GWL Recycling: 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 Recycling
Largest movements
- Tangible fixed assets +€217,131
up €217,131 (+96.8%), from €224,422 to €441,552
of which Leasing and similar rights: +€152,821
- Receivables within one year -€53,749
down €53,749 (-16.7%), from €321,328 to €267,578
of which Trade receivables: -€86,090
- Stocks and contracts +€35,250
up €35,250 (+87.8%), from €40,150 to €75,400
of which Contracts in progress: +€39,500
- Cash +€20,179
up €20,179 (+81.3%), from €24,807 to €44,986
mainly Debts after one year (+€71,393) and Depreciation (+€69,247)
- Intangible fixed assets -€8,653
down €8,653 (-44.8%), from €19,312 to €10,659
- Debts after one year +€71,393
up €71,393 (+60.0%), from €118,950 to €190,342
- Trade debts +€68,223
up €68,223 (+29.6%), from €230,473 to €298,696
- Current portion of long-term debt +€34,637
up €34,637 (+72.0%), from €48,113 to €82,750
- Reserves +€27,332
up €27,332 (+53.0%), from €51,568 to €78,900
of which Distributable reserves: +€25,966
- Profit (loss) carried forward +€16,816
no longer reported in 2025 (was -€16,816)
- Gross operating margin +€149,585
up €149,585 (+66.9%), from €223,488 to €373,074
- Staff costs +€63,847
up €63,847 (+35.0%), from €182,465 to €246,312
- Depreciation +€26,996
up €26,996 (+63.9%), from €42,252 to €69,247
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 | €645,284 | €863,383 | +€218,100 | +33.8% |
| Fixed assets | 21/28 | €252,649 | €461,126 | +€208,477 | +82.5% |
| Intangible fixed assets | 21 | €19,312 | €10,659 | -€8,653 | -44.8% |
| Tangible fixed assets | 22/27 | €224,422 | €441,552 | +€217,131 | +96.8% |
| Land and buildings | 22 | €4,046 | €3,331 | -€714 | -17.7% |
| Plant, machinery and equipment | 23 | €194,631 | €263,412 | +€68,782 | +35.3% |
| Furniture and vehicles | 24 | €16,844 | €16,145 | -€700 | -4.2% |
| Leasing and similar rights | 25 | - | €152,821 | +€152,821 | |
| Other tangible fixed assets | 26 | €8,901 | €5,843 | -€3,058 | -34.4% |
| Financial fixed assets | 28 | €8,915 | €8,915 | = | 0.0% |
| Current assets | 29/58 | €392,635 | €402,257 | +€9,623 | +2.5% |
| Stocks and contracts in progress | 3 | €40,150 | €75,400 | +€35,250 | +87.8% |
| Stocks | 30/36 | €40,150 | €35,900 | -€4,250 | -10.6% |
| Contracts in progress | 37 | - | €39,500 | +€39,500 | |
| Amounts receivable within one year | 40/41 | €321,328 | €267,578 | -€53,749 | -16.7% |
| Trade receivables | 40 | €297,555 | €211,465 | -€86,090 | -28.9% |
| Other amounts receivable | 41 | €23,773 | €56,114 | +€32,341 | +136% |
| Cash at bank and in hand | 54/58 | €24,807 | €44,986 | +€20,179 | +81.3% |
| Deferred charges and accrued income | 490/1 | €6,350 | €14,293 | +€7,943 | +125% |
| Total equity and liabilities | 10/49 | €645,284 | €863,383 | +€218,100 | +33.8% |
| Equity | 10/15 | €109,120 | €153,268 | +€44,148 | +40.5% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €51,568 | €78,900 | +€27,332 | +53.0% |
| Non-distributable reserves | 130/1 | - | €1,367 | +€1,367 | |
| Legal reserve | 130 | - | €1,367 | +€1,367 | |
| Distributable reserves | 133 | €51,568 | €77,533 | +€25,966 | +50.4% |
| Profit (loss) carried forward | 14 | -€16,816 | - | +€16,816 | |
| Amounts payable | 17/49 | €536,164 | €710,116 | +€173,952 | +32.4% |
| Amounts payable after more than one year | 17 | €118,950 | €190,342 | +€71,393 | +60.0% |
| Financial debts | 170/4 | €118,950 | €190,342 | +€71,393 | +60.0% |
| Amounts payable within one year | 42/48 | €417,214 | €519,774 | +€102,559 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €48,113 | €82,750 | +€34,637 | +72.0% |
| Trade debts | 44 | €230,473 | €298,696 | +€68,223 | +29.6% |
| Suppliers | 440/4 | €230,473 | €298,696 | +€68,223 | +29.6% |
| Taxes, remuneration and social security | 45 | €13,548 | €13,076 | -€472 | -3.5% |
| Taxes | 450/3 | €78 | - | -€78 | |
| Remuneration and social security | 454/9 | €13,470 | €13,076 | -€394 | -2.9% |
| Other amounts payable | 47/48 | €125,081 | €125,252 | +€171 | +0.1% |
| Remuneration, social security and pensions | 62 | €182,465 | €246,312 | +€63,847 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,252 | €69,247 | +€26,996 | +63.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,423 | - | -€3,423 | |
| Other operating charges | 640/8 | €4,110 | €2,950 | -€1,160 | -28.2% |
| Gross operating margin | 9900 | €223,488 | €373,074 | +€149,585 | +66.9% |
| Operating profit (loss) | 9901 | -€8,761 | €54,564 | +€63,325 | |
| Financial income | 75/76B | €91 | €548 | +€457 | +501% |
| Recurring financial income | 75 | €91 | €548 | +€457 | +501% |
| Financial charges | 65/66B | €8,146 | €10,964 | +€2,818 | +34.6% |
| Recurring financial charges | 65 | €8,146 | €10,964 | +€2,818 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,816 | €44,148 | +€60,964 | |
| Profit (loss) for the period | 9904 | -€16,816 | €44,148 | +€60,964 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,816 | €44,148 | +€60,964 |
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 28 October 2026 via checked.be.