GDWVO: 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.
GDWVO
Largest movements
- Current investments +€36,049
up €36,049 (+481%), from €7,500 to €43,549
- Tangible fixed assets -€18,399
down €18,399 (-24.2%), from €76,164 to €57,764
of which Leasing and similar rights: -€17,506
- Cash +€11,554
up €11,554 (+205%), from €5,637 to €17,191
mainly Net result for the year (+€34,603) and Depreciation (+€18,399)
- Receivables within one year +€6,002
up €6,002 (+63.3%), from €9,489 to €15,491
of which Trade receivables: +€6,002
- Deferred charges and accrued income -€1,558
down €1,558 (-84.3%), from €1,848 to €290
- Reserves +€27,989
up €27,989 (+117%), from €24,010 to €51,999
- Debts after one year -€17,386
down €17,386 (-30.4%), from €57,169 to €39,783
- Short-term financial debts +€10,697
new in 2025: €10,697
- Tax, wage and social debts +€8,922
up €8,922 (+2,710%), from €329 to €9,252
- Profit (loss) carried forward +€6,614
up €6,614, from -€6,614 to €0
- Gross operating margin +€51,957
up €51,957 (+212%), from €24,485 to €76,442
- Taxes +€16,565
up €16,565 (+1,460%), from €1,135 to €17,700
- Depreciation +€4,317
up €4,317 (+30.7%), from €14,082 to €18,399
- Financial charges +€3,040
up €3,040 (+93.6%), from €3,249 to €6,289
- Financial income +€1,174
new in 2025: €1,174
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 | €100,638 | €134,286 | +€33,648 | +33.4% |
| Fixed assets | 21/28 | €76,164 | €57,764 | -€18,399 | -24.2% |
| Tangible fixed assets | 22/27 | €76,164 | €57,764 | -€18,399 | -24.2% |
| Furniture and vehicles | 24 | €2,310 | €1,417 | -€893 | -38.7% |
| Leasing and similar rights | 25 | €73,854 | €56,347 | -€17,506 | -23.7% |
| Current assets | 29/58 | €24,474 | €76,521 | +€52,047 | +213% |
| Amounts receivable within one year | 40/41 | €9,489 | €15,491 | +€6,002 | +63.3% |
| Trade receivables | 40 | €6,624 | €12,626 | +€6,002 | +90.6% |
| Other amounts receivable | 41 | €2,865 | €2,865 | = | 0.0% |
| Current investments | 50/53 | €7,500 | €43,549 | +€36,049 | +481% |
| Cash at bank and in hand | 54/58 | €5,637 | €17,191 | +€11,554 | +205% |
| Deferred charges and accrued income | 490/1 | €1,848 | €290 | -€1,558 | -84.3% |
| Total equity and liabilities | 10/49 | €100,638 | €134,286 | +€33,648 | +33.4% |
| Equity | 10/15 | €19,396 | €53,999 | +€34,603 | +178% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €24,010 | €51,999 | +€27,989 | +117% |
| Distributable reserves | 133 | €24,010 | €51,999 | +€27,989 | +117% |
| Profit (loss) carried forward | 14 | -€6,614 | €0 | +€6,614 | |
| Amounts payable | 17/49 | €81,242 | €80,287 | -€955 | -1.2% |
| Amounts payable after more than one year | 17 | €57,169 | €39,783 | -€17,386 | -30.4% |
| Financial debts | 170/4 | €57,169 | €39,783 | -€17,386 | -30.4% |
| Amounts payable within one year | 42/48 | €24,073 | €40,503 | +€16,430 | +68.3% |
| Current portion of amounts payable after more than one year | 42 | €16,798 | €17,386 | +€588 | +3.5% |
| Financial debts | 43 | - | €10,697 | +€10,697 | |
| Credit institutions | 430/8 | - | €10,697 | +€10,697 | |
| Trade debts | 44 | €5,641 | €2,896 | -€2,745 | -48.7% |
| Suppliers | 440/4 | €5,641 | €2,896 | -€2,745 | -48.7% |
| Taxes, remuneration and social security | 45 | €329 | €9,252 | +€8,922 | +2,710% |
| Taxes | 450/3 | €329 | €9,252 | +€8,922 | +2,710% |
| Other amounts payable | 47/48 | €1,305 | €273 | -€1,031 | -79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,082 | €18,399 | +€4,317 | +30.7% |
| Other operating charges | 640/8 | €754 | €625 | -€129 | -17.1% |
| Gross operating margin | 9900 | €24,485 | €76,442 | +€51,957 | +212% |
| Operating profit (loss) | 9901 | €9,649 | €57,417 | +€47,768 | +495% |
| Financial income | 75/76B | - | €1,174 | +€1,174 | |
| Recurring financial income | 75 | - | €1,174 | +€1,174 | |
| Financial charges | 65/66B | €3,249 | €6,289 | +€3,040 | +93.6% |
| Recurring financial charges | 65 | €3,249 | €6,289 | +€3,040 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €6,400 | €52,303 | +€45,902 | +717% |
| Income taxes | 67/77 | €1,135 | €17,700 | +€16,565 | +1,460% |
| Profit (loss) for the period | 9904 | €5,266 | €34,603 | +€29,337 | +557% |
| Profit (loss) for the period to be appropriated | 9905 | €5,266 | €34,603 | +€29,337 | +557% |
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.