GWL+: 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.
GWL+
Largest movements
- Receivables within one year -€113,590
down €113,590 (-26.1%), from €435,914 to €322,323
of which Trade receivables: -€118,268
- Tangible fixed assets +€73,679
up €73,679 (+2.8%), from €2.6m to €2.7m
of which Land and buildings: +€145,876
- Reserves +€117,652
up €117,652 (+16.3%), from €722,525 to €840,177
- Other debts +€86,611
up €86,611 (+12.2%), from €707,852 to €794,464
- Trade debts -€81,696
down €81,696 (-62.1%), from €131,517 to €49,821
- Debts after one year -€80,734
down €80,734 (-2.9%), from €2.8m to €2.7m
of which Financial debts: -€80,734
- Tax, wage and social debts -€77,382
down €77,382 (-60.0%), from €129,010 to €51,628
of which Remuneration and social security: -€56,775
- Gross operating margin -€566,286
down €566,286 (-45.5%), from €1.2m to €677,773
- Staff costs -€542,589
down €542,589 (-68.7%), from €790,058 to €247,469
- Depreciation +€25,419
up €25,419 (+19.7%), from €128,791 to €154,210
- Financial charges -€18,524
down €18,524 (-15.2%), from €122,177 to €103,653
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 | €4,800,748 | €4,780,788 | -€19,960 | -0.4% |
| Fixed assets | 21/28 | €4,318,968 | €4,392,648 | +€73,679 | +1.7% |
| Tangible fixed assets | 22/27 | €2,618,968 | €2,692,648 | +€73,679 | +2.8% |
| Land and buildings | 22 | €1,793,299 | €1,939,175 | +€145,876 | +8.1% |
| Plant, machinery and equipment | 23 | €765,258 | €704,454 | -€60,803 | -7.9% |
| Furniture and vehicles | 24 | €60,412 | €49,019 | -€11,393 | -18.9% |
| Financial fixed assets | 28 | €1,700,000 | €1,700,000 | = | 0.0% |
| Current assets | 29/58 | €481,780 | €388,140 | -€93,639 | -19.4% |
| Amounts receivable within one year | 40/41 | €435,914 | €322,323 | -€113,590 | -26.1% |
| Trade receivables | 40 | €264,334 | €146,066 | -€118,268 | -44.7% |
| Other amounts receivable | 41 | €171,580 | €176,257 | +€4,678 | +2.7% |
| Cash at bank and in hand | 54/58 | €26,936 | €50,838 | +€23,902 | +88.7% |
| Deferred charges and accrued income | 490/1 | €18,930 | €14,979 | -€3,951 | -20.9% |
| Total equity and liabilities | 10/49 | €4,800,748 | €4,780,788 | -€19,960 | -0.4% |
| Equity | 10/15 | €741,125 | €858,777 | +€117,652 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €722,525 | €840,177 | +€117,652 | +16.3% |
| Distributable reserves | 133 | €722,525 | €840,177 | +€117,652 | +16.3% |
| Amounts payable | 17/49 | €4,059,623 | €3,922,011 | -€137,612 | -3.4% |
| Amounts payable after more than one year | 17 | €2,767,382 | €2,686,647 | -€80,734 | -2.9% |
| Financial debts | 170/4 | €2,759,982 | €2,679,247 | -€80,734 | -2.9% |
| Other amounts payable | 178/9 | €7,400 | €7,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,263,541 | €1,204,691 | -€58,849 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €270,161 | €296,278 | +€26,117 | +9.7% |
| Financial debts | 43 | €25,000 | €12,500 | -€12,500 | -50.0% |
| Credit institutions | 430/8 | €25,000 | €12,500 | -€12,500 | -50.0% |
| Trade debts | 44 | €131,517 | €49,821 | -€81,696 | -62.1% |
| Suppliers | 440/4 | €131,517 | €49,821 | -€81,696 | -62.1% |
| Taxes, remuneration and social security | 45 | €129,010 | €51,628 | -€77,382 | -60.0% |
| Taxes | 450/3 | €47,215 | €26,609 | -€20,607 | -43.6% |
| Remuneration and social security | 454/9 | €81,794 | €25,019 | -€56,775 | -69.4% |
| Other amounts payable | 47/48 | €707,852 | €794,464 | +€86,611 | +12.2% |
| Accrued charges and deferred income | 492/3 | €28,700 | €30,672 | +€1,972 | +6.9% |
| Remuneration, social security and pensions | 62 | €790,058 | €247,469 | -€542,589 | -68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,791 | €154,210 | +€25,419 | +19.7% |
| Other operating charges | 640/8 | €33,389 | €22,288 | -€11,100 | -33.2% |
| Gross operating margin | 9900 | €1,244,059 | €677,773 | -€566,286 | -45.5% |
| Operating profit (loss) | 9901 | €291,821 | €253,805 | -€38,016 | -13.0% |
| Financial charges | 65/66B | €122,177 | €103,653 | -€18,524 | -15.2% |
| Recurring financial charges | 65 | €122,177 | €103,653 | -€18,524 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €169,645 | €150,153 | -€19,492 | -11.5% |
| Income taxes | 67/77 | €42,616 | €32,501 | -€10,115 | -23.7% |
| Profit (loss) for the period | 9904 | €127,028 | €117,652 | -€9,377 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €127,028 | €117,652 | -€9,377 | -7.4% |
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 11 October 2026 via checked.be.