C. Gunst: 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.
C. Gunst
Largest movements
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Tangible fixed assets -€5,549
down €5,549 (-48.2%), from €11,515 to €5,966
- Receivables within one year +€4,431
new in 2025: €4,431
- Debts after one year -€13,501
down €13,501 (-15.1%), from €89,289 to €75,788
- Profit (loss) carried forward +€9,212
up €9,212 (+23.9%), from -€38,512 to -€29,300
- Reserves -€7,660
down €7,660 (-8.3%), from €92,660 to €85,000
- Other debts -€6,762
no longer reported in 2025 (was €6,762)
- Tax, wage and social debts +€2,133
up €2,133 (+33.7%), from €6,335 to €8,467
- Gross operating margin +€2,707
up €2,707 (+4.5%), from €60,477 to €63,185
- Other operating charges -€1,330
down €1,330 (-40.2%), from €3,308 to €1,977
- Taxes +€893
up €893 (+5.4%), from €16,461 to €17,354
- Financial charges +€676
up €676 (+19.8%), from €3,416 to €4,093
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 | €209,208 | €189,338 | -€19,870 | -9.5% |
| Fixed assets | 21/28 | €188,740 | €183,191 | -€5,549 | -2.9% |
| Tangible fixed assets | 22/27 | €11,515 | €5,966 | -€5,549 | -48.2% |
| Furniture and vehicles | 24 | €11,515 | €5,966 | -€5,549 | -48.2% |
| Financial fixed assets | 28 | €177,225 | €177,225 | = | 0.0% |
| Current assets | 29/58 | €20,468 | €6,147 | -€14,321 | -70.0% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Trade receivables | 290 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | - | €4,431 | +€4,431 | |
| Other amounts receivable | 41 | - | €4,431 | +€4,431 | |
| Cash at bank and in hand | 54/58 | €468 | €1,716 | +€1,247 | +266.4% |
| Total equity and liabilities | 10/49 | €209,208 | €189,338 | -€19,870 | -9.5% |
| Equity | 10/15 | €78,848 | €80,400 | +€1,552 | +2.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Revaluation surpluses | 12 | €23,700 | €23,700 | = | 0.0% |
| Reserves | 13 | €92,660 | €85,000 | -€7,660 | -8.3% |
| Distributable reserves | 133 | €92,660 | €85,000 | -€7,660 | -8.3% |
| Profit (loss) carried forward | 14 | -€38,512 | -€29,300 | +€9,212 | +23.9% |
| Amounts payable | 17/49 | €130,360 | €108,938 | -€21,422 | -16.4% |
| Amounts payable after more than one year | 17 | €89,289 | €75,788 | -€13,501 | -15.1% |
| Financial debts | 170/4 | €89,289 | €75,788 | -€13,501 | -15.1% |
| Amounts payable within one year | 42/48 | €41,071 | €33,150 | -€7,921 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €23,825 | €21,790 | -€2,035 | -8.5% |
| Trade debts | 44 | €4,150 | €2,893 | -€1,257 | -30.3% |
| Suppliers | 440/4 | €4,150 | €2,893 | -€1,257 | -30.3% |
| Taxes, remuneration and social security | 45 | €6,335 | €8,467 | +€2,133 | +33.7% |
| Taxes | 450/3 | €6,335 | €8,467 | +€2,133 | +33.7% |
| Other amounts payable | 47/48 | €6,762 | - | -€6,762 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,549 | €5,549 | = | 0.0% |
| Other operating charges | 640/8 | €3,308 | €1,977 | -€1,330 | -40.2% |
| Gross operating margin | 9900 | €60,477 | €63,185 | +€2,707 | +4.5% |
| Operating profit (loss) | 9901 | €51,621 | €55,658 | +€4,038 | +7.8% |
| Financial income | 75/76B | €5,250 | €5,000 | -€250 | -4.8% |
| Recurring financial income | 75 | €5,250 | €5,000 | -€250 | -4.8% |
| Financial charges | 65/66B | €3,416 | €4,093 | +€676 | +19.8% |
| Recurring financial charges | 65 | €3,416 | €4,093 | +€676 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €53,454 | €56,566 | +€3,112 | +5.8% |
| Income taxes | 67/77 | €16,461 | €17,354 | +€893 | +5.4% |
| Profit (loss) for the period | 9904 | €36,993 | €39,212 | +€2,219 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,993 | €39,212 | +€2,219 | +6.0% |
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 8 October 2026 via checked.be.