GWE: 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.
GWE
Largest movements
- Tangible fixed assets -€90,415
down €90,415 (-99.7%), from €90,679 to €264
of which Leasing and similar rights: -€84,749
- Receivables within one year -€67,132
down €67,132 (-68.9%), from €97,502 to €30,370
of which Trade receivables: -€64,258
- Cash -€20,577
down €20,577 (-99.2%), from €20,739 to €162
mainly Net result for the year (-€73,845) and Debts after one year (-€66,415)
- Profit (loss) carried forward -€73,845
down €73,845, from €34,901 to -€38,944
- Debts after one year -€66,415
no longer reported in 2025 (was €66,415)
- Current portion of long-term debt -€22,962
down €22,962 (-94.0%), from €24,437 to €1,476
- Tax, wage and social debts -€17,679
down €17,679 (-69.3%), from €25,526 to €7,846
of which Taxes: -€9,547
- Other debts +€5,898
up €5,898 (+284.7%), from €2,072 to €7,970
- Gross operating margin -€127,938
down €127,938, from €101,326 to -€26,612
- Staff costs -€23,831
down €23,831 (-55.7%), from €42,748 to €18,917
- Taxes -€11,058
down €11,058 (-99.5%), from €11,113 to €55
- Depreciation -€5,420
down €5,420 (-48.9%), from €11,087 to €5,667
- Other operating charges -€2,071
down €2,071 (-86.6%), from €2,392 to €321
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 | €211,346 | €32,544 | -€178,801 | -84.6% |
| Fixed assets | 21/28 | €90,679 | €264 | -€90,415 | -99.7% |
| Tangible fixed assets | 22/27 | €90,679 | €264 | -€90,415 | -99.7% |
| Furniture and vehicles | 24 | €5,931 | €264 | -€5,667 | -95.5% |
| Leasing and similar rights | 25 | €84,749 | - | -€84,749 | |
| Current assets | 29/58 | €120,666 | €32,281 | -€88,386 | -73.2% |
| Amounts receivable within one year | 40/41 | €97,502 | €30,370 | -€67,132 | -68.9% |
| Trade receivables | 40 | €93,001 | €28,743 | -€64,258 | -69.1% |
| Other amounts receivable | 41 | €4,502 | €1,627 | -€2,875 | -63.9% |
| Cash at bank and in hand | 54/58 | €20,739 | €162 | -€20,577 | -99.2% |
| Deferred charges and accrued income | 490/1 | €2,425 | €1,749 | -€676 | -27.9% |
| Total equity and liabilities | 10/49 | €211,346 | €32,544 | -€178,801 | -84.6% |
| Equity | 10/15 | €71,718 | -€2,128 | -€73,845 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,816 | €31,816 | = | 0.0% |
| Distributable reserves | 133 | €31,816 | €31,816 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,901 | -€38,944 | -€73,845 | |
| Amounts payable | 17/49 | €139,628 | €34,672 | -€104,956 | -75.2% |
| Amounts payable after more than one year | 17 | €66,415 | - | -€66,415 | |
| Financial debts | 170/4 | €66,415 | - | -€66,415 | |
| Amounts payable within one year | 42/48 | €73,213 | €34,672 | -€38,541 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €24,437 | €1,476 | -€22,962 | -94.0% |
| Trade debts | 44 | €21,178 | €17,380 | -€3,798 | -17.9% |
| Suppliers | 440/4 | €21,178 | €17,380 | -€3,798 | -17.9% |
| Taxes, remuneration and social security | 45 | €25,526 | €7,846 | -€17,679 | -69.3% |
| Taxes | 450/3 | €17,393 | €7,846 | -€9,547 | -54.9% |
| Remuneration and social security | 454/9 | €8,133 | - | -€8,133 | |
| Other amounts payable | 47/48 | €2,072 | €7,970 | +€5,898 | +284.7% |
| Remuneration, social security and pensions | 62 | €42,748 | €18,917 | -€23,831 | -55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,087 | €5,667 | -€5,420 | -48.9% |
| Other operating charges | 640/8 | €2,392 | €321 | -€2,071 | -86.6% |
| Non-recurring operating charges | 66A | - | €18,341 | +€18,341 | |
| Gross operating margin | 9900 | €101,326 | -€26,612 | -€127,938 | |
| Operating profit (loss) | 9901 | €45,100 | -€69,857 | -€114,957 | |
| Financial income | 75/76B | - | €77 | +€77 | |
| Recurring financial income | 75 | - | €77 | +€77 | |
| Financial charges | 65/66B | €2,171 | €4,010 | +€1,840 | +84.7% |
| Recurring financial charges | 65 | €2,171 | €4,010 | +€1,840 | +84.7% |
| Profit (loss) for the period before taxes | 9903 | €42,929 | -€73,790 | -€116,720 | |
| Income taxes | 67/77 | €11,113 | €55 | -€11,058 | -99.5% |
| Profit (loss) for the period | 9904 | €31,816 | -€73,845 | -€105,662 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,816 | -€73,845 | -€105,662 |
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.