GEWAD: what changed
Two fiscal 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.
GEWAD
Largest movements
- Tangible fixed assets +€132,439
up €132,439 (+42.4%), from €312,461 to €444,900
of which Land and buildings: +€133,044
- Cash -€91,316
down €91,316 (-91.0%), from €100,372 to €9,056
mainly Investment in fixed assets (net) (-€173,667) and Receivables within one year (-€2,902)
- Profit (loss) carried forward +€21,922
no longer reported in 2025 (was -€21,922)
- Reserves +€13,389
up €13,389 (+24.8%), from €54,097 to €67,486
of which Distributable reserves: +€13,389
- Trade debts +€8,239
up €8,239 (+38.4%), from €21,480 to €29,718
- Gross operating margin +€28,654
up €28,654 (+55.1%), from €51,988 to €80,642
- Depreciation +€4,684
up €4,684 (+12.8%), from €36,545 to €41,228
- Taxes +€1,339
new in 2025: €1,339
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.
Cash bridge derived
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 | €422,737 | €465,726 | +€42,989 | +10.2% |
| Fixed assets | 21/28 | €312,461 | €444,900 | +€132,439 | +42.4% |
| Tangible fixed assets | 22/27 | €312,461 | €444,900 | +€132,439 | +42.4% |
| Land and buildings | 22 | €310,646 | €443,690 | +€133,044 | +42.8% |
| Furniture and vehicles | 24 | €1,815 | €1,210 | -€605 | -33.3% |
| Current assets | 29/58 | €110,276 | €20,826 | -€89,450 | -81.1% |
| Amounts receivable within one year | 40/41 | €8,490 | €11,392 | +€2,902 | +34.2% |
| Trade receivables | 40 | - | €2,691 | +€2,691 | |
| Other amounts receivable | 41 | €8,490 | €8,701 | +€212 | +2.5% |
| Cash at bank and in hand | 54/58 | €100,372 | €9,056 | -€91,316 | -91.0% |
| Deferred charges and accrued income | 490/1 | €1,414 | €378 | -€1,037 | -73.3% |
| Total equity and liabilities | 10/49 | €422,737 | €465,726 | +€42,989 | +10.2% |
| Equity | 10/15 | €218,148 | €253,460 | +€35,311 | +16.2% |
| Contributions | 10/11 | €185,973 | €185,973 | = | 0.0% |
| Capital | 10 | €185,973 | €185,973 | = | 0.0% |
| Issued capital | 100 | €185,973 | €185,973 | = | 0.0% |
| Reserves | 13 | €54,097 | €67,486 | +€13,389 | +24.8% |
| Non-distributable reserves | 130/1 | €18,597 | €18,597 | = | 0.0% |
| Legal reserve | 130 | €18,597 | €18,597 | = | 0.0% |
| Distributable reserves | 133 | €35,500 | €48,889 | +€13,389 | +37.7% |
| Profit (loss) carried forward | 14 | -€21,922 | - | +€21,922 | |
| Amounts payable | 17/49 | €204,588 | €212,266 | +€7,677 | +3.8% |
| Amounts payable within one year | 42/48 | €202,688 | €212,266 | +€9,577 | +4.7% |
| Trade debts | 44 | €21,480 | €29,718 | +€8,239 | +38.4% |
| Suppliers | 440/4 | €21,480 | €29,718 | +€8,239 | +38.4% |
| Taxes, remuneration and social security | 45 | - | €1,339 | +€1,339 | |
| Taxes | 450/3 | - | €1,339 | +€1,339 | |
| Other amounts payable | 47/48 | €181,209 | €181,209 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,900 | - | -€1,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,545 | €41,228 | +€4,684 | +12.8% |
| Other operating charges | 640/8 | €2,441 | €2,727 | +€286 | +11.7% |
| Gross operating margin | 9900 | €51,988 | €80,642 | +€28,654 | +55.1% |
| Operating profit (loss) | 9901 | €13,002 | €36,686 | +€23,684 | +182.2% |
| Financial charges | 65/66B | €73 | €36 | -€37 | -50.3% |
| Recurring financial charges | 65 | €73 | €36 | -€37 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €12,930 | €36,650 | +€23,721 | +183.5% |
| Income taxes | 67/77 | - | €1,339 | +€1,339 | |
| Profit (loss) for the period | 9904 | €12,930 | €35,311 | +€22,382 | +173.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,930 | €35,311 | +€22,382 | +173.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.