GSW CONSTRUCT: 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 CONSTRUCT
Largest movements
- Cash -€10,096
down €10,096 (-59.8%), from €16,877 to €6,781
mainly Tax, wage and social debts (-€13,509) and Investment in fixed assets (net) (-€10,561)
- Tangible fixed assets +€3,715
up €3,715 (+29.0%), from €12,814 to €16,529
of which Furniture and vehicles: +€5,043
- Receivables within one year -€1,065
down €1,065 (-17.0%), from €6,255 to €5,190
of which Other amounts receivable: -€1,535
- Tax, wage and social debts -€13,509
down €13,509 (-90.9%), from €14,855 to €1,346
of which Remuneration and social security: -€12,874
- Other debts +€9,111
up €9,111 (+641.7%), from €1,420 to €10,531
- Profit (loss) carried forward -€3,343
new in 2025: -€3,343
- Gross operating margin -€19,246
down €19,246, from €12,772 to -€6,474
- Financial income +€11,358
up €11,358 (+3195.4%), from €355 to €11,714
of which Non-recurring financial income: +€11,629
- Depreciation -€1,362
down €1,362 (-16.6%), from €8,207 to €6,846
- Taxes -€1,014
down €1,014 (-85.9%), from €1,180 to €166
- Other operating charges -€529
down €529 (-50.5%), from €1,049 to €520
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 | €36,151 | €28,939 | -€7,212 | -19.9% |
| Fixed assets | 21/28 | €12,814 | €16,529 | +€3,715 | +29.0% |
| Tangible fixed assets | 22/27 | €12,814 | €16,529 | +€3,715 | +29.0% |
| Land and buildings | 22 | €425 | €295 | -€131 | -30.8% |
| Plant, machinery and equipment | 23 | €5,666 | €4,469 | -€1,197 | -21.1% |
| Furniture and vehicles | 24 | €6,723 | €11,765 | +€5,043 | +75.0% |
| Current assets | 29/58 | €23,337 | €12,411 | -€10,927 | -46.8% |
| Amounts receivable within one year | 40/41 | €6,255 | €5,190 | -€1,065 | -17.0% |
| Trade receivables | 40 | €4,590 | €5,061 | +€471 | +10.3% |
| Other amounts receivable | 41 | €1,664 | €129 | -€1,535 | -92.3% |
| Cash at bank and in hand | 54/58 | €16,877 | €6,781 | -€10,096 | -59.8% |
| Deferred charges and accrued income | 490/1 | €205 | €439 | +€234 | +113.8% |
| Total equity and liabilities | 10/49 | €36,151 | €28,939 | -€7,212 | -19.9% |
| Equity | 10/15 | €16,354 | €13,010 | -€3,343 | -20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,154 | €10,154 | = | 0.0% |
| Distributable reserves | 133 | €10,154 | €10,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,343 | -€3,343 | |
| Amounts payable | 17/49 | €19,797 | €15,929 | -€3,868 | -19.5% |
| Amounts payable within one year | 42/48 | €19,797 | €15,752 | -€4,045 | -20.4% |
| Trade debts | 44 | €3,522 | €3,875 | +€353 | +10.0% |
| Suppliers | 440/4 | €3,522 | €3,875 | +€353 | +10.0% |
| Taxes, remuneration and social security | 45 | €14,855 | €1,346 | -€13,509 | -90.9% |
| Taxes | 450/3 | €1,981 | €1,346 | -€635 | -32.1% |
| Remuneration and social security | 454/9 | €12,874 | - | -€12,874 | |
| Other amounts payable | 47/48 | €1,420 | €10,531 | +€9,111 | +641.7% |
| Accrued charges and deferred income | 492/3 | - | €177 | +€177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,207 | €6,846 | -€1,362 | -16.6% |
| Other operating charges | 640/8 | €1,049 | €520 | -€529 | -50.5% |
| Gross operating margin | 9900 | €12,772 | -€6,474 | -€19,246 | |
| Operating profit (loss) | 9901 | €3,516 | -€13,839 | -€17,355 | |
| Financial income | 75/76B | €355 | €11,714 | +€11,358 | +3195.4% |
| Recurring financial income | 75 | €355 | €84 | -€271 | -76.3% |
| Non-recurring financial income | 76B | - | €11,629 | +€11,629 | |
| Financial charges | 65/66B | €1,155 | €1,052 | -€102 | -8.9% |
| Recurring financial charges | 65 | €1,155 | €1,052 | -€102 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €2,717 | -€3,178 | -€5,894 | |
| Income taxes | 67/77 | €1,180 | €166 | -€1,014 | -85.9% |
| Profit (loss) for the period | 9904 | €1,536 | -€3,343 | -€4,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,536 | -€3,343 | -€4,880 |
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 30 September 2026 via checked.be.