Guepard: 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.
Guepard
Largest movements
- Receivables within one year +€113,403
up €113,403 (+120.8%), from €93,904 to €207,307
of which Other amounts receivable: +€201,446
- Financial fixed assets -€93,949
no longer reported in 2025 (was €93,949)
- Tangible fixed assets -€61,271
down €61,271 (-6.0%), from €1.0m to €960,981
of which Land and buildings: -€57,966
- Cash +€31,674
up €31,674 (+63.8%), from €49,666 to €81,339
mainly Other debts (+€251,553) and Investment in fixed assets (net) (+€97,254)
- Reserves -€251,553
down €251,553 (-53.8%), from €467,387 to €215,834
- Other debts +€251,553
new in 2025: €251,553
- Debts after one year -€46,675
down €46,675 (-5.9%), from €787,537 to €740,862
- Profit (loss) carried forward +€30,754
up €30,754 (+46.9%), from -€65,551 to -€34,798
- Financial income +€110,129
up €110,129 (+46021.3%), from €239 to €110,368
of which Non-recurring financial income: +€109,821
- Gross operating margin -€15,215
down €15,215 (-80.2%), from €18,973 to €3,758
- Depreciation -€2,506
down €2,506 (-4.1%), from €60,472 to €57,966
- Financial charges -€1,094
down €1,094 (-7.0%), from €15,689 to €14,596
- Staff costs +€365
up €365 (+98.4%), from €371 to €736
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 | €1,263,861 | €1,249,763 | -€14,098 | -1.1% |
| Fixed assets | 21/28 | €1,116,200 | €960,981 | -€155,220 | -13.9% |
| Tangible fixed assets | 22/27 | €1,022,251 | €960,981 | -€61,271 | -6.0% |
| Land and buildings | 22 | €1,018,947 | €960,981 | -€57,966 | -5.7% |
| Plant, machinery and equipment | 23 | €3,305 | - | -€3,305 | |
| Financial fixed assets | 28 | €93,949 | - | -€93,949 | |
| Current assets | 29/58 | €147,661 | €288,783 | +€141,122 | +95.6% |
| Amounts receivable within one year | 40/41 | €93,904 | €207,307 | +€113,403 | +120.8% |
| Trade receivables | 40 | €88,087 | €44 | -€88,043 | -100.0% |
| Other amounts receivable | 41 | €5,817 | €207,263 | +€201,446 | +3463.0% |
| Cash at bank and in hand | 54/58 | €49,666 | €81,339 | +€31,674 | +63.8% |
| Deferred charges and accrued income | 490/1 | €4,091 | €137 | -€3,954 | -96.7% |
| Total equity and liabilities | 10/49 | €1,263,861 | €1,249,763 | -€14,098 | -1.1% |
| Equity | 10/15 | €408,036 | €187,236 | -€220,800 | -54.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €467,387 | €215,834 | -€251,553 | -53.8% |
| Distributable reserves | 133 | €467,387 | €215,834 | -€251,553 | -53.8% |
| Profit (loss) carried forward | 14 | -€65,551 | -€34,798 | +€30,754 | +46.9% |
| Amounts payable | 17/49 | €855,825 | €1,062,527 | +€206,702 | +24.2% |
| Amounts payable after more than one year | 17 | €787,537 | €740,862 | -€46,675 | -5.9% |
| Financial debts | 170/4 | €787,537 | €740,862 | -€46,675 | -5.9% |
| Amounts payable within one year | 42/48 | €68,288 | €321,665 | +€253,377 | +371.0% |
| Current portion of amounts payable after more than one year | 42 | €52,782 | €46,675 | -€6,107 | -11.6% |
| Trade debts | 44 | €7,361 | €14,880 | +€7,519 | +102.1% |
| Suppliers | 440/4 | €7,361 | €14,880 | +€7,519 | +102.1% |
| Taxes, remuneration and social security | 45 | €8,145 | €8,557 | +€412 | +5.1% |
| Taxes | 450/3 | €8,145 | €8,557 | +€412 | +5.1% |
| Other amounts payable | 47/48 | - | €251,553 | +€251,553 | |
| Non-recurring operating income | 76A | - | €106 | +€106 | |
| Remuneration, social security and pensions | 62 | €371 | €736 | +€365 | +98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,472 | €57,966 | -€2,506 | -4.1% |
| Other operating charges | 640/8 | €8,042 | €8,356 | +€314 | +3.9% |
| Non-recurring operating charges | 66A | - | €1,574 | +€1,574 | |
| Gross operating margin | 9900 | €18,973 | €3,758 | -€15,215 | -80.2% |
| Operating profit (loss) | 9901 | -€49,911 | -€64,874 | -€14,962 | -30.0% |
| Financial income | 75/76B | €239 | €110,368 | +€110,129 | +46021.3% |
| Recurring financial income | 75 | €239 | €547 | +€308 | +128.7% |
| Non-recurring financial income | 76B | - | €109,821 | +€109,821 | |
| Financial charges | 65/66B | €15,689 | €14,596 | -€1,094 | -7.0% |
| Recurring financial charges | 65 | €15,689 | €14,596 | -€1,094 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€65,362 | €30,899 | +€96,260 | |
| Income taxes | 67/77 | €190 | €145 | -€45 | -23.7% |
| Profit (loss) for the period | 9904 | -€65,551 | €30,754 | +€96,305 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,551 | €30,754 | +€96,305 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.