GW MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€18,735
down €18,735 (-3.3%), from €570,467 to €551,732
- Reserves -€12,401
down €12,401 (-2.3%), from €539,970 to €527,569
of which Tax-exempt reserves: -€14,401
- Taxes +€2,109
up €2,109 (+639%), from €330 to €2,439
- Depreciation -€1,803
down €1,803 (-8.8%), from €20,538 to €18,735
- Gross operating margin +€1,755
up €1,755 (+27.5%), from €6,376 to €8,131
- Financial income +€524
up €524 (+135%), from €388 to €912
- Financial charges +€170
up €170 (+76.8%), from €222 to €392
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €659,500 | €642,245 | -€17,255 | -2.6% |
| Fixed assets | 21/28 | €570,602 | €551,867 | -€18,735 | -3.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €570,467 | €551,732 | -€18,735 | -3.3% |
| Land and buildings | 22 | €570,467 | €551,732 | -€18,735 | -3.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €88,898 | €90,379 | +€1,480 | +1.7% |
| Amounts receivable within one year | 40/41 | €1,225 | €995 | -€230 | -18.8% |
| Trade receivables | 40 | - | €995 | +€995 | |
| Other amounts receivable | 41 | €1,225 | - | -€1,225 | |
| Cash at bank and in hand | 54/58 | €87,673 | €89,384 | +€1,710 | +2.0% |
| Total equity and liabilities | 10/49 | €659,500 | €642,245 | -€17,255 | -2.6% |
| Equity | 10/15 | €558,924 | €546,607 | -€12,317 | -2.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €539,970 | €527,569 | -€12,401 | -2.3% |
| Non-distributable reserves | 130/1 | €7,035 | €7,035 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,035 | €7,035 | = | 0.0% |
| Tax-exempt reserves | 132 | €393,635 | €379,234 | -€14,401 | -3.7% |
| Distributable reserves | 133 | €139,300 | €141,300 | +€2,000 | +1.4% |
| Profit (loss) carried forward | 14 | €362 | €446 | +€84 | +23.2% |
| Provisions and deferred taxes | 16 | €97,909 | €94,306 | -€3,603 | -3.7% |
| Deferred taxes | 168 | €97,909 | €94,306 | -€3,603 | -3.7% |
| Amounts payable | 17/49 | €2,667 | €1,332 | -€1,335 | -50.0% |
| Amounts payable within one year | 42/48 | €2,667 | €1,332 | -€1,335 | -50.0% |
| Trade debts | 44 | €1,377 | - | -€1,377 | |
| Suppliers | 440/4 | €1,377 | - | -€1,377 | |
| Taxes, remuneration and social security | 45 | €756 | €413 | -€343 | -45.4% |
| Taxes | 450/3 | €756 | €413 | -€343 | -45.4% |
| Other amounts payable | 47/48 | €534 | €919 | +€386 | +72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,538 | €18,735 | -€1,803 | -8.8% |
| Other operating charges | 640/8 | €3,423 | €3,398 | -€25 | -0.7% |
| Gross operating margin | 9900 | €6,376 | €8,131 | +€1,755 | +27.5% |
| Operating profit (loss) | 9901 | -€17,584 | -€14,002 | +€3,583 | +20.4% |
| Financial income | 75/76B | €388 | €912 | +€524 | +135% |
| Recurring financial income | 75 | €388 | €912 | +€524 | +135% |
| Financial charges | 65/66B | €222 | €392 | +€170 | +76.8% |
| Recurring financial charges | 65 | €222 | €392 | +€170 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | -€17,418 | -€13,481 | +€3,937 | +22.6% |
| Transfer from deferred taxes | 780 | €3,603 | €3,603 | = | 0.0% |
| Income taxes | 67/77 | €330 | €2,439 | +€2,109 | +639% |
| Profit (loss) for the period | 9904 | -€14,145 | -€12,317 | +€1,828 | +12.9% |
| Transfer from tax-exempt reserves | 789 | €14,410 | €14,401 | -€9 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €265 | €2,084 | +€1,819 | +687% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.