GWD: 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.
GWD
Largest movements
- Cash +€87,022
up €87,022 (+84.6%), from €102,895 to €189,918
mainly Net result for the year (+€74,626) and Receivables within one year (+€68,154)
- Receivables within one year -€68,154
down €68,154 (-74.2%), from €91,830 to €23,675
of which Trade receivables: -€68,154
- Tangible fixed assets -€21,052
down €21,052 (-34.1%), from €61,760 to €40,708
of which Furniture and vehicles: -€14,134
- Current investments +€11,825
up €11,825 (+73.9%), from €16,000 to €27,825
- Deferred charges and accrued income -€4,237
down €4,237 (-64.6%), from €6,558 to €2,321
- Reserves +€24,626
up €24,626 (+14.2%), from €174,035 to €198,661
- Debts after one year -€10,409
down €10,409 (-28.2%), from €36,906 to €26,496
- Tax, wage and social debts -€9,081
down €9,081 (-38.4%), from €23,647 to €14,567
of which Remuneration and social security: -€10,807
- Gross operating margin +€21,139
up €21,139 (+15.4%), from €137,174 to €158,313
- Staff costs -€13,204
down €13,204 (-27.1%), from €48,797 to €35,593
- Taxes +€7,607
up €7,607 (+60.0%), from €12,683 to €20,291
- Depreciation +€3,581
up €3,581 (+17.4%), from €20,527 to €24,108
- Financial income +€1,797
up €1,797 (+129.8%), from €1,385 to €3,181
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 | €279,043 | €284,707 | +€5,664 | +2.0% |
| Fixed assets | 21/28 | €61,760 | €40,708 | -€21,052 | -34.1% |
| Tangible fixed assets | 22/27 | €61,760 | €40,708 | -€21,052 | -34.1% |
| Plant, machinery and equipment | 23 | €8,675 | €6,391 | -€2,284 | -26.3% |
| Furniture and vehicles | 24 | €36,455 | €22,321 | -€14,134 | -38.8% |
| Other tangible fixed assets | 26 | €16,630 | €11,996 | -€4,634 | -27.9% |
| Current assets | 29/58 | €217,283 | €243,999 | +€26,716 | +12.3% |
| Stocks and contracts in progress | 3 | €0 | €260 | +€260 | |
| Stocks | 30/36 | €0 | €260 | +€260 | |
| Amounts receivable within one year | 40/41 | €91,830 | €23,675 | -€68,154 | -74.2% |
| Trade receivables | 40 | €89,097 | €20,943 | -€68,154 | -76.5% |
| Other amounts receivable | 41 | €2,732 | €2,732 | = | 0.0% |
| Current investments | 50/53 | €16,000 | €27,825 | +€11,825 | +73.9% |
| Cash at bank and in hand | 54/58 | €102,895 | €189,918 | +€87,022 | +84.6% |
| Deferred charges and accrued income | 490/1 | €6,558 | €2,321 | -€4,237 | -64.6% |
| Total equity and liabilities | 10/49 | €279,043 | €284,707 | +€5,664 | +2.0% |
| Equity | 10/15 | €194,035 | €218,661 | +€24,626 | +12.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €174,035 | €198,661 | +€24,626 | +14.2% |
| Distributable reserves | 133 | €174,035 | €198,661 | +€24,626 | +14.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €85,009 | €66,046 | -€18,963 | -22.3% |
| Amounts payable after more than one year | 17 | €36,906 | €26,496 | -€10,409 | -28.2% |
| Other amounts payable | 178/9 | €36,906 | €26,496 | -€10,409 | -28.2% |
| Amounts payable within one year | 42/48 | €45,953 | €38,257 | -€7,696 | -16.7% |
| Trade debts | 44 | €22,306 | €23,690 | +€1,384 | +6.2% |
| Suppliers | 440/4 | €22,306 | €23,690 | +€1,384 | +6.2% |
| Taxes, remuneration and social security | 45 | €23,647 | €14,567 | -€9,081 | -38.4% |
| Taxes | 450/3 | €12,840 | €14,567 | +€1,727 | +13.4% |
| Remuneration and social security | 454/9 | €10,807 | €0 | -€10,807 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,150 | €1,293 | -€857 | -39.9% |
| Remuneration, social security and pensions | 62 | €48,797 | €35,593 | -€13,204 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,527 | €24,108 | +€3,581 | +17.4% |
| Other operating charges | 640/8 | €3,427 | €3,366 | -€61 | -1.8% |
| Non-recurring operating charges | 66A | €819 | €0 | -€819 | -100.0% |
| Gross operating margin | 9900 | €137,174 | €158,313 | +€21,139 | +15.4% |
| Operating profit (loss) | 9901 | €63,605 | €95,247 | +€31,643 | +49.7% |
| Financial income | 75/76B | €1,385 | €3,181 | +€1,797 | +129.8% |
| Recurring financial income | 75 | €1,385 | €3,181 | +€1,797 | +129.8% |
| Financial charges | 65/66B | €3,546 | €3,512 | -€35 | -1.0% |
| Recurring financial charges | 65 | €3,546 | €3,046 | -€501 | -14.1% |
| Non-recurring financial charges | 66B | - | €466 | +€466 | |
| Profit (loss) for the period before taxes | 9903 | €61,443 | €94,917 | +€33,474 | +54.5% |
| Income taxes | 67/77 | €12,683 | €20,291 | +€7,607 | +60.0% |
| Profit (loss) for the period | 9904 | €48,760 | €74,626 | +€25,867 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,760 | €74,626 | +€25,867 | +53.0% |
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.