GUDEM: 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.
GUDEM
Largest movements
- Receivables within one year -€225,160
down €225,160 (-96.7%), from €232,947 to €7,787
of which Other amounts receivable: -€208,693
- Cash -€20,666
down €20,666 (-66.7%), from €31,000 to €10,334
mainly Contributions, distributions and other (-€210,000) and Advances received (-€20,000)
- Tangible fixed assets -€6,971
down €6,971 (-34.0%), from €20,483 to €13,512
of which Plant, machinery and equipment: -€4,172
- Profit (loss) carried forward -€175,750
no longer reported in 2025 (was €175,750)
- Reserves -€47,647
down €47,647 (-84.2%), from €56,564 to €8,917
- Advances received -€20,000
no longer reported in 2025 (was €20,000)
- Current portion of long-term debt -€8,293
no longer reported in 2025 (was €8,293)
- Write-downs -€11,265
no longer reported in 2025 (was €11,265)
- Gross operating margin -€10,546
down €10,546, from €7,551 to -€2,995
- Other operating charges -€4,892
down €4,892 (-91.5%), from €5,346 to €454
- Depreciation -€4,706
down €4,706 (-40.3%), from €11,677 to €6,971
- Taxes +€2,229
up €2,229 (+11,006%), from €20 to €2,249
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €284,474 | €31,678 | -€252,796 | -88.9% |
| Fixed assets | 21/28 | €20,528 | €13,557 | -€6,971 | -34.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €20,483 | €13,512 | -€6,971 | -34.0% |
| Land and buildings | 22 | €10,939 | €8,140 | -€2,799 | -25.6% |
| Plant, machinery and equipment | 23 | €9,544 | €5,372 | -€4,172 | -43.7% |
| Financial fixed assets | 28 | €45 | €45 | +€0 | +0.9% |
| Current assets | 29/58 | €263,947 | €18,121 | -€245,826 | -93.1% |
| Amounts receivable within one year | 40/41 | €232,947 | €7,787 | -€225,160 | -96.7% |
| Trade receivables | 40 | €18,595 | €2,129 | -€16,466 | -88.6% |
| Other amounts receivable | 41 | €214,351 | €5,658 | -€208,693 | -97.4% |
| Cash at bank and in hand | 54/58 | €31,000 | €10,334 | -€20,666 | -66.7% |
| Total equity and liabilities | 10/49 | €284,474 | €31,678 | -€252,796 | -88.9% |
| Equity | 10/15 | €252,774 | €29,377 | -€223,397 | -88.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Capital | 10 | €20,460 | €20,460 | = | 0.0% |
| Issued capital | 100 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €56,564 | €8,917 | -€47,647 | -84.2% |
| Distributable reserves | 133 | €56,564 | €8,917 | -€47,647 | -84.2% |
| Profit (loss) carried forward | 14 | €175,750 | - | -€175,750 | |
| Amounts payable | 17/49 | €31,700 | €2,301 | -€29,399 | -92.7% |
| Amounts payable within one year | 42/48 | €31,700 | €2,301 | -€29,399 | -92.7% |
| Current portion of amounts payable after more than one year | 42 | €8,293 | - | -€8,293 | |
| Trade debts | 44 | €11 | - | -€11 | |
| Suppliers | 440/4 | €11 | - | -€11 | |
| Advances received on contracts in progress | 46 | €20,000 | - | -€20,000 | |
| Taxes, remuneration and social security | 45 | €1,094 | - | -€1,094 | |
| Taxes | 450/3 | €1,094 | - | -€1,094 | |
| Other amounts payable | 47/48 | €2,301 | €2,301 | -€0 | 0.0% |
| Remuneration, social security and pensions | 62 | €1,946 | €842 | -€1,104 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,677 | €6,971 | -€4,706 | -40.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,265 | - | -€11,265 | |
| Other operating charges | 640/8 | €5,346 | €454 | -€4,892 | -91.5% |
| Gross operating margin | 9900 | €7,551 | -€2,995 | -€10,546 | |
| Operating profit (loss) | 9901 | -€22,683 | -€11,262 | +€11,421 | +50.4% |
| Financial income | 75/76B | €312 | €290 | -€22 | -7.1% |
| Recurring financial income | 75 | €312 | €290 | -€22 | -7.1% |
| Financial charges | 65/66B | €477 | €176 | -€301 | -63.1% |
| Recurring financial charges | 65 | €477 | €176 | -€301 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,848 | -€11,148 | +€11,700 | +51.2% |
| Income taxes | 67/77 | €20 | €2,249 | +€2,229 | +11,006% |
| Profit (loss) for the period | 9904 | -€22,868 | -€13,397 | +€9,471 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,868 | -€13,397 | +€9,471 | +41.4% |
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 14 October 2026 via checked.be.