GDW MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€2.6m
up €2.6m (+24.0%), from €10.8m to €13.4m
- Contributions +€2.6m
up €2.6m (+13,978%), from €18,600 to €2.6m
- Debts after one year -€747,497
down €747,497 (-16.8%), from €4.4m to €3.7m
- Reserves +€360,000
up €360,000 (+10.3%), from €3.5m to €3.8m
of which Distributable reserves: +€360,000
- Other debts +€348,250
up €348,250 (+13.2%), from €2.6m to €3.0m
- Financial charges +€53,503
up €53,503 (+20.6%), from €259,309 to €312,813
- Gross operating margin -€22,010
down €22,010 (-3.9%), from €563,299 to €541,289
- Taxes -€18,941
down €18,941 (-23.0%), from €82,476 to €63,535
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 | €11,095,149 | €13,675,617 | +€2.6m | +23.3% |
| Fixed assets | 21/28 | €10,855,226 | €13,449,521 | +€2.6m | +23.9% |
| Tangible fixed assets | 22/27 | €7,343 | €1,638 | -€5,705 | -77.7% |
| Plant, machinery and equipment | 23 | €2,434 | €735 | -€1,699 | -69.8% |
| Furniture and vehicles | 24 | €206 | €903 | +€697 | +338% |
| Leasing and similar rights | 25 | €4,703 | - | -€4,703 | |
| Financial fixed assets | 28 | €10,847,882 | €13,447,882 | +€2.6m | +24.0% |
| Current assets | 29/58 | €239,924 | €226,096 | -€13,827 | -5.8% |
| Amounts receivable within one year | 40/41 | €196,000 | €207,465 | +€11,465 | +5.8% |
| Other amounts receivable | 41 | €196,000 | €207,465 | +€11,465 | +5.8% |
| Cash at bank and in hand | 54/58 | €30,930 | €2,000 | -€28,931 | -93.5% |
| Deferred charges and accrued income | 490/1 | €12,993 | €16,632 | +€3,639 | +28.0% |
| Total equity and liabilities | 10/49 | €11,095,149 | €13,675,617 | +€2.6m | +23.3% |
| Equity | 10/15 | €3,502,379 | €6,461,768 | +€3.0m | +84.5% |
| Contributions | 10/11 | €18,600 | €2,618,600 | +€2.6m | +13,978% |
| Reserves | 13 | €3,481,860 | €3,841,860 | +€360,000 | +10.3% |
| 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 | €3,480,000 | €3,840,000 | +€360,000 | +10.3% |
| Profit (loss) carried forward | 14 | €1,919 | €1,308 | -€611 | -31.8% |
| Amounts payable | 17/49 | €7,592,770 | €7,213,849 | -€378,922 | -5.0% |
| Amounts payable after more than one year | 17 | €4,441,242 | €3,693,744 | -€747,497 | -16.8% |
| Financial debts | 170/4 | €4,441,242 | €3,693,744 | -€747,497 | -16.8% |
| Amounts payable within one year | 42/48 | €3,052,789 | €3,402,041 | +€349,252 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €375,000 | €375,000 | = | 0.0% |
| Trade debts | 44 | €182 | €863 | +€681 | +374% |
| Suppliers | 440/4 | €182 | €863 | +€681 | +374% |
| Taxes, remuneration and social security | 45 | €46,483 | €46,804 | +€322 | +0.7% |
| Taxes | 450/3 | €46,483 | €46,804 | +€322 | +0.7% |
| Other amounts payable | 47/48 | €2,631,124 | €2,979,374 | +€348,250 | +13.2% |
| Accrued charges and deferred income | 492/3 | €98,740 | €118,063 | +€19,323 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,599 | €6,985 | -€1,613 | -18.8% |
| Other operating charges | 640/8 | €1,769 | €1,538 | -€232 | -13.1% |
| Gross operating margin | 9900 | €563,299 | €541,289 | -€22,010 | -3.9% |
| Operating profit (loss) | 9901 | €552,932 | €532,766 | -€20,165 | -3.6% |
| Financial income | 75/76B | €198,351 | €202,971 | +€4,620 | +2.3% |
| Recurring financial income | 75 | €198,351 | €202,971 | +€4,620 | +2.3% |
| Financial charges | 65/66B | €259,309 | €312,813 | +€53,503 | +20.6% |
| Recurring financial charges | 65 | €259,309 | €312,813 | +€53,503 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €491,973 | €422,925 | -€69,048 | -14.0% |
| Income taxes | 67/77 | €82,476 | €63,535 | -€18,941 | -23.0% |
| Profit (loss) for the period | 9904 | €409,496 | €359,389 | -€50,107 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €409,496 | €359,389 | -€50,107 | -12.2% |
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 19 October 2026 via checked.be.