GKW-PLUS: 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.
GKW-PLUS
Largest movements
- Current investments -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Receivables within one year +€240,122
up €240,122 (+36.9%), from €651,517 to €891,638
of which Trade receivables: +€151,421
- Cash +€53,689
up €53,689 (+189.5%), from €28,332 to €82,021
mainly Net result for the year (+€388,872) and Current investments (+€300,000)
- Reserves +€278,472
up €278,472 (+14.4%), from €1.9m to €2.2m
of which Distributable reserves: +€284,689
- Other debts -€135,616
down €135,616 (-81.8%), from €165,800 to €30,184
- Tax, wage and social debts -€78,935
down €78,935 (-66.8%), from €118,221 to €39,286
of which Taxes: -€76,100
- Trade debts -€41,935
down €41,935 (-92.1%), from €45,515 to €3,580
- Taxes -€59,215
down €59,215 (-31.9%), from €185,807 to €126,592
- Financial charges +€7,137
up €7,137 (+127.7%), from €5,590 to €12,727
- Depreciation +€6,449
up €6,449 (+39.6%), from €16,269 to €22,718
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 | €2,677,807 | €2,672,902 | -€4,905 | -0.2% |
| Fixed assets | 21/28 | €1,310,288 | €1,287,570 | -€22,718 | -1.7% |
| Tangible fixed assets | 22/27 | €404,849 | €382,131 | -€22,718 | -5.6% |
| Land and buildings | 22 | €400,401 | €377,917 | -€22,484 | -5.6% |
| Plant, machinery and equipment | 23 | €4,448 | €4,214 | -€234 | -5.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €905,439 | €905,439 | = | 0.0% |
| Current assets | 29/58 | €1,367,518 | €1,385,332 | +€17,813 | +1.3% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €651,517 | €891,638 | +€240,122 | +36.9% |
| Trade receivables | 40 | €289,888 | €441,309 | +€151,421 | +52.2% |
| Other amounts receivable | 41 | €361,628 | €450,329 | +€88,700 | +24.5% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €28,332 | €82,021 | +€53,689 | +189.5% |
| Deferred charges and accrued income | 490/1 | €37,669 | €61,673 | +€24,003 | +63.7% |
| Total equity and liabilities | 10/49 | €2,677,807 | €2,672,902 | -€4,905 | -0.2% |
| Equity | 10/15 | €1,962,780 | €2,241,251 | +€278,472 | +14.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,937,780 | €2,216,251 | +€278,472 | +14.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €140,189 | €133,972 | -€6,217 | -4.4% |
| Distributable reserves | 133 | €1,797,591 | €2,082,279 | +€284,689 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €46,730 | €44,657 | -€2,072 | -4.4% |
| Deferred taxes | 168 | €46,730 | €44,657 | -€2,072 | -4.4% |
| Amounts payable | 17/49 | €668,297 | €386,993 | -€281,304 | -42.1% |
| Amounts payable after more than one year | 17 | €313,943 | €289,482 | -€24,462 | -7.8% |
| Financial debts | 170/4 | €313,943 | €289,482 | -€24,462 | -7.8% |
| Amounts payable within one year | 42/48 | €353,606 | €97,511 | -€256,095 | -72.4% |
| Current portion of amounts payable after more than one year | 42 | €24,071 | €24,462 | +€391 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €45,515 | €3,580 | -€41,935 | -92.1% |
| Suppliers | 440/4 | €45,515 | €3,580 | -€41,935 | -92.1% |
| Taxes, remuneration and social security | 45 | €118,221 | €39,286 | -€78,935 | -66.8% |
| Taxes | 450/3 | €115,386 | €39,286 | -€76,100 | -66.0% |
| Remuneration and social security | 454/9 | €2,835 | €0 | -€2,835 | -100.0% |
| Other amounts payable | 47/48 | €165,800 | €30,184 | -€135,616 | -81.8% |
| Accrued charges and deferred income | 492/3 | €748 | €0 | -€748 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,269 | €22,718 | +€6,449 | +39.6% |
| Other operating charges | 640/8 | €1,593 | €2,188 | +€595 | +37.4% |
| Gross operating margin | 9900 | €529,838 | €527,686 | -€2,152 | -0.4% |
| Operating profit (loss) | 9901 | €511,976 | €502,780 | -€9,196 | -1.8% |
| Financial income | 75/76B | €20,652 | €23,337 | +€2,686 | +13.0% |
| Recurring financial income | 75 | €20,652 | €23,337 | +€2,686 | +13.0% |
| Financial charges | 65/66B | €5,590 | €12,727 | +€7,137 | +127.7% |
| Recurring financial charges | 65 | €5,590 | €12,727 | +€7,137 | +127.7% |
| Profit (loss) for the period before taxes | 9903 | €527,038 | €513,391 | -€13,647 | -2.6% |
| Transfer from deferred taxes | 780 | €39,673 | €2,072 | -€37,601 | -94.8% |
| Income taxes | 67/77 | €185,807 | €126,592 | -€59,215 | -31.9% |
| Profit (loss) for the period | 9904 | €380,904 | €388,872 | +€7,967 | +2.1% |
| Transfer from tax-exempt reserves | 789 | €119,019 | €6,217 | -€112,802 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €499,923 | €395,089 | -€104,835 | -21.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.