GW DEVELOPMENT: what changed
GW DEVELOPMENT
Largest movements
- Tangible fixed assets -€4,795
down €4,795 (-23.1%), from €20,740 to €15,946
of which Furniture and vehicles: -€3,700
- Cash +€3,001
up €3,001 (+18.6%), from €16,123 to €19,124
mainly Depreciation (+€5,840) and Net result for the year (+€3,487)
- Deferred charges and accrued income +€2,332
up €2,332 (+157%), from €1,486 to €3,818
- Receivables within one year +€1,004
new in 2025: €1,004
- Profit (loss) carried forward +€3,487
up €3,487 (+5.9%), from -€58,862 to -€55,375
- Tax, wage and social debts -€1,977
down €1,977 (-74.4%), from €2,657 to €680
- Gross operating margin +€19,105
up €19,105, from -€7,604 to €11,501
- Depreciation +€1,887
up €1,887 (+47.7%), from €3,953 to €5,840
- Financial charges -€263
down €263 (-13.4%), from €1,962 to €1,699
- Taxes +€188
up €188, from -€7 to €180
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,599 | €40,141 | +€1,542 | +4.0% |
| Fixed assets | 21/28 | €20,990 | €16,196 | -€4,795 | -22.8% |
| Tangible fixed assets | 22/27 | €20,740 | €15,946 | -€4,795 | -23.1% |
| Furniture and vehicles | 24 | €15,273 | €11,574 | -€3,700 | -24.2% |
| Other tangible fixed assets | 26 | €5,467 | €4,372 | -€1,095 | -20.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €17,608 | €23,945 | +€6,337 | +36.0% |
| Amounts receivable within one year | 40/41 | - | €1,004 | +€1,004 | |
| Other amounts receivable | 41 | - | €1,004 | +€1,004 | |
| Cash at bank and in hand | 54/58 | €16,123 | €19,124 | +€3,001 | +18.6% |
| Deferred charges and accrued income | 490/1 | €1,486 | €3,818 | +€2,332 | +157% |
| Total equity and liabilities | 10/49 | €38,599 | €40,141 | +€1,542 | +4.0% |
| Equity | 10/15 | -€58,312 | -€54,825 | +€3,487 | +6.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,862 | -€55,375 | +€3,487 | +5.9% |
| Amounts payable | 17/49 | €96,911 | €94,966 | -€1,945 | -2.0% |
| Amounts payable within one year | 42/48 | €96,911 | €94,966 | -€1,945 | -2.0% |
| Trade debts | 44 | €2,136 | €2,482 | +€346 | +16.2% |
| Suppliers | 440/4 | €2,136 | €2,482 | +€346 | +16.2% |
| Taxes, remuneration and social security | 45 | €2,657 | €680 | -€1,977 | -74.4% |
| Taxes | 450/3 | €2,657 | €680 | -€1,977 | -74.4% |
| Other amounts payable | 47/48 | €92,117 | €91,804 | -€313 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,953 | €5,840 | +€1,887 | +47.7% |
| Other operating charges | 640/8 | €285 | €295 | +€10 | +3.4% |
| Gross operating margin | 9900 | -€7,604 | €11,501 | +€19,105 | |
| Operating profit (loss) | 9901 | -€11,843 | €5,366 | +€17,209 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +106% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +106% |
| Financial charges | 65/66B | €1,962 | €1,699 | -€263 | -13.4% |
| Recurring financial charges | 65 | €1,962 | €1,699 | -€263 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,805 | €3,667 | +€17,472 | |
| Income taxes | 67/77 | -€7 | €180 | +€188 | |
| Profit (loss) for the period | 9904 | -€13,797 | €3,487 | +€17,284 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,797 | €3,487 | +€17,284 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.