GWHB: 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.
GWHB
Largest movements
- Tangible fixed assets -€5,474
down €5,474 (-21.0%), from €26,032 to €20,558
- Cash +€2,670
up €2,670 (+8.3%), from €32,315 to €34,985
mainly Net result for the year (+€18,416) and Depreciation (+€7,163)
- Receivables after one year +€1,500
up €1,500 (+4.2%), from €36,030 to €37,530
- Reserves +€5,115
up €5,115 (+51.7%), from €9,885 to €15,000
of which Distributable reserves: +€6,975
- Trade debts -€5,072
down €5,072 (-14.7%), from €34,432 to €29,360
- Current portion of long-term debt -€3,116
down €3,116 (-30.3%), from €10,285 to €7,170
- Debts after one year -€2,778
no longer reported in 2025 (was €2,778)
- Profit (loss) carried forward +€2,441
up €2,441 (+16.7%), from €14,602 to €17,042
- Gross operating margin +€36,032
up €36,032 (+24.0%), from €150,234 to €186,266
- Staff costs +€26,533
up €26,533 (+21.5%), from €123,266 to €149,799
- Financial charges -€5,376
down €5,376 (-68.0%), from €7,900 to €2,524
- Taxes +€2,939
up €2,939 (+64.1%), from €4,588 to €7,527
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 | €120,571 | €118,790 | -€1,781 | -1.5% |
| Formation expenses | 20 | €269 | - | -€269 | |
| Fixed assets | 21/28 | €26,032 | €20,558 | -€5,474 | -21.0% |
| Tangible fixed assets | 22/27 | €26,032 | €20,558 | -€5,474 | -21.0% |
| Land and buildings | 22 | €9,366 | €7,716 | -€1,650 | -17.6% |
| Plant, machinery and equipment | 23 | €4,785 | €4,219 | -€566 | -11.8% |
| Furniture and vehicles | 24 | €3,767 | €1,596 | -€2,171 | -57.6% |
| Other tangible fixed assets | 26 | €8,115 | €7,027 | -€1,088 | -13.4% |
| Current assets | 29/58 | €94,270 | €98,232 | +€3,962 | +4.2% |
| Amounts receivable after more than one year | 29 | €36,030 | €37,530 | +€1,500 | +4.2% |
| Other amounts receivable | 291 | €36,030 | €37,530 | +€1,500 | +4.2% |
| Stocks and contracts in progress | 3 | €14,480 | €14,505 | +€25 | +0.2% |
| Stocks | 30/36 | €14,480 | €14,505 | +€25 | +0.2% |
| Amounts receivable within one year | 40/41 | €10,241 | €10,070 | -€171 | -1.7% |
| Trade receivables | 40 | €1,970 | €3,701 | +€1,732 | +87.9% |
| Other amounts receivable | 41 | €8,271 | €6,368 | -€1,903 | -23.0% |
| Cash at bank and in hand | 54/58 | €32,315 | €34,985 | +€2,670 | +8.3% |
| Deferred charges and accrued income | 490/1 | €1,203 | €1,142 | -€61 | -5.1% |
| Total equity and liabilities | 10/49 | €120,571 | €118,790 | -€1,781 | -1.5% |
| Equity | 10/15 | €38,487 | €47,902 | +€9,416 | +24.5% |
| Contributions | 10/11 | €14,000 | €15,860 | +€1,860 | +13.3% |
| Reserves | 13 | €9,885 | €15,000 | +€5,115 | +51.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €8,025 | €15,000 | +€6,975 | +86.9% |
| Profit (loss) carried forward | 14 | €14,602 | €17,042 | +€2,441 | +16.7% |
| Amounts payable | 17/49 | €82,084 | €70,888 | -€11,197 | -13.6% |
| Amounts payable after more than one year | 17 | €2,778 | - | -€2,778 | |
| Financial debts | 170/4 | €2,778 | - | -€2,778 | |
| Amounts payable within one year | 42/48 | €79,305 | €70,888 | -€8,418 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €10,285 | €7,170 | -€3,116 | -30.3% |
| Trade debts | 44 | €34,432 | €29,360 | -€5,072 | -14.7% |
| Suppliers | 440/4 | €34,432 | €29,360 | -€5,072 | -14.7% |
| Taxes, remuneration and social security | 45 | €26,088 | €25,081 | -€1,007 | -3.9% |
| Taxes | 450/3 | €11,499 | €10,109 | -€1,390 | -12.1% |
| Remuneration and social security | 454/9 | €14,589 | €14,972 | +€383 | +2.6% |
| Other amounts payable | 47/48 | €8,500 | €9,277 | +€777 | +9.1% |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Remuneration, social security and pensions | 62 | €123,266 | €149,799 | +€26,533 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,701 | €7,163 | +€462 | +6.9% |
| Other operating charges | 640/8 | €831 | €855 | +€25 | +3.0% |
| Gross operating margin | 9900 | €150,234 | €186,266 | +€36,032 | +24.0% |
| Operating profit (loss) | 9901 | €19,437 | €28,449 | +€9,012 | +46.4% |
| Financial income | 75/76B | €1,534 | €18 | -€1,516 | -98.8% |
| Recurring financial income | 75 | €1,534 | €18 | -€1,516 | -98.8% |
| Financial charges | 65/66B | €7,900 | €2,524 | -€5,376 | -68.0% |
| Recurring financial charges | 65 | €7,900 | €2,524 | -€5,376 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €13,071 | €25,943 | +€12,872 | +98.5% |
| Income taxes | 67/77 | €4,588 | €7,527 | +€2,939 | +64.1% |
| Profit (loss) for the period | 9904 | €8,483 | €18,416 | +€9,933 | +117.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,483 | €18,416 | +€9,933 | +117.1% |
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 5 October 2026 via checked.be.