GRWestkust: 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.
What changed
GRWestkust
NACE 38.320, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€278,817
2024 · €407,419-€128,601
Equity
€1.4m
2024 · €1.4m-€6,750
Cash
€1.2m
2024 · €848,656+€309,348
Balance sheet total
€4.5m
2024 · €4.8m-€387,349
Largest movements
Assets
- Receivables within one year -€1.2m
down €1.2m (-72.7%), from €1.6m to €447,374
of which Other amounts receivable: -€890,786
- Receivables after one year +€741,755
new in 2025: €741,755
- Cash +€309,348
up €309,348 (+36.5%), from €848,656 to €1.2m
mainly Receivables within one year (+€1.2m) and Depreciation (+€287,371)
- Tangible fixed assets -€253,689
down €253,689 (-11.6%), from €2.2m to €1.9m
of which Plant, machinery and equipment: -€127,942
Equity and liabilities
- Provisions -€222,669
down €222,669 (-12.3%), from €1.8m to €1.6m
- Trade debts +€148,061
up €148,061 (+62.4%), from €237,311 to €385,372
- Other debts -€125,000
down €125,000 (-31.3%), from €400,000 to €275,000
- Debts after one year -€115,734
down €115,734 (-14.4%), from €801,841 to €686,107
- Current portion of long-term debt -€61,492
down €61,492 (-34.7%), from €177,225 to €115,734
Income statement
- Gross operating margin -€908,728
down €908,728 (-55.0%), from €1.7m to €744,720
- Provisions -€727,355
down €727,355, from €504,686 to -€222,669
- Depreciation -€41,658
down €41,658 (-12.7%), from €329,029 to €287,371
- Taxes -€23,452
down €23,452 (-17.2%), from €136,537 to €113,084
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.
Result 2024
€407,419
Gross operating margin
-€908,728
Staff costs
-€1,017
Depreciation
+€41,658
Write-downs
+€16
Provisions
+€727,355
Other operating charges
-€2,973
Other operating items
-€1,250
Financial income
+€795
Financial charges
-€7,908
Taxes
+€23,452
Result 2025
€278,817
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€803,339
Investment
-€31,198
Financing
-€462,793
Cash 2024
€848,656
From operations (derived)
+€803,339
Net result for the year
+€278,817
Depreciation
+€287,371
Receivables after one year
-€741,755
Smaller working-capital items
-€2,661
Receivables within one year
+€1.2m
Deferred charges and accrued income
-€4,033
Provisions
-€222,669
Trade debts
+€148,061
Tax, wage and social debts
-€3,707
Other debts
-€125,000
Investment (derived)
-€31,198
Investment in fixed assets (net)
-€31,198
Financing
-€462,793
Debts after one year
-€115,734
Current portion of long-term debt
-€61,492
Contributions, distributions and other
-€285,567
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,847,045 | €4,459,696 | -€387,349 | -8.0% |
| Fixed assets | 21/28 | €2,208,465 | €1,952,292 | -€256,173 | -11.6% |
| Intangible fixed assets | 21 | €4,133 | €1,649 | -€2,484 | -60.1% |
| Tangible fixed assets | 22/27 | €2,184,692 | €1,931,002 | -€253,689 | -11.6% |
| Land and buildings | 22 | €1,722,488 | €1,658,503 | -€63,985 | -3.7% |
| Plant, machinery and equipment | 23 | €169,276 | €41,334 | -€127,942 | -75.6% |
| Furniture and vehicles | 24 | €23,776 | €24,601 | +€824 | +3.5% |
| Leasing and similar rights | 25 | €269,152 | €206,565 | -€62,587 | -23.3% |
| Financial fixed assets | 28 | €19,640 | €19,640 | = | 0.0% |
| Current assets | 29/58 | €2,638,580 | €2,507,405 | -€131,176 | -5.0% |
| Amounts receivable after more than one year | 29 | - | €741,755 | +€741,755 | |
| Other amounts receivable | 291 | - | €741,755 | +€741,755 | |
| Stocks and contracts in progress | 3 | €110,426 | €113,029 | +€2,603 | +2.4% |
| Stocks | 30/36 | €110,426 | €113,029 | +€2,603 | +2.4% |
| Amounts receivable within one year | 40/41 | €1,636,288 | €447,374 | -€1.2m | -72.7% |
