GW RENTING: 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 RENTING
Largest movements
- Cash -€81,161
down €81,161 (-57.5%), from €141,180 to €60,018
mainly Investment in fixed assets (net) (-€99,688) and Debts after one year (-€41,276)
- Receivables within one year +€29,367
up €29,367 (+73.2%), from €40,130 to €69,497
of which Trade receivables: +€20,056
- Debts after one year -€41,276
down €41,276 (-7.9%), from €524,534 to €483,258
- Tax, wage and social debts -€18,446
down €18,446 (-62.2%), from €29,669 to €11,222
of which Taxes: -€20,446
- Other debts -€11,931
down €11,931 (-44.0%), from €27,126 to €15,196
- Trade debts +€9,563
up €9,563, from €0 to €9,563
- Gross operating margin -€49,562
down €49,562 (-25.3%), from €195,786 to €146,224
- Taxes -€17,639
down €17,639 (-95.6%), from €18,458 to €818
- Depreciation +€2,968
up €2,968 (+2.9%), from €102,361 to €105,330
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 | €892,771 | €837,942 | -€54,828 | -6.1% |
| Fixed assets | 21/28 | €696,229 | €690,587 | -€5,642 | -0.8% |
| Tangible fixed assets | 22/27 | €696,229 | €690,587 | -€5,642 | -0.8% |
| Land and buildings | 22 | €446,854 | €439,962 | -€6,892 | -1.5% |
| Plant, machinery and equipment | 23 | €49,489 | €48,006 | -€1,483 | -3.0% |
| Furniture and vehicles | 24 | €48,163 | €54,677 | +€6,514 | +13.5% |
| Leasing and similar rights | 25 | €144,423 | €68,698 | -€75,725 | -52.4% |
| Assets under construction and advance payments | 27 | €7,300 | €79,244 | +€71,944 | +986% |
| Current assets | 29/58 | €196,542 | €147,355 | -€49,186 | -25.0% |
| Amounts receivable within one year | 40/41 | €40,130 | €69,497 | +€29,367 | +73.2% |
| Trade receivables | 40 | €40,130 | €60,186 | +€20,056 | +50.0% |
| Other amounts receivable | 41 | €0 | €9,311 | +€9,311 | |
| Cash at bank and in hand | 54/58 | €141,180 | €60,018 | -€81,161 | -57.5% |
| Deferred charges and accrued income | 490/1 | €15,232 | €17,840 | +€2,608 | +17.1% |
| Total equity and liabilities | 10/49 | €892,771 | €837,942 | -€54,828 | -6.1% |
| Equity | 10/15 | €235,436 | €242,934 | +€7,498 | +3.2% |
| Contributions | 10/11 | €12,203 | €12,203 | = | 0.0% |
| Reserves | 13 | €223,233 | €230,731 | +€7,498 | +3.4% |
| Distributable reserves | 133 | €223,233 | €230,731 | +€7,498 | +3.4% |
| Amounts payable | 17/49 | €657,334 | €595,009 | -€62,326 | -9.5% |
| Amounts payable after more than one year | 17 | €524,534 | €483,258 | -€41,276 | -7.9% |
| Financial debts | 170/4 | €524,534 | €483,258 | -€41,276 | -7.9% |
| Amounts payable within one year | 42/48 | €131,334 | €111,751 | -€19,583 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €71,488 | €72,683 | +€1,195 | +1.7% |
| Financial debts | 43 | €3,051 | €3,086 | +€35 | +1.2% |
| Credit institutions | 430/8 | €3,051 | €3,086 | +€35 | +1.2% |
| Trade debts | 44 | €0 | €9,563 | +€9,563 | |
| Suppliers | 440/4 | €0 | €9,563 | +€9,563 | |
| Taxes, remuneration and social security | 45 | €29,669 | €11,222 | -€18,446 | -62.2% |
| Taxes | 450/3 | €29,669 | €9,222 | -€20,446 | -68.9% |
| Remuneration and social security | 454/9 | €0 | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €27,126 | €15,196 | -€11,931 | -44.0% |
| Accrued charges and deferred income | 492/3 | €1,466 | €0 | -€1,466 | -100% |
| Non-recurring operating income | 76A | €6,000 | €769 | -€5,231 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,361 | €105,330 | +€2,968 | +2.9% |
| Other operating charges | 640/8 | €3,542 | €4,792 | +€1,250 | +35.3% |
| Gross operating margin | 9900 | €195,786 | €146,224 | -€49,562 | -25.3% |
| Operating profit (loss) | 9901 | €89,883 | €36,102 | -€53,780 | -59.8% |
| Financial charges | 65/66B | €28,023 | €27,786 | -€236 | -0.8% |
| Recurring financial charges | 65 | €28,023 | €27,786 | -€236 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €61,860 | €8,316 | -€53,544 | -86.6% |
| Income taxes | 67/77 | €18,458 | €818 | -€17,639 | -95.6% |
| Profit (loss) for the period | 9904 | €43,403 | €7,498 | -€35,905 | -82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,403 | €7,498 | -€35,905 | -82.7% |
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 27 October 2026 via checked.be.