GUHRING: 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.
GUHRING
Largest movements
- Receivables within one year +€560,323
up €560,323 (+170.0%), from €329,553 to €889,876
of which Trade receivables: +€558,340
- Receivables after one year -€465,000
no longer reported in 2025 (was €465,000)
- Stocks and contracts -€152,050
no longer reported in 2025 (was €152,050)
- Cash +€29,000
up €29,000 (+30.4%), from €95,443 to €124,443
mainly Receivables after one year (+€465,000) and Stocks and contracts (+€152,050)
- Tangible fixed assets -€17,902
down €17,902 (-21.9%), from €81,716 to €63,815
- Trade debts -€88,501
down €88,501 (-94.7%), from €93,477 to €4,976
- Profit (loss) carried forward +€51,512
up €51,512 (+6.1%), from €845,422 to €896,934
- Tax, wage and social debts -€19,680
down €19,680 (-17.8%), from €110,498 to €90,818
of which Taxes: -€17,557
- Gross operating margin -€29,412
down €29,412 (-4.0%), from €742,694 to €713,282
- Financial charges -€26,911
down €26,911, from €9,657 to -€17,254
of which Financial charges: -€18,213
- Financial income -€16,839
no longer reported in 2025 (was €16,839)
- Staff costs +€9,465
up €9,465 (+1.6%), from €607,115 to €616,580
- Taxes -€8,474
down €8,474 (-25.5%), from €33,292 to €24,819
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 | €1,139,732 | €1,083,832 | -€55,899 | -4.9% |
| Fixed assets | 21/28 | €96,299 | €65,898 | -€30,402 | -31.6% |
| Intangible fixed assets | 21 | €14,583 | €2,083 | -€12,500 | -85.7% |
| Tangible fixed assets | 22/27 | €81,716 | €63,815 | -€17,902 | -21.9% |
| Furniture and vehicles | 24 | €81,716 | €63,815 | -€17,902 | -21.9% |
| Current assets | 29/58 | €1,043,432 | €1,017,935 | -€25,498 | -2.4% |
| Amounts receivable after more than one year | 29 | €465,000 | - | -€465,000 | |
| Other amounts receivable | 291 | €465,000 | - | -€465,000 | |
| Stocks and contracts in progress | 3 | €152,050 | - | -€152,050 | |
| Stocks | 30/36 | €152,050 | - | -€152,050 | |
| Amounts receivable within one year | 40/41 | €329,553 | €889,876 | +€560,323 | +170.0% |
| Trade receivables | 40 | €329,553 | €887,892 | +€558,340 | +169.4% |
| Other amounts receivable | 41 | - | €1,983 | +€1,983 | |
| Cash at bank and in hand | 54/58 | €95,443 | €124,443 | +€29,000 | +30.4% |
| Deferred charges and accrued income | 490/1 | €1,386 | €3,616 | +€2,229 | +160.8% |
| Total equity and liabilities | 10/49 | €1,139,732 | €1,083,832 | -€55,899 | -4.9% |
| Equity | 10/15 | €922,422 | €973,934 | +€51,512 | +5.6% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €7,000 | €7,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €845,422 | €896,934 | +€51,512 | +6.1% |
| Amounts payable | 17/49 | €217,310 | €109,898 | -€107,411 | -49.4% |
| Amounts payable within one year | 42/48 | €203,975 | €95,794 | -€108,181 | -53.0% |
| Trade debts | 44 | €93,477 | €4,976 | -€88,501 | -94.7% |
| Suppliers | 440/4 | €93,477 | €4,976 | -€88,501 | -94.7% |
| Taxes, remuneration and social security | 45 | €110,498 | €90,818 | -€19,680 | -17.8% |
| Taxes | 450/3 | €17,557 | - | -€17,557 | |
| Remuneration and social security | 454/9 | €92,941 | €90,818 | -€2,123 | -2.3% |
| Accrued charges and deferred income | 492/3 | €13,335 | €14,104 | +€770 | +5.8% |
| Non-recurring operating income | 76A | - | €525 | +€525 | |
| Remuneration, social security and pensions | 62 | €607,115 | €616,580 | +€9,465 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,280 | €36,189 | -€90 | -0.2% |
| Other operating charges | 640/8 | €1,593 | €1,435 | -€158 | -9.9% |
| Gross operating margin | 9900 | €742,694 | €713,282 | -€29,412 | -4.0% |
| Operating profit (loss) | 9901 | €97,706 | €59,077 | -€38,629 | -39.5% |
| Financial income | 75/76B | €16,839 | - | -€16,839 | |
| Recurring financial income | 75 | €16,839 | - | -€16,839 | |
| Financial charges | 65/66B | €9,657 | -€17,254 | -€26,911 | |
| Recurring financial charges | 65 | €959 | -€17,254 | -€18,213 | |
| Non-recurring financial charges | 66B | €8,698 | - | -€8,698 | |
| Profit (loss) for the period before taxes | 9903 | €104,888 | €76,331 | -€28,557 | -27.2% |
| Income taxes | 67/77 | €33,292 | €24,819 | -€8,474 | -25.5% |
| Profit (loss) for the period | 9904 | €71,595 | €51,512 | -€20,083 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,595 | €51,512 | -€20,083 | -28.1% |
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 5 October 2026 via checked.be.