GIULIANO MANAGEMENT: 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.
GIULIANO MANAGEMENT
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+244%), from €470,611 to €1.6m
- Cash -€60,294
down €60,294 (-33.4%), from €180,390 to €120,096
mainly Investment in fixed assets (net) (-€1.2m) and Receivables after one year (-€51,906)
- Receivables after one year +€51,906
new in 2025: €51,906
- Debts after one year +€846,832
up €846,832 (+269%), from €314,427 to €1.2m
- Profit (loss) carried forward +€202,119
up €202,119 (+74.0%), from €273,065 to €475,184
- Current portion of long-term debt +€79,995
up €79,995 (+154%), from €51,978 to €131,973
- Financial income +€100,345
up €100,345 (+201%), from €50,000 to €150,345
- Financial charges +€15,894
up €15,894 (+163%), from €9,737 to €25,631
- Gross operating margin -€8,279
down €8,279 (-7.9%), from €104,237 to €95,958
- Taxes -€4,526
down €4,526 (-24.9%), from €18,152 to €13,626
- Other operating charges -€2,718
down €2,718 (-74.4%), from €3,652 to €934
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 | €686,521 | €1,814,989 | +€1.1m | +164% |
| Fixed assets | 21/28 | €488,201 | €1,634,208 | +€1.1m | +235% |
| Tangible fixed assets | 22/27 | €17,590 | €13,597 | -€3,993 | -22.7% |
| Plant, machinery and equipment | 23 | €1,623 | €1,259 | -€364 | -22.4% |
| Furniture and vehicles | 24 | €15,967 | €12,337 | -€3,630 | -22.7% |
| Financial fixed assets | 28 | €470,611 | €1,620,611 | +€1.2m | +244% |
| Current assets | 29/58 | €198,320 | €180,781 | -€17,539 | -8.8% |
| Amounts receivable after more than one year | 29 | - | €51,906 | +€51,906 | |
| Other amounts receivable | 291 | - | €51,906 | +€51,906 | |
| Amounts receivable within one year | 40/41 | €16,947 | €6,374 | -€10,573 | -62.4% |
| Trade receivables | 40 | €12,100 | - | -€12,100 | |
| Other amounts receivable | 41 | €4,847 | €6,374 | +€1,527 | +31.5% |
| Cash at bank and in hand | 54/58 | €180,390 | €120,096 | -€60,294 | -33.4% |
| Deferred charges and accrued income | 490/1 | €983 | €2,405 | +€1,422 | +145% |
| Total equity and liabilities | 10/49 | €686,521 | €1,814,989 | +€1.1m | +164% |
| Equity | 10/15 | €303,065 | €505,184 | +€202,119 | +66.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,065 | €475,184 | +€202,119 | +74.0% |
| Amounts payable | 17/49 | €383,456 | €1,309,805 | +€926,348 | +242% |
| Amounts payable after more than one year | 17 | €314,427 | €1,161,259 | +€846,832 | +269% |
| Financial debts | 170/4 | €314,427 | €1,161,259 | +€846,832 | +269% |
| Amounts payable within one year | 42/48 | €68,785 | €148,260 | +€79,475 | +116% |
| Current portion of amounts payable after more than one year | 42 | €51,978 | €131,973 | +€79,995 | +154% |
| Trade debts | 44 | €502 | €1,022 | +€520 | +104% |
| Suppliers | 440/4 | €502 | €1,022 | +€520 | +104% |
| Taxes, remuneration and social security | 45 | €14,466 | €13,417 | -€1,049 | -7.3% |
| Taxes | 450/3 | €12,466 | €13,417 | +€951 | +7.6% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €1,839 | €1,847 | +€8 | +0.5% |
| Accrued charges and deferred income | 492/3 | €245 | €286 | +€40 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,377 | €3,993 | +€1,617 | +68.0% |
| Other operating charges | 640/8 | €3,652 | €934 | -€2,718 | -74.4% |
| Gross operating margin | 9900 | €104,237 | €95,958 | -€8,279 | -7.9% |
| Operating profit (loss) | 9901 | €98,209 | €91,031 | -€7,177 | -7.3% |
| Financial income | 75/76B | €50,000 | €150,345 | +€100,345 | +201% |
| Recurring financial income | 75 | €50,000 | €150,345 | +€100,345 | +201% |
| Financial charges | 65/66B | €9,737 | €25,631 | +€15,894 | +163% |
| Recurring financial charges | 65 | €9,737 | €25,631 | +€15,894 | +163% |
| Profit (loss) for the period before taxes | 9903 | €138,472 | €215,745 | +€77,273 | +55.8% |
| Income taxes | 67/77 | €18,152 | €13,626 | -€4,526 | -24.9% |
| Profit (loss) for the period | 9904 | €120,320 | €202,119 | +€81,799 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,320 | €202,119 | +€81,799 | +68.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.