GUARDA: 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.
What changed
GUARDA
NACE 46.412, Wholesale of household textiles and bedding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,604
2024 · -€16,397-€6,207
Equity
€166,298
2024 · €188,902-€22,604
Cash
€78,314
2024 · €50,208+€28,106
Balance sheet total
€3.2m
2024 · €2.9m+€299,961
Largest movements
Assets
- Tangible fixed assets +€1.8m
up €1.8m (+145%), from €1.2m to €3.0m
of which Land and buildings: +€1.8m
- Stocks and contracts -€1.5m
down €1.5m (-93.2%), from €1.6m to €111,131
Equity and liabilities
- Short-term financial debts +€183,429
up €183,429 (+17.0%), from €1.1m to €1.3m
- Other debts +€165,987
up €165,987 (+10.9%), from €1.5m to €1.7m
- Trade debts -€33,056
down €33,056 (-68.8%), from €48,077 to €15,021
Income statement
- Depreciation +€76,446
up €76,446 (+141%), from €54,187 to €130,633
- Gross operating margin +€45,087
up €45,087 (+29.4%), from €153,508 to €198,595
- Financial charges -€19,820
down €19,820 (-25.8%), from €76,843 to €57,024
- Financial income -€10,109
down €10,109 (-54.8%), from €18,439 to €8,330
- Write-downs -€8,802
down €8,802, from €5,271 to -€3,531
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.
Result 2024
-€16,397
Gross operating margin
+€45,087
Staff costs
-€1,462
Depreciation
-€76,446
Write-downs
+€8,802
Provisions
+€8,639
Other operating charges
-€421
Financial income
-€10,109
Financial charges
+€19,820
Taxes
-€116
Result 2025
-€22,604
raises the resultlowers the result
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.
From operations
+€1.8m
Investment
-€1.9m
Financing
+€183,429
Cash 2024
€50,208
From operations (derived)
+€1.8m
Net result for the year
-€22,604
Depreciation
+€130,633
Stocks and contracts
+€1.5m
Smaller working-capital items
-€1,608
Trade debts
-€33,056
Tax, wage and social debts
-€6,313
Other debts
+€165,987
Accrued charges and deferred income
+€12,805
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
+€183,429
Short-term financial debts
+€183,429
Cash 2025
€78,314
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,941,913 | €3,241,874 | +€299,961 | +10.2% |
| Fixed assets | 21/28 | €1,242,463 | €3,046,178 | +€1.8m | +145% |
| Tangible fixed assets | 22/27 | €1,242,463 | €3,046,178 | +€1.8m | +145% |
| Land and buildings | 22 | €1,236,475 | €3,042,930 | +€1.8m | +146% |
| Plant, machinery and equipment | 23 | €2,156 | €936 | -€1,220 | -56.6% |
| Furniture and vehicles | 24 | €3,833 | €2,312 | -€1,521 | -39.7% |
| Current assets | 29/58 | €1,699,450 | €195,696 | -€1.5m | -88.5% |
| Stocks and contracts in progress | 3 | €1,644,312 | €111,131 | -€1.5m | -93.2% |
| Stocks | 30/36 | €1,644,312 | €111,131 | -€1.5m | -93.2% |
| Amounts receivable within one year | 40/41 | €3,060 | €4,312 | +€1,252 | +40.9% |
| Trade receivables | 40 | €2,060 | €3,687 | +€1,627 | +79.0% |
| Other amounts receivable | 41 | €1,000 | €625 | -€375 | -37.5% |
| Cash at bank and in hand | 54/58 | €50,208 | €78,314 | +€28,106 | +56.0% |
| Deferred charges and accrued income | 490/1 | €1,869 | €1,939 | +€69 | +3.7% |
| Total equity and liabilities | 10/49 | €2,941,913 | €3,241,874 | +€299,961 | +10.2% |
| Equity | 10/15 | €188,902 | €166,298 | -€22,604 | -12.0% |
| Contributions | 10/11 | €103,600 | €103,600 | = | 0.0% |
| Reserves | 13 | €85,302 | €62,698 | -€22,604 | -26.5% |
| Distributable reserves | 133 | €85,302 | €62,698 | -€22,604 | -26.5% |
| Provisions and deferred taxes | 16 | €70,940 | €69,632 | -€1,308 | -1.8% |
| Provisions for liabilities and charges | 160/5 | €70,940 | €69,632 | -€1,308 | -1.8% |
| Pensions and similar obligations | 160 | €49,142 | €49,142 | = | 0.0% |
| Other liabilities and charges | 164/5 | €21,798 | €20,490 | -€1,308 | -6.0% |
| Amounts payable | 17/49 | €2,682,072 | €3,005,944 | +€323,872 | +12.1% |
| Amounts payable within one year | 42/48 | €2,680,011 | €2,991,078 | +€311,067 | +11.6% |
| Financial debts | 43 | €1,080,000 | €1,263,429 | +€183,429 | +17.0% |
| Credit institutions | 430/8 | €1,080,000 | €1,263,429 | +€183,429 | +17.0% |
| Trade debts | 44 | €48,077 | €15,021 | -€33,056 | -68.8% |
| Suppliers | 440/4 | €48,077 | €15,021 | -€33,056 | -68.8% |
| Advances received on contracts in progress | 46 | €1,188 | €2,209 | +€1,021 | +85.9% |
| Taxes, remuneration and social security | 45 | €31,661 | €25,348 | -€6,313 | -19.9% |
| Taxes | 450/3 | €24,473 | €18,605 | -€5,868 | -24.0% |
| Remuneration and social security | 454/9 | €7,188 | €6,743 | -€445 | -6.2% |
| Other amounts payable | 47/48 | €1,519,084 | €1,685,071 | +€165,987 | +10.9% |
| Accrued charges and deferred income | 492/3 | €2,061 | €14,866 | +€12,805 | +621% |
| Remuneration, social security and pensions | 62 | €34,560 | €36,022 | +€1,462 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,187 | €130,633 | +€76,446 | +141% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,271 | -€3,531 | -€8,802 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,331 | -€1,308 | -€8,639 | |
| Other operating charges | 640/8 | €9,814 | €10,235 | +€421 | +4.3% |
| Gross operating margin | 9900 | €153,508 | €198,595 | +€45,087 | +29.4% |
| Operating profit (loss) | 9901 | €42,346 | €26,545 | -€15,801 | -37.3% |
| Financial income | 75/76B | €18,439 | €8,330 | -€10,109 | -54.8% |
| Recurring financial income | 75 | €18,439 | €8,330 | -€10,109 | -54.8% |
| Financial charges | 65/66B | €76,843 | €57,024 | -€19,820 | -25.8% |
| Recurring financial charges | 65 | €76,843 | €57,024 | -€19,820 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,058 | -€22,148 | -€6,090 | -37.9% |
| Income taxes | 67/77 | €339 | €456 | +€116 | +34.3% |
| Profit (loss) for the period | 9904 | -€16,397 | -€22,604 | -€6,207 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,397 | -€22,604 | -€6,207 | -37.9% |
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 29 October 2026 via checked.be.