GWINEX: 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.
GWINEX
Largest movements
- Cash -€105,188
down €105,188 (-81.2%), from €129,512 to €24,324
mainly Net result for the year (-€97,293) and Tax, wage and social debts (-€11,398)
- Receivables within one year -€1,593
down €1,593 (-58.4%), from €2,730 to €1,137
- Reserves -€97,293
down €97,293 (-79.2%), from €122,821 to €25,528
- Tax, wage and social debts -€11,398
down €11,398 (-97.4%), from €11,698 to €300
- Other debts +€1,447
new in 2025: €1,447
- Gross operating margin -€155,507
down €155,507, from €59,624 to -€95,883
- Taxes -€11,598
no longer reported in 2025 (was €11,598)
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.
Derived cash bridge
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 | €137,314 | €29,554 | -€107,761 | -78.5% |
| Fixed assets | 21/28 | €5,072 | €4,092 | -€980 | -19.3% |
| Tangible fixed assets | 22/27 | €5,072 | €4,092 | -€980 | -19.3% |
| Plant, machinery and equipment | 23 | €1,494 | €927 | -€567 | -38.0% |
| Other tangible fixed assets | 26 | €3,578 | €3,166 | -€413 | -11.5% |
| Current assets | 29/58 | €132,242 | €25,461 | -€106,781 | -80.7% |
| Amounts receivable within one year | 40/41 | €2,730 | €1,137 | -€1,593 | -58.4% |
| Other amounts receivable | 41 | €2,730 | €1,137 | -€1,593 | -58.4% |
| Cash at bank and in hand | 54/58 | €129,512 | €24,324 | -€105,188 | -81.2% |
| Total equity and liabilities | 10/49 | €137,314 | €29,554 | -€107,761 | -78.5% |
| Equity | 10/15 | €124,821 | €27,528 | -€97,293 | -77.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €122,821 | €25,528 | -€97,293 | -79.2% |
| Distributable reserves | 133 | €122,821 | €25,528 | -€97,293 | -79.2% |
| Amounts payable | 17/49 | €12,493 | €2,026 | -€10,467 | -83.8% |
| Amounts payable within one year | 42/48 | €12,493 | €2,026 | -€10,467 | -83.8% |
| Trade debts | 44 | €795 | €278 | -€517 | -65.0% |
| Suppliers | 440/4 | €795 | €278 | -€517 | -65.0% |
| Taxes, remuneration and social security | 45 | €11,698 | €300 | -€11,398 | -97.4% |
| Taxes | 450/3 | €11,698 | €300 | -€11,398 | -97.4% |
| Other amounts payable | 47/48 | - | €1,447 | +€1,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,677 | €980 | -€697 | -41.6% |
| Other operating charges | 640/8 | €168 | €120 | -€48 | -28.6% |
| Gross operating margin | 9900 | €59,624 | -€95,883 | -€155,507 | |
| Operating profit (loss) | 9901 | €57,779 | -€96,983 | -€154,762 | |
| Financial income | 75/76B | €294 | - | -€294 | |
| Recurring financial income | 75 | €294 | - | -€294 | |
| Financial charges | 65/66B | €189 | €310 | +€121 | +64.1% |
| Recurring financial charges | 65 | €189 | €310 | +€121 | +64.1% |
| Profit (loss) for the period before taxes | 9903 | €57,884 | -€97,293 | -€155,177 | |
| Income taxes | 67/77 | €11,598 | - | -€11,598 | |
| Profit (loss) for the period | 9904 | €46,286 | -€97,293 | -€143,580 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,286 | -€97,293 | -€143,580 |
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 25 October 2026 via checked.be.