GUILLERMO: 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.
GUILLERMO
Largest movements
- Current investments +€303,840
up €303,840 (+80.3%), from €378,587 to €682,427
- Cash +€89,955
up €89,955 (+24.8%), from €363,182 to €453,137
mainly Net result for the year (+€494,801) and Receivables within one year (+€74,009)
- Receivables within one year -€74,009
down €74,009 (-10.1%), from €735,434 to €661,425
of which Other amounts receivable: -€75,136
- Reserves +€313,619
up €313,619 (+22.1%), from €1.4m to €1.7m
- Gross operating margin +€50,015
up €50,015 (+9.3%), from €539,407 to €589,422
- Financial income +€39,046
up €39,046 (+39.6%), from €98,527 to €137,573
- Taxes +€24,986
up €24,986 (+12.7%), from €196,580 to €221,566
- Financial charges +€9,944
up €9,944, from -€2,476 to €7,468
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 | €1,496,598 | €1,823,706 | +€327,108 | +21.9% |
| Fixed assets | 21/28 | €5,944 | €4,325 | -€1,619 | -27.2% |
| Tangible fixed assets | 22/27 | €5,944 | €4,325 | -€1,619 | -27.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,896 | €2,277 | -€1,619 | -41.6% |
| Other tangible fixed assets | 26 | €2,048 | €2,048 | = | 0.0% |
| Current assets | 29/58 | €1,490,654 | €1,819,381 | +€328,727 | +22.1% |
| Amounts receivable within one year | 40/41 | €735,434 | €661,425 | -€74,009 | -10.1% |
| Trade receivables | 40 | €41,768 | €42,895 | +€1,127 | +2.7% |
| Other amounts receivable | 41 | €693,666 | €618,530 | -€75,136 | -10.8% |
| Current investments | 50/53 | €378,587 | €682,427 | +€303,840 | +80.3% |
| Cash at bank and in hand | 54/58 | €363,182 | €453,137 | +€89,955 | +24.8% |
| Deferred charges and accrued income | 490/1 | €13,452 | €22,392 | +€8,941 | +66.5% |
| Total equity and liabilities | 10/49 | €1,496,598 | €1,823,706 | +€327,108 | +21.9% |
| Equity | 10/15 | €1,426,960 | €1,740,579 | +€313,619 | +22.0% |
| Contributions | 10/11 | €6,510 | €6,510 | = | 0.0% |
| Reserves | 13 | €1,420,450 | €1,734,069 | +€313,619 | +22.1% |
| Distributable reserves | 133 | €1,420,450 | €1,734,069 | +€313,619 | +22.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,638 | €83,127 | +€13,489 | +19.4% |
| Amounts payable within one year | 42/48 | €69,638 | €83,127 | +€13,489 | +19.4% |
| Trade debts | 44 | €4,901 | €224 | -€4,677 | -95.4% |
| Suppliers | 440/4 | €4,901 | €224 | -€4,677 | -95.4% |
| Taxes, remuneration and social security | 45 | €64,737 | €82,903 | +€18,166 | +28.1% |
| Taxes | 450/3 | €64,737 | €82,903 | +€18,166 | +28.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,215 | €1,619 | +€404 | +33.3% |
| Other operating charges | 640/8 | €1,091 | €1,541 | +€450 | +41.2% |
| Gross operating margin | 9900 | €539,407 | €589,422 | +€50,015 | +9.3% |
| Operating profit (loss) | 9901 | €537,101 | €586,263 | +€49,161 | +9.2% |
| Financial income | 75/76B | €98,527 | €137,573 | +€39,046 | +39.6% |
| Recurring financial income | 75 | €98,527 | €137,573 | +€39,046 | +39.6% |
| Financial charges | 65/66B | -€2,476 | €7,468 | +€9,944 | |
| Recurring financial charges | 65 | -€2,476 | €7,468 | +€9,944 | |
| Profit (loss) for the period before taxes | 9903 | €638,104 | €716,367 | +€78,264 | +12.3% |
| Income taxes | 67/77 | €196,580 | €221,566 | +€24,986 | +12.7% |
| Profit (loss) for the period | 9904 | €441,524 | €494,801 | +€53,278 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €441,524 | €494,801 | +€53,278 | +12.1% |
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.