GKW: what changed
What changed
GKW
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€584,283
2024 · €169,448+€414,834
Equity
€7.9m
2024 · €7.3m+€584,283
Cash
€305,360
2024 · €1.1m-€809,149
Balance sheet total
€24.1m
2024 · €23.6m+€552,012
Largest movements
Assets
- Deferred charges and accrued income +€5.4m
up €5.4m (+2,203%), from €246,462 to €5.7m
- Stocks and contracts -€2.3m
down €2.3m (-22.9%), from €9.9m to €7.6m
of which Contracts in progress: -€2.1m
- Tangible fixed assets -€1.6m
down €1.6m (-35.1%), from €4.6m to €3.0m
of which Leasing and similar rights: -€1.2m
- Cash -€809,149
down €809,149 (-72.6%), from €1.1m to €305,360
mainly Deferred charges and accrued income (-€5.4m) and Debts after one year (-€1.4m)
- Receivables within one year -€611,758
down €611,758 (-8.3%), from €7.3m to €6.7m
of which Other amounts receivable: -€894,575
Equity and liabilities
- Provisions +€2.6m
new in 2025: €2.6m
- Debts after one year -€1.4m
down €1.4m (-48.1%), from €2.9m to €1.5m
- Trade debts -€875,031
down €875,031 (-15.5%), from €5.6m to €4.8m
- Reserves +€584,283
up €584,283 (+8.0%), from €7.3m to €7.9m
of which Distributable reserves: +€584,283
- Current portion of long-term debt -€341,756
down €341,756 (-17.0%), from €2.0m to €1.7m
Income statement
- Turnover +€2.8m
up €2.8m (+8.0%), from €35.3m to €38.2m
- Provisions +€2.6m
new in 2025: €2.6m
- Goods and materials -€713,560
down €713,560 (-4.0%), from €17.9m to €17.2m
of which Purchases: -€523,154
- Services and other goods -€453,482
down €453,482 (-6.6%), from €6.9m to €6.4m
- Other operating income +€410,436
up €410,436 (+46.8%), from €877,535 to €1.3m
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
€169,448
Turnover
+€2.8m
Other operating income
+€410,436
Goods and materials
+€713,560
Services and other goods
+€453,482
Staff costs
-€141,759
Depreciation
+€143,716
Provisions
-€2.6m
Other operating charges
+€6,128
Other operating items
-€1.3m
Financial income
-€37,897
Financial charges
+€98,164
Taxes
-€127,889
Result 2025
€584,283
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.9m
Investment
-€830,582
Financing
-€1.9m
Cash 2024
€1.1m
From operations (derived)
+€1.9m
Net result for the year
+€584,283
Depreciation
+€2.0m
Receivables after one year
+€20,129
Stocks and contracts
+€2.3m
Receivables within one year
+€611,758
Deferred charges and accrued income
-€5.4m
Provisions
+€2.6m
Trade debts
-€875,031
Tax, wage and social debts
+€119,187
Accrued charges and deferred income
-€858
Investment (derived)
-€830,582
Investment in fixed assets (net)
-€330,582
Current investments
-€500,000
Financing
-€1.9m
Debts after one year
-€1.4m
Current portion of long-term debt
-€341,756
Short-term financial debts
-€154,994
Cash 2025
€305,360
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,586,184 | €24,138,196 | +€552,012 | +2.3% |
| Fixed assets | 21/28 | €4,977,514 | €3,301,433 | -€1.7m | -33.7% |
| Intangible fixed assets | 21 | €36,446 | €21,353 | -€15,093 | -41.4% |
| Tangible fixed assets | 22/27 | €4,564,296 | €2,963,799 | -€1.6m | -35.1% |
| Land and buildings | 22 | €61,794 | €62,234 | +€440 | +0.7% |
| Plant, machinery and equipment | 23 | €412,933 | €271,405 | -€141,527 | -34.3% |
| Furniture and vehicles | 24 | €417,529 | €279,071 | -€138,458 | -33.2% |
| Leasing and similar rights | 25 | €3,050,883 | €1,821,390 | -€1.2m | -40.3% |
| Other tangible fixed assets | 26 | €621,157 | €529,699 | -€91,458 | -14.7% |
| Financial fixed assets | 28 | €376,771 | €316,281 | -€60,490 | -16.1% |
| Other financial fixed assets | 284/8 | €376,771 | €316,281 | -€60,490 | -16.1% |
| Shares | 284 | €23,575 | €17,675 | -€5,900 | -25.0% |
| Amounts receivable and cash guarantees | 285/8 | €353,196 | €298,606 | -€54,590 | -15.5% |
| Current assets | 29/58 | €18,608,671 | €20,836,763 | +€2.2m | +12.0% |
| Amounts receivable after more than one year | 29 | €51,192 | €31,063 | -€20,129 | -39.3% |
| Other amounts receivable | 291 | €51,192 | €31,063 | -€20,129 | -39.3% |
| Stocks and contracts in progress | 3 | €9,859,983 | €7,600,700 | -€2.3m | -22.9% |
| Stocks | 30/36 | €1,321,765 | €1,148,574 | -€173,191 | -13.1% |
| Goods purchased for resale | 34 | €1,321,765 | €1,148,574 | -€173,191 | -13.1% |
| Contracts in progress | 37 | €8,538,218 | €6,452,126 | -€2.1m | -24.4% |
| Amounts receivable within one year | 40/41 | €7,336,524 | €6,724,766 | -€611,758 | -8.3% |
| Trade receivables | 40 | €4,457,822 | €4,740,638 | +€282,817 | +6.3% |
