GIWONO: 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.
GIWONO
Largest movements
- Financial fixed assets +€178,244
new in 2025: €178,244
- Cash -€47,730
down €47,730 (-36.9%), from €129,446 to €81,716
mainly Investment in fixed assets (net) (-€180,116) and Contributions, distributions and other (-€107,744)
- Receivables within one year -€15,936
down €15,936 (-25.6%), from €62,143 to €46,207
- Debts after one year +€140,000
new in 2025: €140,000
- Other debts +€24,224
up €24,224 (+85.6%), from €28,284 to €52,508
- Reserves -€21,119
down €21,119 (-23.2%), from €91,119 to €70,000
- Tax, wage and social debts -€11,475
down €11,475 (-23.8%), from €48,264 to €36,789
- Trade debts -€9,501
down €9,501 (-94.7%), from €10,029 to €528
- Gross operating margin -€22,372
down €22,372 (-15.3%), from €146,431 to €124,060
- Provisions -€19,880
down €19,880 (-100.0%), from €19,880 to €0
- Financial charges -€1,910
down €1,910 (-74.4%), from €2,569 to €659
- Taxes +€1,846
up €1,846 (+5.5%), from €33,305 to €35,151
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 | €196,858 | €312,225 | +€115,367 | +58.6% |
| Fixed assets | 21/28 | €1,975 | €180,927 | +€178,952 | +9060.0% |
| Tangible fixed assets | 22/27 | €1,975 | €2,684 | +€709 | +35.9% |
| Furniture and vehicles | 24 | €1,975 | €2,684 | +€709 | +35.9% |
| Financial fixed assets | 28 | - | €178,244 | +€178,244 | |
| Current assets | 29/58 | €194,883 | €131,297 | -€63,585 | -32.6% |
| Amounts receivable within one year | 40/41 | €62,143 | €46,207 | -€15,936 | -25.6% |
| Trade receivables | 40 | €62,143 | €46,207 | -€15,936 | -25.6% |
| Cash at bank and in hand | 54/58 | €129,446 | €81,716 | -€47,730 | -36.9% |
| Deferred charges and accrued income | 490/1 | €3,293 | €3,374 | +€81 | +2.4% |
| Total equity and liabilities | 10/49 | €196,858 | €312,225 | +€115,367 | +58.6% |
| Equity | 10/15 | €103,519 | €82,400 | -€21,119 | -20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €91,119 | €70,000 | -€21,119 | -23.2% |
| Distributable reserves | 133 | €91,119 | €70,000 | -€21,119 | -23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €93,338 | €229,825 | +€136,486 | +146.2% |
| Amounts payable after more than one year | 17 | - | €140,000 | +€140,000 | |
| Financial debts | 170/4 | - | €140,000 | +€140,000 | |
| Amounts payable within one year | 42/48 | €93,338 | €89,825 | -€3,514 | -3.8% |
| Financial debts | 43 | €6,761 | €0 | -€6,761 | -100.0% |
| Credit institutions | 430/8 | €6,761 | €0 | -€6,761 | -100.0% |
| Trade debts | 44 | €10,029 | €528 | -€9,501 | -94.7% |
| Suppliers | 440/4 | €10,029 | €528 | -€9,501 | -94.7% |
| Taxes, remuneration and social security | 45 | €48,264 | €36,789 | -€11,475 | -23.8% |
| Taxes | 450/3 | €48,264 | €36,789 | -€11,475 | -23.8% |
| Other amounts payable | 47/48 | €28,284 | €52,508 | +€24,224 | +85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €652 | €1,164 | +€511 | +78.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €19,880 | €0 | -€19,880 | -100.0% |
| Other operating charges | 640/8 | €644 | €462 | -€183 | -28.4% |
| Gross operating margin | 9900 | €146,431 | €124,060 | -€22,372 | -15.3% |
| Operating profit (loss) | 9901 | €125,255 | €122,434 | -€2,820 | -2.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €2,569 | €659 | -€1,910 | -74.4% |
| Recurring financial charges | 65 | €2,569 | €659 | -€1,910 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €122,685 | €121,775 | -€910 | -0.7% |
| Income taxes | 67/77 | €33,305 | €35,151 | +€1,846 | +5.5% |
| Profit (loss) for the period | 9904 | €89,381 | €86,625 | -€2,756 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,381 | €86,625 | -€2,756 | -3.1% |
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 8 October 2026 via checked.be.