GERWIN: 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.
GERWIN
Largest movements
- Receivables after one year +€9,020
up €9,020 (+2.3%), from €390,109 to €399,129
- Receivables within one year +€8,639
up €8,639, from €0 to €8,639
of which Trade receivables: +€6,000
- Tangible fixed assets -€5,035
down €5,035 (-12.1%), from €41,777 to €36,742
of which Land and buildings: -€4,785
- Reserves +€8,671
up €8,671 (+2.1%), from €419,485 to €428,156
of which Distributable reserves: +€8,671
- Write-downs -€166,563
down €166,563 (-100%), from €166,563 to €0
- Gross operating margin -€5,509
down €5,509 (-33.8%), from €16,321 to €10,812
- Financial income -€4,984
down €4,984 (-33.0%), from €15,092 to €10,108
- Taxes -€2,668
down €2,668 (-48.0%), from €5,558 to €2,890
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 | €439,794 | €447,480 | +€7,687 | +1.7% |
| Fixed assets | 21/28 | €41,777 | €36,742 | -€5,035 | -12.1% |
| Tangible fixed assets | 22/27 | €41,777 | €36,742 | -€5,035 | -12.1% |
| Land and buildings | 22 | €39,469 | €34,684 | -€4,785 | -12.1% |
| Plant, machinery and equipment | 23 | €2,308 | €2,058 | -€250 | -10.8% |
| Current assets | 29/58 | €398,017 | €410,739 | +€12,722 | +3.2% |
| Amounts receivable after more than one year | 29 | €390,109 | €399,129 | +€9,020 | +2.3% |
| Other amounts receivable | 291 | €390,109 | €399,129 | +€9,020 | +2.3% |
| Amounts receivable within one year | 40/41 | €0 | €8,639 | +€8,639 | |
| Trade receivables | 40 | - | €6,000 | +€6,000 | |
| Other amounts receivable | 41 | €0 | €2,639 | +€2,639 | |
| Cash at bank and in hand | 54/58 | €6,948 | €2,971 | -€3,977 | -57.2% |
| Deferred charges and accrued income | 490/1 | €960 | €0 | -€960 | -100% |
| Total equity and liabilities | 10/49 | €439,794 | €447,480 | +€7,687 | +1.7% |
| Equity | 10/15 | €438,035 | €446,706 | +€8,671 | +2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €419,485 | €428,156 | +€8,671 | +2.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €417,630 | €426,301 | +€8,671 | +2.1% |
| Amounts payable | 17/49 | €1,759 | €774 | -€984 | -56.0% |
| Amounts payable within one year | 42/48 | €1,759 | €774 | -€984 | -56.0% |
| Trade debts | 44 | €1,200 | €216 | -€984 | -82.0% |
| Suppliers | 440/4 | €1,200 | €216 | -€984 | -82.0% |
| Taxes, remuneration and social security | 45 | €558 | €558 | = | 0.0% |
| Taxes | 450/3 | €558 | €558 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,981 | €5,035 | +€55 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €166,563 | €0 | -€166,563 | -100% |
| Other operating charges | 640/8 | €3,944 | €4,068 | +€124 | +3.1% |
| Gross operating margin | 9900 | €16,321 | €10,812 | -€5,509 | -33.8% |
| Operating profit (loss) | 9901 | -€159,166 | €1,709 | +€160,875 | |
| Financial income | 75/76B | €15,092 | €10,108 | -€4,984 | -33.0% |
| Recurring financial income | 75 | €15,092 | €10,108 | -€4,984 | -33.0% |
| Financial charges | 65/66B | €255 | €255 | = | 0.0% |
| Recurring financial charges | 65 | €255 | €255 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€144,330 | €11,562 | +€155,891 | |
| Income taxes | 67/77 | €5,558 | €2,890 | -€2,668 | -48.0% |
| Profit (loss) for the period | 9904 | -€149,888 | €8,671 | +€158,559 | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,888 | €8,671 | +€158,559 |
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 16 October 2026 via checked.be.