GUL-MET: 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.
GUL-MET
Largest movements
- Tangible fixed assets +€165,049
up €165,049 (+54.7%), from €301,637 to €466,686
- Debts after one year +€128,503
up €128,503 (+55.5%), from €231,580 to €360,083
of which Financial debts: +€125,903
- Current portion of long-term debt +€15,044
up €15,044 (+84.0%), from €17,904 to €32,947
- Other debts +€11,657
up €11,657 (+208%), from €5,611 to €17,268
- Profit (loss) carried forward +€5,463
up €5,463 (+19.4%), from €28,199 to €33,662
- Gross operating margin +€10,074
up €10,074 (+40.6%), from €24,800 to €34,873
- Financial charges +€5,527
up €5,527 (+105%), from €5,283 to €10,810
- Depreciation +€2,797
up €2,797 (+22.5%), from €12,417 to €15,214
- Taxes -€1,125
down €1,125 (-40.2%), from €2,798 to €1,673
- Other operating charges +€817
up €817 (+47.0%), from €1,739 to €2,555
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 | €308,510 | €468,834 | +€160,324 | +52.0% |
| Fixed assets | 21/28 | €301,637 | €466,686 | +€165,049 | +54.7% |
| Tangible fixed assets | 22/27 | €301,637 | €466,686 | +€165,049 | +54.7% |
| Land and buildings | 22 | €301,637 | €466,686 | +€165,049 | +54.7% |
| Current assets | 29/58 | €6,874 | €2,148 | -€4,726 | -68.7% |
| Amounts receivable within one year | 40/41 | €47 | - | -€47 | |
| Trade receivables | 40 | €36 | - | -€36 | |
| Other amounts receivable | 41 | €11 | - | -€11 | |
| Cash at bank and in hand | 54/58 | €6,827 | €2,148 | -€4,679 | -68.5% |
| Total equity and liabilities | 10/49 | €308,510 | €468,834 | +€160,324 | +52.0% |
| Equity | 10/15 | €51,399 | €56,862 | +€5,463 | +10.6% |
| Contributions | 10/11 | €23,200 | €23,200 | = | 0.0% |
| Capital | 10 | €23,200 | - | -€23,200 | |
| Issued capital | 100 | €23,200 | - | -€23,200 | |
| Profit (loss) carried forward | 14 | €28,199 | €33,662 | +€5,463 | +19.4% |
| Amounts payable | 17/49 | €257,112 | €411,972 | +€154,860 | +60.2% |
| Amounts payable after more than one year | 17 | €231,580 | €360,083 | +€128,503 | +55.5% |
| Financial debts | 170/4 | €231,580 | €357,483 | +€125,903 | +54.4% |
| Other amounts payable | 178/9 | - | €2,600 | +€2,600 | |
| Amounts payable within one year | 42/48 | €25,532 | €51,889 | +€26,357 | +103% |
| Current portion of amounts payable after more than one year | 42 | €17,904 | €32,947 | +€15,044 | +84.0% |
| Trade debts | 44 | €2,017 | €1,673 | -€344 | -17.1% |
| Suppliers | 440/4 | €2,017 | €1,673 | -€344 | -17.1% |
| Other amounts payable | 47/48 | €5,611 | €17,268 | +€11,657 | +208% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,417 | €15,214 | +€2,797 | +22.5% |
| Other operating charges | 640/8 | €1,739 | €2,555 | +€817 | +47.0% |
| Gross operating margin | 9900 | €24,800 | €34,873 | +€10,074 | +40.6% |
| Operating profit (loss) | 9901 | €10,644 | €17,104 | +€6,460 | +60.7% |
| Financial income | 75/76B | - | €64 | +€64 | |
| Recurring financial income | 75 | - | €64 | +€64 | |
| Financial charges | 65/66B | €5,283 | €10,810 | +€5,527 | +105% |
| Recurring financial charges | 65 | €5,283 | €10,810 | +€5,527 | +105% |
| Profit (loss) for the period before taxes | 9903 | €5,361 | €6,358 | +€996 | +18.6% |
| Income taxes | 67/77 | €2,798 | €1,673 | -€1,125 | -40.2% |
| Profit (loss) for the period | 9904 | €2,564 | €4,685 | +€2,121 | +82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,564 | €4,685 | +€2,121 | +82.7% |
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 14 October 2026 via checked.be.