GUBBELS: 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.
What changed
GUBBELS
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€81,602
2023 · €111,710-€30,108
Equity
€607,665
2023 · €526,063+€81,602
Cash
€12,659
2023 · €14,106-€1,446
Balance sheet total
€1.4m
2023 · €1.4m-€19,483
Largest movements
Assets
- Receivables after one year -€20,000
down €20,000 (-7.9%), from €254,226 to €234,226
Equity and liabilities
- Debts after one year -€119,896
down €119,896 (-21.3%), from €563,039 to €443,143
- Reserves +€81,602
up €81,602 (+16.1%), from €507,463 to €589,065
Income statement
- Financial income -€28,501
down €28,501 (-30.9%), from €92,271 to €63,770
- Financial charges +€11,439
up €11,439 (+82.2%), from €13,910 to €25,348
- Gross operating margin +€9,080
up €9,080 (+22.4%), from €40,476 to €49,556
From the 2023 result to the 2024 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 2023
€111,710
Gross operating margin
+€9,080
Depreciation
+€384
Other operating charges
-€7
Financial income
-€28,501
Financial charges
-€11,439
Taxes
+€374
Result 2024
€81,602
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€117,028
Investment
€0
Financing
-€118,474
Cash 2023
€14,106
From operations (derived)
+€117,028
Net result for the year
+€81,602
Receivables after one year
+€20,000
Receivables within one year
-€1,205
Deferred charges and accrued income
-€758
Trade debts
+€7,640
Tax, wage and social debts
+€2,984
Other debts
-€1,840
Accrued charges and deferred income
+€8,606
Financing
-€118,474
Debts after one year
-€119,896
Current portion of long-term debt
+€1,422
Cash 2024
€12,659
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,382,513 | €1,363,030 | -€19,483 | -1.4% |
| Fixed assets | 21/28 | €1,043,691 | €1,043,691 | = | 0.0% |
| Financial fixed assets | 28 | €1,043,691 | €1,043,691 | = | 0.0% |
| Current assets | 29/58 | €338,822 | €319,339 | -€19,483 | -5.8% |
| Amounts receivable after more than one year | 29 | €254,226 | €234,226 | -€20,000 | -7.9% |
| Other amounts receivable | 291 | €254,226 | €234,226 | -€20,000 | -7.9% |
| Amounts receivable within one year | 40/41 | €40,575 | €41,780 | +€1,205 | +3.0% |
| Trade receivables | 40 | €15,575 | €16,780 | +€1,205 | +7.7% |
| Other amounts receivable | 41 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,106 | €12,659 | -€1,446 | -10.3% |
| Deferred charges and accrued income | 490/1 | €29,915 | €30,673 | +€758 | +2.5% |
| Total equity and liabilities | 10/49 | €1,382,513 | €1,363,030 | -€19,483 | -1.4% |
| Equity | 10/15 | €526,063 | €607,665 | +€81,602 | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €507,463 | €589,065 | +€81,602 | +16.1% |
| Distributable reserves | 133 | €507,463 | €589,065 | +€81,602 | +16.1% |
| Amounts payable | 17/49 | €856,450 | €755,366 | -€101,085 | -11.8% |
| Amounts payable after more than one year | 17 | €563,039 | €443,143 | -€119,896 | -21.3% |
| Financial debts | 170/4 | €563,039 | €443,143 | -€119,896 | -21.3% |
| Amounts payable within one year | 42/48 | €282,852 | €293,057 | +€10,205 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €112,474 | €113,896 | +€1,422 | +1.3% |
| Trade debts | 44 | €8,349 | €15,989 | +€7,640 | +91.5% |
| Suppliers | 440/4 | €8,349 | €15,989 | +€7,640 | +91.5% |
| Taxes, remuneration and social security | 45 | €7,817 | €10,800 | +€2,984 | +38.2% |
| Taxes | 450/3 | €7,817 | €10,800 | +€2,984 | +38.2% |
| Other amounts payable | 47/48 | €154,212 | €152,372 | -€1,840 | -1.2% |
| Accrued charges and deferred income | 492/3 | €10,560 | €19,166 | +€8,606 | +81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384 | - | -€384 | |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €40,476 | €49,556 | +€9,080 | +22.4% |
| Operating profit (loss) | 9901 | €39,131 | €48,589 | +€9,457 | +24.2% |
| Financial income | 75/76B | €92,271 | €63,770 | -€28,501 | -30.9% |
| Recurring financial income | 75 | €92,271 | €63,770 | -€28,501 | -30.9% |
| Financial charges | 65/66B | €13,910 | €25,348 | +€11,439 | +82.2% |
| Recurring financial charges | 65 | €13,910 | €25,348 | +€11,439 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | €117,493 | €87,010 | -€30,483 | -25.9% |
| Income taxes | 67/77 | €5,783 | €5,409 | -€374 | -6.5% |
| Profit (loss) for the period | 9904 | €111,710 | €81,602 | -€30,108 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €111,710 | €81,602 | -€30,108 | -27.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.