GUDEVO: 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.
GUDEVO
Largest movements
- Cash -€28,396
down €28,396 (-28.4%), from €99,957 to €71,561
mainly Net result for the year (-€47,524) and Other debts (-€12,101)
- Receivables within one year -€14,157
down €14,157 (-39.1%), from €36,218 to €22,062
of which Trade receivables: -€15,449
- Tangible fixed assets +€3,721
up €3,721 (+41.1%), from €9,049 to €12,770
of which Plant, machinery and equipment: +€3,856
- Financial fixed assets -€1,800
down €1,800 (-28.3%), from €6,367 to €4,567
- Reserves -€47,524
down €47,524 (-47.0%), from €101,077 to €53,553
- Other debts -€12,101
down €12,101 (-79.6%), from €15,204 to €3,103
- Tax, wage and social debts +€8,987
up €8,987 (+118.6%), from €7,578 to €16,566
of which Remuneration and social security: +€11,398
- Trade debts +€7,047
up €7,047 (+36.9%), from €19,119 to €26,166
- Gross operating margin -€50,981
down €50,981 (-38.5%), from €132,585 to €81,604
- Staff costs +€33,023
up €33,023 (+37.9%), from €87,108 to €120,132
- Taxes -€10,674
no longer reported in 2025 (was €10,674)
- Depreciation +€1,472
up €1,472 (+70.4%), from €2,093 to €3,565
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 | €161,578 | €118,887 | -€42,691 | -26.4% |
| Fixed assets | 21/28 | €15,416 | €17,337 | +€1,921 | +12.5% |
| Tangible fixed assets | 22/27 | €9,049 | €12,770 | +€3,721 | +41.1% |
| Land and buildings | 22 | €2,320 | €1,740 | -€580 | -25.0% |
| Plant, machinery and equipment | 23 | - | €3,856 | +€3,856 | |
| Furniture and vehicles | 24 | €6,729 | €7,173 | +€444 | +6.6% |
| Financial fixed assets | 28 | €6,367 | €4,567 | -€1,800 | -28.3% |
| Current assets | 29/58 | €146,162 | €101,551 | -€44,611 | -30.5% |
| Stocks and contracts in progress | 3 | €7,703 | €7,206 | -€496 | -6.4% |
| Stocks | 30/36 | €7,703 | €7,206 | -€496 | -6.4% |
| Amounts receivable within one year | 40/41 | €36,218 | €22,062 | -€14,157 | -39.1% |
| Trade receivables | 40 | €30,569 | €15,120 | -€15,449 | -50.5% |
| Other amounts receivable | 41 | €5,649 | €6,942 | +€1,292 | +22.9% |
| Cash at bank and in hand | 54/58 | €99,957 | €71,561 | -€28,396 | -28.4% |
| Deferred charges and accrued income | 490/1 | €2,284 | €721 | -€1,563 | -68.4% |
| Total equity and liabilities | 10/49 | €161,578 | €118,887 | -€42,691 | -26.4% |
| Equity | 10/15 | €119,677 | €72,153 | -€47,524 | -39.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,077 | €53,553 | -€47,524 | -47.0% |
| Distributable reserves | 133 | €101,077 | €53,553 | -€47,524 | -47.0% |
| Amounts payable | 17/49 | €41,901 | €46,734 | +€4,833 | +11.5% |
| Amounts payable within one year | 42/48 | €41,901 | €45,834 | +€3,933 | +9.4% |
| Trade debts | 44 | €19,119 | €26,166 | +€7,047 | +36.9% |
| Suppliers | 440/4 | €19,119 | €26,166 | +€7,047 | +36.9% |
| Taxes, remuneration and social security | 45 | €7,578 | €16,566 | +€8,987 | +118.6% |
| Taxes | 450/3 | €2,411 | - | -€2,411 | |
| Remuneration and social security | 454/9 | €5,167 | €16,566 | +€11,398 | +220.6% |
| Other amounts payable | 47/48 | €15,204 | €3,103 | -€12,101 | -79.6% |
| Accrued charges and deferred income | 492/3 | - | €900 | +€900 | |
| Remuneration, social security and pensions | 62 | €87,108 | €120,132 | +€33,023 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,093 | €3,565 | +€1,472 | +70.4% |
| Other operating charges | 640/8 | €1,825 | €1,871 | +€46 | +2.5% |
| Gross operating margin | 9900 | €132,585 | €81,604 | -€50,981 | -38.5% |
| Operating profit (loss) | 9901 | €41,560 | -€43,963 | -€85,523 | |
| Financial income | 75/76B | €727 | €1 | -€726 | -99.8% |
| Recurring financial income | 75 | €727 | €1 | -€726 | -99.8% |
| Financial charges | 65/66B | €3,250 | €3,562 | +€312 | +9.6% |
| Recurring financial charges | 65 | €3,250 | €3,562 | +€312 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €39,036 | -€47,524 | -€86,560 | |
| Income taxes | 67/77 | €10,674 | - | -€10,674 | |
| Profit (loss) for the period | 9904 | €28,363 | -€47,524 | -€75,886 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,363 | -€47,524 | -€75,886 |
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 30 September 2026 via checked.be.