GWS: 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.
GWS
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+36.0%), from €5.1m to €6.9m
of which Furniture and vehicles: +€1.2m
- Cash -€539,564
down €539,564 (-40.9%), from €1.3m to €780,464
mainly Investment in fixed assets (net) (-€3.4m) and Receivables within one year (-€109,249)
- Receivables within one year +€109,249
up €109,249 (+6.9%), from €1.6m to €1.7m
of which Other amounts receivable: +€180,422
- Debts after one year +€525,805
up €525,805 (+18.1%), from €2.9m to €3.4m
- Reserves +€401,372
up €401,372 (+11.8%), from €3.4m to €3.8m
- Current portion of long-term debt +€230,804
up €230,804 (+28.9%), from €799,497 to €1.0m
- Trade debts +€150,222
up €150,222 (+35.4%), from €424,272 to €574,495
- Staff costs +€675,717
up €675,717 (+71.8%), from €940,959 to €1.6m
- Depreciation +€394,510
up €394,510 (+35.0%), from €1.1m to €1.5m
- Gross operating margin +€300,360
up €300,360 (+8.4%), from €3.6m to €3.9m
- Taxes -€259,277
down €259,277 (-64.5%), from €402,182 to €142,905
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 | €8,032,210 | €9,421,411 | +€1.4m | +17.3% |
| Fixed assets | 21/28 | €5,102,944 | €6,941,778 | +€1.8m | +36.0% |
| Tangible fixed assets | 22/27 | €5,102,794 | €6,941,628 | +€1.8m | +36.0% |
| Plant, machinery and equipment | 23 | €2,253,388 | €2,147,204 | -€106,184 | -4.7% |
| Furniture and vehicles | 24 | €591,072 | €1,773,804 | +€1.2m | +200% |
| Leasing and similar rights | 25 | €2,258,333 | €3,020,620 | +€762,287 | +33.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €2,929,267 | €2,479,633 | -€449,633 | -15.3% |
| Amounts receivable within one year | 40/41 | €1,589,920 | €1,699,169 | +€109,249 | +6.9% |
| Trade receivables | 40 | €1,561,669 | €1,490,496 | -€71,173 | -4.6% |
| Other amounts receivable | 41 | €28,251 | €208,673 | +€180,422 | +639% |
| Cash at bank and in hand | 54/58 | €1,320,028 | €780,464 | -€539,564 | -40.9% |
| Deferred charges and accrued income | 490/1 | €19,319 | - | -€19,319 | |
| Total equity and liabilities | 10/49 | €8,032,210 | €9,421,411 | +€1.4m | +17.3% |
| Equity | 10/15 | €3,594,418 | €3,995,790 | +€401,372 | +11.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €3,394,418 | €3,795,790 | +€401,372 | +11.8% |
| Distributable reserves | 133 | €3,394,418 | €3,795,790 | +€401,372 | +11.8% |
| Amounts payable | 17/49 | €4,437,793 | €5,425,622 | +€987,829 | +22.3% |
| Amounts payable after more than one year | 17 | €2,900,504 | €3,426,309 | +€525,805 | +18.1% |
| Financial debts | 170/4 | €2,900,504 | €3,426,309 | +€525,805 | +18.1% |
| Amounts payable within one year | 42/48 | €1,537,288 | €1,999,313 | +€462,024 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €799,497 | €1,030,301 | +€230,804 | +28.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €424,272 | €574,495 | +€150,222 | +35.4% |
| Suppliers | 440/4 | €424,272 | €574,495 | +€150,222 | +35.4% |
| Taxes, remuneration and social security | 45 | €213,519 | €294,517 | +€80,998 | +37.9% |
| Taxes | 450/3 | €142,420 | €111,401 | -€31,019 | -21.8% |
| Remuneration and social security | 454/9 | €71,099 | €183,116 | +€112,017 | +158% |
| Non-recurring operating income | 76A | €63,868 | €15,067 | -€48,802 | -76.4% |
| Remuneration, social security and pensions | 62 | €940,959 | €1,616,676 | +€675,717 | +71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,126,420 | €1,520,930 | +€394,510 | +35.0% |
| Other operating charges | 640/8 | €14,116 | €31,870 | +€17,753 | +126% |
| Non-recurring operating charges | 66A | - | €2,237 | +€2,237 | |
| Gross operating margin | 9900 | €3,555,983 | €3,856,343 | +€300,360 | +8.4% |
| Operating profit (loss) | 9901 | €1,474,488 | €684,631 | -€789,857 | -53.6% |
| Financial income | 75/76B | €1,573 | €1,091 | -€482 | -30.6% |
| Recurring financial income | 75 | €1,573 | €1,091 | -€482 | -30.6% |
| Financial charges | 65/66B | €108,590 | €141,445 | +€32,855 | +30.3% |
| Recurring financial charges | 65 | €108,590 | €141,445 | +€32,855 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €1,367,471 | €544,277 | -€823,193 | -60.2% |
| Income taxes | 67/77 | €402,182 | €142,905 | -€259,277 | -64.5% |
| Profit (loss) for the period | 9904 | €965,289 | €401,372 | -€563,917 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €965,289 | €401,372 | -€563,917 | -58.4% |
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 14 October 2026 via checked.be.