GAWEX: 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.
GAWEX
Largest movements
- Tangible fixed assets -€341,821
down €341,821 (-96.5%), from €354,262 to €12,441
of which Land and buildings: -€342,937
- Deferred charges and accrued income +€240,545
up €240,545 (+25,680%), from €937 to €241,481
- Cash +€220,925
up €220,925 (+1,153%), from €19,158 to €240,083
mainly Investment in fixed assets (net) (+€337,469) and Advances received (+€247,763)
- Receivables within one year +€93,163
up €93,163 (+408%), from €22,826 to €115,989
of which Trade receivables: +€77,527
- Advances received +€247,763
new in 2025: €247,763
- Debts after one year -€220,000
down €220,000 (-100%), from €220,000 to €0
- Profit (loss) carried forward +€95,627
up €95,627 (+217%), from €44,109 to €139,736
- Accrued charges and deferred income +€62,337
up €62,337 (+1,548%), from €4,027 to €66,364
- Tax, wage and social debts +€31,807
up €31,807 (+218%), from €14,600 to €46,407
of which Taxes: +€31,807
- Gross operating margin +€80,180
up €80,180 (+110%), from €73,188 to €153,368
- Taxes +€23,407
up €23,407 (+204%), from €11,500 to €34,907
- Staff costs +€13,007
new in 2025: €13,007
- Depreciation -€12,717
down €12,717 (-74.5%), from €17,070 to €4,353
- Financial charges -€8,892
down €8,892 (-65.8%), from €13,509 to €4,617
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 | €397,183 | €609,994 | +€212,811 | +53.6% |
| Fixed assets | 21/28 | €354,262 | €12,441 | -€341,821 | -96.5% |
| Tangible fixed assets | 22/27 | €354,262 | €12,441 | -€341,821 | -96.5% |
| Land and buildings | 22 | €342,937 | €0 | -€342,937 | -100% |
| Furniture and vehicles | 24 | €11,324 | €12,441 | +€1,116 | +9.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €42,921 | €597,553 | +€554,632 | +1,292% |
| Amounts receivable within one year | 40/41 | €22,826 | €115,989 | +€93,163 | +408% |
| Trade receivables | 40 | €10,422 | €87,949 | +€77,527 | +744% |
| Other amounts receivable | 41 | €12,405 | €28,040 | +€15,636 | +126% |
| Cash at bank and in hand | 54/58 | €19,158 | €240,083 | +€220,925 | +1,153% |
| Deferred charges and accrued income | 490/1 | €937 | €241,481 | +€240,545 | +25,680% |
| Total equity and liabilities | 10/49 | €397,183 | €609,994 | +€212,811 | +53.6% |
| Equity | 10/15 | €149,295 | €244,922 | +€95,627 | +64.1% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €88,986 | €88,986 | = | 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% |
| Distributable reserves | 133 | €87,126 | €87,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,109 | €139,736 | +€95,627 | +217% |
| Amounts payable | 17/49 | €247,888 | €365,072 | +€117,184 | +47.3% |
| Amounts payable after more than one year | 17 | €220,000 | €0 | -€220,000 | -100% |
| Financial debts | 170/4 | €220,000 | €0 | -€220,000 | -100% |
| Amounts payable within one year | 42/48 | €23,861 | €298,708 | +€274,847 | +1,152% |
| Current portion of amounts payable after more than one year | 42 | €5,409 | €0 | -€5,409 | -100% |
| Trade debts | 44 | €3,852 | €4,539 | +€687 | +17.8% |
| Suppliers | 440/4 | €3,852 | €4,539 | +€687 | +17.8% |
| Advances received on contracts in progress | 46 | - | €247,763 | +€247,763 | |
| Taxes, remuneration and social security | 45 | €14,600 | €46,407 | +€31,807 | +218% |
| Taxes | 450/3 | €14,600 | €46,407 | +€31,807 | +218% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,027 | €66,364 | +€62,337 | +1,548% |
| Non-recurring operating income | 76A | - | €92,317 | +€92,317 | |
| Remuneration, social security and pensions | 62 | - | €13,007 | +€13,007 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,070 | €4,353 | -€12,717 | -74.5% |
| Other operating charges | 640/8 | €1,812 | €1,881 | +€68 | +3.8% |
| Gross operating margin | 9900 | €73,188 | €153,368 | +€80,180 | +110% |
| Operating profit (loss) | 9901 | €54,306 | €134,127 | +€79,821 | +147% |
| Financial income | 75/76B | €1,330 | €1,024 | -€306 | -23.0% |
| Recurring financial income | 75 | €1,330 | €1,024 | -€306 | -23.0% |
| Financial charges | 65/66B | €13,509 | €4,617 | -€8,892 | -65.8% |
| Recurring financial charges | 65 | €13,509 | €4,617 | -€8,892 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €42,127 | €130,534 | +€88,407 | +210% |
| Income taxes | 67/77 | €11,500 | €34,907 | +€23,407 | +204% |
| Profit (loss) for the period | 9904 | €30,627 | €95,627 | +€65,000 | +212% |
| Profit (loss) for the period to be appropriated | 9905 | €30,627 | €95,627 | +€65,000 | +212% |
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.