GUELL: 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.
GUELL
Largest movements
- Tangible fixed assets -€55,460
down €55,460 (-6.0%), from €925,247 to €869,787
- Cash -€37,090
down €37,090 (-79.2%), from €46,815 to €9,725
mainly Other debts (-€67,140) and Debts after one year (-€18,219)
- Other debts -€67,140
down €67,140 (-10.5%), from €639,982 to €572,842
- Debts after one year -€18,219
down €18,219 (-9.6%), from €189,258 to €171,040
- Gross operating margin +€3,611
up €3,611 (+6.2%), from €58,586 to €62,197
- Other operating charges -€796
down €796 (-11.5%), from €6,934 to €6,137
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 | €976,236 | €883,686 | -€92,550 | -9.5% |
| Fixed assets | 21/28 | €929,420 | €873,960 | -€55,460 | -6.0% |
| Tangible fixed assets | 22/27 | €925,247 | €869,787 | -€55,460 | -6.0% |
| Land and buildings | 22 | €925,247 | €869,787 | -€55,460 | -6.0% |
| Financial fixed assets | 28 | €4,173 | €4,173 | = | 0.0% |
| Current assets | 29/58 | €46,815 | €9,725 | -€37,090 | -79.2% |
| Cash at bank and in hand | 54/58 | €46,815 | €9,725 | -€37,090 | -79.2% |
| Total equity and liabilities | 10/49 | €976,236 | €883,686 | -€92,550 | -9.5% |
| Equity | 10/15 | €128,586 | €120,677 | -€7,909 | -6.2% |
| Contributions | 10/11 | €361,989 | €361,989 | = | 0.0% |
| Reserves | 13 | €30,321 | €30,321 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,870 | €23,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,870 | €23,870 | = | 0.0% |
| Distributable reserves | 133 | €6,450 | €6,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€263,724 | -€271,633 | -€7,909 | -3.0% |
| Amounts payable | 17/49 | €847,650 | €763,009 | -€84,641 | -10.0% |
| Amounts payable after more than one year | 17 | €189,258 | €171,040 | -€18,219 | -9.6% |
| Financial debts | 170/4 | €189,258 | €171,040 | -€18,219 | -9.6% |
| Amounts payable within one year | 42/48 | €658,266 | €591,841 | -€66,424 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €17,503 | €18,219 | +€716 | +4.1% |
| Trade debts | 44 | €780 | €780 | = | 0.0% |
| Suppliers | 440/4 | €780 | €780 | = | 0.0% |
| Other amounts payable | 47/48 | €639,982 | €572,842 | -€67,140 | -10.5% |
| Accrued charges and deferred income | 492/3 | €126 | €128 | +€2 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,662 | €55,460 | -€202 | -0.4% |
| Other operating charges | 640/8 | €6,934 | €6,137 | -€796 | -11.5% |
| Gross operating margin | 9900 | €58,586 | €62,197 | +€3,611 | +6.2% |
| Operating profit (loss) | 9901 | -€4,009 | €600 | +€4,609 | |
| Financial charges | 65/66B | €9,128 | €8,509 | -€619 | -6.8% |
| Recurring financial charges | 65 | €9,128 | €8,509 | -€619 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,137 | -€7,909 | +€5,228 | +39.8% |
| Profit (loss) for the period | 9904 | -€13,137 | -€7,909 | +€5,228 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,137 | -€7,909 | +€5,228 | +39.8% |
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 8 October 2026 via checked.be.