GDW Security: 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.
What changed
GDW Security
NACE 43.211, General electrical installation work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€790,618
2024 · €1.1m-€294,597
Equity
€2.0m
2024 · €2.0m+€15,618
Cash
€414,519
2024 · €456,225-€41,706
Balance sheet total
€4.6m
2024 · €4.4m+€141,511
Largest movements
Assets
- Receivables within one year +€197,075
up €197,075 (+21.5%), from €917,502 to €1.1m
of which Trade receivables: +€201,303
- Tangible fixed assets +€113,603
up €113,603 (+12.7%), from €892,563 to €1.0m
of which Furniture and vehicles: +€132,656
- Current investments -€59,578
down €59,578 (-3.3%), from €1.8m to €1.7m
Equity and liabilities
- Debts after one year +€99,846
up €99,846 (+31.9%), from €312,552 to €412,397
Income statement
- Staff costs +€381,337
up €381,337 (+13.4%), from €2.8m to €3.2m
- Financial income +€199,386
up €199,386 (+388%), from €51,354 to €250,740
- Gross operating margin -€163,152
down €163,152 (-3.7%), from €4.5m to €4.3m
- Taxes -€154,506
down €154,506 (-45.6%), from €338,598 to €184,091
- Depreciation +€45,677
up €45,677 (+19.4%), from €234,890 to €280,567
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.
Result 2024
€1.1m
Gross operating margin
-€163,152
Staff costs
-€381,337
Depreciation
-€45,677
Write-downs
-€38,857
Other operating charges
-€984
Financial income
+€199,386
Financial charges
-€18,482
Taxes
+€154,506
Result 2025
€790,618
raises the resultlowers the result
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.
From operations
+€922,464
Investment
-€319,450
Financing
-€644,721
Cash 2024
€456,225
From operations (derived)
+€922,464
Net result for the year
+€790,618
Depreciation
+€280,567
Stocks and contracts
+€21,838
Receivables within one year
-€197,075
Deferred charges and accrued income
+€30,902
Trade debts
+€18,514
Tax, wage and social debts
+€18,977
Advances received
-€10,417
Other debts
-€25,946
Accrued charges and deferred income
-€5,514
Investment (derived)
-€319,450
Investment in fixed assets (net)
-€379,028
Current investments
+€59,578
Financing
-€644,721
Debts after one year
+€99,846
Current portion of long-term debt
+€30,434
Contributions, distributions and other
-€775,000
Cash 2025
€414,519
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,408,862 | €4,550,373 | +€141,511 | +3.2% |
| Fixed assets | 21/28 | €924,516 | €1,022,976 | +€98,461 | +10.6% |
| Intangible fixed assets | 21 | €30,121 | €14,978 | -€15,143 | -50.3% |
| Tangible fixed assets | 22/27 | €892,563 | €1,006,166 | +€113,603 | +12.7% |
| Land and buildings | 22 | €99,241 | €93,228 | -€6,013 | -6.1% |
| Plant, machinery and equipment | 23 | €8,631 | €6,124 | -€2,507 | -29.0% |
| Furniture and vehicles | 24 | €611,678 | €744,333 | +€132,656 | +21.7% |
| Other tangible fixed assets | 26 | €173,013 | €162,482 | -€10,532 | -6.1% |
| Financial fixed assets | 28 | €1,832 | €1,832 | = | 0.0% |
| Current assets | 29/58 | €3,484,346 | €3,527,397 | +€43,050 | +1.2% |
| Stocks and contracts in progress | 3 | €275,836 | €253,998 | -€21,838 | -7.9% |
| Stocks | 30/36 | €275,836 | €253,998 | -€21,838 | -7.9% |
| Amounts receivable within one year | 40/41 | €917,502 | €1,114,576 | +€197,075 | +21.5% |