| Trade receivables | 40 | €732,038 | €433,911 | -€298,128 | -40.7% |
| Other amounts receivable | 41 | €904,249 | €13,464 | -€890,786 | -98.5% |
| Cash at bank and in hand | 54/58 | €848,656 | €1,158,004 | +€309,348 | +36.5% |
| Deferred charges and accrued income | 490/1 | €43,211 | €47,243 | +€4,033 | +9.3% |
| Total equity and liabilities | 10/49 | €4,847,045 | €4,459,696 | -€387,349 | -8.0% |
| Equity | 10/15 | €1,368,022 | €1,361,272 | -€6,750 | -0.5% |
| Contributions | 10/11 | €1,161,861 | €1,161,861 | = | 0.0% |
| Capital | 10 | €1,161,861 | €1,161,861 | = | 0.0% |
| Issued capital | 100 | €1,161,861 | €1,161,861 | = | 0.0% |
| Reserves | 13 | €137,641 | €141,459 | +€3,817 | +2.8% |
| Non-distributable reserves | 130/1 | €116,186 | €116,186 | = | 0.0% |
| Legal reserve | 130 | €116,186 | €116,186 | = | 0.0% |
| Distributable reserves | 133 | €21,455 | €25,272 | +€3,817 | +17.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €68,520 | €57,953 | -€10,567 | -15.4% |
| Provisions and deferred taxes | 16 | €1,805,773 | €1,583,104 | -€222,669 | -12.3% |
| Provisions for liabilities and charges | 160/5 | €1,805,773 | €1,583,104 | -€222,669 | -12.3% |
| Other liabilities and charges | 164/5 | €1,805,773 | €1,583,104 | -€222,669 | -12.3% |
| Amounts payable | 17/49 | €1,673,250 | €1,515,320 | -€157,930 | -9.4% |
| Amounts payable after more than one year | 17 | €801,841 | €686,107 | -€115,734 | -14.4% |
| Financial debts | 170/4 | €801,841 | €686,107 | -€115,734 | -14.4% |
| Amounts payable within one year | 42/48 | €871,351 | €829,213 | -€42,138 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €177,225 | €115,734 | -€61,492 | -34.7% |
| Trade debts | 44 | €237,311 | €385,372 | +€148,061 | +62.4% |
| Suppliers | 440/4 | €237,311 | €385,372 | +€148,061 | +62.4% |
| Taxes, remuneration and social security | 45 | €56,815 | €53,107 | -€3,707 | -6.5% |
| Taxes | 450/3 | €40,156 | €35,009 | -€5,148 | -12.8% |
| Remuneration and social security | 454/9 | €16,658 | €18,098 | +€1,440 | +8.6% |
| Other amounts payable | 47/48 | €400,000 | €275,000 | -€125,000 | -31.3% |
| Accrued charges and deferred income | 492/3 | €58 | €0 | -€58 | -100% |
| Non-recurring operating income | 76A | €5,220 | €1,138 | -€4,081 | -78.2% |
| Remuneration, social security and pensions | 62 | €206,002 | €207,019 | +€1,017 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,029 | €287,371 | -€41,658 | -12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,423 | €2,408 | -€16 | -0.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €504,686 | -€222,669 | -€727,355 | |
| Other operating charges | 640/8 | €56,247 | €59,220 | +€2,973 | +5.3% |
| Non-recurring operating charges | 66A | - | €1,250 | +€1,250 | |
| Gross operating margin | 9900 | €1,653,449 | €744,720 | -€908,728 | -55.0% |
| Operating profit (loss) | 9901 | €555,062 | €410,121 | -€144,940 | -26.1% |
| Financial income | 75/76B | €36,905 | €37,700 | +€795 | +2.2% |
| Recurring financial income | 75 | €36,905 | €37,700 | +€795 | +2.2% |
| Financial charges | 65/66B | €48,011 | €55,919 | +€7,908 | +16.5% |
| Recurring financial charges | 65 | €48,011 | €55,919 | +€7,908 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €543,955 | €391,902 | -€152,053 | -28.0% |
| Income taxes | 67/77 | €136,537 | €113,084 | -€23,452 | -17.2% |
| Profit (loss) for the period | 9904 | €407,419 | €278,817 | -€128,601 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €407,419 | €278,817 | -€128,601 | -31.6% |
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 17 October 2026 via checked.be.