GUL Solutions: 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.
GUL Solutions
Largest movements
- Cash +€15,935
up €15,935 (+365.8%), from €4,356 to €20,292
mainly Net result for the year (+€19,647) and Receivables within one year (+€10,697)
- Receivables within one year -€10,697
down €10,697 (-34.5%), from €30,967 to €20,270
of which Trade receivables: -€6,053
- Tangible fixed assets -€8,459
down €8,459 (-35.3%), from €23,984 to €15,525
of which Other tangible fixed assets: -€5,818
- Profit (loss) carried forward +€19,647
up €19,647 (+32.7%), from €60,031 to €79,678
- Other debts -€16,608
down €16,608 (-100.0%), from €16,608 to €0
- Gross operating margin +€22,999
up €22,999 (+76.6%), from €30,019 to €53,018
- Taxes +€4,544
up €4,544 (+62.9%), from €7,228 to €11,772
- Financial charges +€1,697
up €1,697 (+6.7%), from €25,191 to €26,887
- Financial income +€1,354
up €1,354 (+10.4%), from €12,985 to €14,338
- Depreciation -€811
down €811 (-8.7%), from €9,270 to €8,459
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 | €816,248 | €818,105 | +€1,858 | +0.2% |
| Fixed assets | 21/28 | €23,984 | €15,525 | -€8,459 | -35.3% |
| Tangible fixed assets | 22/27 | €23,984 | €15,525 | -€8,459 | -35.3% |
| Plant, machinery and equipment | 23 | €1,621 | €633 | -€988 | -61.0% |
| Furniture and vehicles | 24 | €3,577 | €1,924 | -€1,653 | -46.2% |
| Other tangible fixed assets | 26 | €18,785 | €12,967 | -€5,818 | -31.0% |
| Current assets | 29/58 | €792,264 | €802,581 | +€10,317 | +1.3% |
| Amounts receivable after more than one year | 29 | €756,941 | €756,941 | = | 0.0% |
| Other amounts receivable | 291 | €756,941 | €756,941 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,967 | €20,270 | -€10,697 | -34.5% |
| Trade receivables | 40 | €6,053 | €0 | -€6,053 | -100.0% |
| Other amounts receivable | 41 | €24,914 | €20,270 | -€4,644 | -18.6% |
| Cash at bank and in hand | 54/58 | €4,356 | €20,292 | +€15,935 | +365.8% |
| Deferred charges and accrued income | 490/1 | €0 | €5,078 | +€5,078 | |
| Total equity and liabilities | 10/49 | €816,248 | €818,105 | +€1,858 | +0.2% |
| Equity | 10/15 | €421,339 | €440,986 | +€19,647 | +4.7% |
| Contributions | 10/11 | €356,200 | €356,200 | = | 0.0% |
| Reserves | 13 | €5,108 | €5,108 | = | 0.0% |
| Distributable reserves | 133 | €5,108 | €5,108 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,031 | €79,678 | +€19,647 | +32.7% |
| Amounts payable | 17/49 | €394,909 | €377,119 | -€17,789 | -4.5% |
| Amounts payable after more than one year | 17 | €365,000 | €365,000 | = | 0.0% |
| Financial debts | 170/4 | €365,000 | €365,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,909 | €12,119 | -€17,789 | -59.5% |
| Trade debts | 44 | €4,591 | €3,774 | -€817 | -17.8% |
| Suppliers | 440/4 | €4,591 | €3,774 | -€817 | -17.8% |
| Taxes, remuneration and social security | 45 | €8,710 | €8,345 | -€365 | -4.2% |
| Taxes | 450/3 | €8,710 | €8,345 | -€365 | -4.2% |
| Other amounts payable | 47/48 | €16,608 | €0 | -€16,608 | -100.0% |
| Non-recurring operating income | 76A | €18,848 | €0 | -€18,848 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,270 | €8,459 | -€811 | -8.7% |
| Other operating charges | 640/8 | €505 | €591 | +€86 | +17.0% |
| Gross operating margin | 9900 | €30,019 | €53,018 | +€22,999 | +76.6% |
| Operating profit (loss) | 9901 | €20,244 | €43,968 | +€23,724 | +117.2% |
| Financial income | 75/76B | €12,985 | €14,338 | +€1,354 | +10.4% |
| Recurring financial income | 75 | €12,985 | €14,338 | +€1,354 | +10.4% |
| Financial charges | 65/66B | €25,191 | €26,887 | +€1,697 | +6.7% |
| Recurring financial charges | 65 | €25,191 | €26,887 | +€1,697 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €8,038 | €31,419 | +€23,381 | +290.9% |
| Income taxes | 67/77 | €7,228 | €11,772 | +€4,544 | +62.9% |
| Profit (loss) for the period | 9904 | €810 | €19,647 | +€18,837 | +2324.5% |
| Profit (loss) for the period to be appropriated | 9905 | €810 | €19,647 | +€18,837 | +2324.5% |
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 8 October 2026 via checked.be.