GELWA: 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.
GELWA
Largest movements
- Cash -€6,821
down €6,821 (-89.4%), from €7,630 to €809
mainly Investment in fixed assets (net) (-€7,865) and Net result for the year (-€4,072)
- Profit (loss) carried forward -€4,072
down €4,072 (-5.6%), from €73,050 to €68,977
- Gross operating margin -€7,087
down €7,087 (-66.1%), from €10,729 to €3,642
- Purchases and services +€4,241
up €4,241 (+308%), from €1,378 to €5,619
- Taxes -€1,016
no longer reported in 2025 (was €1,016)
- Depreciation +€221
up €221 (+3.5%), from €6,243 to €6,463
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 | €206,779 | €202,379 | -€4,401 | -2.1% |
| Fixed assets | 21/28 | €198,747 | €200,149 | +€1,402 | +0.7% |
| Tangible fixed assets | 22/27 | €198,747 | €200,149 | +€1,402 | +0.7% |
| Land and buildings | 22 | €192,763 | €194,924 | +€2,161 | +1.1% |
| Plant, machinery and equipment | 23 | €5,985 | €5,225 | -€759 | -12.7% |
| Current assets | 29/58 | €8,032 | €2,230 | -€5,802 | -72.2% |
| Amounts receivable within one year | 40/41 | €193 | €1,225 | +€1,032 | +535% |
| Other amounts receivable | 41 | €193 | €1,225 | +€1,032 | +535% |
| Cash at bank and in hand | 54/58 | €7,630 | €809 | -€6,821 | -89.4% |
| Deferred charges and accrued income | 490/1 | €209 | €195 | -€14 | -6.5% |
| Total equity and liabilities | 10/49 | €206,779 | €202,379 | -€4,401 | -2.1% |
| Equity | 10/15 | €149,800 | €145,727 | -€4,072 | -2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €14,750 | €14,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €8,550 | €8,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,050 | €68,977 | -€4,072 | -5.6% |
| Amounts payable | 17/49 | €56,980 | €56,651 | -€328 | -0.6% |
| Amounts payable within one year | 42/48 | €55,440 | €56,141 | +€701 | +1.3% |
| Trade debts | 44 | - | €101 | +€101 | |
| Suppliers | 440/4 | - | €101 | +€101 | |
| Other amounts payable | 47/48 | €55,440 | €56,040 | +€600 | +1.1% |
| Accrued charges and deferred income | 492/3 | €1,539 | €510 | -€1,029 | -66.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,378 | €5,619 | +€4,241 | +308% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,243 | €6,463 | +€221 | +3.5% |
| Other operating charges | 640/8 | €1,185 | €1,208 | +€23 | +2.0% |
| Gross operating margin | 9900 | €10,729 | €3,642 | -€7,087 | -66.1% |
| Operating profit (loss) | 9901 | €3,301 | -€4,029 | -€7,331 | |
| Financial income | 75/76B | €30 | €83 | +€54 | +180% |
| Recurring financial income | 75 | €30 | €83 | +€54 | +180% |
| Financial charges | 65/66B | €127 | €127 | -€0 | -0.2% |
| Recurring financial charges | 65 | €127 | €127 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €3,205 | -€4,072 | -€7,277 | |
| Income taxes | 67/77 | €1,016 | - | -€1,016 | |
| Profit (loss) for the period | 9904 | €2,188 | -€4,072 | -€6,261 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,188 | -€4,072 | -€6,261 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.