Dr. Gabriele Giunta: 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.
Dr. Gabriele Giunta
Largest movements
- Tangible fixed assets +€305,010
up €305,010 (+2,946%), from €10,353 to €315,363
of which Land and buildings: +€217,741
- Receivables within one year +€94,714
up €94,714 (+294%), from €32,263 to €126,976
of which Trade receivables: +€68,569
- Cash +€31,874
up €31,874 (+15.4%), from €206,801 to €238,674
mainly Debts after one year (+€286,465) and Net result for the year (+€207,423)
- Debts after one year +€286,465
new in 2025: €286,465
- Other debts +€85,000
new in 2025: €85,000
- Current portion of long-term debt +€28,307
new in 2025: €28,307
- Trade debts +€21,488
new in 2025: €21,488
- Profit (loss) carried forward +€17,423
new in 2025: €17,423
- Gross operating margin +€145,846
up €145,846 (+75.1%), from €194,255 to €340,101
- Depreciation +€40,602
up €40,602 (+2,114%), from €1,920 to €42,522
- Taxes +€34,064
up €34,064 (+87.4%), from €38,987 to €73,051
- Staff costs -€14,039
down €14,039 (-66.6%), from €21,091 to €7,052
- Financial charges +€7,322
up €7,322 (+351%), from €2,083 to €9,405
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 | €249,416 | €685,212 | +€435,795 | +175% |
| Fixed assets | 21/28 | €10,353 | €315,363 | +€305,010 | +2,946% |
| Tangible fixed assets | 22/27 | €10,353 | €315,363 | +€305,010 | +2,946% |
| Land and buildings | 22 | €1,511 | €219,252 | +€217,741 | +14,410% |
| Plant, machinery and equipment | 23 | €1,719 | €78,997 | +€77,278 | +4,496% |
| Furniture and vehicles | 24 | €991 | €10,982 | +€9,991 | +1,008% |
| Other tangible fixed assets | 26 | €6,132 | €6,132 | = | 0.0% |
| Current assets | 29/58 | €239,063 | €369,849 | +€130,785 | +54.7% |
| Amounts receivable within one year | 40/41 | €32,263 | €126,976 | +€94,714 | +294% |
| Trade receivables | 40 | €16,724 | €85,293 | +€68,569 | +410% |
| Other amounts receivable | 41 | €15,539 | €41,683 | +€26,145 | +168% |
| Cash at bank and in hand | 54/58 | €206,801 | €238,674 | +€31,874 | +15.4% |
| Deferred charges and accrued income | 490/1 | - | €4,198 | +€4,198 | |
| Total equity and liabilities | 10/49 | €249,416 | €685,212 | +€435,795 | +175% |
| Equity | 10/15 | €193,025 | €210,448 | +€17,423 | +9.0% |
| Contributions | 10/11 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €193,025 | €190,025 | -€3,000 | -1.6% |
| Distributable reserves | 133 | €193,025 | €190,025 | -€3,000 | -1.6% |
| Profit (loss) carried forward | 14 | - | €17,423 | +€17,423 | |
| Amounts payable | 17/49 | €56,391 | €474,764 | +€418,372 | +742% |
| Amounts payable after more than one year | 17 | - | €286,465 | +€286,465 | |
| Financial debts | 170/4 | - | €286,465 | +€286,465 | |
| Amounts payable within one year | 42/48 | €56,391 | €188,298 | +€131,907 | +234% |
| Current portion of amounts payable after more than one year | 42 | - | €28,307 | +€28,307 | |
| Trade debts | 44 | - | €21,488 | +€21,488 | |
| Suppliers | 440/4 | - | €21,488 | +€21,488 | |
| Taxes, remuneration and social security | 45 | €56,391 | €53,503 | -€2,889 | -5.1% |
| Taxes | 450/3 | €43,648 | €52,353 | +€8,705 | +19.9% |
| Remuneration and social security | 454/9 | €12,744 | €1,150 | -€11,594 | -91.0% |
| Other amounts payable | 47/48 | - | €85,000 | +€85,000 | |
| Remuneration, social security and pensions | 62 | €21,091 | €7,052 | -€14,039 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,920 | €42,522 | +€40,602 | +2,114% |
| Other operating charges | 640/8 | €3,722 | €3,407 | -€315 | -8.5% |
| Gross operating margin | 9900 | €194,255 | €340,101 | +€145,846 | +75.1% |
| Operating profit (loss) | 9901 | €167,522 | €287,120 | +€119,598 | +71.4% |
| Financial income | 75/76B | €47 | €2,759 | +€2,712 | +5,765% |
| Recurring financial income | 75 | €47 | €2,759 | +€2,712 | +5,765% |
| Financial charges | 65/66B | €2,083 | €9,405 | +€7,322 | +351% |
| Recurring financial charges | 65 | €2,083 | €9,405 | +€7,322 | +351% |
| Profit (loss) for the period before taxes | 9903 | €165,486 | €280,474 | +€114,988 | +69.5% |
| Income taxes | 67/77 | €38,987 | €73,051 | +€34,064 | +87.4% |
| Profit (loss) for the period | 9904 | €126,499 | €207,423 | +€80,924 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €126,499 | €207,423 | +€80,924 | +64.0% |
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.