GWARDE: 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.
GWARDE
Largest movements
- Tangible fixed assets -€11,880
down €11,880 (-47.9%), from €24,826 to €12,946
- Stocks and contracts +€10,361
up €10,361 (+24.5%), from €42,349 to €52,710
- Cash +€7,482
up €7,482 (+21.0%), from €35,646 to €43,128
mainly Other debts (+€14,000) and Depreciation (+€11,880)
- Receivables within one year +€2,143
up €2,143 (+49.0%), from €4,374 to €6,517
- Deferred charges and accrued income +€1,452
new in 2025: €1,452
- Other debts +€14,000
up €14,000 (+35.0%), from €40,000 to €54,000
- Trade debts -€8,085
down €8,085 (-41.7%), from €19,396 to €11,311
- Profit (loss) carried forward +€4,873
up €4,873 (+21.5%), from €22,674 to €27,547
- Gross operating margin -€11,368
down €11,368 (-14.7%), from €77,419 to €66,051
- Staff costs -€5,196
down €5,196 (-9.8%), from €53,147 to €47,951
- Taxes -€3,488
down €3,488 (-66.6%), from €5,237 to €1,749
- Financial income +€1,719
up €1,719 (+565.5%), from €304 to €2,023
of which Financial income: +€2,022
- Other operating charges +€1,075
up €1,075 (+383.9%), from €280 to €1,355
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 | €107,524 | €118,082 | +€10,558 | +9.8% |
| Fixed assets | 21/28 | €25,155 | €14,275 | -€10,880 | -43.3% |
| Tangible fixed assets | 22/27 | €24,826 | €12,946 | -€11,880 | -47.9% |
| Plant, machinery and equipment | 23 | €12,174 | €6,920 | -€5,254 | -43.2% |
| Furniture and vehicles | 24 | €8,347 | €2,710 | -€5,637 | -67.5% |
| Other tangible fixed assets | 26 | €4,305 | €3,316 | -€989 | -23.0% |
| Financial fixed assets | 28 | €329 | €1,329 | +€1,000 | +304.0% |
| Current assets | 29/58 | €82,369 | €103,807 | +€21,438 | +26.0% |
| Stocks and contracts in progress | 3 | €42,349 | €52,710 | +€10,361 | +24.5% |
| Stocks | 30/36 | €42,349 | €52,710 | +€10,361 | +24.5% |
| Amounts receivable within one year | 40/41 | €4,374 | €6,517 | +€2,143 | +49.0% |
| Trade receivables | 40 | €4,374 | €6,517 | +€2,143 | +49.0% |
| Cash at bank and in hand | 54/58 | €35,646 | €43,128 | +€7,482 | +21.0% |
| Deferred charges and accrued income | 490/1 | - | €1,452 | +€1,452 | |
| Total equity and liabilities | 10/49 | €107,524 | €118,082 | +€10,558 | +9.8% |
| Equity | 10/15 | €44,674 | €49,547 | +€4,873 | +10.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,674 | €27,547 | +€4,873 | +21.5% |
| Amounts payable | 17/49 | €62,850 | €68,535 | +€5,685 | +9.0% |
| Amounts payable within one year | 42/48 | €62,850 | €68,535 | +€5,685 | +9.0% |
| Trade debts | 44 | €19,396 | €11,311 | -€8,085 | -41.7% |
| Suppliers | 440/4 | €19,396 | €11,311 | -€8,085 | -41.7% |
| Taxes, remuneration and social security | 45 | €3,454 | €3,224 | -€230 | -6.7% |
| Taxes | 450/3 | €1,933 | €1,703 | -€230 | -11.9% |
| Remuneration and social security | 454/9 | €1,521 | €1,521 | = | 0.0% |
| Other amounts payable | 47/48 | €40,000 | €54,000 | +€14,000 | +35.0% |
| Remuneration, social security and pensions | 62 | €53,147 | €47,951 | -€5,196 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,846 | €11,880 | -€966 | -7.5% |
| Other operating charges | 640/8 | €280 | €1,355 | +€1,075 | +383.9% |
| Non-recurring operating charges | 66A | €4,800 | - | -€4,800 | |
| Gross operating margin | 9900 | €77,419 | €66,051 | -€11,368 | -14.7% |
| Operating profit (loss) | 9901 | €6,346 | €4,865 | -€1,481 | -23.3% |
| Financial income | 75/76B | €304 | €2,023 | +€1,719 | +565.5% |
| Recurring financial income | 75 | €1 | €2,023 | +€2,022 | +202200.0% |
| Non-recurring financial income | 76B | €303 | €2,023 | +€1,720 | +567.7% |
| Financial charges | 65/66B | €131 | €266 | +€135 | +103.1% |
| Recurring financial charges | 65 | €131 | €266 | +€135 | +103.1% |
| Profit (loss) for the period before taxes | 9903 | €6,519 | €6,622 | +€103 | +1.6% |
| Income taxes | 67/77 | €5,237 | €1,749 | -€3,488 | -66.6% |
| Profit (loss) for the period | 9904 | €1,282 | €4,873 | +€3,591 | +280.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,282 | €4,873 | +€3,591 | +280.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.