GWL: 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.
What changed
GWL
NACE 43.120, Site preparation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€125,363
2024 · €101,346+€24,017
Equity
€1.3m
2024 · €1.2m+€125,363
Cash
€194,255
2024 · €114,209+€80,046
Balance sheet total
€5.2m
2024 · €4.7m+€483,800
Largest movements
Assets
- Receivables within one year +€290,957
up €290,957 (+19.3%), from €1.5m to €1.8m
of which Trade receivables: +€307,134
- Tangible fixed assets +€105,014
up €105,014 (+4.4%), from €2.4m to €2.5m
of which Leasing and similar rights: +€209,728
- Cash +€80,046
up €80,046 (+70.1%), from €114,209 to €194,255
mainly Depreciation (+€742,256) and Debts after one year (+€610,704)
Equity and liabilities
- Debts after one year +€610,704
up €610,704 (+46.0%), from €1.3m to €1.9m
- Short-term financial debts -€463,923
down €463,923 (-87.0%), from €533,434 to €69,512
- Current portion of long-term debt +€129,596
up €129,596 (+25.6%), from €505,268 to €634,864
- Reserves +€125,363
up €125,363 (+10.6%), from €1.2m to €1.3m
of which Distributable reserves: +€127,335
- Trade debts +€53,718
up €53,718 (+4.9%), from €1.1m to €1.2m
Income statement
- Gross operating margin +€188,016
up €188,016 (+9.0%), from €2.1m to €2.3m
- Staff costs +€162,485
up €162,485 (+15.7%), from €1.0m to €1.2m
- Financial charges -€48,249
down €48,249 (-30.0%), from €160,635 to €112,385
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.
Result 2024
€101,346
Gross operating margin
+€188,016
Staff costs
-€162,485
Depreciation
-€8,807
Other operating charges
-€13,198
Other operating items
-€10,367
Financial income
+€3,375
Financial charges
+€48,249
Taxes
-€20,765
Result 2025
€125,363
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.
From operations
+€645,967
Investment
-€842,299
Financing
+€276,378
Cash 2024
€114,209
From operations (derived)
+€645,967
Net result for the year
+€125,363
Depreciation
+€742,256
Stocks and contracts
-€24,521
Receivables within one year
-€290,957
Deferred charges and accrued income
+€11,766
Smaller working-capital items
+€324
Trade debts
+€53,718
Tax, wage and social debts
+€28,017
Investment (derived)
-€842,299
Investment in fixed assets (net)
-€842,298
Current investments
-€1
Financing
+€276,378
Debts after one year
+€610,704
Current portion of long-term debt
+€129,596
Short-term financial debts
-€463,923
Cash 2025
€194,255
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,724,538 | €5,208,338 | +€483,800 | +10.2% |
| Fixed assets | 21/28 | €2,388,132 | €2,488,174 | +€100,042 | +4.2% |
| Intangible fixed assets | 21 | €7,542 | €3,436 | -€4,107 | -54.4% |
| Tangible fixed assets | 22/27 | €2,377,790 | €2,482,803 | +€105,014 | +4.4% |
| Land and buildings | 22 | €35,895 | €26,921 | -€8,974 | -25.0% |
| Plant, machinery and equipment | 23 | €925,812 | €883,451 | -€42,361 | -4.6% |
| Furniture and vehicles | 24 | €543,340 | €499,478 | -€43,862 | -8.1% |
| Leasing and similar rights | 25 | €820,820 | €1,030,547 | +€209,728 | +25.6% |
| Other tangible fixed assets | 26 | €51,923 | €42,406 | -€9,517 | -18.3% |
| Financial fixed assets | 28 | €2,800 | €1,935 | -€865 | -30.9% |
| Current assets | 29/58 | €2,336,406 | €2,720,165 | +€383,758 | +16.4% |
| Stocks and contracts in progress | 3 | €581,298 | €605,819 | +€24,521 | +4.2% |
| Stocks | 30/36 | €83,701 | €138,750 | +€55,049 | +65.8% |
| Contracts in progress | 37 | €497,597 | €467,069 | -€30,528 | -6.1% |
