GUDI: 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.
GUDI
Largest movements
- Cash -€176,199
down €176,199 (-92.5%), from €190,477 to €14,278
mainly Investment in fixed assets (net) (-€98,356) and Other debts (-€96,303)
- Receivables within one year +€48,472
up €48,472 (+62.7%), from €77,293 to €125,766
of which Trade receivables: +€34,523
- Tangible fixed assets +€42,232
up €42,232 (+5.1%), from €830,364 to €872,596
of which Plant, machinery and equipment: +€51,630
- Other debts -€96,303
down €96,303 (-89.7%), from €107,327 to €11,024
- Debts after one year -€62,721
down €62,721 (-29.4%), from €213,213 to €150,492
- Reserves +€44,820
up €44,820 (+9.2%), from €486,192 to €531,012
of which Distributable reserves: +€44,820
- Current portion of long-term debt +€33,352
up €33,352 (+27.7%), from €120,539 to €153,891
- Tax, wage and social debts -€22,704
down €22,704 (-57.8%), from €39,295 to €16,591
- Gross operating margin -€27,984
down €27,984 (-16.5%), from €169,862 to €141,878
- Other operating charges -€25,174
down €25,174 (-65.2%), from €38,616 to €13,442
- Write-downs -€22,242
no longer reported in 2025 (was €22,242)
- Taxes +€7,937
up €7,937 (+91.7%), from €8,655 to €16,592
- Depreciation +€5,534
up €5,534 (+10.9%), from €50,590 to €56,124
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 | €1,133,652 | €1,043,446 | -€90,207 | -8.0% |
| Fixed assets | 21/28 | €860,364 | €902,596 | +€42,232 | +4.9% |
| Tangible fixed assets | 22/27 | €830,364 | €872,596 | +€42,232 | +5.1% |
| Land and buildings | 22 | €830,364 | €811,529 | -€18,835 | -2.3% |
| Plant, machinery and equipment | 23 | - | €51,630 | +€51,630 | |
| Furniture and vehicles | 24 | - | €9,438 | +€9,438 | |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €273,288 | €140,849 | -€132,439 | -48.5% |
| Amounts receivable within one year | 40/41 | €77,293 | €125,766 | +€48,472 | +62.7% |
| Trade receivables | 40 | €76,941 | €111,464 | +€34,523 | +44.9% |
| Other amounts receivable | 41 | €352 | €14,302 | +€13,950 | +3,962% |
| Cash at bank and in hand | 54/58 | €190,477 | €14,278 | -€176,199 | -92.5% |
| Deferred charges and accrued income | 490/1 | €5,518 | €806 | -€4,712 | -85.4% |
| Total equity and liabilities | 10/49 | €1,133,652 | €1,043,446 | -€90,207 | -8.0% |
| Equity | 10/15 | €640,384 | €685,204 | +€44,820 | +7.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €123,205 | €123,205 | = | 0.0% |
| Reserves | 13 | €486,192 | €531,012 | +€44,820 | +9.2% |
| Non-distributable reserves | 130/1 | €17,187 | €17,187 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,187 | €17,187 | = | 0.0% |
| Distributable reserves | 133 | €469,005 | €513,825 | +€44,820 | +9.6% |
| Amounts payable | 17/49 | €493,269 | €358,242 | -€135,027 | -27.4% |
| Amounts payable after more than one year | 17 | €213,213 | €150,492 | -€62,721 | -29.4% |
| Financial debts | 170/4 | €213,213 | €150,492 | -€62,721 | -29.4% |
| Amounts payable within one year | 42/48 | €280,056 | €206,769 | -€73,286 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €120,539 | €153,891 | +€33,352 | +27.7% |
| Trade debts | 44 | €12,895 | €25,263 | +€12,368 | +95.9% |
| Suppliers | 440/4 | €12,895 | €25,263 | +€12,368 | +95.9% |
| Taxes, remuneration and social security | 45 | €39,295 | €16,591 | -€22,704 | -57.8% |
| Taxes | 450/3 | €39,295 | €16,591 | -€22,704 | -57.8% |
| Other amounts payable | 47/48 | €107,327 | €11,024 | -€96,303 | -89.7% |
| Accrued charges and deferred income | 492/3 | - | €981 | +€981 | |
| Non-recurring operating income | 76A | €13,570 | - | -€13,570 | |
| Remuneration, social security and pensions | 62 | €140 | - | -€140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,590 | €56,124 | +€5,534 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,242 | - | -€22,242 | |
| Other operating charges | 640/8 | €38,616 | €13,442 | -€25,174 | -65.2% |
| Non-recurring operating charges | 66A | €8,256 | - | -€8,256 | |
| Gross operating margin | 9900 | €169,862 | €141,878 | -€27,984 | -16.5% |
| Operating profit (loss) | 9901 | €50,018 | €72,313 | +€22,294 | +44.6% |
| Financial income | 75/76B | €3 | €2 | -€1 | -33.2% |
| Recurring financial income | 75 | €3 | €2 | -€1 | -33.2% |
| Financial charges | 65/66B | €12,880 | €10,903 | -€1,977 | -15.3% |
| Recurring financial charges | 65 | €12,880 | €10,903 | -€1,977 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €37,142 | €61,412 | +€24,270 | +65.3% |
| Income taxes | 67/77 | €8,655 | €16,592 | +€7,937 | +91.7% |
| Profit (loss) for the period | 9904 | €28,487 | €44,820 | +€16,333 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,487 | €44,820 | +€16,333 | +57.3% |
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 25 October 2026 via checked.be.