GDW Group: 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.
GDW Group
Largest movements
- Receivables within one year +€934,743
up €934,743 (+511.7%), from €182,659 to €1.1m
of which Other amounts receivable: +€1.1m
- Other debts +€2.7m
up €2.7m (+878.4%), from €306,615 to €3.0m
- Reserves -€1.3m
down €1.3m (-71.4%), from €1.8m to €520,541
of which Distributable reserves: -€1.4m
- Short-term financial debts -€590,910
down €590,910 (-6.7%), from €8.9m to €8.3m
of which Credit institutions: -€590,910
- Financial income -€1.5m
down €1.5m (-53.7%), from €2.7m to €1.3m
- Turnover +€772,914
up €772,914 (+67.5%), from €1.1m to €1.9m
- Financial charges -€109,773
down €109,773 (-13.3%), from €823,237 to €713,464
- Services and other goods +€34,309
up €34,309 (+4.7%), from €725,000 to €759,310
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 | €40,854,678 | €41,598,665 | +€743,988 | +1.8% |
| Fixed assets | 21/28 | €40,303,890 | €40,303,690 | -€201 | 0.0% |
| Financial fixed assets | 28 | €40,303,890 | €40,303,690 | -€201 | 0.0% |
| Affiliated companies | 280/1 | €40,303,890 | €40,303,690 | -€201 | 0.0% |
| Participating interests | 280 | €40,303,890 | €40,303,690 | -€201 | 0.0% |
| Current assets | 29/58 | €550,788 | €1,294,976 | +€744,188 | +135.1% |
| Amounts receivable within one year | 40/41 | €182,659 | €1,117,402 | +€934,743 | +511.7% |
| Trade receivables | 40 | €117,249 | - | -€117,249 | |
| Other amounts receivable | 41 | €65,410 | €1,117,402 | +€1.1m | +1608.3% |
| Cash at bank and in hand | 54/58 | €368,129 | €177,043 | -€191,085 | -51.9% |
| Deferred charges and accrued income | 490/1 | - | €530 | +€530 | |
| Total equity and liabilities | 10/49 | €40,854,678 | €41,598,665 | +€743,988 | +1.8% |
| Equity | 10/15 | €25,322,185 | €24,020,541 | -€1.3m | -5.1% |
| Contributions | 10/11 | €23,500,000 | €23,500,000 | = | 0.0% |
| Capital | 10 | €23,500,000 | €23,500,000 | = | 0.0% |
| Issued capital | 100 | €23,500,000 | €23,500,000 | = | 0.0% |
| Reserves | 13 | €1,822,185 | €520,541 | -€1.3m | -71.4% |
| Non-distributable reserves | 130/1 | €115,245 | €200,163 | +€84,918 | +73.7% |
| Legal reserve | 130 | €115,245 | €200,163 | +€84,918 | +73.7% |
| Distributable reserves | 133 | €1,706,939 | €320,378 | -€1.4m | -81.2% |
| Amounts payable | 17/49 | €15,532,493 | €17,578,124 | +€2.0m | +13.2% |
| Amounts payable after more than one year | 17 | €6,300,000 | €6,300,000 | = | 0.0% |
| Financial debts | 170/4 | €6,300,000 | €6,300,000 | = | 0.0% |
| Subordinated loans | 170 | €6,300,000 | €6,300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,231,080 | €11,277,378 | +€2.0m | +22.2% |
| Financial debts | 43 | €8,850,681 | €8,259,770 | -€590,910 | -6.7% |
| Credit institutions | 430/8 | €8,659,091 | €8,068,181 | -€590,910 | -6.8% |
| Other loans | 439 | €191,589 | €191,589 | = | 0.0% |
| Trade debts | 44 | €62,687 | €6,203 | -€56,484 | -90.1% |
| Suppliers | 440/4 | €62,687 | €6,203 | -€56,484 | -90.1% |
| Taxes, remuneration and social security | 45 | €11,097 | €11,405 | +€308 | +2.8% |
| Taxes | 450/3 | €11,097 | €11,405 | +€308 | +2.8% |
| Other amounts payable | 47/48 | €306,615 | €3,000,000 | +€2.7m | +878.4% |
| Accrued charges and deferred income | 492/3 | €1,413 | €746 | -€667 | -47.2% |
| Operating income | 70/76A | €1,145,700 | €1,918,614 | +€772,914 | +67.5% |
| Turnover | 70 | €1,145,700 | €1,918,614 | +€772,914 | +67.5% |
| Operating charges | 60/66A | €726,235 | €760,808 | +€34,573 | +4.8% |
| Services and other goods | 61 | €725,000 | €759,310 | +€34,309 | +4.7% |
| Other operating charges | 640/8 | €1,235 | €1,499 | +€264 | +21.4% |
| Operating profit (loss) | 9901 | €419,465 | €1,157,806 | +€738,341 | +176.0% |
| Financial income | 75/76B | €2,708,678 | €1,254,015 | -€1.5m | -53.7% |
| Recurring financial income | 75 | €2,708,678 | €1,254,015 | -€1.5m | -53.7% |
| Income from financial fixed assets | 750 | €2,691,035 | €1,250,000 | -€1.4m | -53.5% |
| Income from current assets | 751 | €17,643 | €4,015 | -€13,628 | -77.2% |
| Financial charges | 65/66B | €823,237 | €713,464 | -€109,773 | -13.3% |
| Recurring financial charges | 65 | €823,237 | €713,464 | -€109,773 | -13.3% |
| Debt charges | 650 | €818,739 | €711,672 | -€107,067 | -13.1% |
| Other financial charges | 652/9 | €4,498 | €1,792 | -€2,706 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €2,304,906 | €1,698,357 | -€606,550 | -26.3% |
| Profit (loss) for the period | 9904 | €2,304,906 | €1,698,357 | -€606,550 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,304,906 | €1,698,357 | -€606,550 | -26.3% |
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 10 October 2026 via checked.be.