GWC: 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.
GWC
Largest movements
- Tangible fixed assets -€13,317
down €13,317 (-21.0%), from €63,295 to €49,978
of which Furniture and vehicles: -€12,943
- Cash -€1,972
down €1,972 (-10.5%), from €18,840 to €16,868
mainly Debts after one year (-€11,694) and Other debts (-€5,336)
- Debts after one year -€11,694
down €11,694 (-19.8%), from €59,032 to €47,338
- Other debts -€5,336
down €5,336 (-25.2%), from €21,168 to €15,832
- Trade debts +€2,150
up €2,150 (+305.2%), from €704 to €2,854
- Gross operating margin -€5,385
down €5,385 (-20.0%), from €26,972 to €21,586
- Taxes -€787
down €787 (-35.4%), from €2,226 to €1,439
- Financial charges -€748
down €748 (-15.0%), from €4,974 to €4,227
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 | €147,601 | €131,499 | -€16,102 | -10.9% |
| Fixed assets | 21/28 | €65,295 | €51,978 | -€13,317 | -20.4% |
| Tangible fixed assets | 22/27 | €63,295 | €49,978 | -€13,317 | -21.0% |
| Plant, machinery and equipment | 23 | €1,092 | €718 | -€374 | -34.3% |
| Furniture and vehicles | 24 | €62,203 | €49,261 | -€12,943 | -20.8% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €82,306 | €79,521 | -€2,785 | -3.4% |
| Amounts receivable after more than one year | 29 | €55,000 | €55,000 | = | 0.0% |
| Other amounts receivable | 291 | €55,000 | €55,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,891 | €4,561 | -€1,330 | -22.6% |
| Trade receivables | 40 | €2,118 | €0 | -€2,118 | -100.0% |
| Other amounts receivable | 41 | €3,774 | €4,561 | +€787 | +20.9% |
| Cash at bank and in hand | 54/58 | €18,840 | €16,868 | -€1,972 | -10.5% |
| Deferred charges and accrued income | 490/1 | €2,575 | €3,092 | +€517 | +20.1% |
| Total equity and liabilities | 10/49 | €147,601 | €131,499 | -€16,102 | -10.9% |
| Equity | 10/15 | €48,954 | €47,987 | -€966 | -2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €42,754 | €41,787 | -€966 | -2.3% |
| Distributable reserves | 133 | €42,754 | €41,787 | -€966 | -2.3% |
| Amounts payable | 17/49 | €98,648 | €83,512 | -€15,136 | -15.3% |
| Amounts payable after more than one year | 17 | €59,032 | €47,338 | -€11,694 | -19.8% |
| Financial debts | 170/4 | €59,032 | €47,338 | -€11,694 | -19.8% |
| Amounts payable within one year | 42/48 | €39,410 | €36,016 | -€3,395 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €11,213 | €11,694 | +€481 | +4.3% |
| Trade debts | 44 | €704 | €2,854 | +€2,150 | +305.2% |
| Suppliers | 440/4 | €704 | €2,854 | +€2,150 | +305.2% |
| Taxes, remuneration and social security | 45 | €6,324 | €5,635 | -€689 | -10.9% |
| Taxes | 450/3 | €6,324 | €5,635 | -€689 | -10.9% |
| Other amounts payable | 47/48 | €21,168 | €15,832 | -€5,336 | -25.2% |
| Accrued charges and deferred income | 492/3 | €206 | €159 | -€47 | -22.9% |
| Non-recurring operating income | 76A | €9,050 | €0 | -€9,050 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | €77 | +€77 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,234 | €15,126 | -€108 | -0.7% |
| Other operating charges | 640/8 | €1,658 | €1,750 | +€92 | +5.6% |
| Gross operating margin | 9900 | €26,972 | €21,586 | -€5,385 | -20.0% |
| Operating profit (loss) | 9901 | €10,080 | €4,634 | -€5,447 | -54.0% |
| Financial income | 75/76B | €10 | €65 | +€55 | +554.9% |
| Recurring financial income | 75 | €10 | €65 | +€55 | +554.9% |
| Financial charges | 65/66B | €4,974 | €4,227 | -€748 | -15.0% |
| Recurring financial charges | 65 | €4,974 | €4,227 | -€748 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €5,116 | €473 | -€4,643 | -90.8% |
| Income taxes | 67/77 | €2,226 | €1,439 | -€787 | -35.4% |
| Profit (loss) for the period | 9904 | €2,890 | -€966 | -€3,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,890 | -€966 | -€3,856 |
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 12 October 2026 via checked.be.