GW+: 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.
GW+
Largest movements
- Tangible fixed assets -€14,411
down €14,411 (-8.5%), from €170,051 to €155,640
of which Land and buildings: -€7,386
- Stocks and contracts -€13,000
down €13,000 (-50.3%), from €25,870 to €12,870
- Receivables within one year -€12,575
down €12,575 (-71.8%), from €17,506 to €4,931
of which Other amounts receivable: -€6,494
- Cash +€5,277
up €5,277 (+5.7%), from €92,425 to €97,701
mainly Other debts (+€42,105) and Depreciation (+€17,222)
- Reserves -€66,545
down €66,545 (-24.6%), from €270,665 to €204,120
of which Distributable reserves: -€66,545
- Other debts +€42,105
up €42,105, from €0 to €42,105
- Trade debts -€5,156
down €5,156 (-57.4%), from €8,985 to €3,829
- Current portion of long-term debt -€3,981
no longer reported in 2025 (was €3,981)
- Gross operating margin -€27,676
down €27,676 (-38.8%), from €71,414 to €43,738
- Staff costs -€10,812
down €10,812 (-19.0%), from €56,845 to €46,033
- Depreciation -€9,982
down €9,982 (-36.7%), from €27,204 to €17,222
- Financial charges -€2,233
down €2,233 (-63.7%), from €3,503 to €1,270
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 | €310,026 | €273,623 | -€36,402 | -11.7% |
| Fixed assets | 21/28 | €170,051 | €155,640 | -€14,411 | -8.5% |
| Tangible fixed assets | 22/27 | €170,051 | €155,640 | -€14,411 | -8.5% |
| Land and buildings | 22 | €156,158 | €148,772 | -€7,386 | -4.7% |
| Plant, machinery and equipment | 23 | €2,603 | €1,315 | -€1,287 | -49.5% |
| Furniture and vehicles | 24 | €11,290 | €5,553 | -€5,738 | -50.8% |
| Current assets | 29/58 | €139,975 | €117,983 | -€21,991 | -15.7% |
| Stocks and contracts in progress | 3 | €25,870 | €12,870 | -€13,000 | -50.3% |
| Stocks | 30/36 | €25,870 | €12,870 | -€13,000 | -50.3% |
| Amounts receivable within one year | 40/41 | €17,506 | €4,931 | -€12,575 | -71.8% |
| Trade receivables | 40 | €9,679 | €3,598 | -€6,081 | -62.8% |
| Other amounts receivable | 41 | €7,827 | €1,334 | -€6,494 | -83.0% |
| Cash at bank and in hand | 54/58 | €92,425 | €97,701 | +€5,277 | +5.7% |
| Deferred charges and accrued income | 490/1 | €4,174 | €2,481 | -€1,693 | -40.6% |
| Total equity and liabilities | 10/49 | €310,026 | €273,623 | -€36,402 | -11.7% |
| Equity | 10/15 | €280,665 | €214,120 | -€66,545 | -23.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €270,665 | €204,120 | -€66,545 | -24.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €270,665 | €204,120 | -€66,545 | -24.6% |
| Amounts payable | 17/49 | €29,361 | €59,503 | +€30,143 | +102.7% |
| Amounts payable after more than one year | 17 | €1,296 | - | -€1,296 | |
| Financial debts | 170/4 | €1,296 | - | -€1,296 | |
| Amounts payable within one year | 42/48 | €27,960 | €59,503 | +€31,544 | +112.8% |
| Current portion of amounts payable after more than one year | 42 | €3,981 | - | -€3,981 | |
| Financial debts | 43 | €1,882 | - | -€1,882 | |
| Credit institutions | 430/8 | €1,882 | - | -€1,882 | |
| Trade debts | 44 | €8,985 | €3,829 | -€5,156 | -57.4% |
| Suppliers | 440/4 | €8,985 | €3,829 | -€5,156 | -57.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,112 | €13,569 | +€457 | +3.5% |
| Taxes | 450/3 | €2,024 | €2,053 | +€29 | +1.4% |
| Remuneration and social security | 454/9 | €11,088 | €11,516 | +€428 | +3.9% |
| Other amounts payable | 47/48 | €0 | €42,105 | +€42,105 | |
| Accrued charges and deferred income | 492/3 | €105 | - | -€105 | |
| Remuneration, social security and pensions | 62 | €56,845 | €46,033 | -€10,812 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,204 | €17,222 | -€9,982 | -36.7% |
| Other operating charges | 640/8 | €3,090 | €3,146 | +€56 | +1.8% |
| Gross operating margin | 9900 | €71,414 | €43,738 | -€27,676 | -38.8% |
| Operating profit (loss) | 9901 | -€15,724 | -€22,663 | -€6,938 | -44.1% |
| Financial income | 75/76B | €67 | €8 | -€60 | -88.6% |
| Recurring financial income | 75 | €67 | €8 | -€60 | -88.6% |
| Financial charges | 65/66B | €3,503 | €1,270 | -€2,233 | -63.7% |
| Recurring financial charges | 65 | €3,503 | €1,270 | -€2,233 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,160 | -€23,925 | -€4,765 | -24.9% |
| Income taxes | 67/77 | €302 | €515 | +€213 | +70.6% |
| Profit (loss) for the period | 9904 | -€19,462 | -€24,440 | -€4,978 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,462 | -€24,440 | -€4,978 | -25.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.