GIULAN: 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.
GIULAN
Largest movements
- Current investments +€170,000
new in 2025: €170,000
- Cash -€161,308
down €161,308 (-43.9%), from €367,266 to €205,959
mainly Contributions, distributions and other (-€208,905) and Current investments (-€170,000)
- Receivables within one year +€5,650
up €5,650 (+15.1%), from €37,391 to €43,042
of which Other amounts receivable: +€4,623
- Other debts +€192,813
new in 2025: €192,813
- Reserves -€176,269
down €176,269 (-46.0%), from €383,019 to €206,751
- Gross operating margin -€41,479
down €41,479 (-45.3%), from €91,551 to €50,072
- Taxes -€7,954
down €7,954 (-33.2%), from €23,991 to €16,037
- Staff costs -€2,918
no longer reported in 2025 (was €2,918)
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 | €404,658 | €420,941 | +€16,284 | +4.0% |
| Current assets | 29/58 | €404,658 | €420,941 | +€16,284 | +4.0% |
| Amounts receivable within one year | 40/41 | €37,391 | €43,042 | +€5,650 | +15.1% |
| Trade receivables | 40 | €35,311 | €36,338 | +€1,027 | +2.9% |
| Other amounts receivable | 41 | €2,081 | €6,704 | +€4,623 | +222% |
| Current investments | 50/53 | - | €170,000 | +€170,000 | |
| Cash at bank and in hand | 54/58 | €367,266 | €205,959 | -€161,308 | -43.9% |
| Deferred charges and accrued income | 490/1 | - | €1,941 | +€1,941 | |
| Total equity and liabilities | 10/49 | €404,658 | €420,941 | +€16,284 | +4.0% |
| Equity | 10/15 | €389,019 | €212,751 | -€176,269 | -45.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €383,019 | €206,751 | -€176,269 | -46.0% |
| Distributable reserves | 133 | €383,019 | €206,751 | -€176,269 | -46.0% |
| Amounts payable | 17/49 | €15,638 | €208,191 | +€192,552 | +1,231% |
| Amounts payable within one year | 42/48 | €15,638 | €208,191 | +€192,552 | +1,231% |
| Trade debts | 44 | - | €803 | +€803 | |
| Suppliers | 440/4 | - | €803 | +€803 | |
| Taxes, remuneration and social security | 45 | €15,638 | €14,575 | -€1,063 | -6.8% |
| Taxes | 450/3 | €14,913 | €11,200 | -€3,713 | -24.9% |
| Remuneration and social security | 454/9 | €725 | €3,375 | +€2,650 | +366% |
| Other amounts payable | 47/48 | - | €192,813 | +€192,813 | |
| Remuneration, social security and pensions | 62 | €2,918 | - | -€2,918 | |
| Other operating charges | 640/8 | €528 | €1,091 | +€563 | +107% |
| Gross operating margin | 9900 | €91,551 | €50,072 | -€41,479 | -45.3% |
| Operating profit (loss) | 9901 | €88,106 | €48,981 | -€39,124 | -44.4% |
| Financial charges | 65/66B | €140 | €308 | +€167 | +119% |
| Recurring financial charges | 65 | €140 | €308 | +€167 | +119% |
| Profit (loss) for the period before taxes | 9903 | €87,965 | €48,674 | -€39,292 | -44.7% |
| Income taxes | 67/77 | €23,991 | €16,037 | -€7,954 | -33.2% |
| Profit (loss) for the period | 9904 | €63,975 | €32,637 | -€31,338 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,975 | €32,637 | -€31,338 | -49.0% |
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 28 October 2026 via checked.be.