GUERINO: 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.
GUERINO
Largest movements
- Stocks and contracts +€188,110
up €188,110 (+57.6%), from €326,642 to €514,752
- Cash -€96,534
down €96,534 (-79.3%), from €121,716 to €25,183
mainly Other debts (-€240,500) and Stocks and contracts (-€188,110)
- Receivables within one year -€54,067
down €54,067 (-25.0%), from €216,356 to €162,289
of which Other amounts receivable: -€28,581
- Other debts -€240,500
down €240,500 (-78.1%), from €308,000 to €67,500
- Profit (loss) carried forward +€195,447
up €195,447 (+209%), from €93,631 to €289,078
- Tax, wage and social debts +€66,180
up €66,180 (+122%), from €54,370 to €120,550
of which Taxes: +€64,442
- Trade debts +€25,196
up €25,196 (+1,887%), from €1,335 to €26,531
- Gross operating margin +€154,682
up €154,682 (+120%), from €128,368 to €283,050
- Taxes +€34,677
up €34,677 (+139%), from €25,031 to €59,708
- Financial charges +€17,670
up €17,670 (+254%), from €6,960 to €24,630
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 | €667,128 | €711,231 | +€44,103 | +6.6% |
| Fixed assets | 21/28 | €894 | €5,757 | +€4,863 | +544% |
| Tangible fixed assets | 22/27 | €894 | €5,757 | +€4,863 | +544% |
| Furniture and vehicles | 24 | €894 | €4,453 | +€3,559 | +398% |
| Leasing and similar rights | 25 | - | €1,304 | +€1,304 | |
| Current assets | 29/58 | €666,234 | €705,474 | +€39,240 | +5.9% |
| Stocks and contracts in progress | 3 | €326,642 | €514,752 | +€188,110 | +57.6% |
| Stocks | 30/36 | €326,642 | €514,752 | +€188,110 | +57.6% |
| Amounts receivable within one year | 40/41 | €216,356 | €162,289 | -€54,067 | -25.0% |
| Trade receivables | 40 | €183,091 | €157,606 | -€25,486 | -13.9% |
| Other amounts receivable | 41 | €33,265 | €4,684 | -€28,581 | -85.9% |
| Cash at bank and in hand | 54/58 | €121,716 | €25,183 | -€96,534 | -79.3% |
| Deferred charges and accrued income | 490/1 | €1,519 | €3,251 | +€1,731 | +114% |
| Total equity and liabilities | 10/49 | €667,128 | €711,231 | +€44,103 | +6.6% |
| Equity | 10/15 | €96,631 | €292,078 | +€195,447 | +202% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,631 | €289,078 | +€195,447 | +209% |
| Amounts payable | 17/49 | €570,497 | €419,153 | -€151,344 | -26.5% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €363,705 | €214,581 | -€149,124 | -41.0% |
| Trade debts | 44 | €1,335 | €26,531 | +€25,196 | +1,887% |
| Suppliers | 440/4 | €1,335 | €26,531 | +€25,196 | +1,887% |
| Taxes, remuneration and social security | 45 | €54,370 | €120,550 | +€66,180 | +122% |
| Taxes | 450/3 | €54,370 | €118,812 | +€64,442 | +119% |
| Remuneration and social security | 454/9 | - | €1,738 | +€1,738 | |
| Other amounts payable | 47/48 | €308,000 | €67,500 | -€240,500 | -78.1% |
| Accrued charges and deferred income | 492/3 | €6,792 | €4,572 | -€2,219 | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,288 | €1,106 | -€183 | -14.2% |
| Other operating charges | 640/8 | €1,457 | €2,648 | +€1,191 | +81.7% |
| Gross operating margin | 9900 | €128,368 | €283,050 | +€154,682 | +120% |
| Operating profit (loss) | 9901 | €125,622 | €279,296 | +€153,674 | +122% |
| Financial income | 75/76B | €0 | €488 | +€488 | +106,083% |
| Recurring financial income | 75 | €0 | €488 | +€488 | +106,083% |
| Financial charges | 65/66B | €6,960 | €24,630 | +€17,670 | +254% |
| Recurring financial charges | 65 | €6,960 | €24,630 | +€17,670 | +254% |
| Profit (loss) for the period before taxes | 9903 | €118,662 | €255,155 | +€136,493 | +115% |
| Income taxes | 67/77 | €25,031 | €59,708 | +€34,677 | +139% |
| Profit (loss) for the period | 9904 | €93,631 | €195,447 | +€101,815 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €93,631 | €195,447 | +€101,815 | +109% |
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 19 October 2026 via checked.be.