ETS GUZENDA: 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.
ETS GUZENDA
Largest movements
- Cash +€16,874
up €16,874 (+204%), from €8,283 to €25,158
mainly Depreciation (+€16,750) and Other debts (+€9,100)
- Tangible fixed assets -€16,750
down €16,750 (-29.3%), from €57,217 to €40,467
of which Furniture and vehicles: -€8,967
- Receivables within one year +€2,558
up €2,558 (+27.6%), from €9,283 to €11,842
of which Trade receivables: +€3,084
- Other debts +€9,100
up €9,100 (+15.0%), from €60,558 to €69,658
- Trade debts -€8,899
down €8,899 (-24.6%), from €36,237 to €27,339
- Debts after one year -€6,169
down €6,169 (-51.0%), from €12,099 to €5,931
- Profit (loss) carried forward +€4,967
up €4,967 (+8.6%), from -€57,913 to -€52,946
- Tax, wage and social debts +€3,084
up €3,084 (+22.3%), from €13,846 to €16,930
of which Remuneration and social security: +€3,543
- Gross operating margin +€22,270
up €22,270 (+47.3%), from €47,106 to €69,375
- Staff costs -€2,722
down €2,722 (-5.7%), from €47,760 to €45,039
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 | €90,691 | €93,047 | +€2,355 | +2.6% |
| Fixed assets | 21/28 | €58,017 | €41,267 | -€16,750 | -28.9% |
| Tangible fixed assets | 22/27 | €57,217 | €40,467 | -€16,750 | -29.3% |
| Plant, machinery and equipment | 23 | €10,662 | €9,078 | -€1,584 | -14.9% |
| Furniture and vehicles | 24 | €21,761 | €12,794 | -€8,967 | -41.2% |
| Leasing and similar rights | 25 | €24,794 | €18,596 | -€6,199 | -25.0% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €32,674 | €51,780 | +€19,105 | +58.5% |
| Stocks and contracts in progress | 3 | €14,781 | €14,781 | = | 0.0% |
| Contracts in progress | 37 | €14,781 | €14,781 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,283 | €11,842 | +€2,558 | +27.6% |
| Trade receivables | 40 | €8,008 | €11,092 | +€3,084 | +38.5% |
| Other amounts receivable | 41 | €1,275 | €749 | -€526 | -41.2% |
| Cash at bank and in hand | 54/58 | €8,283 | €25,158 | +€16,874 | +204% |
| Deferred charges and accrued income | 490/1 | €327 | - | -€327 | |
| Total equity and liabilities | 10/49 | €90,691 | €93,047 | +€2,355 | +2.6% |
| Equity | 10/15 | -€37,947 | -€32,980 | +€4,967 | +13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,366 | €1,366 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,366 | €1,366 | = | 0.0% |
| Other | 1319 | €1,366 | €1,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,913 | -€52,946 | +€4,967 | +8.6% |
| Amounts payable | 17/49 | €128,638 | €126,026 | -€2,612 | -2.0% |
| Amounts payable after more than one year | 17 | €12,099 | €5,931 | -€6,169 | -51.0% |
| Financial debts | 170/4 | €12,099 | €5,931 | -€6,169 | -51.0% |
| Amounts payable within one year | 42/48 | €116,511 | €120,096 | +€3,584 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €5,870 | €6,169 | +€299 | +5.1% |
| Trade debts | 44 | €36,237 | €27,339 | -€8,899 | -24.6% |
| Suppliers | 440/4 | €36,237 | €27,339 | -€8,899 | -24.6% |
| Taxes, remuneration and social security | 45 | €13,846 | €16,930 | +€3,084 | +22.3% |
| Taxes | 450/3 | €6,605 | €6,146 | -€459 | -6.9% |
| Remuneration and social security | 454/9 | €7,241 | €10,784 | +€3,543 | +48.9% |
| Other amounts payable | 47/48 | €60,558 | €69,658 | +€9,100 | +15.0% |
| Accrued charges and deferred income | 492/3 | €28 | - | -€28 | |
| Remuneration, social security and pensions | 62 | €47,760 | €45,039 | -€2,722 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,234 | €16,750 | -€484 | -2.8% |
| Other operating charges | 640/8 | €1,143 | €1,504 | +€360 | +31.5% |
| Gross operating margin | 9900 | €47,106 | €69,375 | +€22,270 | +47.3% |
| Operating profit (loss) | 9901 | -€19,032 | €6,083 | +€25,115 | |
| Financial charges | 65/66B | €1,307 | €1,116 | -€191 | -14.6% |
| Recurring financial charges | 65 | €1,307 | €1,116 | -€191 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,339 | €4,967 | +€25,307 | |
| Profit (loss) for the period | 9904 | -€20,339 | €4,967 | +€25,307 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,339 | €4,967 | +€25,307 |
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 30 October 2026 via checked.be.