GWD 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.
GWD Projects
Largest movements
- Receivables within one year +€138,127
up €138,127 (+33.5%), from €412,925 to €551,052
of which Trade receivables: +€79,497
- Tangible fixed assets -€35,711
down €35,711 (-22.7%), from €157,312 to €121,601
of which Furniture and vehicles: -€25,439
- Cash +€18,384
up €18,384 (+178.2%), from €10,317 to €28,701
mainly Advances received (+€190,138) and Net result for the year (+€63,448)
- Advances received +€190,138
new in 2025: €190,138
- Profit (loss) carried forward +€63,448
up €63,448 (+19.7%), from €321,894 to €385,342
- Trade debts -€62,602
down €62,602 (-87.8%), from €71,309 to €8,707
- Tax, wage and social debts -€25,356
down €25,356 (-53.6%), from €47,270 to €21,914
- Other debts -€25,000
down €25,000 (-37.8%), from €66,056 to €41,056
- Gross operating margin -€35,133
down €35,133 (-23.4%), from €150,136 to €115,003
- Taxes -€9,785
down €9,785 (-30.8%), from €31,724 to €21,939
- Depreciation +€8,738
up €8,738 (+32.4%), from €26,974 to €35,711
- Financial charges -€1,907
down €1,907 (-21.5%), from €8,874 to €6,966
- Financial income +€1,720
up €1,720 (+13.5%), from €12,771 to €14,491
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 | €583,278 | €703,543 | +€120,265 | +20.6% |
| Fixed assets | 21/28 | €158,522 | €122,811 | -€35,711 | -22.5% |
| Tangible fixed assets | 22/27 | €157,312 | €121,601 | -€35,711 | -22.7% |
| Plant, machinery and equipment | 23 | €48,538 | €38,266 | -€10,272 | -21.2% |
| Furniture and vehicles | 24 | €108,774 | €83,335 | -€25,439 | -23.4% |
| Financial fixed assets | 28 | €1,210 | €1,210 | = | 0.0% |
| Current assets | 29/58 | €424,755 | €580,732 | +€155,976 | +36.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €412,925 | €551,052 | +€138,127 | +33.5% |
| Trade receivables | 40 | €104,206 | €183,704 | +€79,497 | +76.3% |
| Other amounts receivable | 41 | €308,719 | €367,349 | +€58,630 | +19.0% |
| Cash at bank and in hand | 54/58 | €10,317 | €28,701 | +€18,384 | +178.2% |
| Deferred charges and accrued income | 490/1 | €1,514 | €978 | -€535 | -35.4% |
| Total equity and liabilities | 10/49 | €583,278 | €703,543 | +€120,265 | +20.6% |
| Equity | 10/15 | €321,994 | €385,442 | +€63,448 | +19.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €321,894 | €385,342 | +€63,448 | +19.7% |
| Amounts payable | 17/49 | €261,284 | €318,101 | +€56,817 | +21.7% |
| Amounts payable after more than one year | 17 | €53,498 | €31,057 | -€22,441 | -41.9% |
| Financial debts | 170/4 | €53,498 | €31,057 | -€22,441 | -41.9% |
| Amounts payable within one year | 42/48 | €206,298 | €284,255 | +€77,958 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €21,663 | €22,441 | +€778 | +3.6% |
| Trade debts | 44 | €71,309 | €8,707 | -€62,602 | -87.8% |
| Suppliers | 440/4 | €71,309 | €8,707 | -€62,602 | -87.8% |
| Advances received on contracts in progress | 46 | - | €190,138 | +€190,138 | |
| Taxes, remuneration and social security | 45 | €47,270 | €21,914 | -€25,356 | -53.6% |
| Taxes | 450/3 | €47,270 | €21,914 | -€25,356 | -53.6% |
| Other amounts payable | 47/48 | €66,056 | €41,056 | -€25,000 | -37.8% |
| Accrued charges and deferred income | 492/3 | €1,488 | €2,789 | +€1,301 | +87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,974 | €35,711 | +€8,738 | +32.4% |
| Other operating charges | 640/8 | €961 | €1,430 | +€469 | +48.8% |
| Gross operating margin | 9900 | €150,136 | €115,003 | -€35,133 | -23.4% |
| Operating profit (loss) | 9901 | €122,202 | €77,862 | -€44,339 | -36.3% |
| Financial income | 75/76B | €12,771 | €14,491 | +€1,720 | +13.5% |
| Recurring financial income | 75 | €12,771 | €14,491 | +€1,720 | +13.5% |
| Financial charges | 65/66B | €8,874 | €6,966 | -€1,907 | -21.5% |
| Recurring financial charges | 65 | €8,874 | €6,966 | -€1,907 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €126,099 | €85,387 | -€40,712 | -32.3% |
| Income taxes | 67/77 | €31,724 | €21,939 | -€9,785 | -30.8% |
| Profit (loss) for the period | 9904 | €94,375 | €63,448 | -€30,927 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,375 | €63,448 | -€30,927 | -32.8% |
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 9 October 2026 via checked.be.