GEWI: 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.
GEWI
Largest movements
- Cash -€95,717
down €95,717 (-88.8%), from €107,737 to €12,019
mainly Investment in fixed assets (net) (-€94,003) and Current portion of long-term debt (-€35,294)
- Tangible fixed assets +€64,377
up €64,377 (+61.7%), from €104,382 to €168,759
of which Furniture and vehicles: +€66,781
- Debts after one year +€51,995
up €51,995 (+485.1%), from €10,718 to €62,713
- Current portion of long-term debt -€35,294
down €35,294 (-65.2%), from €54,117 to €18,823
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Profit (loss) carried forward -€13,300
down €13,300 (-7.0%), from €190,461 to €177,161
- Trade debts -€6,607
down €6,607 (-9.6%), from €68,475 to €61,869
- Write-downs +€7,899
no longer reported in 2025 (was -€7,899)
- Depreciation +€4,281
up €4,281 (+16.9%), from €25,345 to €29,627
- Gross operating margin -€3,438
down €3,438 (-10.5%), from €32,842 to €29,404
- Taxes -€3,107
down €3,107 (-47.3%), from €6,563 to €3,455
- Financial income -€1,759
down €1,759 (-52.3%), from €3,363 to €1,603
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 | €604,489 | €580,261 | -€24,228 | -4.0% |
| Fixed assets | 21/28 | €104,382 | €168,759 | +€64,377 | +61.7% |
| Tangible fixed assets | 22/27 | €104,382 | €168,759 | +€64,377 | +61.7% |
| Land and buildings | 22 | €1,315 | €455 | -€860 | -65.4% |
| Plant, machinery and equipment | 23 | €17,521 | €15,976 | -€1,544 | -8.8% |
| Furniture and vehicles | 24 | €85,547 | €152,328 | +€66,781 | +78.1% |
| Current assets | 29/58 | €500,107 | €411,502 | -€88,605 | -17.7% |
| Stocks and contracts in progress | 3 | €377,948 | €381,361 | +€3,413 | +0.9% |
| Stocks | 30/36 | €377,948 | €381,361 | +€3,413 | +0.9% |
| Amounts receivable within one year | 40/41 | €9,819 | €12,133 | +€2,314 | +23.6% |
| Other amounts receivable | 41 | €9,819 | €12,133 | +€2,314 | +23.6% |
| Cash at bank and in hand | 54/58 | €107,737 | €12,019 | -€95,717 | -88.8% |
| Deferred charges and accrued income | 490/1 | €4,604 | €5,990 | +€1,386 | +30.1% |
| Total equity and liabilities | 10/49 | €604,489 | €580,261 | -€24,228 | -4.0% |
| Equity | 10/15 | €311,378 | €298,077 | -€13,300 | -4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €114,717 | €114,717 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €112,857 | €112,857 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,461 | €177,161 | -€13,300 | -7.0% |
| Amounts payable | 17/49 | €293,112 | €282,184 | -€10,928 | -3.7% |
| Amounts payable after more than one year | 17 | €10,718 | €62,713 | +€51,995 | +485.1% |
| Financial debts | 170/4 | €10,718 | €62,713 | +€51,995 | +485.1% |
| Amounts payable within one year | 42/48 | €282,394 | €219,471 | -€62,923 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €54,117 | €18,823 | -€35,294 | -65.2% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Credit institutions | 430/8 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €68,475 | €61,869 | -€6,607 | -9.6% |
| Suppliers | 440/4 | €68,475 | €61,869 | -€6,607 | -9.6% |
| Taxes, remuneration and social security | 45 | €11,543 | €12,229 | +€686 | +5.9% |
| Taxes | 450/3 | €11,543 | €12,229 | +€686 | +5.9% |
| Other amounts payable | 47/48 | €123,258 | €126,550 | +€3,292 | +2.7% |
| Non-recurring operating income | 76A | - | €8,075 | +€8,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,345 | €29,627 | +€4,281 | +16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,899 | - | +€7,899 | |
| Other operating charges | 640/8 | €1,441 | €1,199 | -€242 | -16.8% |
| Non-recurring operating charges | 66A | €27 | - | -€27 | |
| Gross operating margin | 9900 | €32,842 | €29,404 | -€3,438 | -10.5% |
| Operating profit (loss) | 9901 | €13,928 | -€1,422 | -€15,350 | |
| Financial income | 75/76B | €3,363 | €1,603 | -€1,759 | -52.3% |
| Recurring financial income | 75 | €3,363 | €1,603 | -€1,759 | -52.3% |
| Financial charges | 65/66B | €11,095 | €10,026 | -€1,069 | -9.6% |
| Recurring financial charges | 65 | €11,090 | €10,026 | -€1,064 | -9.6% |
| Non-recurring financial charges | 66B | €5 | - | -€5 | |
| Profit (loss) for the period before taxes | 9903 | €6,195 | -€9,845 | -€16,040 | |
| Income taxes | 67/77 | €6,563 | €3,455 | -€3,107 | -47.3% |
| Profit (loss) for the period | 9904 | -€367 | -€13,300 | -€12,933 | -3522.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€367 | -€13,300 | -€12,933 | -3522.3% |
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 2 October 2026 via checked.be.