DANIEL GUNEL: 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.
DANIEL GUNEL
Largest movements
- Financial fixed assets -€130,000
down €130,000 (-19.3%), from €675,000 to €545,000
- Receivables within one year -€16,568
down €16,568 (-21.6%), from €76,639 to €60,071
of which Trade receivables: -€16,568
- Cash -€10,844
down €10,844 (-32.0%), from €33,902 to €23,058
mainly Debts after one year (-€101,317) and Current portion of long-term debt (-€25,110)
- Debts after one year -€101,317
down €101,317 (-39.0%), from €259,985 to €158,668
- Current portion of long-term debt -€25,110
down €25,110 (-33.7%), from €74,578 to €49,468
- Trade debts -€21,174
down €21,174 (-54.1%), from €39,145 to €17,971
- Tax, wage and social debts -€15,588
down €15,588 (-33.4%), from €46,690 to €31,102
- Gross operating margin -€54,932
down €54,932 (-36.0%), from €152,801 to €97,869
- Financial charges +€31,979
up €31,979 (+389.3%), from €8,214 to €40,193
of which Non-recurring financial charges: +€33,915
- Taxes -€14,608
down €14,608 (-36.5%), from €40,017 to €25,409
- Depreciation -€6,736
down €6,736 (-90.3%), from €7,457 to €721
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 | €793,843 | €637,609 | -€156,234 | -19.7% |
| Fixed assets | 21/28 | €680,157 | €550,871 | -€129,286 | -19.0% |
| Tangible fixed assets | 22/27 | €5,157 | €5,871 | +€714 | +13.8% |
| Furniture and vehicles | 24 | - | €5,871 | +€5,871 | |
| Leasing and similar rights | 25 | €5,157 | - | -€5,157 | |
| Financial fixed assets | 28 | €675,000 | €545,000 | -€130,000 | -19.3% |
| Current assets | 29/58 | €113,686 | €86,738 | -€26,948 | -23.7% |
| Amounts receivable within one year | 40/41 | €76,639 | €60,071 | -€16,568 | -21.6% |
| Trade receivables | 40 | €54,839 | €38,271 | -€16,568 | -30.2% |
| Other amounts receivable | 41 | €21,800 | €21,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,902 | €23,058 | -€10,844 | -32.0% |
| Deferred charges and accrued income | 490/1 | €3,145 | €3,609 | +€464 | +14.8% |
| Total equity and liabilities | 10/49 | €793,843 | €637,609 | -€156,234 | -19.7% |
| Equity | 10/15 | €373,445 | €380,400 | +€6,955 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €352,985 | €359,940 | +€6,955 | +2.0% |
| Amounts payable | 17/49 | €420,398 | €257,209 | -€163,189 | -38.8% |
| Amounts payable after more than one year | 17 | €259,985 | €158,668 | -€101,317 | -39.0% |
| Financial debts | 170/4 | €259,985 | €158,668 | -€101,317 | -39.0% |
| Amounts payable within one year | 42/48 | €160,413 | €98,541 | -€61,872 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €74,578 | €49,468 | -€25,110 | -33.7% |
| Trade debts | 44 | €39,145 | €17,971 | -€21,174 | -54.1% |
| Suppliers | 440/4 | €39,145 | €17,971 | -€21,174 | -54.1% |
| Taxes, remuneration and social security | 45 | €46,690 | €31,102 | -€15,588 | -33.4% |
| Taxes | 450/3 | €46,690 | €31,102 | -€15,588 | -33.4% |
| Non-recurring operating income | 76A | €3,838 | €3,998 | +€160 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,457 | €721 | -€6,736 | -90.3% |
| Other operating charges | 640/8 | €1,807 | €1,108 | -€699 | -38.7% |
| Gross operating margin | 9900 | €152,801 | €97,869 | -€54,932 | -36.0% |
| Operating profit (loss) | 9901 | €143,537 | €96,040 | -€47,497 | -33.1% |
| Financial income | 75/76B | €158 | €47 | -€111 | -70.3% |
| Recurring financial income | 75 | €158 | €47 | -€111 | -70.3% |
| Financial charges | 65/66B | €8,214 | €40,193 | +€31,979 | +389.3% |
| Recurring financial charges | 65 | €8,214 | €6,278 | -€1,936 | -23.6% |
| Non-recurring financial charges | 66B | - | €33,915 | +€33,915 | |
| Profit (loss) for the period before taxes | 9903 | €135,481 | €55,894 | -€79,587 | -58.7% |
| Income taxes | 67/77 | €40,017 | €25,409 | -€14,608 | -36.5% |
| Profit (loss) for the period | 9904 | €95,464 | €30,485 | -€64,979 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,464 | €30,485 | -€64,979 | -68.1% |
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 6 October 2026 via checked.be.