GUL REYHAN: 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 REYHAN
Largest movements
- Cash -€37,616
down €37,616 (-30.6%), from €123,077 to €85,461
mainly Other debts (-€44,962) and Receivables within one year (-€16,865)
- Receivables within one year +€16,865
up €16,865 (+642%), from €2,626 to €19,491
of which Trade receivables: +€14,688
- Tangible fixed assets -€9,507
down €9,507 (-52.9%), from €17,966 to €8,459
of which Furniture and vehicles: -€6,627
- Stocks and contracts +€7,275
up €7,275 (+51.6%), from €14,100 to €21,375
- Intangible fixed assets +€2,581
new in 2025: €2,581
- Other debts -€44,962
down €44,962 (-53.7%), from €83,712 to €38,750
- Tax, wage and social debts +€14,168
up €14,168 (+64.2%), from €22,063 to €36,231
of which Remuneration and social security: +€23,973
- Profit (loss) carried forward +€10,571
up €10,571 (+497%), from €2,127 to €12,698
- Staff costs +€48,303
up €48,303 (+128%), from €37,848 to €86,151
- Gross operating margin +€8,658
up €8,658 (+8.7%), from €99,418 to €108,076
- Taxes -€7,219
down €7,219 (-70.6%), from €10,222 to €3,003
- Depreciation -€4,191
down €4,191 (-50.7%), from €8,259 to €4,068
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 | €160,549 | €140,190 | -€20,359 | -12.7% |
| Fixed assets | 21/28 | €18,329 | €11,403 | -€6,926 | -37.8% |
| Intangible fixed assets | 21 | - | €2,581 | +€2,581 | |
| Tangible fixed assets | 22/27 | €17,966 | €8,459 | -€9,507 | -52.9% |
| Plant, machinery and equipment | 23 | €1,359 | €79 | -€1,280 | -94.2% |
| Furniture and vehicles | 24 | €8,725 | €2,098 | -€6,627 | -76.0% |
| Other tangible fixed assets | 26 | €7,882 | €6,282 | -€1,600 | -20.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €142,220 | €128,787 | -€13,433 | -9.4% |
| Stocks and contracts in progress | 3 | €14,100 | €21,375 | +€7,275 | +51.6% |
| Stocks | 30/36 | €14,100 | €21,375 | +€7,275 | +51.6% |
| Amounts receivable within one year | 40/41 | €2,626 | €19,491 | +€16,865 | +642% |
| Trade receivables | 40 | €2,626 | €17,314 | +€14,688 | +559% |
| Other amounts receivable | 41 | - | €2,177 | +€2,177 | |
| Cash at bank and in hand | 54/58 | €123,077 | €85,461 | -€37,616 | -30.6% |
| Deferred charges and accrued income | 490/1 | €2,417 | €2,460 | +€43 | +1.8% |
| Total equity and liabilities | 10/49 | €160,549 | €140,190 | -€20,359 | -12.7% |
| Equity | 10/15 | €16,087 | €26,658 | +€10,571 | +65.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,560 | €1,560 | = | 0.0% |
| Distributable reserves | 133 | €1,560 | €1,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,127 | €12,698 | +€10,571 | +497% |
| Amounts payable | 17/49 | €144,462 | €113,532 | -€30,930 | -21.4% |
| Amounts payable within one year | 42/48 | €144,462 | €113,532 | -€30,930 | -21.4% |
| Trade debts | 44 | €38,687 | €38,551 | -€136 | -0.4% |
| Suppliers | 440/4 | €38,687 | €38,551 | -€136 | -0.4% |
| Taxes, remuneration and social security | 45 | €22,063 | €36,231 | +€14,168 | +64.2% |
| Taxes | 450/3 | €15,367 | €5,562 | -€9,805 | -63.8% |
| Remuneration and social security | 454/9 | €6,696 | €30,669 | +€23,973 | +358% |
| Other amounts payable | 47/48 | €83,712 | €38,750 | -€44,962 | -53.7% |
| Non-recurring operating income | 76A | €6,931 | €3,644 | -€3,287 | -47.4% |
| Remuneration, social security and pensions | 62 | €37,848 | €86,151 | +€48,303 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,259 | €4,068 | -€4,191 | -50.7% |
| Other operating charges | 640/8 | €2,448 | €3,152 | +€704 | +28.8% |
| Gross operating margin | 9900 | €99,418 | €108,076 | +€8,658 | +8.7% |
| Operating profit (loss) | 9901 | €50,863 | €14,705 | -€36,158 | -71.1% |
| Financial income | 75/76B | €52 | €552 | +€500 | +962% |
| Recurring financial income | 75 | €52 | €552 | +€500 | +962% |
| Financial charges | 65/66B | €1,726 | €1,683 | -€43 | -2.5% |
| Recurring financial charges | 65 | €1,726 | €1,683 | -€43 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €49,189 | €13,574 | -€35,615 | -72.4% |
| Income taxes | 67/77 | €10,222 | €3,003 | -€7,219 | -70.6% |
| Profit (loss) for the period | 9904 | €38,967 | €10,571 | -€28,396 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,967 | €10,571 | -€28,396 | -72.9% |
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 30 October 2026 via checked.be.