GW DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Tangible fixed assets -€4,795
down €4,795 (-23.1%), from €20,740 to €15,946
of which Furniture and vehicles: -€3,700
- Cash +€3,001
up €3,001 (+18.6%), from €16,123 to €19,124
mainly Depreciation (+€5,840) and Net result for the year (+€3,487)
- Deferred charges and accrued income +€2,332
up €2,332 (+157%), from €1,486 to €3,818
- Receivables within one year +€1,004
new in 2025: €1,004
- Profit (loss) carried forward +€3,487
up €3,487 (+5.9%), from -€58,862 to -€55,375
- Tax, wage and social debts -€1,977
down €1,977 (-74.4%), from €2,657 to €680
- Gross operating margin +€19,105
up €19,105, from -€7,604 to €11,501
- Depreciation +€1,887
up €1,887 (+47.7%), from €3,953 to €5,840
- Financial charges -€263
down €263 (-13.4%), from €1,962 to €1,699
- Taxes +€188
up €188, from -€7 to €180
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.
Derived cash bridge
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 | €38,599 | €40,141 | +€1,542 | +4.0% |
| Fixed assets | 21/28 | €20,990 | €16,196 | -€4,795 | -22.8% |
| Tangible fixed assets | 22/27 | €20,740 | €15,946 | -€4,795 | -23.1% |
| Furniture and vehicles | 24 | €15,273 | €11,574 | -€3,700 | -24.2% |
| Other tangible fixed assets | 26 | €5,467 | €4,372 | -€1,095 | -20.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €17,608 | €23,945 | +€6,337 | +36.0% |
| Amounts receivable within one year | 40/41 | - | €1,004 | +€1,004 | |
| Other amounts receivable | 41 | - | €1,004 | +€1,004 | |
| Cash at bank and in hand | 54/58 | €16,123 | €19,124 | +€3,001 | +18.6% |
| Deferred charges and accrued income | 490/1 | €1,486 | €3,818 | +€2,332 | +157% |
| Total equity and liabilities | 10/49 | €38,599 | €40,141 | +€1,542 | +4.0% |
| Equity | 10/15 | -€58,312 | -€54,825 | +€3,487 | +6.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,862 | -€55,375 | +€3,487 | +5.9% |
| Amounts payable | 17/49 | €96,911 | €94,966 | -€1,945 | -2.0% |
| Amounts payable within one year | 42/48 | €96,911 | €94,966 | -€1,945 | -2.0% |
| Trade debts | 44 | €2,136 | €2,482 | +€346 | +16.2% |
| Suppliers | 440/4 | €2,136 | €2,482 | +€346 | +16.2% |
| Taxes, remuneration and social security | 45 | €2,657 | €680 | -€1,977 | -74.4% |
| Taxes | 450/3 | €2,657 | €680 | -€1,977 | -74.4% |
| Other amounts payable | 47/48 | €92,117 | €91,804 | -€313 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,953 | €5,840 | +€1,887 | +47.7% |
| Other operating charges | 640/8 | €285 | €295 | +€10 | +3.4% |
| Gross operating margin | 9900 | -€7,604 | €11,501 | +€19,105 | |
| Operating profit (loss) | 9901 | -€11,843 | €5,366 | +€17,209 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +106% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +106% |
| Financial charges | 65/66B | €1,962 | €1,699 | -€263 | -13.4% |
| Recurring financial charges | 65 | €1,962 | €1,699 | -€263 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,805 | €3,667 | +€17,472 | |
| Income taxes | 67/77 | -€7 | €180 | +€188 | |
| Profit (loss) for the period | 9904 | -€13,797 | €3,487 | +€17,284 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,797 | €3,487 | +€17,284 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.