,450 | €22,050 | -€7,400 | -25.1% |
| Other amounts receivable | 41 | €6,770 | €18,849 | +€12,079 | +178% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €635 | +€635 | |
| Deferred charges and accrued income | 490/1 | - | €2,049 | +€2,049 | |
| Total equity and liabilities | 10/49 | €39,474 | €65,464 | +€25,991 | +65.8% |
| Equity | 10/15 | €18,472 | €38,680 | +€20,208 | +109% |
| 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 | €10,412 | €30,620 | +€20,208 | +194% |
| Amounts payable | 17/49 | €21,002 | €26,785 | +€5,783 | +27.5% |
| Amounts payable after more than one year | 17 | - | €11,099 | +€11,099 | |
| Financial debts | 170/4 | - | €11,099 | +€11,099 | |
| Amounts payable within one year | 42/48 | €21,002 | €15,686 | -€5,316 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | - | €2,579 | +€2,579 | |
| Financial debts | 43 | €654 | €265 | -€389 | -59.5% |
| Credit institutions | 430/8 | €654 | €265 | -€389 | -59.5% |
| Trade debts | 44 | €9,537 | €20 | -€9,517 | -99.8% |
| Suppliers | 440/4 | €9,537 | €20 | -€9,517 | -99.8% |
| Taxes, remuneration and social security | 45 | €10,210 | €12,238 | +€2,028 | +19.9% |
| Taxes | 450/3 | €9,710 | €10,738 | +€1,028 | +10.6% |
| Remuneration and social security | 454/9 | €500 | €1,500 | +€1,000 | +200% |
| Other amounts payable | 47/48 | €601 | €583 | -€18 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,855 | +€2,855 | |
| Other operating charges | 640/8 | €911 | €777 | -€135 | -14.8% |
| Gross operating margin | 9900 | €17,987 | €27,755 | +€9,768 | +54.3% |
| Operating profit (loss) | 9901 | €17,076 | €24,123 | +€7,048 | +41.3% |
| Financial income | 75/76B | - | €731 | +€731 | |
| Recurring financial income | 75 | - | €731 | +€731 | |
| Financial charges | 65/66B | €779 | €676 | -€103 | -13.2% |
| Recurring financial charges | 65 | €779 | €676 | -€103 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €16,297 | €24,179 | +€7,882 | +48.4% |
| Income taxes | 67/77 | €3,339 | €3,137 | -€202 | -6.0% |
| Profit (loss) for the period | 9904 | €12,958 | €21,041 | +€8,084 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,958 | €21,041 | +€8,084 | +62.4% |
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 20 October 2026 via checked.be.