GSW Technics: what changed
GSW Technics
Largest movements
- Receivables within one year +€99,904
up €99,904 (+504%), from €19,835 to €119,739
of which Other amounts receivable: +€91,609
- Cash -€1,562
down €1,562 (-99.9%), from €1,564 to €2
mainly Receivables within one year (-€99,904) and Investment in fixed assets (net) (-€3,749)
- Profit (loss) carried forward +€63,655
up €63,655, from -€9,748 to €53,907
- Tax, wage and social debts +€26,423
up €26,423 (+641%), from €4,125 to €30,548
- Advances received +€6,497
new in 2025: €6,497
- Trade debts +€1,377
up €1,377 (+7.6%), from €18,064 to €19,441
- Gross operating margin +€72,383
up €72,383 (+294%), from €24,594 to €96,977
- Taxes +€23,378
up €23,378 (+718%), from €3,257 to €26,635
- Financial charges +€5,054
up €5,054 (+5,330%), from €95 to €5,148
- Financial income +€3,285
up €3,285 (+2,308%), from €142 to €3,427
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,793 | €133,745 | +€97,952 | +274% |
| Fixed assets | 21/28 | €13,395 | €13,692 | +€296 | +2.2% |
| Tangible fixed assets | 22/27 | €13,395 | €13,292 | -€104 | -0.8% |
| Plant, machinery and equipment | 23 | €1,858 | €4,353 | +€2,495 | +134% |
| Furniture and vehicles | 24 | €11,537 | €8,938 | -€2,599 | -22.5% |
| Financial fixed assets | 28 | - | €400 | +€400 | |
| Current assets | 29/58 | €22,397 | €120,053 | +€97,656 | +436% |
| Amounts receivable within one year | 40/41 | €19,835 | €119,739 | +€99,904 | +504% |
| Trade receivables | 40 | €9,500 | €17,795 | +€8,295 | +87.3% |
| Other amounts receivable | 41 | €10,335 | €101,944 | +€91,609 | +886% |
| Cash at bank and in hand | 54/58 | €1,564 | €2 | -€1,562 | -99.9% |
| Deferred charges and accrued income | 490/1 | €998 | €312 | -€687 | -68.8% |
| Total equity and liabilities | 10/49 | €35,793 | €133,745 | +€97,952 | +274% |
| Equity | 10/15 | €13,604 | €77,259 | +€63,655 | +468% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €20,352 | €20,352 | = | 0.0% |
| Distributable reserves | 133 | €20,352 | €20,352 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,748 | €53,907 | +€63,655 | |
| Amounts payable | 17/49 | €22,189 | €56,486 | +€34,297 | +155% |
| Amounts payable within one year | 42/48 | €22,189 | €56,486 | +€34,297 | +155% |
| Trade debts | 44 | €18,064 | €19,441 | +€1,377 | +7.6% |
| Suppliers | 440/4 | €18,064 | €19,441 | +€1,377 | +7.6% |
| Advances received on contracts in progress | 46 | - | €6,497 | +€6,497 | |
| Taxes, remuneration and social security | 45 | €4,125 | €30,548 | +€26,423 | +641% |
| Taxes | 450/3 | €4,125 | €30,548 | +€26,423 | +641% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,719 | €3,453 | -€266 | -7.2% |
| Other operating charges | 640/8 | €580 | €1,513 | +€933 | +161% |
| Gross operating margin | 9900 | €24,594 | €96,977 | +€72,383 | +294% |
| Operating profit (loss) | 9901 | €20,295 | €92,011 | +€71,716 | +353% |
| Financial income | 75/76B | €142 | €3,427 | +€3,285 | +2,308% |
| Recurring financial income | 75 | €142 | €3,427 | +€3,285 | +2,308% |
| Financial charges | 65/66B | €95 | €5,148 | +€5,054 | +5,330% |
| Recurring financial charges | 65 | €95 | €5,148 | +€5,054 | +5,330% |
| Profit (loss) for the period before taxes | 9903 | €20,343 | €90,290 | +€69,948 | +344% |
| Income taxes | 67/77 | €3,257 | €26,635 | +€23,378 | +718% |
| Profit (loss) for the period | 9904 | €17,086 | €63,655 | +€46,570 | +273% |
| Profit (loss) for the period to be appropriated | 9905 | €17,086 | €63,655 | +€46,570 | +273% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.