GW-Immo: 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-Immo
Largest movements
- Tangible fixed assets -€112,227
down €112,227 (-3.9%), from €2.9m to €2.8m
of which Land and buildings: -€120,560
- Receivables within one year -€46,086
down €46,086 (-79.5%), from €57,971 to €11,885
- Debts after one year -€127,987
down €127,987 (-4.7%), from €2.7m to €2.6m
- Reserves -€36,000
down €36,000 (-55.4%), from €65,000 to €29,000
- Gross operating margin -€17,175
down €17,175 (-8.1%), from €210,777 to €193,602
- Financial charges +€14,109
up €14,109 (+18.4%), from €76,599 to €90,707
- Depreciation +€12,647
up €12,647 (+11.5%), from €109,580 to €122,227
- Other operating charges +€5,371
up €5,371 (+49.0%), from €10,964 to €16,335
- Taxes -€3,639
down €3,639 (-100.0%), from €3,639 to €0
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 | €2,981,854 | €2,834,380 | -€147,474 | -4.9% |
| Fixed assets | 21/28 | €2,904,369 | €2,792,143 | -€112,227 | -3.9% |
| Tangible fixed assets | 22/27 | €2,904,369 | €2,792,143 | -€112,227 | -3.9% |
| Land and buildings | 22 | €2,904,369 | €2,783,809 | -€120,560 | -4.2% |
| Furniture and vehicles | 24 | - | €8,333 | +€8,333 | |
| Current assets | 29/58 | €77,485 | €42,238 | -€35,248 | -45.5% |
| Amounts receivable within one year | 40/41 | €57,971 | €11,885 | -€46,086 | -79.5% |
| Trade receivables | 40 | €57,971 | €11,885 | -€46,086 | -79.5% |
| Cash at bank and in hand | 54/58 | €19,515 | €29,720 | +€10,205 | +52.3% |
| Deferred charges and accrued income | 490/1 | - | €633 | +€633 | |
| Total equity and liabilities | 10/49 | €2,981,854 | €2,834,380 | -€147,474 | -4.9% |
| Equity | 10/15 | €101,384 | €65,717 | -€35,667 | -35.2% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €65,000 | €29,000 | -€36,000 | -55.4% |
| Distributable reserves | 133 | €65,000 | €29,000 | -€36,000 | -55.4% |
| Profit (loss) carried forward | 14 | €384 | €717 | +€333 | +86.9% |
| Amounts payable | 17/49 | €2,880,471 | €2,768,663 | -€111,808 | -3.9% |
| Amounts payable after more than one year | 17 | €2,746,369 | €2,618,382 | -€127,987 | -4.7% |
| Financial debts | 170/4 | €2,746,369 | €2,618,382 | -€127,987 | -4.7% |
| Amounts payable within one year | 42/48 | €134,102 | €132,821 | -€1,281 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €124,250 | €127,987 | +€3,737 | +3.0% |
| Trade debts | 44 | €6,321 | €2,144 | -€4,177 | -66.1% |
| Suppliers | 440/4 | €6,321 | €2,144 | -€4,177 | -66.1% |
| Taxes, remuneration and social security | 45 | €3,531 | €2,690 | -€841 | -23.8% |
| Taxes | 450/3 | €3,531 | €2,690 | -€841 | -23.8% |
| Accrued charges and deferred income | 492/3 | - | €17,460 | +€17,460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,580 | €122,227 | +€12,647 | +11.5% |
| Other operating charges | 640/8 | €10,964 | €16,335 | +€5,371 | +49.0% |
| Gross operating margin | 9900 | €210,777 | €193,602 | -€17,175 | -8.1% |
| Operating profit (loss) | 9901 | €90,234 | €55,041 | -€35,193 | -39.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €76,599 | €90,707 | +€14,109 | +18.4% |
| Recurring financial charges | 65 | €76,599 | €90,707 | +€14,109 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €13,635 | -€35,667 | -€49,302 | |
| Income taxes | 67/77 | €3,639 | €0 | -€3,639 | -100.0% |
| Profit (loss) for the period | 9904 | €9,996 | -€35,667 | -€45,663 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,996 | -€35,667 | -€45,663 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.