GUARANTEED: 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.
GUARANTEED
Largest movements
- Tangible fixed assets -€222,087
down €222,087 (-35.4%), from €628,236 to €406,149
of which Plant, machinery and equipment: -€208,301
- Receivables within one year +€158,424
up €158,424 (+43.8%), from €361,874 to €520,298
of which Trade receivables: +€130,326
- Intangible fixed assets +€15,024
up €15,024 (+6.4%), from €233,202 to €248,225
- Profit (loss) carried forward -€781,019
down €781,019 (-341.4%), from -€228,803 to -€1.0m
- Debts after one year +€750,000
new in 2025: €750,000
- Other debts -€126,721
down €126,721 (-100.0%), from €126,721 to €0
- Accrued charges and deferred income +€97,270
up €97,270 (+13.0%), from €747,060 to €844,330
- Short-term financial debts +€34,875
new in 2025: €34,875
- Gross operating margin +€558,093
up €558,093 (+55.8%), from -€1.0m to -€442,851
- Financial charges +€38,084
up €38,084 (+1644.1%), from €2,316 to €40,401
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 | €1,330,167 | €1,290,757 | -€39,410 | -3.0% |
| Fixed assets | 21/28 | €861,438 | €654,374 | -€207,063 | -24.0% |
| Intangible fixed assets | 21 | €233,202 | €248,225 | +€15,024 | +6.4% |
| Tangible fixed assets | 22/27 | €628,236 | €406,149 | -€222,087 | -35.4% |
| Plant, machinery and equipment | 23 | €608,300 | €399,999 | -€208,301 | -34.2% |
| Furniture and vehicles | 24 | €1,077 | €690 | -€387 | -35.9% |
| Other tangible fixed assets | 26 | €18,859 | €5,460 | -€13,399 | -71.0% |
| Current assets | 29/58 | €468,729 | €636,383 | +€167,653 | +35.8% |
| Amounts receivable within one year | 40/41 | €361,874 | €520,298 | +€158,424 | +43.8% |
| Trade receivables | 40 | €99,220 | €229,546 | +€130,326 | +131.4% |
| Other amounts receivable | 41 | €262,654 | €290,752 | +€28,098 | +10.7% |
| Cash at bank and in hand | 54/58 | €6,260 | €6,004 | -€256 | -4.1% |
| Deferred charges and accrued income | 490/1 | €100,595 | €110,080 | +€9,485 | +9.4% |
| Total equity and liabilities | 10/49 | €1,330,167 | €1,290,757 | -€39,410 | -3.0% |
| Equity | 10/15 | €191,425 | -€589,594 | -€781,019 | |
| Contributions | 10/11 | €420,227 | €420,227 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€228,803 | -€1,009,821 | -€781,019 | -341.4% |
| Amounts payable | 17/49 | €1,138,742 | €1,880,351 | +€741,609 | +65.1% |
| Amounts payable after more than one year | 17 | - | €750,000 | +€750,000 | |
| Financial debts | 170/4 | - | €750,000 | +€750,000 | |
| Amounts payable within one year | 42/48 | €391,682 | €286,021 | -€105,661 | -27.0% |
| Financial debts | 43 | - | €34,875 | +€34,875 | |
| Credit institutions | 430/8 | - | €34,875 | +€34,875 | |
| Trade debts | 44 | €264,961 | €251,146 | -€13,815 | -5.2% |
| Suppliers | 440/4 | €264,961 | €251,146 | -€13,815 | -5.2% |
| Other amounts payable | 47/48 | €126,721 | €0 | -€126,721 | -100.0% |
| Accrued charges and deferred income | 492/3 | €747,060 | €844,330 | +€97,270 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298,632 | €299,946 | +€1,314 | +0.4% |
| Other operating charges | 640/8 | €2,029 | €1,553 | -€475 | -23.4% |
| Gross operating margin | 9900 | -€1,000,944 | -€442,851 | +€558,093 | +55.8% |
| Operating profit (loss) | 9901 | -€1,301,605 | -€744,351 | +€557,254 | +42.8% |
| Financial income | 75/76B | €13,240 | €3,733 | -€9,508 | -71.8% |
| Recurring financial income | 75 | €13,240 | €3,733 | -€9,508 | -71.8% |
| Financial charges | 65/66B | €2,316 | €40,401 | +€38,084 | +1644.1% |
| Recurring financial charges | 65 | €2,316 | €40,401 | +€38,084 | +1644.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,290,681 | -€781,019 | +€509,662 | +39.5% |
| Profit (loss) for the period | 9904 | -€1,290,681 | -€781,019 | +€509,662 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,290,681 | -€781,019 | +€509,662 | +39.5% |
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 5 October 2026 via checked.be.