GOWAT: what changed
Two financial 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.
GOWAT
Largest movements
- Tangible fixed assets -€19,292
down €19,292 (-17.2%), from €111,976 to €92,684
of which Other tangible fixed assets: -€10,574
- Cash +€9,621
up €9,621 (+31.8%), from €30,272 to €39,893
mainly Depreciation (+€19,292) and Net result for the year (+€9,900)
- Trade debts -€12,823
down €12,823 (-13.7%), from €93,567 to €80,744
- Profit (loss) carried forward +€9,900
up €9,900 (+53.8%), from €18,397 to €28,298
- Provisions -€4,871
down €4,871 (-3.6%), from €134,049 to €129,178
- Gross operating margin -€6,398
down €6,398 (-12.9%), from €49,646 to €43,249
- Staff costs -€2,694
no longer reported in 2025 (was €2,694)
- Provisions -€881
down €881 (-8.2%), from €10,785 to €9,904
- Depreciation +€528
up €528 (+2.8%), from €18,764 to €19,292
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.
Derived cash bridge
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 | €294,428 | €286,943 | -€7,485 | -2.5% |
| Fixed assets | 21/28 | €127,976 | €108,684 | -€19,292 | -15.1% |
| Tangible fixed assets | 22/27 | €111,976 | €92,684 | -€19,292 | -17.2% |
| Plant, machinery and equipment | 23 | €4,284 | €1,685 | -€2,599 | -60.7% |
| Furniture and vehicles | 24 | €14,786 | €8,667 | -€6,119 | -41.4% |
| Other tangible fixed assets | 26 | €92,906 | €82,332 | -€10,574 | -11.4% |
| Financial fixed assets | 28 | €16,000 | €16,000 | = | 0.0% |
| Current assets | 29/58 | €166,452 | €178,259 | +€11,807 | +7.1% |
| Amounts receivable within one year | 40/41 | €135,392 | €136,538 | +€1,146 | +0.8% |
| Trade receivables | 40 | €126,433 | €132,272 | +€5,839 | +4.6% |
| Other amounts receivable | 41 | €8,959 | €4,266 | -€4,693 | -52.4% |
| Cash at bank and in hand | 54/58 | €30,272 | €39,893 | +€9,621 | +31.8% |
| Deferred charges and accrued income | 490/1 | €789 | €1,829 | +€1,040 | +132% |
| Total equity and liabilities | 10/49 | €294,428 | €286,943 | -€7,485 | -2.5% |
| Equity | 10/15 | €36,397 | €46,298 | +€9,900 | +27.2% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,397 | €28,298 | +€9,900 | +53.8% |
| Provisions and deferred taxes | 16 | €134,049 | €129,178 | -€4,871 | -3.6% |
| Provisions for liabilities and charges | 160/5 | €134,049 | €129,178 | -€4,871 | -3.6% |
| Environmental obligations | 163 | €134,049 | €129,178 | -€4,871 | -3.6% |
| Amounts payable | 17/49 | €123,982 | €111,467 | -€12,515 | -10.1% |
| Amounts payable within one year | 42/48 | €105,151 | €91,467 | -€13,684 | -13.0% |
| Trade debts | 44 | €93,567 | €80,744 | -€12,823 | -13.7% |
| Suppliers | 440/4 | €93,567 | €80,744 | -€12,823 | -13.7% |
| Taxes, remuneration and social security | 45 | €9,487 | €8,627 | -€860 | -9.1% |
| Taxes | 450/3 | €9,487 | €8,627 | -€860 | -9.1% |
| Other amounts payable | 47/48 | €2,097 | €2,097 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €18,831 | €20,000 | +€1,169 | +6.2% |
| Remuneration, social security and pensions | 62 | €2,694 | - | -€2,694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,764 | €19,292 | +€528 | +2.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,785 | €9,904 | -€881 | -8.2% |
| Other operating charges | 640/8 | €551 | €340 | -€211 | -38.4% |
| Gross operating margin | 9900 | €49,646 | €43,249 | -€6,398 | -12.9% |
| Operating profit (loss) | 9901 | €16,853 | €13,714 | -€3,139 | -18.6% |
| Financial income | 75/76B | €0 | €1 | +€1 | +146% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +146% |
| Financial charges | 65/66B | €252 | €151 | -€101 | -40.2% |
| Recurring financial charges | 65 | €252 | €151 | -€101 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €16,601 | €13,564 | -€3,037 | -18.3% |
| Income taxes | 67/77 | €3,709 | €3,663 | -€45 | -1.2% |
| Profit (loss) for the period | 9904 | €12,893 | €9,900 | -€2,992 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,893 | €9,900 | -€2,992 | -23.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.