GWSC: 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.
GWSC
Largest movements
- Cash -€35,876
down €35,876 (-18.9%), from €189,832 to €153,956
mainly Other debts (-€157,562) and Receivables within one year (-€3,064)
- Tangible fixed assets -€17,379
down €17,379 (-25.0%), from €69,390 to €52,010
of which Furniture and vehicles: -€16,880
- Other debts -€157,562
down €157,562 (-72.9%), from €215,988 to €58,426
- Reserves +€89,166
up €89,166 (+38.6%), from €230,904 to €320,069
- Tax, wage and social debts +€13,642
up €13,642 (+94.8%), from €14,397 to €28,039
of which Taxes: +€7,563
- Gross operating margin +€14,611
up €14,611 (+12.1%), from €120,415 to €135,026
- Financial income +€8,688
up €8,688 (+3,249%), from €267 to €8,956
of which Financial income: +€8,688
- Taxes +€6,002
up €6,002 (+20.7%), from €29,021 to €35,024
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 | €482,986 | €428,719 | -€54,267 | -11.2% |
| Fixed assets | 21/28 | €69,390 | €52,010 | -€17,379 | -25.0% |
| Tangible fixed assets | 22/27 | €69,390 | €52,010 | -€17,379 | -25.0% |
| Plant, machinery and equipment | 23 | €366 | €232 | -€134 | -36.5% |
| Furniture and vehicles | 24 | €67,004 | €50,124 | -€16,880 | -25.2% |
| Other tangible fixed assets | 26 | €2,021 | €1,654 | -€366 | -18.1% |
| Current assets | 29/58 | €413,596 | €376,709 | -€36,887 | -8.9% |
| Amounts receivable within one year | 40/41 | €20,386 | €23,450 | +€3,064 | +15.0% |
| Trade receivables | 40 | €20,386 | €23,450 | +€3,064 | +15.0% |
| Current investments | 50/53 | €203,378 | €199,303 | -€4,075 | -2.0% |
| Cash at bank and in hand | 54/58 | €189,832 | €153,956 | -€35,876 | -18.9% |
| Total equity and liabilities | 10/49 | €482,986 | €428,719 | -€54,267 | -11.2% |
| Equity | 10/15 | €249,504 | €338,669 | +€89,166 | +35.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,904 | €320,069 | +€89,166 | +38.6% |
| Distributable reserves | 133 | €230,904 | €320,069 | +€89,166 | +38.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €233,482 | €90,050 | -€143,432 | -61.4% |
| Amounts payable within one year | 42/48 | €233,482 | €90,050 | -€143,432 | -61.4% |
| Trade debts | 44 | €3,097 | €3,584 | +€488 | +15.8% |
| Suppliers | 440/4 | €3,097 | €3,584 | +€488 | +15.8% |
| Taxes, remuneration and social security | 45 | €14,397 | €28,039 | +€13,642 | +94.8% |
| Taxes | 450/3 | €14,397 | €21,960 | +€7,563 | +52.5% |
| Remuneration and social security | 454/9 | - | €6,079 | +€6,079 | |
| Other amounts payable | 47/48 | €215,988 | €58,426 | -€157,562 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,483 | €18,291 | -€192 | -1.0% |
| Other operating charges | 640/8 | €962 | €985 | +€23 | +2.4% |
| Gross operating margin | 9900 | €120,415 | €135,026 | +€14,611 | +12.1% |
| Operating profit (loss) | 9901 | €100,970 | €115,749 | +€14,780 | +14.6% |
| Financial income | 75/76B | €267 | €8,956 | +€8,688 | +3,249% |
| Recurring financial income | 75 | €267 | €8,956 | +€8,688 | +3,249% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €408 | €516 | +€107 | +26.3% |
| Recurring financial charges | 65 | €408 | €516 | +€107 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €100,829 | €124,189 | +€23,360 | +23.2% |
| Income taxes | 67/77 | €29,021 | €35,024 | +€6,002 | +20.7% |
| Profit (loss) for the period | 9904 | €71,808 | €89,166 | +€17,358 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,808 | €89,166 | +€17,358 | +24.2% |
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 23 October 2026 via checked.be.