GWGL: 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.
GWGL
Largest movements
- Receivables within one year -€16,940
down €16,940 (-87.8%), from €19,300 to €2,360
- Cash +€11,332
up €11,332 (+194.3%), from €5,831 to €17,163
mainly Depreciation (+€27,302) and Receivables within one year (+€16,940)
- Tangible fixed assets -€10,894
down €10,894 (-9.5%), from €114,509 to €103,615
of which Furniture and vehicles: -€28,379
- Debts after one year -€23,703
down €23,703 (-27.2%), from €87,117 to €63,414
- Other debts +€4,850
up €4,850 (+25.9%), from €18,750 to €23,600
- Tax, wage and social debts +€2,232
up €2,232 (+37.0%), from €6,031 to €8,263
of which Taxes: +€2,786
- Gross operating margin +€17,250
up €17,250 (+65.8%), from €26,204 to €43,454
- Depreciation +€5,151
up €5,151 (+23.3%), from €22,151 to €27,302
- Financial charges +€1,484
up €1,484 (+58.9%), from €2,518 to €4,001
- Taxes +€1,219
up €1,219 (+454.8%), from €268 to €1,487
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 | €141,079 | €124,327 | -€16,752 | -11.9% |
| Fixed assets | 21/28 | €114,509 | €103,615 | -€10,894 | -9.5% |
| Tangible fixed assets | 22/27 | €114,509 | €103,615 | -€10,894 | -9.5% |
| Land and buildings | 22 | - | €15,430 | +€15,430 | |
| Plant, machinery and equipment | 23 | €951 | €3,006 | +€2,055 | +216.0% |
| Furniture and vehicles | 24 | €113,557 | €85,178 | -€28,379 | -25.0% |
| Current assets | 29/58 | €26,571 | €20,713 | -€5,858 | -22.0% |
| Amounts receivable within one year | 40/41 | €19,300 | €2,360 | -€16,940 | -87.8% |
| Trade receivables | 40 | €19,300 | €2,360 | -€16,940 | -87.8% |
| Cash at bank and in hand | 54/58 | €5,831 | €17,163 | +€11,332 | +194.3% |
| Deferred charges and accrued income | 490/1 | €1,440 | €1,191 | -€250 | -17.3% |
| Total equity and liabilities | 10/49 | €141,079 | €124,327 | -€16,752 | -11.9% |
| Equity | 10/15 | -€193 | -€111 | +€83 | +42.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,193 | -€1,111 | +€83 | +6.9% |
| Amounts payable | 17/49 | €141,273 | €124,438 | -€16,835 | -11.9% |
| Amounts payable after more than one year | 17 | €87,117 | €63,414 | -€23,703 | -27.2% |
| Financial debts | 170/4 | €87,117 | €63,414 | -€23,703 | -27.2% |
| Amounts payable within one year | 42/48 | €52,053 | €58,724 | +€6,672 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €22,806 | €23,703 | +€897 | +3.9% |
| Trade debts | 44 | €4,466 | €3,158 | -€1,308 | -29.3% |
| Suppliers | 440/4 | €4,466 | €3,158 | -€1,308 | -29.3% |
| Taxes, remuneration and social security | 45 | €6,031 | €8,263 | +€2,232 | +37.0% |
| Taxes | 450/3 | €3,112 | €5,898 | +€2,786 | +89.5% |
| Remuneration and social security | 454/9 | €2,918 | €2,365 | -€553 | -19.0% |
| Other amounts payable | 47/48 | €18,750 | €23,600 | +€4,850 | +25.9% |
| Accrued charges and deferred income | 492/3 | €2,103 | €2,300 | +€196 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,151 | €27,302 | +€5,151 | +23.3% |
| Other operating charges | 640/8 | €2,461 | €2,085 | -€377 | -15.3% |
| Gross operating margin | 9900 | €26,204 | €43,454 | +€17,250 | +65.8% |
| Operating profit (loss) | 9901 | €1,592 | €14,068 | +€12,475 | +783.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,518 | €4,001 | +€1,484 | +58.9% |
| Recurring financial charges | 65 | €2,518 | €4,001 | +€1,484 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | -€925 | €10,070 | +€10,995 | |
| Income taxes | 67/77 | €268 | €1,487 | +€1,219 | +454.8% |
| Profit (loss) for the period | 9904 | -€1,193 | €8,583 | +€9,776 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,193 | €8,583 | +€9,776 |
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 4 October 2026 via checked.be.