GULCO: 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.
GULCO
Largest movements
- Receivables within one year -€47,537
down €47,537 (-48.6%), from €97,749 to €50,212
of which Other amounts receivable: -€45,945
- Current investments +€40,000
new in 2025: €40,000
- Tangible fixed assets -€22,487
down €22,487 (-5.1%), from €436,725 to €414,239
of which Land and buildings: -€15,171
- Profit (loss) carried forward -€26,950
down €26,950 (-16.7%), from -€161,681 to -€188,631
- Other debts +€20,811
up €20,811 (+107.8%), from €19,304 to €40,115
- Debts after one year -€13,410
down €13,410 (-8.1%), from €165,991 to €152,580
- Other operating charges +€9,699
up €9,699 (+116.3%), from €8,340 to €18,039
- Gross operating margin +€8,677
up €8,677 (+156.0%), from €5,562 to €14,239
- Depreciation -€6,202
down €6,202 (-19.6%), from €31,592 to €25,390
- Financial charges +€528
up €528 (+12.6%), from €4,178 to €4,705
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 | €579,693 | €547,780 | -€31,913 | -5.5% |
| Fixed assets | 21/28 | €436,725 | €414,239 | -€22,487 | -5.1% |
| Tangible fixed assets | 22/27 | €436,725 | €414,239 | -€22,487 | -5.1% |
| Land and buildings | 22 | €425,140 | €409,969 | -€15,171 | -3.6% |
| Furniture and vehicles | 24 | €11,585 | €4,270 | -€7,315 | -63.1% |
| Current assets | 29/58 | €142,968 | €133,542 | -€9,426 | -6.6% |
| Amounts receivable after more than one year | 29 | €30,573 | €30,573 | = | 0.0% |
| Other amounts receivable | 291 | €30,573 | €30,573 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €97,749 | €50,212 | -€47,537 | -48.6% |
| Trade receivables | 40 | €2,014 | €422 | -€1,592 | -79.0% |
| Other amounts receivable | 41 | €95,735 | €49,790 | -€45,945 | -48.0% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €11,241 | €8,577 | -€2,664 | -23.7% |
| Deferred charges and accrued income | 490/1 | €3,405 | €4,180 | +€775 | +22.8% |
| Total equity and liabilities | 10/49 | €579,693 | €547,780 | -€31,913 | -5.5% |
| Equity | 10/15 | €322,463 | €290,885 | -€31,579 | -9.8% |
| Contributions | 10/11 | €326,972 | €326,972 | = | 0.0% |
| Capital | 10 | €326,972 | €326,972 | = | 0.0% |
| Issued capital | 100 | €326,972 | €326,972 | = | 0.0% |
| Reserves | 13 | €157,172 | €152,544 | -€4,628 | -2.9% |
| Non-distributable reserves | 130/1 | €3,164 | €3,164 | = | 0.0% |
| Legal reserve | 130 | €3,164 | €3,164 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,478 | €142,849 | -€4,628 | -3.1% |
| Distributable reserves | 133 | €6,531 | €6,531 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,681 | -€188,631 | -€26,950 | -16.7% |
| Provisions and deferred taxes | 16 | €49,159 | €47,616 | -€1,543 | -3.1% |
| Deferred taxes | 168 | €49,159 | €47,616 | -€1,543 | -3.1% |
| Amounts payable | 17/49 | €208,071 | €209,279 | +€1,209 | +0.6% |
| Amounts payable after more than one year | 17 | €165,991 | €152,580 | -€13,410 | -8.1% |
| Financial debts | 170/4 | €165,991 | €152,580 | -€13,410 | -8.1% |
| Amounts payable within one year | 42/48 | €42,080 | €56,699 | +€14,619 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €13,147 | €13,410 | +€264 | +2.0% |
| Trade debts | 44 | €4,363 | €2,898 | -€1,464 | -33.6% |
| Suppliers | 440/4 | €4,363 | €2,898 | -€1,464 | -33.6% |
| Advances received on contracts in progress | 46 | €3,233 | - | -€3,233 | |
| Taxes, remuneration and social security | 45 | €2,033 | €276 | -€1,758 | -86.4% |
| Taxes | 450/3 | €2,033 | €276 | -€1,758 | -86.4% |
| Other amounts payable | 47/48 | €19,304 | €40,115 | +€20,811 | +107.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,592 | €25,390 | -€6,202 | -19.6% |
| Other operating charges | 640/8 | €8,340 | €18,039 | +€9,699 | +116.3% |
| Gross operating margin | 9900 | €5,562 | €14,239 | +€8,677 | +156.0% |
| Operating profit (loss) | 9901 | -€34,370 | -€29,191 | +€5,180 | +15.1% |
| Financial income | 75/76B | €775 | €775 | = | 0.0% |
| Recurring financial income | 75 | €775 | €775 | = | 0.0% |
| Financial charges | 65/66B | €4,178 | €4,705 | +€528 | +12.6% |
| Recurring financial charges | 65 | €4,178 | €4,705 | +€528 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€37,773 | -€33,121 | +€4,652 | +12.3% |
| Transfer from deferred taxes | 780 | €1,543 | €6,171 | +€4,628 | +300.0% |
| Profit (loss) for the period | 9904 | -€36,230 | -€26,950 | +€9,280 | +25.6% |
| Transfer from tax-exempt reserves | 789 | €4,628 | - | -€4,628 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,602 | -€26,950 | +€4,652 | +14.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.