| Trade receivables | 40 | €743,834 | €945,137 | +€201,303 | +27.1% |
| Other amounts receivable | 41 | €173,668 | €169,439 | -€4,229 | -2.4% |
| Current investments | 50/53 | €1,785,794 | €1,726,216 | -€59,578 | -3.3% |
| Cash at bank and in hand | 54/58 | €456,225 | €414,519 | -€41,706 | -9.1% |
| Deferred charges and accrued income | 490/1 | €48,990 | €18,088 | -€30,902 | -63.1% |
| Total equity and liabilities | 10/49 | €4,408,862 | €4,550,373 | +€141,511 | +3.2% |
| Equity | 10/15 | €2,016,701 | €2,032,319 | +€15,618 | +0.8% |
| Contributions | 10/11 | €85,100 | €85,100 | = | 0.0% |
| Capital | 10 | €85,100 | €85,100 | = | 0.0% |
| Issued capital | 100 | €85,100 | €85,100 | = | 0.0% |
| Reserves | 13 | €1,931,601 | €1,947,219 | +€15,618 | +0.8% |
| Non-distributable reserves | 130/1 | €68,011 | €68,011 | = | 0.0% |
| Legal reserve | 130 | €68,011 | €68,011 | = | 0.0% |
| Distributable reserves | 133 | €1,863,590 | €1,879,208 | +€15,618 | +0.8% |
| Amounts payable | 17/49 | €2,392,161 | €2,518,054 | +€125,893 | +5.3% |
| Amounts payable after more than one year | 17 | €312,552 | €412,397 | +€99,846 | +31.9% |
| Financial debts | 170/4 | €312,552 | €412,397 | +€99,846 | +31.9% |
| Amounts payable within one year | 42/48 | €2,074,095 | €2,105,657 | +€31,561 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €152,158 | €182,592 | +€30,434 | +20.0% |
| Trade debts | 44 | €368,286 | €386,800 | +€18,514 | +5.0% |
| Suppliers | 440/4 | €368,286 | €386,800 | +€18,514 | +5.0% |
| Advances received on contracts in progress | 46 | €170,388 | €159,970 | -€10,417 | -6.1% |
| Taxes, remuneration and social security | 45 | €332,317 | €351,294 | +€18,977 | +5.7% |
| Taxes | 450/3 | €1,560 | €1,721 | +€161 | +10.3% |
| Remuneration and social security | 454/9 | €330,757 | €349,573 | +€18,816 | +5.7% |
| Other amounts payable | 47/48 | €1,050,946 | €1,025,000 | -€25,946 | -2.5% |
| Accrued charges and deferred income | 492/3 | €5,514 | - | -€5,514 | |
| Remuneration, social security and pensions | 62 | €2,835,412 | €3,216,749 | +€381,337 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,890 | €280,567 | +€45,677 | +19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,228 | €40,085 | +€38,857 | +3,165% |
| Other operating charges | 640/8 | €7,571 | €8,555 | +€984 | +13.0% |
| Gross operating margin | 9900 | €4,463,388 | €4,300,236 | -€163,152 | -3.7% |
| Operating profit (loss) | 9901 | €1,384,287 | €754,280 | -€630,007 | -45.5% |
| Financial income | 75/76B | €51,354 | €250,740 | +€199,386 | +388% |
| Recurring financial income | 75 | €51,354 | €250,740 | +€199,386 | +388% |
| Financial charges | 65/66B | €11,829 | €30,311 | +€18,482 | +156% |
| Recurring financial charges | 65 | €11,829 | €30,311 | +€18,482 | +156% |
| Profit (loss) for the period before taxes | 9903 | €1,423,812 | €974,709 | -€449,103 | -31.5% |
| Income taxes | 67/77 | €338,598 | €184,091 | -€154,506 | -45.6% |
| Profit (loss) for the period | 9904 | €1,085,214 | €790,618 | -€294,597 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,085,214 | €790,618 | -€294,597 | -27.1% |
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 14 October 2026 via checked.be.