GUGAN: 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.
GUGAN
Largest movements
- Receivables within one year +€30,913
up €30,913 (+78.7%), from €39,293 to €70,206
of which Other amounts receivable: +€29,429
- Tangible fixed assets -€20,900
down €20,900 (-27.7%), from €75,345 to €54,446
of which Furniture and vehicles: -€16,674
- Cash -€8,305
down €8,305 (-66.4%), from €12,500 to €4,195
mainly Receivables within one year (-€30,913) and Tax, wage and social debts (-€15,222)
- Current investments -€7,500
down €7,500 (-50.0%), from €15,000 to €7,500
- Deferred charges and accrued income +€2,951
up €2,951 (+195%), from €1,515 to €4,466
- Tax, wage and social debts -€15,222
down €15,222 (-88.0%), from €17,296 to €2,074
- Reserves +€13,982
up €13,982 (+13.1%), from €106,687 to €120,669
- Current portion of long-term debt -€4,183
no longer reported in 2025 (was €4,183)
- Trade debts +€2,558
up €2,558 (+62.5%), from €4,095 to €6,652
- Gross operating margin -€43,528
down €43,528 (-46.5%), from €93,515 to €49,987
- Taxes -€11,752
down €11,752 (-58.2%), from €20,192 to €8,440
- Depreciation -€3,769
down €3,769 (-12.3%), from €30,756 to €26,987
- Financial charges -€1,868
down €1,868 (-88.2%), from €2,118 to €250
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 | €144,290 | €141,413 | -€2,877 | -2.0% |
| Fixed assets | 21/28 | €75,945 | €55,046 | -€20,900 | -27.5% |
| Tangible fixed assets | 22/27 | €75,345 | €54,446 | -€20,900 | -27.7% |
| Plant, machinery and equipment | 23 | €7,935 | €6,039 | -€1,896 | -23.9% |
| Furniture and vehicles | 24 | €46,278 | €29,604 | -€16,674 | -36.0% |
| Other tangible fixed assets | 26 | €21,133 | €18,803 | -€2,330 | -11.0% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €68,344 | €86,367 | +€18,023 | +26.4% |
| Stocks and contracts in progress | 3 | €36 | - | -€36 | |
| Stocks | 30/36 | €36 | - | -€36 | |
| Amounts receivable within one year | 40/41 | €39,293 | €70,206 | +€30,913 | +78.7% |
| Trade receivables | 40 | €9,112 | €10,596 | +€1,484 | +16.3% |
| Other amounts receivable | 41 | €30,181 | €59,610 | +€29,429 | +97.5% |
| Current investments | 50/53 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Cash at bank and in hand | 54/58 | €12,500 | €4,195 | -€8,305 | -66.4% |
| Deferred charges and accrued income | 490/1 | €1,515 | €4,466 | +€2,951 | +195% |
| Total equity and liabilities | 10/49 | €144,290 | €141,413 | -€2,877 | -2.0% |
| Equity | 10/15 | €118,691 | €132,673 | +€13,982 | +11.8% |
| Contributions | 10/11 | €3,060 | €3,060 | = | 0.0% |
| Reserves | 13 | €106,687 | €120,669 | +€13,982 | +13.1% |
| Distributable reserves | 133 | €106,687 | €120,669 | +€13,982 | +13.1% |
| Profit (loss) carried forward | 14 | €8,944 | €8,944 | = | 0.0% |
| Amounts payable | 17/49 | €25,599 | €8,740 | -€16,859 | -65.9% |
| Amounts payable within one year | 42/48 | €25,573 | €8,726 | -€16,847 | -65.9% |
| Current portion of amounts payable after more than one year | 42 | €4,183 | - | -€4,183 | |
| Trade debts | 44 | €4,095 | €6,652 | +€2,558 | +62.5% |
| Suppliers | 440/4 | €4,095 | €6,652 | +€2,558 | +62.5% |
| Taxes, remuneration and social security | 45 | €17,296 | €2,074 | -€15,222 | -88.0% |
| Taxes | 450/3 | €17,296 | €2,074 | -€15,222 | -88.0% |
| Accrued charges and deferred income | 492/3 | €26 | €14 | -€12 | -47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,756 | €26,987 | -€3,769 | -12.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €93,515 | €49,987 | -€43,528 | -46.5% |
| Operating profit (loss) | 9901 | €62,372 | €22,601 | -€39,771 | -63.8% |
| Financial income | 75/76B | €95 | €71 | -€24 | -24.9% |
| Recurring financial income | 75 | €95 | €71 | -€24 | -24.9% |
| Financial charges | 65/66B | €2,118 | €250 | -€1,868 | -88.2% |
| Recurring financial charges | 65 | €2,118 | €250 | -€1,868 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €60,349 | €22,422 | -€37,927 | -62.8% |
| Income taxes | 67/77 | €20,192 | €8,440 | -€11,752 | -58.2% |
| Profit (loss) for the period | 9904 | €40,157 | €13,982 | -€26,175 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,157 | €13,982 | -€26,175 | -65.2% |
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 17 October 2026 via checked.be.