| Amounts receivable within one year | 40/41 | €1,504,040 | €1,794,997 | +€290,957 | +19.3% |
| Trade receivables | 40 | €1,008,338 | €1,315,472 | +€307,134 | +30.5% |
| Other amounts receivable | 41 | €495,702 | €479,525 | -€16,177 | -3.3% |
| Current investments | 50/53 | €44,089 | €44,089 | +€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €114,209 | €194,255 | +€80,046 | +70.1% |
| Deferred charges and accrued income | 490/1 | €92,771 | €81,005 | -€11,766 | -12.7% |
| Total equity and liabilities | 10/49 | €4,724,538 | €5,208,338 | +€483,800 | +10.2% |
| Equity | 10/15 | €1,203,352 | €1,328,715 | +€125,363 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,184,752 | €1,310,115 | +€125,363 | +10.6% |
| Tax-exempt reserves | 132 | €31,222 | €29,250 | -€1,971 | -6.3% |
| Distributable reserves | 133 | €1,153,530 | €1,280,865 | +€127,335 | +11.0% |
| Provisions and deferred taxes | 16 | €7,122 | €6,464 | -€657 | -9.2% |
| Deferred taxes | 168 | €7,122 | €6,464 | -€657 | -9.2% |
| Amounts payable | 17/49 | €3,514,064 | €3,873,159 | +€359,094 | +10.2% |
| Amounts payable after more than one year | 17 | €1,327,318 | €1,938,022 | +€610,704 | +46.0% |
| Financial debts | 170/4 | €1,327,318 | €1,938,022 | +€610,704 | +46.0% |
| Amounts payable within one year | 42/48 | €2,173,173 | €1,921,188 | -€251,985 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €505,268 | €634,864 | +€129,596 | +25.6% |
| Financial debts | 43 | €533,434 | €69,512 | -€463,923 | -87.0% |
| Credit institutions | 430/8 | €533,434 | €69,512 | -€463,923 | -87.0% |
| Trade debts | 44 | €1,101,652 | €1,155,370 | +€53,718 | +4.9% |
| Suppliers | 440/4 | €1,101,652 | €1,155,370 | +€53,718 | +4.9% |
| Taxes, remuneration and social security | 45 | €28,442 | €56,459 | +€28,017 | +98.5% |
| Taxes | 450/3 | €603 | €26,368 | +€25,765 | +4269.8% |
| Remuneration and social security | 454/9 | €27,839 | €30,091 | +€2,252 | +8.1% |
| Other amounts payable | 47/48 | €4,377 | €4,983 | +€606 | +13.9% |
| Accrued charges and deferred income | 492/3 | €13,574 | €13,949 | +€375 | +2.8% |
| Non-recurring operating income | 76A | €83,751 | €27,902 | -€55,849 | -66.7% |
| Remuneration, social security and pensions | 62 | €1,038,109 | €1,200,595 | +€162,485 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €733,449 | €742,256 | +€8,807 | +1.2% |
| Other operating charges | 640/8 | €43,384 | €56,582 | +€13,198 | +30.4% |
| Non-recurring operating charges | 66A | €1,446 | €11,814 | +€10,367 | +716.8% |
| Gross operating margin | 9900 | €2,081,940 | €2,269,956 | +€188,016 | +9.0% |
| Operating profit (loss) | 9901 | €265,551 | €258,709 | -€6,842 | -2.6% |
| Financial income | 75/76B | €1,376 | €4,750 | +€3,375 | +245.3% |
| Recurring financial income | 75 | €1,376 | €4,750 | +€3,375 | +245.3% |
| Financial charges | 65/66B | €160,635 | €112,385 | -€48,249 | -30.0% |
| Recurring financial charges | 65 | €160,635 | €112,385 | -€48,249 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €106,292 | €151,075 | +€44,782 | +42.1% |
| Transfer from deferred taxes | 780 | €657 | €657 | = | 0.0% |
| Income taxes | 67/77 | €5,604 | €26,368 | +€20,765 | +370.6% |
| Profit (loss) for the period | 9904 | €101,346 | €125,363 | +€24,017 | +23.7% |
| Transfer from tax-exempt reserves | 789 | €1,971 | €1,971 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,317 | €127,335 | +€24,017 | +23.2% |
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 6 October 2026 via checked.be.