GUAN: 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.
GUAN
Largest movements
- Current investments +€257,579
up €257,579 (+123.7%), from €208,203 to €465,782
- Cash -€101,096
down €101,096 (-24.4%), from €414,518 to €313,422
mainly Current investments (-€257,579) and Provisions (-€11,964)
- Tangible fixed assets -€62,005
down €62,005 (-40.0%), from €155,020 to €93,015
of which Land and buildings: -€61,647
- Reserves +€77,705
up €77,705 (+11.2%), from €691,792 to €769,497
of which Distributable reserves: +€113,598
- Tax, wage and social debts +€28,224
new in 2025: €28,224
- Provisions -€11,964
down €11,964 (-30.4%), from €39,375 to €27,411
- Gross operating margin +€98,577
up €98,577, from -€9,199 to €89,378
- Taxes +€31,380
new in 2025: €31,380
- Financial income +€8,566
up €8,566 (+261.0%), from €3,282 to €11,848
- Depreciation -€4,461
down €4,461 (-91.2%), from €4,889 to €428
- Other operating charges -€1,229
down €1,229 (-36.7%), from €3,349 to €2,120
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 | €779,976 | €874,454 | +€94,478 | +12.1% |
| Fixed assets | 21/28 | €155,020 | €93,015 | -€62,005 | -40.0% |
| Tangible fixed assets | 22/27 | €155,020 | €93,015 | -€62,005 | -40.0% |
| Land and buildings | 22 | €153,370 | €91,723 | -€61,647 | -40.2% |
| Plant, machinery and equipment | 23 | €1,650 | €1,292 | -€358 | -21.7% |
| Current assets | 29/58 | €624,956 | €781,439 | +€156,483 | +25.0% |
| Amounts receivable within one year | 40/41 | €2,235 | €2,235 | = | 0.0% |
| Other amounts receivable | 41 | €2,235 | €2,235 | = | 0.0% |
| Current investments | 50/53 | €208,203 | €465,782 | +€257,579 | +123.7% |
| Cash at bank and in hand | 54/58 | €414,518 | €313,422 | -€101,096 | -24.4% |
| Total equity and liabilities | 10/49 | €779,976 | €874,454 | +€94,478 | +12.1% |
| Equity | 10/15 | €738,303 | €816,008 | +€77,705 | +10.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €691,792 | €769,497 | +€77,705 | +11.2% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €118,125 | €82,232 | -€35,893 | -30.4% |
| Distributable reserves | 133 | €548,878 | €662,476 | +€113,598 | +20.7% |
| Profit (loss) carried forward | 14 | -€15,489 | -€15,489 | = | 0.0% |
| Provisions and deferred taxes | 16 | €39,375 | €27,411 | -€11,964 | -30.4% |
| Deferred taxes | 168 | €39,375 | €27,411 | -€11,964 | -30.4% |
| Amounts payable | 17/49 | €2,298 | €31,035 | +€28,737 | +1250.5% |
| Amounts payable within one year | 42/48 | €2,298 | €31,035 | +€28,737 | +1250.5% |
| Current portion of amounts payable after more than one year | 42 | €467 | €467 | = | 0.0% |
| Trade debts | 44 | €50 | - | -€50 | |
| Suppliers | 440/4 | €50 | - | -€50 | |
| Taxes, remuneration and social security | 45 | - | €28,224 | +€28,224 | |
| Taxes | 450/3 | - | €28,224 | +€28,224 | |
| Other amounts payable | 47/48 | €1,781 | €2,344 | +€563 | +31.6% |
| Non-recurring operating income | 76A | - | €109,643 | +€109,643 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,889 | €428 | -€4,461 | -91.2% |
| Other operating charges | 640/8 | €3,349 | €2,120 | -€1,229 | -36.7% |
| Gross operating margin | 9900 | -€9,199 | €89,378 | +€98,577 | |
| Operating profit (loss) | 9901 | -€17,437 | €86,830 | +€104,267 | |
| Financial income | 75/76B | €3,282 | €11,848 | +€8,566 | +261.0% |
| Recurring financial income | 75 | €3,282 | €11,848 | +€8,566 | +261.0% |
| Financial charges | 65/66B | €1,334 | €1,557 | +€223 | +16.7% |
| Recurring financial charges | 65 | €1,334 | €1,557 | +€223 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,489 | €97,121 | +€112,610 | |
| Transfer from deferred taxes | 780 | - | €39,375 | +€39,375 | |
| Transfer to deferred taxes | 680 | - | €27,411 | +€27,411 | |
| Income taxes | 67/77 | - | €31,380 | +€31,380 | |
| Profit (loss) for the period | 9904 | -€15,489 | €77,705 | +€93,194 | |
| Transfer from tax-exempt reserves | 789 | - | €118,125 | +€118,125 | |
| Transfer to tax-exempt reserves | 689 | - | €82,232 | +€82,232 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,489 | €113,598 | +€129,087 |
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 8 October 2026 via checked.be.