GW PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€179,875
up €179,875 (+354%), from €50,878 to €230,753
of which Other amounts receivable: +€163,640
- Cash -€102,973
down €102,973 (-97.5%), from €105,639 to €2,666
mainly Receivables within one year (-€179,875) and Deferred charges and accrued income (-€43)
- Reserves +€48,448
up €48,448 (+35.7%), from €135,726 to €184,174
- Trade debts +€18,796
up €18,796 (+2,566%), from €733 to €19,529
- Tax, wage and social debts +€9,701
new in 2025: €9,701
- Gross operating margin +€41,295
up €41,295 (+898%), from €4,596 to €45,891
- Financial income +€3,234
new in 2025: €3,234
- Other operating charges -€840
down €840 (-62.1%), from €1,352 to €512
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 | €156,517 | €233,462 | +€76,945 | +49.2% |
| Current assets | 29/58 | €156,517 | €233,462 | +€76,945 | +49.2% |
| Amounts receivable within one year | 40/41 | €50,878 | €230,753 | +€179,875 | +354% |
| Trade receivables | 40 | €49,576 | €65,811 | +€16,236 | +32.7% |
| Other amounts receivable | 41 | €1,302 | €164,942 | +€163,640 | +12,564% |
| Cash at bank and in hand | 54/58 | €105,639 | €2,666 | -€102,973 | -97.5% |
| Deferred charges and accrued income | 490/1 | - | €43 | +€43 | |
| Total equity and liabilities | 10/49 | €156,517 | €233,462 | +€76,945 | +49.2% |
| Equity | 10/15 | €155,726 | €204,174 | +€48,448 | +31.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €135,726 | €184,174 | +€48,448 | +35.7% |
| Distributable reserves | 133 | €135,726 | €184,174 | +€48,448 | +35.7% |
| Amounts payable | 17/49 | €790 | €29,288 | +€28,497 | +3,605% |
| Amounts payable within one year | 42/48 | €790 | €29,288 | +€28,497 | +3,605% |
| Trade debts | 44 | €733 | €19,529 | +€18,796 | +2,566% |
| Suppliers | 440/4 | €733 | €19,529 | +€18,796 | +2,566% |
| Taxes, remuneration and social security | 45 | - | €9,701 | +€9,701 | |
| Taxes | 450/3 | - | €9,701 | +€9,701 | |
| Other amounts payable | 47/48 | €58 | €58 | = | 0.0% |
| Other operating charges | 640/8 | €1,352 | €512 | -€840 | -62.1% |
| Gross operating margin | 9900 | €4,596 | €45,891 | +€41,295 | +898% |
| Operating profit (loss) | 9901 | €3,245 | €45,379 | +€42,134 | +1,299% |
| Financial income | 75/76B | - | €3,234 | +€3,234 | |
| Recurring financial income | 75 | - | €3,234 | +€3,234 | |
| Financial charges | 65/66B | €30 | €128 | +€98 | +327% |
| Recurring financial charges | 65 | €30 | €128 | +€98 | +327% |
| Profit (loss) for the period before taxes | 9903 | €3,215 | €48,485 | +€45,271 | +1,408% |
| Income taxes | 67/77 | - | €37 | +€37 | |
| Profit (loss) for the period | 9904 | €3,215 | €48,448 | +€45,234 | +1,407% |
| Profit (loss) for the period to be appropriated | 9905 | €3,215 | €48,448 | +€45,234 | +1,407% |
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 13 October 2026 via checked.be.