GUANXI: 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.
GUANXI
Largest movements
- Current investments -€44,742
down €44,742 (-16.0%), from €279,978 to €235,236
- Tangible fixed assets -€20,854
down €20,854 (-3.6%), from €583,152 to €562,298
of which Land and buildings: -€20,742
- Reserves -€53,929
down €53,929 (-4.8%), from €1.1m to €1.1m
of which Distributable reserves: -€53,929
- Other debts -€12,955
down €12,955 (-41.8%), from €30,961 to €18,006
- Financial charges +€35,032
up €35,032, from -€33,483 to €1,549
- Write-downs -€15,000
no longer reported in 2025 (was €15,000)
- Financial income +€2,867
up €2,867 (+22.3%), from €12,866 to €15,733
- Taxes -€1,202
down €1,202, from €190 to -€1,012
- Gross operating margin -€682
down €682 (-1.7%), from -€41,122 to -€41,804
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 | €1,215,568 | €1,149,737 | -€65,831 | -5.4% |
| Fixed assets | 21/28 | €583,202 | €562,348 | -€20,854 | -3.6% |
| Tangible fixed assets | 22/27 | €583,152 | €562,298 | -€20,854 | -3.6% |
| Land and buildings | 22 | €580,972 | €560,230 | -€20,742 | -3.6% |
| Plant, machinery and equipment | 23 | €1,662 | €2,068 | +€406 | +24.4% |
| Furniture and vehicles | 24 | €517 | - | -€517 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €632,366 | €587,390 | -€44,976 | -7.1% |
| Amounts receivable after more than one year | 29 | €330,000 | €330,000 | = | 0.0% |
| Other amounts receivable | 291 | €330,000 | €330,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,939 | €2,614 | -€4,324 | -62.3% |
| Trade receivables | 40 | €6,292 | €450 | -€5,842 | -92.8% |
| Other amounts receivable | 41 | €647 | €2,164 | +€1,518 | +235% |
| Current investments | 50/53 | €279,978 | €235,236 | -€44,742 | -16.0% |
| Cash at bank and in hand | 54/58 | €4,512 | €10,561 | +€6,049 | +134% |
| Deferred charges and accrued income | 490/1 | €10,938 | €8,979 | -€1,959 | -17.9% |
| Total equity and liabilities | 10/49 | €1,215,568 | €1,149,737 | -€65,831 | -5.4% |
| Equity | 10/15 | €1,181,977 | €1,128,047 | -€53,929 | -4.6% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,111,977 | €1,058,047 | -€53,929 | -4.8% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,067,477 | €1,013,547 | -€53,929 | -5.1% |
| Amounts payable | 17/49 | €33,592 | €21,690 | -€11,902 | -35.4% |
| Amounts payable within one year | 42/48 | €33,017 | €21,690 | -€11,327 | -34.3% |
| Trade debts | 44 | €2,046 | €3,065 | +€1,019 | +49.8% |
| Suppliers | 440/4 | €2,046 | €3,065 | +€1,019 | +49.8% |
| Taxes, remuneration and social security | 45 | €10 | €620 | +€609 | +5,852% |
| Taxes | 450/3 | €10 | €620 | +€609 | +5,852% |
| Other amounts payable | 47/48 | €30,961 | €18,006 | -€12,955 | -41.8% |
| Accrued charges and deferred income | 492/3 | €575 | - | -€575 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,955 | €22,713 | -€241 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,000 | - | -€15,000 | |
| Other operating charges | 640/8 | €4,743 | €4,608 | -€135 | -2.9% |
| Gross operating margin | 9900 | -€41,122 | -€41,804 | -€682 | -1.7% |
| Operating profit (loss) | 9901 | -€83,820 | -€69,125 | +€14,695 | +17.5% |
| Financial income | 75/76B | €12,866 | €15,733 | +€2,867 | +22.3% |
| Recurring financial income | 75 | €12,866 | €15,733 | +€2,867 | +22.3% |
| Financial charges | 65/66B | -€33,483 | €1,549 | +€35,032 | |
| Recurring financial charges | 65 | -€33,483 | €1,549 | +€35,032 | |
| Profit (loss) for the period before taxes | 9903 | -€37,472 | -€54,941 | -€17,470 | -46.6% |
| Income taxes | 67/77 | €190 | -€1,012 | -€1,202 | |
| Profit (loss) for the period | 9904 | -€37,661 | -€53,929 | -€16,268 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,661 | -€53,929 | -€16,268 | -43.2% |
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 15 October 2026 via checked.be.