GHW Bouwwerken: what changed
What changed
GHW Bouwwerken
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€26,423
2024 · €29,953-€3,530
Equity
€89,209
2024 · €62,785+€26,423
Cash
€89,108
2024 · €37,857+€51,251
Balance sheet total
€595,946
2024 · €348,838+€247,107
Largest movements
Assets
- Receivables within one year +€309,322
up €309,322 (+502%), from €61,586 to €370,908
of which Trade receivables: +€325,072
- Stocks and contracts -€75,235
down €75,235 (-100%), from €75,235 to €0
- Cash +€51,251
up €51,251 (+135%), from €37,857 to €89,108
mainly Advances received (+€181,500) and Trade debts (+€156,220)
- Tangible fixed assets -€38,087
down €38,087 (-24.6%), from €155,095 to €117,009
Equity and liabilities
- Advances received +€181,500
up €181,500, from €0 to €181,500
- Trade debts +€156,220
up €156,220 (+843%), from €18,540 to €174,761
- Debts after one year -€114,278
down €114,278 (-69.9%), from €163,595 to €49,316
- Profit (loss) carried forward +€26,423
up €26,423 (+45.7%), from €57,785 to €84,209
Income statement
- Gross operating margin -€40,610
down €40,610 (-30.2%), from €134,667 to €94,056
- Staff costs -€33,106
down €33,106 (-69.1%), from €47,901 to €14,795
- Financial charges -€4,823
down €4,823 (-36.5%), from €13,199 to €8,376
- Depreciation +€2,196
up €2,196 (+6.1%), from €35,891 to €38,087
- Financial income +€1,369
up €1,369 (+162%), from €845 to €2,215
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€29,953
Gross operating margin
-€40,610
Staff costs
+€33,106
Depreciation
-€2,196
Other operating charges
-€479
Financial income
+€1,369
Financial charges
+€4,823
Taxes
+€457
Result 2025
€26,423
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€165,171
Investment
€0
Financing
-€113,920
Cash 2024
€37,857
From operations (derived)
+€165,171
Net result for the year
+€26,423
Depreciation
+€38,087
Stocks and contracts
+€75,235
Receivables within one year
-€309,322
Smaller working-capital items
-€479
Trade debts
+€156,220
Tax, wage and social debts
+€2,045
Advances received
+€181,500
Other debts
-€4,537
Financing
-€113,920
Debts after one year
-€114,278
Current portion of long-term debt
+€358
Cash 2025
€89,108
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,838 | €595,946 | +€247,107 | +70.8% |
| Fixed assets | 21/28 | €155,095 | €117,009 | -€38,087 | -24.6% |
| Tangible fixed assets | 22/27 | €155,095 | €117,009 | -€38,087 | -24.6% |
| Plant, machinery and equipment | 23 | €29,837 | €20,614 | -€9,223 | -30.9% |
| Furniture and vehicles | 24 | €45,793 | €31,893 | -€13,899 | -30.4% |
| Leasing and similar rights | 25 | €76,124 | €61,553 | -€14,571 | -19.1% |
| Other tangible fixed assets | 26 | €3,342 | €2,949 | -€393 | -11.8% |
| Current assets | 29/58 | €193,743 | €478,937 | +€285,194 | +147% |
| Stocks and contracts in progress | 3 | €75,235 | €0 | -€75,235 | -100% |
| Stocks | 30/36 | €75,235 | €0 | -€75,235 | -100% |
| Amounts receivable within one year | 40/41 | €61,586 | €370,908 | +€309,322 | +502% |
| Trade receivables | 40 | €45,547 | €370,619 | +€325,072 | +714% |
| Other amounts receivable | 41 | €16,040 | €290 | -€15,750 | -98.2% |
| Cash at bank and in hand | 54/58 | €37,857 | €89,108 | +€51,251 | +135% |
| Deferred charges and accrued income | 490/1 | €19,065 | €18,921 | -€144 | -0.8% |
| Total equity and liabilities | 10/49 | €348,838 | €595,946 | +€247,107 | +70.8% |
| Equity | 10/15 | €62,785 | €89,209 | +€26,423 | +42.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,785 | €84,209 | +€26,423 | +45.7% |
| Amounts payable | 17/49 | €286,053 | €506,737 | +€220,684 | +77.1% |
| Amounts payable after more than one year | 17 | €163,595 | €49,316 | -€114,278 | -69.9% |
| Financial debts | 170/4 | €163,595 | €49,316 | -€114,278 | -69.9% |
| Amounts payable within one year | 42/48 | €112,625 | €448,211 | +€335,586 | +298% |
| Current portion of amounts payable after more than one year | 42 | €13,920 | €14,278 | +€358 | +2.6% |
| Trade debts | 44 | €18,540 | €174,761 | +€156,220 | +843% |
| Suppliers | 440/4 | €18,540 | €174,761 | +€156,220 | +843% |
| Advances received on contracts in progress | 46 | €0 | €181,500 | +€181,500 | |
| Taxes, remuneration and social security | 45 | €9,531 | €11,575 | +€2,045 | +21.5% |
| Taxes | 450/3 | €7,531 | €11,575 | +€4,045 | +53.7% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €70,634 | €66,097 | -€4,537 | -6.4% |
| Accrued charges and deferred income | 492/3 | €9,833 | €9,210 | -€623 | -6.3% |
| Remuneration, social security and pensions | 62 | €47,901 | €14,795 | -€33,106 | -69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,891 | €38,087 | +€2,196 | +6.1% |
| Other operating charges | 640/8 | €1,063 | €1,542 | +€479 | +45.1% |
| Gross operating margin | 9900 | €134,667 | €94,056 | -€40,610 | -30.2% |
| Operating profit (loss) | 9901 | €49,812 | €39,633 | -€10,180 | -20.4% |
| Financial income | 75/76B | €845 | €2,215 | +€1,369 | +162% |
| Recurring financial income | 75 | €845 | €2,215 | +€1,369 | +162% |
| Financial charges | 65/66B | €13,199 | €8,376 | -€4,823 | -36.5% |
| Recurring financial charges | 65 | €13,199 | €8,376 | -€4,823 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €37,458 | €33,471 | -€3,987 | -10.6% |
| Income taxes | 67/77 | €7,505 | €7,048 | -€457 | -6.1% |
| Profit (loss) for the period | 9904 | €29,953 | €26,423 | -€3,530 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,953 | €26,423 | -€3,530 | -11.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.