GUBAR: 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.
GUBAR
Largest movements
- Receivables within one year +€59,649
up €59,649 (+492.4%), from €12,115 to €71,764
of which Trade receivables: +€48,400
- Receivables after one year +€32,617
new in 2025: €32,617
- Cash -€27,764
down €27,764 (-65.7%), from €42,266 to €14,502
mainly Receivables within one year (-€59,649) and Receivables after one year (-€32,617)
- Tangible fixed assets +€2,928
up €2,928 (+1642.0%), from €178 to €3,107
of which Plant, machinery and equipment: +€3,107
- Reserves +€50,000
up €50,000 (+403.2%), from €12,400 to €62,400
of which Distributable reserves: +€62,400
- Tax, wage and social debts +€33,458
up €33,458 (+180.5%), from €18,536 to €51,994
- Other debts -€16,485
down €16,485 (-78.8%), from €20,929 to €4,444
- Gross operating margin +€51,904
up €51,904 (+152.3%), from €34,075 to €85,979
- Taxes +€18,969
up €18,969 (+155.6%), from €12,192 to €31,161
- Financial charges -€1,051
down €1,051 (-31.0%), from €3,397 to €2,346
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 | €68,536 | €135,715 | +€67,179 | +98.0% |
| Fixed assets | 21/28 | €12,678 | €15,607 | +€2,928 | +23.1% |
| Tangible fixed assets | 22/27 | €178 | €3,107 | +€2,928 | +1642.0% |
| Plant, machinery and equipment | 23 | - | €3,107 | +€3,107 | |
| Furniture and vehicles | 24 | €178 | €0 | -€178 | -100.0% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €55,858 | €120,108 | +€64,250 | +115.0% |
| Amounts receivable after more than one year | 29 | - | €32,617 | +€32,617 | |
| Other amounts receivable | 291 | - | €32,617 | +€32,617 | |
| Amounts receivable within one year | 40/41 | €12,115 | €71,764 | +€59,649 | +492.4% |
| Trade receivables | 40 | €12,100 | €60,500 | +€48,400 | +400.0% |
| Other amounts receivable | 41 | €15 | €11,264 | +€11,249 | +74993.5% |
| Cash at bank and in hand | 54/58 | €42,266 | €14,502 | -€27,764 | -65.7% |
| Deferred charges and accrued income | 490/1 | €1,476 | €1,225 | -€252 | -17.0% |
| Total equity and liabilities | 10/49 | €68,536 | €135,715 | +€67,179 | +98.0% |
| Equity | 10/15 | €28,461 | €79,002 | +€50,542 | +177.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €12,400 | €62,400 | +€50,000 | +403.2% |
| Non-distributable reserves | 130/1 | €12,400 | - | -€12,400 | |
| Reserves not available under the articles | 1311 | €12,400 | - | -€12,400 | |
| Distributable reserves | 133 | - | €62,400 | +€62,400 | |
| Profit (loss) carried forward | 14 | €3,661 | €4,202 | +€542 | +14.8% |
| Amounts payable | 17/49 | €40,075 | €56,712 | +€16,637 | +41.5% |
| Amounts payable within one year | 42/48 | €40,036 | €56,712 | +€16,676 | +41.7% |
| Trade debts | 44 | €572 | €275 | -€297 | -52.0% |
| Suppliers | 440/4 | €572 | €275 | -€297 | -52.0% |
| Taxes, remuneration and social security | 45 | €18,536 | €51,994 | +€33,458 | +180.5% |
| Taxes | 450/3 | €18,536 | €51,994 | +€33,458 | +180.5% |
| Other amounts payable | 47/48 | €20,929 | €4,444 | -€16,485 | -78.8% |
| Accrued charges and deferred income | 492/3 | €39 | - | -€39 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178 | €506 | +€327 | +183.6% |
| Other operating charges | 640/8 | €1,884 | €1,741 | -€142 | -7.5% |
| Gross operating margin | 9900 | €34,075 | €85,979 | +€51,904 | +152.3% |
| Operating profit (loss) | 9901 | €32,013 | €83,732 | +€51,719 | +161.6% |
| Financial income | 75/76B | €0 | €316 | +€316 | +3161300.0% |
| Recurring financial income | 75 | €0 | €316 | +€316 | +3161300.0% |
| Financial charges | 65/66B | €3,397 | €2,346 | -€1,051 | -31.0% |
| Recurring financial charges | 65 | €3,397 | €2,346 | -€1,051 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €28,616 | €81,702 | +€53,087 | +185.5% |
| Income taxes | 67/77 | €12,192 | €31,161 | +€18,969 | +155.6% |
| Profit (loss) for the period | 9904 | €16,424 | €50,542 | +€34,118 | +207.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,424 | €50,542 | +€34,118 | +207.7% |
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 7 October 2026 via checked.be.