GIWA: 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.
GIWA
Largest movements
- Receivables within one year +€57,397
up €57,397 (+2035.4%), from €2,820 to €60,217
of which Other amounts receivable: +€60,217
- Cash -€14,458
down €14,458 (-27.7%), from €52,176 to €37,718
mainly Receivables within one year (-€57,397) and Other debts (-€3,932)
- Reserves +€45,275
up €45,275 (+128.9%), from €35,121 to €80,396
- Other debts -€3,932
no longer reported in 2025 (was €3,932)
- Tax, wage and social debts +€1,932
up €1,932 (+13.4%), from €14,407 to €16,339
- Gross operating margin +€5,996
up €5,996 (+10.9%), from €55,025 to €61,021
- Taxes +€2,625
up €2,625 (+18.3%), from €14,357 to €16,982
- Financial income +€1,522
new in 2025: €1,522
- Other operating charges -€1,304
down €1,304 (-84.5%), from €1,544 to €240
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 | €54,996 | €97,935 | +€42,939 | +78.1% |
| Current assets | 29/58 | €54,996 | €97,935 | +€42,939 | +78.1% |
| Amounts receivable within one year | 40/41 | €2,820 | €60,217 | +€57,397 | +2035.4% |
| Trade receivables | 40 | €2,820 | - | -€2,820 | |
| Other amounts receivable | 41 | - | €60,217 | +€60,217 | |
| Cash at bank and in hand | 54/58 | €52,176 | €37,718 | -€14,458 | -27.7% |
| Total equity and liabilities | 10/49 | €54,996 | €97,935 | +€42,939 | +78.1% |
| Equity | 10/15 | €36,321 | €81,596 | +€45,275 | +124.7% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €35,121 | €80,396 | +€45,275 | +128.9% |
| Distributable reserves | 133 | €35,121 | €80,396 | +€45,275 | +128.9% |
| Amounts payable | 17/49 | €18,675 | €16,339 | -€2,336 | -12.5% |
| Amounts payable within one year | 42/48 | €18,675 | €16,339 | -€2,336 | -12.5% |
| Trade debts | 44 | €336 | - | -€336 | |
| Suppliers | 440/4 | €336 | - | -€336 | |
| Taxes, remuneration and social security | 45 | €14,407 | €16,339 | +€1,932 | +13.4% |
| Taxes | 450/3 | €14,407 | €16,339 | +€1,932 | +13.4% |
| Other amounts payable | 47/48 | €3,932 | - | -€3,932 | |
| Other operating charges | 640/8 | €1,544 | €240 | -€1,304 | -84.5% |
| Gross operating margin | 9900 | €55,025 | €61,021 | +€5,996 | +10.9% |
| Operating profit (loss) | 9901 | €53,481 | €60,781 | +€7,300 | +13.6% |
| Financial income | 75/76B | - | €1,522 | +€1,522 | |
| Recurring financial income | 75 | - | €1,522 | +€1,522 | |
| Financial charges | 65/66B | €59 | €46 | -€13 | -22.0% |
| Recurring financial charges | 65 | €59 | €46 | -€13 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €53,422 | €62,257 | +€8,835 | +16.5% |
| Income taxes | 67/77 | €14,357 | €16,982 | +€2,625 | +18.3% |
| Profit (loss) for the period | 9904 | €39,065 | €45,275 | +€6,210 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,065 | €45,275 | +€6,210 | +15.9% |
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 7 October 2026 via checked.be.