G-WORKS: 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-WORKS
Largest movements
- Tangible fixed assets +€151,121
up €151,121 (+15.8%), from €955,436 to €1.1m
of which Land and buildings: +€130,693
- Cash +€21,738
up €21,738 (+87.3%), from €24,903 to €46,641
mainly Debts after one year (+€113,988) and Depreciation (+€78,119)
- Debts after one year +€113,988
up €113,988 (+18.4%), from €618,578 to €732,566
- Reserves +€45,599
up €45,599 (+16.7%), from €273,396 to €318,995
of which Distributable reserves: +€45,599
- Trade debts -€32,734
down €32,734 (-33.8%), from €96,926 to €64,193
- Tax, wage and social debts +€30,351
up €30,351 (+215%), from €14,148 to €44,499
of which Taxes: +€30,941
- Current portion of long-term debt +€19,047
up €19,047 (+25.6%), from €74,434 to €93,481
- Gross operating margin +€17,458
up €17,458 (+9.7%), from €179,696 to €197,154
- Depreciation +€7,121
up €7,121 (+10.0%), from €70,998 to €78,119
- Financial charges -€3,584
down €3,584 (-25.0%), from €14,356 to €10,772
- Financial income -€2,976
down €2,976 (-75.1%), from €3,964 to €989
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 | €1,183,099 | €1,366,006 | +€182,907 | +15.5% |
| Fixed assets | 21/28 | €955,436 | €1,106,556 | +€151,121 | +15.8% |
| Tangible fixed assets | 22/27 | €955,436 | €1,106,556 | +€151,121 | +15.8% |
| Land and buildings | 22 | €885,914 | €1,016,607 | +€130,693 | +14.8% |
| Plant, machinery and equipment | 23 | €21,067 | €18,658 | -€2,409 | -11.4% |
| Furniture and vehicles | 24 | €15,921 | €15,432 | -€489 | -3.1% |
| Leasing and similar rights | 25 | €32,534 | €55,859 | +€23,326 | +71.7% |
| Current assets | 29/58 | €227,664 | €259,450 | +€31,786 | +14.0% |
| Stocks and contracts in progress | 3 | €98,897 | €109,442 | +€10,545 | +10.7% |
| Stocks | 30/36 | €98,897 | €109,442 | +€10,545 | +10.7% |
| Amounts receivable within one year | 40/41 | €101,167 | €100,669 | -€498 | -0.5% |
| Trade receivables | 40 | €98,955 | €98,422 | -€533 | -0.5% |
| Other amounts receivable | 41 | €2,212 | €2,247 | +€35 | +1.6% |
| Cash at bank and in hand | 54/58 | €24,903 | €46,641 | +€21,738 | +87.3% |
| Deferred charges and accrued income | 490/1 | €2,697 | €2,697 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,183,099 | €1,366,006 | +€182,907 | +15.5% |
| Equity | 10/15 | €279,596 | €325,195 | +€45,599 | +16.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €273,396 | €318,995 | +€45,599 | +16.7% |
| Tax-exempt reserves | 132 | €36,750 | €36,750 | = | 0.0% |
| Distributable reserves | 133 | €236,646 | €282,245 | +€45,599 | +19.3% |
| Amounts payable | 17/49 | €903,503 | €1,040,811 | +€137,308 | +15.2% |
| Amounts payable after more than one year | 17 | €618,578 | €732,566 | +€113,988 | +18.4% |
| Financial debts | 170/4 | €618,578 | €732,566 | +€113,988 | +18.4% |
| Amounts payable within one year | 42/48 | €198,724 | €221,014 | +€22,290 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €74,434 | €93,481 | +€19,047 | +25.6% |
| Trade debts | 44 | €96,926 | €64,193 | -€32,734 | -33.8% |
| Suppliers | 440/4 | €96,926 | €64,193 | -€32,734 | -33.8% |
| Taxes, remuneration and social security | 45 | €14,148 | €44,499 | +€30,351 | +215% |
| Taxes | 450/3 | €9,194 | €40,135 | +€30,941 | +337% |
| Remuneration and social security | 454/9 | €4,954 | €4,364 | -€590 | -11.9% |
| Other amounts payable | 47/48 | €13,216 | €18,841 | +€5,626 | +42.6% |
| Accrued charges and deferred income | 492/3 | €86,202 | €87,231 | +€1,030 | +1.2% |
| Non-recurring operating income | 76A | €47 | €452 | +€405 | +859% |
| Remuneration, social security and pensions | 62 | €38,311 | €40,109 | +€1,799 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,998 | €78,119 | +€7,121 | +10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,660 | €140 | -€1,520 | -91.5% |
| Other operating charges | 640/8 | €6,970 | €8,327 | +€1,357 | +19.5% |
| Gross operating margin | 9900 | €179,696 | €197,154 | +€17,458 | +9.7% |
| Operating profit (loss) | 9901 | €61,757 | €70,458 | +€8,701 | +14.1% |
| Financial income | 75/76B | €3,964 | €989 | -€2,976 | -75.1% |
| Recurring financial income | 75 | €3,964 | €989 | -€2,976 | -75.1% |
| Financial charges | 65/66B | €14,356 | €10,772 | -€3,584 | -25.0% |
| Recurring financial charges | 65 | €14,356 | €10,772 | -€3,584 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €51,365 | €60,675 | +€9,310 | +18.1% |
| Income taxes | 67/77 | €13,755 | €15,076 | +€1,321 | +9.6% |
| Profit (loss) for the period | 9904 | €37,611 | €45,599 | +€7,989 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,611 | €45,599 | +€7,989 | +21.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.