| Other amounts receivable | 41 | €2,878,702 | €1,984,128 | -€894,575 | -31.1% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Other investments | 51/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €1,114,509 | €305,360 | -€809,149 | -72.6% |
| Deferred charges and accrued income | 490/1 | €246,462 | €5,674,874 | +€5.4m | +2,203% |
| Total equity and liabilities | 10/49 | €23,586,184 | €24,138,196 | +€552,012 | +2.3% |
| Equity | 10/15 | €7,331,700 | €7,915,982 | +€584,283 | +8.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €7,281,700 | €7,865,982 | +€584,283 | +8.0% |
| Tax-exempt reserves | 132 | €546 | €546 | = | 0.0% |
| Distributable reserves | 133 | €7,281,153 | €7,865,436 | +€584,283 | +8.0% |
| Provisions and deferred taxes | 16 | - | €2,600,000 | +€2.6m | |
| Provisions for liabilities and charges | 160/5 | - | €2,600,000 | +€2.6m | |
| Other liabilities and charges | 164/5 | - | €2,600,000 | +€2.6m | |
| Amounts payable | 17/49 | €16,254,485 | €13,622,214 | -€2.6m | -16.2% |
| Amounts payable after more than one year | 17 | €2,866,945 | €1,488,125 | -€1.4m | -48.1% |
| Financial debts | 170/4 | €2,866,945 | €1,488,125 | -€1.4m | -48.1% |
| Leasing and similar obligations | 172 | €1,710,040 | €626,125 | -€1.1m | -63.4% |
| Credit institutions | 173 | €1,156,906 | €862,000 | -€294,906 | -25.5% |
| Amounts payable within one year | 42/48 | €13,386,681 | €12,134,088 | -€1.3m | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €2,011,711 | €1,669,955 | -€341,756 | -17.0% |
| Financial debts | 43 | €5,642,641 | €5,487,648 | -€154,994 | -2.7% |
| Credit institutions | 430/8 | €5,642,641 | €5,487,648 | -€154,994 | -2.7% |
| Trade debts | 44 | €5,636,502 | €4,761,471 | -€875,031 | -15.5% |
| Suppliers | 440/4 | €5,636,502 | €4,761,471 | -€875,031 | -15.5% |
| Taxes, remuneration and social security | 45 | €95,827 | €215,015 | +€119,187 | +124% |
| Taxes | 450/3 | €26,767 | €20,885 | -€5,882 | -22.0% |
| Remuneration and social security | 454/9 | €69,060 | €194,130 | +€125,069 | +181% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €858 | €0 | -€858 | -100% |
| Operating income | 70/76A | €35,640,149 | €37,370,585 | +€1.7m | +4.9% |
| Turnover | 70 | €35,325,058 | €38,168,707 | +€2.8m | +8.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€562,445 | -€2,086,093 | -€1.5m | -271% |
| Other operating income | 74 | €877,535 | €1,287,971 | +€410,436 | +46.8% |
| Operating charges | 60/66A | €34,812,417 | €36,060,396 | +€1.2m | +3.6% |
| Goods for resale, raw materials and consumables | 60 | €17,897,214 | €17,183,654 | -€713,560 | -4.0% |
| Purchases | 600/8 | €17,533,618 | €17,010,464 | -€523,154 | -3.0% |
| Change in stocks: decrease (increase) | 609 | €363,596 | €173,191 | -€190,405 | -52.4% |
| Services and other goods | 61 | €6,898,462 | €6,444,980 | -€453,482 | -6.6% |
| Remuneration, social security and pensions | 62 | €7,217,813 | €7,359,572 | +€141,759 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,150,378 | €2,006,662 | -€143,716 | -6.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €2,600,000 | +€2.6m | |
| Other operating charges | 640/8 | €99,526 | €93,398 | -€6,128 | -6.2% |
| Non-recurring operating charges | 66A | €549,024 | €372,130 | -€176,893 | -32.2% |
| Operating profit (loss) | 9901 | €827,732 | €1,310,189 | +€482,456 | +58.3% |
| Financial income | 75/76B | €69,993 | €32,096 | -€37,897 | -54.1% |
| Recurring financial income | 75 | €69,993 | €32,096 | -€37,897 | -54.1% |
| Income from financial fixed assets | 750 | €4,607 | €508 | -€4,099 | -89.0% |
| Income from current assets | 751 | €62,196 | €30,724 | -€31,472 | -50.6% |
| Other financial income | 752/9 | €3,190 | €864 | -€2,326 | -72.9% |
| Financial charges | 65/66B | €556,796 | €458,632 | -€98,164 | -17.6% |
| Recurring financial charges | 65 | €556,796 | €458,632 | -€98,164 | -17.6% |
| Debt charges | 650 | €505,988 | €409,689 | -€96,299 | -19.0% |
| Other financial charges | 652/9 | €50,807 | €48,943 | -€1,864 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €340,930 | €883,653 | +€542,723 | +159% |
| Income taxes | 67/77 | €171,482 | €299,370 | +€127,889 | +74.6% |
| Taxes | 670/3 | €171,482 | €299,370 | +€127,889 | +74.6% |
| Profit (loss) for the period | 9904 | €169,448 | €584,283 | +€414,834 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €169,448 | €584,283 | +€414,834 | +245% |
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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 2 November 2026 via checked.be.