GWP: 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.
GWP
Largest movements
- Deferred charges and accrued income -€30,369
down €30,369 (-56.0%), from €54,231 to €23,862
- Cash +€21,074
up €21,074 (+43.7%), from €48,239 to €69,314
mainly Contributions, distributions and other (+€250,000) and Depreciation (+€118,735)
- Stocks and contracts +€19,443
up €19,443 (+71.1%), from €27,353 to €46,796
- Profit (loss) carried forward -€327,421
down €327,421 (-70.1%), from -€467,079 to -€794,500
- Contributions +€250,000
up €250,000 (+71.4%), from €350,000 to €600,000
- Debts after one year +€100,000
new in 2025: €100,000
- Trade debts -€53,741
down €53,741 (-33.3%), from €161,573 to €107,833
- Short-term financial debts +€25,025
up €25,025 (+2.4%), from €1.0m to €1.1m
of which Other loans: +€25,025
- Depreciation +€84,926
up €84,926 (+251.2%), from €33,810 to €118,735
- Gross operating margin +€82,335
up €82,335 (+38.6%), from -€213,121 to -€130,786
- Staff costs +€47,607
new in 2025: €47,607
- Financial charges -€37,865
down €37,865 (-57.6%), from €65,726 to €27,861
of which Non-recurring financial charges: -€39,153
- Provisions +€12,000
no longer reported in 2025 (was -€12,000)
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 | €1,228,974 | €1,231,275 | +€2,300 | +0.2% |
| Fixed assets | 21/28 | €1,057,300 | €1,057,600 | +€300 | 0.0% |
| Intangible fixed assets | 21 | €765,799 | €772,029 | +€6,230 | +0.8% |
| Tangible fixed assets | 22/27 | €291,501 | €285,091 | -€6,410 | -2.2% |
| Plant, machinery and equipment | 23 | €291,501 | €257,020 | -€34,481 | -11.8% |
| Furniture and vehicles | 24 | - | €28,071 | +€28,071 | |
| Financial fixed assets | 28 | - | €480 | +€480 | |
| Current assets | 29/58 | €171,674 | €173,674 | +€2,000 | +1.2% |
| Stocks and contracts in progress | 3 | €27,353 | €46,796 | +€19,443 | +71.1% |
| Stocks | 30/36 | €27,353 | €46,796 | +€19,443 | +71.1% |
| Amounts receivable within one year | 40/41 | €41,851 | €33,702 | -€8,148 | -19.5% |
| Trade receivables | 40 | €15,334 | €24,409 | +€9,075 | +59.2% |
| Other amounts receivable | 41 | €26,516 | €9,294 | -€17,223 | -65.0% |
| Cash at bank and in hand | 54/58 | €48,239 | €69,314 | +€21,074 | +43.7% |
| Deferred charges and accrued income | 490/1 | €54,231 | €23,862 | -€30,369 | -56.0% |
| Total equity and liabilities | 10/49 | €1,228,974 | €1,231,275 | +€2,300 | +0.2% |
| Equity | 10/15 | -€117,079 | -€194,500 | -€77,421 | -66.1% |
| Contributions | 10/11 | €350,000 | €600,000 | +€250,000 | +71.4% |
| Capital | 10 | €350,000 | €600,000 | +€250,000 | +71.4% |
| Issued capital | 100 | €350,000 | €600,000 | +€250,000 | +71.4% |
| Profit (loss) carried forward | 14 | -€467,079 | -€794,500 | -€327,421 | -70.1% |
| Amounts payable | 17/49 | €1,346,053 | €1,425,775 | +€79,722 | +5.9% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €1,346,053 | €1,325,775 | -€20,278 | -1.5% |
| Financial debts | 43 | €1,031,000 | €1,056,025 | +€25,025 | +2.4% |
| Credit institutions | 430/8 | €550,000 | €550,000 | = | 0.0% |
| Other loans | 439 | €481,000 | €506,025 | +€25,025 | +5.2% |
| Trade debts | 44 | €161,573 | €107,833 | -€53,741 | -33.3% |
| Suppliers | 440/4 | €161,573 | €107,833 | -€53,741 | -33.3% |
| Taxes, remuneration and social security | 45 | €177 | €8,134 | +€7,957 | +4490.9% |
| Taxes | 450/3 | €177 | €275 | +€98 | +55.4% |
| Remuneration and social security | 454/9 | - | €7,859 | +€7,859 | |
| Other amounts payable | 47/48 | €153,303 | €153,783 | +€481 | +0.3% |
| Remuneration, social security and pensions | 62 | - | €47,607 | +€47,607 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,810 | €118,735 | +€84,926 | +251.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,139 | - | -€3,139 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,000 | - | +€12,000 | |
| Other operating charges | 640/8 | €1,476 | €2,820 | +€1,344 | +91.1% |
| Gross operating margin | 9900 | -€213,121 | -€130,786 | +€82,335 | +38.6% |
| Operating profit (loss) | 9901 | -€239,546 | -€299,948 | -€60,402 | -25.2% |
| Financial income | 75/76B | €338 | €827 | +€489 | +144.7% |
| Recurring financial income | 75 | €338 | €827 | +€489 | +144.7% |
| Financial charges | 65/66B | €65,726 | €27,861 | -€37,865 | -57.6% |
| Recurring financial charges | 65 | €24,742 | €26,031 | +€1,288 | +5.2% |
| Non-recurring financial charges | 66B | €40,984 | €1,830 | -€39,153 | -95.5% |
| Profit (loss) for the period before taxes | 9903 | -€304,934 | -€326,982 | -€22,048 | -7.2% |
| Income taxes | 67/77 | €270 | €440 | +€170 | +63.1% |
| Profit (loss) for the period | 9904 | -€305,203 | -€327,421 | -€22,218 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€305,203 | -€327,421 | -€22,218 | -7.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.