GW: 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.
GW
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+486.3%), from €219,598 to €1.3m
of which Trade receivables: +€986,553
- Cash -€142,193
down €142,193 (-86.7%), from €164,007 to €21,814
mainly Receivables within one year (-€1.1m) and Investment in fixed assets (net) (-€2,164)
- Stocks and contracts -€35,969
down €35,969 (-3.2%), from €1.1m to €1.1m
- Trade debts +€596,894
up €596,894 (+172.5%), from €345,991 to €942,885
- Reserves +€201,663
up €201,663 (+44.8%), from €449,902 to €651,565
of which Distributable reserves: +€201,663
- Other debts +€46,976
up €46,976 (+7.5%), from €623,235 to €670,211
- Tax, wage and social debts +€43,709
up €43,709 (+70.4%), from €62,081 to €105,790
of which Taxes: +€44,703
- Purchases and services -€818,421
no longer reported in 2025 (was €818,421)
- Gross operating margin +€254,923
up €254,923 (+242.2%), from €105,233 to €360,156
- Taxes +€85,235
up €85,235 (+2249.5%), from €3,789 to €89,024
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 | €1,507,520 | €2,397,228 | +€889,708 | +59.0% |
| Fixed assets | 21/28 | €4,431 | €4,664 | +€233 | +5.3% |
| Tangible fixed assets | 22/27 | €4,084 | €4,317 | +€233 | +5.7% |
| Furniture and vehicles | 24 | €435 | €1,542 | +€1,107 | +254.5% |
| Other tangible fixed assets | 26 | €3,649 | €2,775 | -€874 | -24.0% |
| Financial fixed assets | 28 | €347 | €347 | = | 0.0% |
| Current assets | 29/58 | €1,503,089 | €2,392,564 | +€889,475 | +59.2% |
| Stocks and contracts in progress | 3 | €1,118,742 | €1,082,773 | -€35,969 | -3.2% |
| Stocks | 30/36 | €1,118,742 | €1,082,773 | -€35,969 | -3.2% |
| Amounts receivable within one year | 40/41 | €219,598 | €1,287,553 | +€1.1m | +486.3% |
| Trade receivables | 40 | €172,184 | €1,158,737 | +€986,553 | +573.0% |
| Other amounts receivable | 41 | €47,414 | €128,816 | +€81,402 | +171.7% |
| Cash at bank and in hand | 54/58 | €164,007 | €21,814 | -€142,193 | -86.7% |
| Deferred charges and accrued income | 490/1 | €742 | €424 | -€318 | -42.9% |
| Total equity and liabilities | 10/49 | €1,507,520 | €2,397,228 | +€889,708 | +59.0% |
| Equity | 10/15 | €469,902 | €671,565 | +€201,663 | +42.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €449,902 | €651,565 | +€201,663 | +44.8% |
| Non-distributable reserves | 130/1 | €4,460 | €4,460 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,460 | €4,460 | = | 0.0% |
| Distributable reserves | 133 | €445,442 | €647,105 | +€201,663 | +45.3% |
| Amounts payable | 17/49 | €1,037,618 | €1,725,663 | +€688,045 | +66.3% |
| Amounts payable within one year | 42/48 | €1,034,618 | €1,722,663 | +€688,045 | +66.5% |
| Financial debts | 43 | €3,311 | €3,777 | +€466 | +14.1% |
| Credit institutions | 430/8 | €3,311 | €3,777 | +€466 | +14.1% |
| Trade debts | 44 | €345,991 | €942,885 | +€596,894 | +172.5% |
| Suppliers | 440/4 | €345,991 | €942,885 | +€596,894 | +172.5% |
| Taxes, remuneration and social security | 45 | €62,081 | €105,790 | +€43,709 | +70.4% |
| Taxes | 450/3 | €49,237 | €93,940 | +€44,703 | +90.8% |
| Remuneration and social security | 454/9 | €12,844 | €11,850 | -€994 | -7.7% |
| Other amounts payable | 47/48 | €623,235 | €670,211 | +€46,976 | +7.5% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €818,421 | - | -€818,421 | |
| Remuneration, social security and pensions | 62 | €64,996 | €61,950 | -€3,046 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,580 | €1,931 | +€351 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €86 | +€86 | |
| Other operating charges | 640/8 | €5,520 | €5,983 | +€463 | +8.4% |
| Gross operating margin | 9900 | €105,233 | €360,156 | +€254,923 | +242.2% |
| Operating profit (loss) | 9901 | €33,137 | €290,206 | +€257,069 | +775.8% |
| Financial income | 75/76B | €1,090 | €1,884 | +€794 | +72.8% |
| Recurring financial income | 75 | €1,090 | €1,884 | +€794 | +72.8% |
| Financial charges | 65/66B | €752 | €1,403 | +€651 | +86.6% |
| Recurring financial charges | 65 | €752 | €1,403 | +€651 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | €33,475 | €290,687 | +€257,212 | +768.4% |
| Income taxes | 67/77 | €3,789 | €89,024 | +€85,235 | +2249.5% |
| Profit (loss) for the period | 9904 | €29,686 | €201,663 | +€171,977 | +579.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,686 | €201,663 | +€171,977 | +579.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.