GSW: 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.
GSW
Largest movements
- Tangible fixed assets +€45,958
new in 2025: €45,958
- Current investments +€44,724
up €44,724 (+81.3%), from €55,000 to €99,724
- Receivables within one year +€24,762
new in 2025: €24,762
- Cash +€9,690
up €9,690 (+28.8%), from €33,678 to €43,368
mainly Net result for the year (+€70,936) and Debts after one year (+€25,247)
- Reserves +€70,936
up €70,936 (+106.2%), from €66,781 to €137,717
- Debts after one year +€25,247
new in 2025: €25,247
- Tax, wage and social debts +€19,736
up €19,736 (+102.3%), from €19,301 to €39,037
- Current portion of long-term debt +€8,637
new in 2025: €8,637
- Gross operating margin +€41,014
up €41,014 (+78.3%), from €52,408 to €93,422
- Taxes +€6,937
up €6,937 (+60.0%), from €11,560 to €18,497
- Depreciation +€4,178
new in 2025: €4,178
- Financial income +€944
up €944 (+1364.3%), from €69 to €1,013
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 | €88,678 | €213,812 | +€125,135 | +141.1% |
| Fixed assets | 21/28 | - | €45,958 | +€45,958 | |
| Tangible fixed assets | 22/27 | - | €45,958 | +€45,958 | |
| Furniture and vehicles | 24 | - | €45,958 | +€45,958 | |
| Current assets | 29/58 | €88,678 | €167,854 | +€79,177 | +89.3% |
| Amounts receivable within one year | 40/41 | - | €24,762 | +€24,762 | |
| Trade receivables | 40 | - | €24,762 | +€24,762 | |
| Current investments | 50/53 | €55,000 | €99,724 | +€44,724 | +81.3% |
| Cash at bank and in hand | 54/58 | €33,678 | €43,368 | +€9,690 | +28.8% |
| Total equity and liabilities | 10/49 | €88,678 | €213,812 | +€125,135 | +141.1% |
| Equity | 10/15 | €68,781 | €139,717 | +€70,936 | +103.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €66,781 | €137,717 | +€70,936 | +106.2% |
| Distributable reserves | 133 | €66,781 | €137,717 | +€70,936 | +106.2% |
| Amounts payable | 17/49 | €19,897 | €74,096 | +€54,199 | +272.4% |
| Amounts payable after more than one year | 17 | - | €25,247 | +€25,247 | |
| Financial debts | 170/4 | - | €25,247 | +€25,247 | |
| Amounts payable within one year | 42/48 | €19,897 | €48,849 | +€28,952 | +145.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,637 | +€8,637 | |
| Trade debts | 44 | €596 | €1,175 | +€579 | +97.2% |
| Suppliers | 440/4 | €596 | €1,175 | +€579 | +97.2% |
| Taxes, remuneration and social security | 45 | €19,301 | €39,037 | +€19,736 | +102.3% |
| Taxes | 450/3 | €19,301 | €39,037 | +€19,736 | +102.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,178 | +€4,178 | |
| Other operating charges | 640/8 | €118 | €183 | +€65 | +55.4% |
| Gross operating margin | 9900 | €52,408 | €93,422 | +€41,014 | +78.3% |
| Operating profit (loss) | 9901 | €52,290 | €89,060 | +€36,771 | +70.3% |
| Financial income | 75/76B | €69 | €1,013 | +€944 | +1364.3% |
| Recurring financial income | 75 | €69 | €1,013 | +€944 | +1364.3% |
| Financial charges | 65/66B | €72 | €641 | +€569 | +789.4% |
| Recurring financial charges | 65 | €72 | €641 | +€569 | +789.4% |
| Profit (loss) for the period before taxes | 9903 | €52,287 | €89,433 | +€37,146 | +71.0% |
| Income taxes | 67/77 | €11,560 | €18,497 | +€6,937 | +60.0% |
| Profit (loss) for the period | 9904 | €40,727 | €70,936 | +€30,209 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,727 | €70,936 | +€30,209 | +74.2% |
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 29 September 2026 via checked.be.