GDW-NE: 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-NE
Largest movements
- Financial fixed assets +€56,667
up €56,667 (+40.4%), from €140,249 to €196,916
- Cash +€16,474
up €16,474 (+299%), from €5,507 to €21,981
mainly Other debts (+€78,203) and Net result for the year (+€70,194)
- Receivables within one year +€14,346
up €14,346 (+104%), from €13,764 to €28,110
of which Trade receivables: +€10,790
- Current investments -€13,585
down €13,585 (-100%), from €13,585 to €0
- Other debts +€78,203
up €78,203 (+318%), from €24,628 to €102,831
- Reserves -€23,924
down €23,924 (-17.7%), from €134,980 to €111,056
- Short-term financial debts +€15,659
up €15,659 (+463%), from €3,382 to €19,041
- Tax, wage and social debts +€3,531
up €3,531 (+36.4%), from €9,690 to €13,221
- Gross operating margin +€31,838
up €31,838 (+51.3%), from €62,099 to €93,937
- Taxes +€7,986
up €7,986 (+51.7%), from €15,458 to €23,444
- Financial income +€3,431
up €3,431 (+5,432%), from €63 to €3,494
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 | €175,627 | €248,860 | +€73,232 | +41.7% |
| Fixed assets | 21/28 | €141,572 | €198,396 | +€56,824 | +40.1% |
| Tangible fixed assets | 22/27 | €1,323 | €1,480 | +€157 | +11.9% |
| Furniture and vehicles | 24 | €1,323 | €1,480 | +€157 | +11.9% |
| Financial fixed assets | 28 | €140,249 | €196,916 | +€56,667 | +40.4% |
| Current assets | 29/58 | €34,055 | €50,463 | +€16,408 | +48.2% |
| Amounts receivable within one year | 40/41 | €13,764 | €28,110 | +€14,346 | +104% |
| Trade receivables | 40 | €13,764 | €24,553 | +€10,790 | +78.4% |
| Other amounts receivable | 41 | €0 | €3,556 | +€3,556 | |
| Current investments | 50/53 | €13,585 | €0 | -€13,585 | -100% |
| Cash at bank and in hand | 54/58 | €5,507 | €21,981 | +€16,474 | +299% |
| Deferred charges and accrued income | 490/1 | €1,200 | €373 | -€827 | -68.9% |
| Total equity and liabilities | 10/49 | €175,627 | €248,860 | +€73,232 | +41.7% |
| Equity | 10/15 | €135,230 | €111,306 | -€23,924 | -17.7% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €134,980 | €111,056 | -€23,924 | -17.7% |
| Distributable reserves | 133 | €134,980 | €111,056 | -€23,924 | -17.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,397 | €137,553 | +€97,156 | +241% |
| Amounts payable within one year | 42/48 | €40,397 | €136,695 | +€96,298 | +238% |
| Financial debts | 43 | €3,382 | €19,041 | +€15,659 | +463% |
| Credit institutions | 430/8 | €3,382 | €19,041 | +€15,659 | +463% |
| Trade debts | 44 | €2,697 | €1,601 | -€1,096 | -40.6% |
| Suppliers | 440/4 | €2,697 | €1,601 | -€1,096 | -40.6% |
| Taxes, remuneration and social security | 45 | €9,690 | €13,221 | +€3,531 | +36.4% |
| Taxes | 450/3 | €9,690 | €13,221 | +€3,531 | +36.4% |
| Other amounts payable | 47/48 | €24,628 | €102,831 | +€78,203 | +318% |
| Accrued charges and deferred income | 492/3 | - | €858 | +€858 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,269 | €945 | -€324 | -25.5% |
| Other operating charges | 640/8 | €793 | €829 | +€36 | +4.5% |
| Gross operating margin | 9900 | €62,099 | €93,937 | +€31,838 | +51.3% |
| Operating profit (loss) | 9901 | €60,037 | €92,163 | +€32,126 | +53.5% |
| Financial income | 75/76B | €63 | €3,494 | +€3,431 | +5,432% |
| Recurring financial income | 75 | €63 | €3,494 | +€3,431 | +5,432% |
| Financial charges | 65/66B | €1,769 | €2,020 | +€251 | +14.2% |
| Recurring financial charges | 65 | €1,769 | €2,020 | +€251 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €58,332 | €93,637 | +€35,306 | +60.5% |
| Income taxes | 67/77 | €15,458 | €23,444 | +€7,986 | +51.7% |
| Profit (loss) for the period | 9904 | €42,874 | €70,194 | +€27,320 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,874 | €70,194 | +€27,320 | +63.7% |
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 23 October 2026 via checked.be.