GWS: 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.
GWS
Largest movements
- Tangible fixed assets +€18,158
up €18,158 (+55.7%), from €32,573 to €50,731
of which Leasing and similar rights: +€29,347
- Receivables within one year -€6,921
down €6,921 (-15.0%), from €46,282 to €39,360
of which Other amounts receivable: -€6,388
- Cash -€5,064
down €5,064 (-4.7%), from €107,993 to €102,929
mainly Investment in fixed assets (net) (-€37,104) and Trade debts (-€22,213)
- Trade debts -€22,213
down €22,213 (-99.0%), from €22,445 to €232
- Debts after one year +€8,725
up €8,725 (+96.1%), from €9,082 to €17,807
- Reserves +€7,743
up €7,743 (+5.8%), from €134,110 to €141,853
- Tax, wage and social debts +€7,106
up €7,106 (+503.2%), from €1,412 to €8,519
of which Taxes: +€8,214
- Current portion of long-term debt +€5,321
up €5,321 (+64.6%), from €8,241 to €13,563
- Gross operating margin +€37,142
up €37,142 (+54.8%), from €67,722 to €104,864
- Staff costs +€15,343
up €15,343 (+58.1%), from €26,387 to €41,730
- Taxes +€5,196
up €5,196 (+98.7%), from €5,265 to €10,460
- Depreciation +€5,182
up €5,182 (+37.6%), from €13,764 to €18,946
- Write-downs -€2,141
down €2,141 (-49.0%), from €4,367 to €2,226
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 | €193,890 | €200,573 | +€6,683 | +3.4% |
| Fixed assets | 21/28 | €32,573 | €50,731 | +€18,158 | +55.7% |
| Tangible fixed assets | 22/27 | €32,573 | €50,731 | +€18,158 | +55.7% |
| Land and buildings | 22 | €1,913 | €1,597 | -€316 | -16.5% |
| Plant, machinery and equipment | 23 | €23,561 | €12,078 | -€11,483 | -48.7% |
| Furniture and vehicles | 24 | €3,668 | €4,932 | +€1,265 | +34.5% |
| Leasing and similar rights | 25 | - | €29,347 | +€29,347 | |
| Other tangible fixed assets | 26 | €3,431 | €2,776 | -€654 | -19.1% |
| Current assets | 29/58 | €161,318 | €149,843 | -€11,475 | -7.1% |
| Stocks and contracts in progress | 3 | €7,043 | €7,348 | +€305 | +4.3% |
| Stocks | 30/36 | €7,043 | €7,348 | +€305 | +4.3% |
| Amounts receivable within one year | 40/41 | €46,282 | €39,360 | -€6,921 | -15.0% |
| Trade receivables | 40 | €39,416 | €38,883 | -€534 | -1.4% |
| Other amounts receivable | 41 | €6,865 | €478 | -€6,388 | -93.0% |
| Cash at bank and in hand | 54/58 | €107,993 | €102,929 | -€5,064 | -4.7% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €193,890 | €200,573 | +€6,683 | +3.4% |
| Equity | 10/15 | €152,710 | €160,453 | +€7,743 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,110 | €141,853 | +€7,743 | +5.8% |
| Distributable reserves | 133 | €134,110 | €141,853 | +€7,743 | +5.8% |
| Amounts payable | 17/49 | €41,180 | €40,120 | -€1,060 | -2.6% |
| Amounts payable after more than one year | 17 | €9,082 | €17,807 | +€8,725 | +96.1% |
| Financial debts | 170/4 | €9,082 | €17,807 | +€8,725 | +96.1% |
| Amounts payable within one year | 42/48 | €32,098 | €22,313 | -€9,785 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €8,241 | €13,563 | +€5,321 | +64.6% |
| Trade debts | 44 | €22,445 | €232 | -€22,213 | -99.0% |
| Suppliers | 440/4 | €22,445 | €232 | -€22,213 | -99.0% |
| Taxes, remuneration and social security | 45 | €1,412 | €8,519 | +€7,106 | +503.2% |
| Taxes | 450/3 | €305 | €8,519 | +€8,214 | +2696.6% |
| Remuneration and social security | 454/9 | €1,108 | - | -€1,108 | |
| Remuneration, social security and pensions | 62 | €26,387 | €41,730 | +€15,343 | +58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,764 | €18,946 | +€5,182 | +37.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,367 | €2,226 | -€2,141 | -49.0% |
| Other operating charges | 640/8 | €3,431 | €4,403 | +€971 | +28.3% |
| Gross operating margin | 9900 | €67,722 | €104,864 | +€37,142 | +54.8% |
| Operating profit (loss) | 9901 | €19,773 | €37,560 | +€17,787 | +90.0% |
| Financial income | 75/76B | €336 | €843 | +€507 | +151.0% |
| Recurring financial income | 75 | €336 | €843 | +€507 | +151.0% |
| Financial charges | 65/66B | €1,539 | €3,579 | +€2,040 | +132.5% |
| Recurring financial charges | 65 | €1,539 | €3,579 | +€2,040 | +132.5% |
| Profit (loss) for the period before taxes | 9903 | €18,569 | €34,823 | +€16,254 | +87.5% |
| Income taxes | 67/77 | €5,265 | €10,460 | +€5,196 | +98.7% |
| Profit (loss) for the period | 9904 | €13,304 | €24,363 | +€11,058 | +83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,304 | €24,363 | +€11,058 | +83.1% |
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 28 September 2026 via checked.be.