GUI PAI: 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.
GUI PAI
Largest movements
- Receivables within one year +€100,681
up €100,681 (+81.8%), from €123,091 to €223,772
of which Trade receivables: +€91,872
- Cash -€83,791
down €83,791 (-45.0%), from €186,312 to €102,521
mainly Receivables within one year (-€100,681) and Trade debts (-€40,808)
- Stocks and contracts +€18,594
up €18,594 (+41.8%), from €44,530 to €63,124
- Reserves +€73,882
up €73,882 (+40.3%), from €183,169 to €257,051
- Trade debts -€40,808
down €40,808 (-35.1%), from €116,314 to €75,506
- Current portion of long-term debt +€4,396
up €4,396 (+41.1%), from €10,685 to €15,081
- Financial charges -€26,436
down €26,436 (-86.5%), from €30,554 to €4,118
- Staff costs +€6,610
up €6,610 (+16.3%), from €40,459 to €47,069
- Taxes +€4,228
up €4,228 (+16.6%), from €25,440 to €29,668
- Gross operating margin -€2,752
down €2,752 (-1.6%), from €168,935 to €166,183
- Other operating charges -€2,343
down €2,343 (-65.0%), from €3,604 to €1,261
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 | €362,837 | €398,136 | +€35,299 | +9.7% |
| Fixed assets | 21/28 | €8,904 | €8,719 | -€185 | -2.1% |
| Tangible fixed assets | 22/27 | €504 | €319 | -€185 | -36.7% |
| Plant, machinery and equipment | 23 | €504 | €319 | -€185 | -36.7% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €353,933 | €389,417 | +€35,484 | +10.0% |
| Stocks and contracts in progress | 3 | €44,530 | €63,124 | +€18,594 | +41.8% |
| Stocks | 30/36 | €44,530 | €63,124 | +€18,594 | +41.8% |
| Amounts receivable within one year | 40/41 | €123,091 | €223,772 | +€100,681 | +81.8% |
| Trade receivables | 40 | €69,872 | €161,744 | +€91,872 | +131.5% |
| Other amounts receivable | 41 | €53,219 | €62,028 | +€8,809 | +16.6% |
| Cash at bank and in hand | 54/58 | €186,312 | €102,521 | -€83,791 | -45.0% |
| Total equity and liabilities | 10/49 | €362,837 | €398,136 | +€35,299 | +9.7% |
| Equity | 10/15 | €205,169 | €279,051 | +€73,882 | +36.0% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Outside capital | 11 | €22,000 | €22,000 | = | 0.0% |
| Other | 1109/19 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €183,169 | €257,051 | +€73,882 | +40.3% |
| Distributable reserves | 133 | €183,169 | €257,051 | +€73,882 | +40.3% |
| Amounts payable | 17/49 | €157,668 | €119,085 | -€38,583 | -24.5% |
| Amounts payable within one year | 42/48 | €157,668 | €119,085 | -€38,583 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €10,685 | €15,081 | +€4,396 | +41.1% |
| Trade debts | 44 | €116,314 | €75,506 | -€40,808 | -35.1% |
| Suppliers | 440/4 | €116,314 | €75,506 | -€40,808 | -35.1% |
| Taxes, remuneration and social security | 45 | €27,420 | €28,498 | +€1,078 | +3.9% |
| Taxes | 450/3 | €21,725 | €24,305 | +€2,580 | +11.9% |
| Remuneration and social security | 454/9 | €5,695 | €4,193 | -€1,502 | -26.4% |
| Other amounts payable | 47/48 | €3,249 | - | -€3,249 | |
| Remuneration, social security and pensions | 62 | €40,459 | €47,069 | +€6,610 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186 | €185 | -€1 | -0.5% |
| Other operating charges | 640/8 | €3,604 | €1,261 | -€2,343 | -65.0% |
| Gross operating margin | 9900 | €168,935 | €166,183 | -€2,752 | -1.6% |
| Operating profit (loss) | 9901 | €124,686 | €117,668 | -€7,018 | -5.6% |
| Financial charges | 65/66B | €30,554 | €4,118 | -€26,436 | -86.5% |
| Recurring financial charges | 65 | €30,554 | €4,118 | -€26,436 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | €94,132 | €113,550 | +€19,418 | +20.6% |
| Income taxes | 67/77 | €25,440 | €29,668 | +€4,228 | +16.6% |
| Profit (loss) for the period | 9904 | €68,692 | €83,882 | +€15,190 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,692 | €83,882 | +€15,190 | +22.1% |
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.