GUAPA: 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.
GUAPA
Largest movements
- Cash -€77,741
down €77,741 (-64.0%), from €121,551 to €43,810
mainly Receivables within one year (-€47,166) and Other debts (-€21,709)
- Receivables within one year +€47,166
up €47,166 (+45.0%), from €104,746 to €151,912
of which Other amounts receivable: +€39,302
- Stocks and contracts -€8,097
down €8,097 (-4.5%), from €181,213 to €173,116
- Deferred charges and accrued income -€5,549
down €5,549 (-63.5%), from €8,745 to €3,195
- Other debts -€21,709
no longer reported in 2025 (was €21,709)
- Trade debts -€16,682
down €16,682 (-50.7%), from €32,931 to €16,249
- Tax, wage and social debts -€7,543
down €7,543 (-21.6%), from €34,995 to €27,452
of which Taxes: -€4,662
- Gross operating margin -€15,351
down €15,351 (-20.2%), from €76,117 to €60,766
- Staff costs -€4,362
down €4,362 (-6.3%), from €69,730 to €65,368
- Taxes -€2,800
down €2,800 (-79.2%), from €3,538 to €737
- Financial charges -€1,608
down €1,608 (-42.1%), from €3,820 to €2,213
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 | €423,514 | €379,455 | -€44,059 | -10.4% |
| Fixed assets | 21/28 | €7,259 | €7,422 | +€163 | +2.2% |
| Tangible fixed assets | 22/27 | €7,259 | €7,422 | +€163 | +2.2% |
| Plant, machinery and equipment | 23 | €377 | €74 | -€303 | -80.4% |
| Furniture and vehicles | 24 | - | €3,370 | +€3,370 | |
| Other tangible fixed assets | 26 | €6,881 | €3,978 | -€2,904 | -42.2% |
| Current assets | 29/58 | €416,255 | €372,033 | -€44,222 | -10.6% |
| Stocks and contracts in progress | 3 | €181,213 | €173,116 | -€8,097 | -4.5% |
| Stocks | 30/36 | €181,213 | €173,116 | -€8,097 | -4.5% |
| Amounts receivable within one year | 40/41 | €104,746 | €151,912 | +€47,166 | +45.0% |
| Trade receivables | 40 | €1,886 | €9,749 | +€7,863 | +417.0% |
| Other amounts receivable | 41 | €102,861 | €142,163 | +€39,302 | +38.2% |
| Cash at bank and in hand | 54/58 | €121,551 | €43,810 | -€77,741 | -64.0% |
| Deferred charges and accrued income | 490/1 | €8,745 | €3,195 | -€5,549 | -63.5% |
| Total equity and liabilities | 10/49 | €423,514 | €379,455 | -€44,059 | -10.4% |
| Equity | 10/15 | €318,908 | €319,158 | +€250 | +0.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €218,908 | €219,158 | +€250 | +0.1% |
| Distributable reserves | 133 | €218,908 | €219,158 | +€250 | +0.1% |
| Provisions and deferred taxes | 16 | €13,654 | €13,654 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €13,654 | €13,654 | = | 0.0% |
| Pensions and similar obligations | 160 | €13,654 | €13,654 | = | 0.0% |
| Amounts payable | 17/49 | €90,951 | €46,643 | -€44,308 | -48.7% |
| Amounts payable within one year | 42/48 | €89,635 | €46,643 | -€42,992 | -48.0% |
| Trade debts | 44 | €32,931 | €16,249 | -€16,682 | -50.7% |
| Suppliers | 440/4 | €32,931 | €16,249 | -€16,682 | -50.7% |
| Advances received on contracts in progress | 46 | - | €2,942 | +€2,942 | |
| Taxes, remuneration and social security | 45 | €34,995 | €27,452 | -€7,543 | -21.6% |
| Taxes | 450/3 | €19,815 | €15,154 | -€4,662 | -23.5% |
| Remuneration and social security | 454/9 | €15,180 | €12,299 | -€2,881 | -19.0% |
| Other amounts payable | 47/48 | €21,709 | - | -€21,709 | |
| Accrued charges and deferred income | 492/3 | €1,316 | - | -€1,316 | |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €69,730 | €65,368 | -€4,362 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,378 | €3,643 | -€735 | -16.8% |
| Other operating charges | 640/8 | €1,107 | €903 | -€204 | -18.4% |
| Gross operating margin | 9900 | €76,117 | €60,766 | -€15,351 | -20.2% |
| Operating profit (loss) | 9901 | €902 | -€9,147 | -€10,049 | |
| Financial income | 75/76B | €12,296 | €12,347 | +€51 | +0.4% |
| Recurring financial income | 75 | €12,296 | €12,347 | +€51 | +0.4% |
| Financial charges | 65/66B | €3,820 | €2,213 | -€1,608 | -42.1% |
| Recurring financial charges | 65 | €3,820 | €2,213 | -€1,608 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €9,377 | €987 | -€8,390 | -89.5% |
| Income taxes | 67/77 | €3,538 | €737 | -€2,800 | -79.2% |
| Profit (loss) for the period | 9904 | €5,840 | €250 | -€5,590 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,840 | €250 | -€5,590 | -95.7% |
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 3 October 2026 via checked.be.