GAWAIN: 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.
GAWAIN
Largest movements
- Cash +€54,892
up €54,892 (+50.3%), from €109,160 to €164,052
mainly Net result for the year (+€96,043) and Other debts (+€53,465)
- Current investments -€25,000
no longer reported in 2026 (was €25,000)
- Other debts +€53,465
up €53,465 (+24.9%), from €214,375 to €267,840
- Debts after one year -€43,477
no longer reported in 2026 (was €43,477)
- Reserves +€34,793
up €34,793 (+4.5%), from €770,358 to €805,150
- Current portion of long-term debt -€29,888
down €29,888 (-40.7%), from €73,366 to €43,477
- Gross operating margin +€4,223
up €4,223 (+3.3%), from €127,039 to €131,262
- Financial charges -€1,354
down €1,354 (-13.7%), from €9,849 to €8,495
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,368,502 | €1,400,155 | +€31,653 | +2.3% |
| Fixed assets | 21/28 | €1,214,747 | €1,213,255 | -€1,492 | -0.1% |
| Tangible fixed assets | 22/27 | €1,929 | €437 | -€1,492 | -77.3% |
| Furniture and vehicles | 24 | €1,929 | €437 | -€1,492 | -77.3% |
| Financial fixed assets | 28 | €1,212,818 | €1,212,818 | = | 0.0% |
| Current assets | 29/58 | €153,755 | €186,900 | +€33,145 | +21.6% |
| Amounts receivable within one year | 40/41 | €17,651 | €21,063 | +€3,412 | +19.3% |
| Trade receivables | 40 | €16,500 | €21,063 | +€4,563 | +27.7% |
| Other amounts receivable | 41 | €1,151 | - | -€1,151 | |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €109,160 | €164,052 | +€54,892 | +50.3% |
| Deferred charges and accrued income | 490/1 | €1,944 | €1,785 | -€159 | -8.2% |
| Total equity and liabilities | 10/49 | €1,368,502 | €1,400,155 | +€31,653 | +2.3% |
| Equity | 10/15 | €1,020,358 | €1,055,150 | +€34,793 | +3.4% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €770,358 | €805,150 | +€34,793 | +4.5% |
| Distributable reserves | 133 | €770,358 | €805,150 | +€34,793 | +4.5% |
| Amounts payable | 17/49 | €348,144 | €345,005 | -€3,139 | -0.9% |
| Amounts payable after more than one year | 17 | €43,477 | - | -€43,477 | |
| Financial debts | 170/4 | €43,477 | - | -€43,477 | |
| Amounts payable within one year | 42/48 | €301,366 | €341,983 | +€40,616 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €73,366 | €43,477 | -€29,888 | -40.7% |
| Trade debts | 44 | €2,290 | €10,900 | +€8,610 | +376% |
| Suppliers | 440/4 | €2,290 | €10,900 | +€8,610 | +376% |
| Taxes, remuneration and social security | 45 | €11,335 | €19,765 | +€8,430 | +74.4% |
| Taxes | 450/3 | €11,335 | €17,621 | +€6,286 | +55.5% |
| Remuneration and social security | 454/9 | - | €2,144 | +€2,144 | |
| Other amounts payable | 47/48 | €214,375 | €267,840 | +€53,465 | +24.9% |
| Accrued charges and deferred income | 492/3 | €3,300 | €3,022 | -€278 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,492 | €1,492 | = | 0.0% |
| Other operating charges | 640/8 | €1,178 | €1,151 | -€27 | -2.3% |
| Gross operating margin | 9900 | €127,039 | €131,262 | +€4,223 | +3.3% |
| Operating profit (loss) | 9901 | €124,369 | €128,619 | +€4,250 | +3.4% |
| Financial income | 75/76B | €1,023 | €1,245 | +€222 | +21.7% |
| Recurring financial income | 75 | €1,023 | €1,245 | +€222 | +21.7% |
| Financial charges | 65/66B | €9,849 | €8,495 | -€1,354 | -13.7% |
| Recurring financial charges | 65 | €9,849 | €8,495 | -€1,354 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €115,543 | €121,369 | +€5,826 | +5.0% |
| Income taxes | 67/77 | €24,060 | €25,326 | +€1,267 | +5.3% |
| Profit (loss) for the period | 9904 | €91,483 | €96,043 | +€4,560 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,483 | €96,043 | +€4,560 | +5.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.