GWinvest: 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.
GWinvest
Largest movements
- Receivables within one year -€86,586
down €86,586 (-6.3%), from €1.4m to €1.3m
of which Other amounts receivable: -€86,000
- Tangible fixed assets -€41,394
down €41,394 (-2.5%), from €1.7m to €1.6m
of which Leasing and similar rights: -€93,019
- Other debts +€1.4m
new in 2025: €1.4m
- Reserves -€1.3m
down €1.3m (-65.7%), from €2.0m to €676,439
- Debts after one year -€123,229
down €123,229 (-13.4%), from €916,610 to €793,381
- Tax, wage and social debts -€31,025
down €31,025 (-86.4%), from €35,891 to €4,867
of which Taxes: -€26,938
- Gross operating margin +€80,943
up €80,943, from -€13,318 to €67,626
- Financial income -€53,086
no longer reported in 2025 (was €53,086)
- Taxes +€6,302
up €6,302, from -€5,953 to €349
- Other operating charges +€5,960
up €5,960 (+55.7%), from €10,700 to €16,660
- Financial charges -€5,761
down €5,761 (-22.5%), from €25,587 to €19,826
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 | €3,044,245 | €2,918,815 | -€125,430 | -4.1% |
| Fixed assets | 21/28 | €1,659,256 | €1,617,592 | -€41,664 | -2.5% |
| Tangible fixed assets | 22/27 | €1,658,986 | €1,617,592 | -€41,394 | -2.5% |
| Land and buildings | 22 | €1,520,373 | €1,591,858 | +€71,486 | +4.7% |
| Plant, machinery and equipment | 23 | €41,529 | €23,214 | -€18,315 | -44.1% |
| Furniture and vehicles | 24 | €4,065 | €2,521 | -€1,545 | -38.0% |
| Leasing and similar rights | 25 | €93,019 | - | -€93,019 | |
| Financial fixed assets | 28 | €270 | - | -€270 | |
| Current assets | 29/58 | €1,384,990 | €1,301,223 | -€83,767 | -6.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €35 | - | -€35 | |
| Stocks | 30/36 | €35 | - | -€35 | |
| Amounts receivable within one year | 40/41 | €1,373,019 | €1,286,433 | -€86,586 | -6.3% |
| Trade receivables | 40 | €586 | - | -€586 | |
| Other amounts receivable | 41 | €1,372,433 | €1,286,433 | -€86,000 | -6.3% |
| Cash at bank and in hand | 54/58 | €9,106 | €14,355 | +€5,249 | +57.6% |
| Deferred charges and accrued income | 490/1 | €2,830 | €434 | -€2,396 | -84.7% |
| Total equity and liabilities | 10/49 | €3,044,245 | €2,918,815 | -€125,430 | -4.1% |
| Equity | 10/15 | €1,997,355 | €697,684 | -€1.3m | -65.1% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €1,974,250 | €676,439 | -€1.3m | -65.7% |
| Distributable reserves | 133 | €1,974,250 | €676,439 | -€1.3m | -65.7% |
| Profit (loss) carried forward | 14 | €2,645 | €2,645 | = | 0.0% |
| Amounts payable | 17/49 | €1,046,891 | €2,221,131 | +€1.2m | +112% |
| Amounts payable after more than one year | 17 | €916,610 | €793,381 | -€123,229 | -13.4% |
| Financial debts | 170/4 | €916,610 | €793,381 | -€123,229 | -13.4% |
| Amounts payable within one year | 42/48 | €130,281 | €1,427,750 | +€1.3m | +996% |
| Current portion of amounts payable after more than one year | 42 | €92,005 | €71,202 | -€20,804 | -22.6% |
| Trade debts | 44 | €2,384 | €123 | -€2,262 | -94.9% |
| Suppliers | 440/4 | €2,384 | €123 | -€2,262 | -94.9% |
| Taxes, remuneration and social security | 45 | €35,891 | €4,867 | -€31,025 | -86.4% |
| Taxes | 450/3 | €31,805 | €4,867 | -€26,938 | -84.7% |
| Remuneration and social security | 454/9 | €4,086 | - | -€4,086 | |
| Other amounts payable | 47/48 | - | €1,351,559 | +€1.4m | |
| Non-recurring operating income | 76A | €8,317 | €750 | -€7,567 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €4,575 | +€4,575 | |
| Other operating charges | 640/8 | €10,700 | €16,660 | +€5,960 | +55.7% |
| Non-recurring operating charges | 66A | €2,402 | €25,887 | +€23,485 | +978% |
| Gross operating margin | 9900 | -€13,318 | €67,626 | +€80,943 | |
| Operating profit (loss) | 9901 | -€26,419 | €20,505 | +€46,924 | |
| Financial income | 75/76B | €53,086 | - | -€53,086 | |
| Recurring financial income | 75 | €53,086 | - | -€53,086 | |
| Financial charges | 65/66B | €25,587 | €19,826 | -€5,761 | -22.5% |
| Recurring financial charges | 65 | €25,587 | €19,826 | -€5,761 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €1,080 | €679 | -€401 | -37.2% |
| Income taxes | 67/77 | -€5,953 | €349 | +€6,302 | |
| Profit (loss) for the period | 9904 | €7,033 | €329 | -€6,703 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,033 | €329 | -€6,703 | -95.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.