GULDAGER: 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.
GULDAGER
Largest movements
- Cash +€47,557
up €47,557 (+120.2%), from €39,559 to €87,117
mainly Net result for the year (+€131,830) and Depreciation (+€69,337)
- Tangible fixed assets -€46,662
down €46,662 (-19.6%), from €237,703 to €191,041
- Stocks and contracts +€41,150
up €41,150 (+8.5%), from €482,066 to €523,216
- Receivables within one year +€27,254
up €27,254 (+11.0%), from €246,830 to €274,084
of which Trade receivables: +€13,918
- Profit (loss) carried forward +€131,830
up €131,830 (+50.2%), from €262,671 to €394,501
- Other debts -€94,186
no longer reported in 2025 (was €94,186)
- Accrued charges and deferred income -€63,070
down €63,070 (-26.7%), from €235,876 to €172,806
- Debts after one year +€59,420
up €59,420 (+611.1%), from €9,723 to €69,143
- Tax, wage and social debts +€56,274
up €56,274 (+80.2%), from €70,124 to €126,397
of which Taxes: +€64,639
- Gross operating margin +€140,142
up €140,142 (+18.0%), from €777,400 to €917,542
- Staff costs -€79,307
down €79,307 (-10.8%), from €732,884 to €653,576
- Taxes +€50,281
up €50,281 (+6150.7%), from €817 to €51,099
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 | €1,013,363 | €1,085,440 | +€72,076 | +7.1% |
| Fixed assets | 21/28 | €237,703 | €191,041 | -€46,662 | -19.6% |
| Tangible fixed assets | 22/27 | €237,703 | €191,041 | -€46,662 | -19.6% |
| Land and buildings | 22 | €124,540 | €104,048 | -€20,492 | -16.5% |
| Plant, machinery and equipment | 23 | €14,394 | €10,495 | -€3,899 | -27.1% |
| Furniture and vehicles | 24 | €85,466 | €66,676 | -€18,790 | -22.0% |
| Other tangible fixed assets | 26 | €13,304 | €9,823 | -€3,481 | -26.2% |
| Current assets | 29/58 | €775,660 | €894,398 | +€118,738 | +15.3% |
| Stocks and contracts in progress | 3 | €482,066 | €523,216 | +€41,150 | +8.5% |
| Stocks | 30/36 | €482,066 | €523,216 | +€41,150 | +8.5% |
| Amounts receivable within one year | 40/41 | €246,830 | €274,084 | +€27,254 | +11.0% |
| Trade receivables | 40 | €246,431 | €260,349 | +€13,918 | +5.6% |
| Other amounts receivable | 41 | €399 | €13,735 | +€13,336 | +3341.2% |
| Cash at bank and in hand | 54/58 | €39,559 | €87,117 | +€47,557 | +120.2% |
| Deferred charges and accrued income | 490/1 | €7,205 | €9,982 | +€2,777 | +38.5% |
| Total equity and liabilities | 10/49 | €1,013,363 | €1,085,440 | +€72,076 | +7.1% |
| Equity | 10/15 | €400,875 | €532,705 | +€131,830 | +32.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €76,231 | €76,231 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,198 | €6,198 | = | 0.0% |
| Legal reserve | 130 | €6,198 | €6,198 | = | 0.0% |
| Distributable reserves | 133 | €70,033 | €70,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | €262,671 | €394,501 | +€131,830 | +50.2% |
| Amounts payable | 17/49 | €612,488 | €552,734 | -€59,754 | -9.8% |
| Amounts payable after more than one year | 17 | €9,723 | €69,143 | +€59,420 | +611.1% |
| Financial debts | 170/4 | €9,723 | €69,143 | +€59,420 | +611.1% |
| Amounts payable within one year | 42/48 | €366,889 | €310,786 | -€56,104 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €42,233 | €26,095 | -€16,139 | -38.2% |
| Trade debts | 44 | €160,346 | €158,294 | -€2,053 | -1.3% |
| Suppliers | 440/4 | €160,346 | €158,294 | -€2,053 | -1.3% |
| Taxes, remuneration and social security | 45 | €70,124 | €126,397 | +€56,274 | +80.2% |
| Taxes | 450/3 | €6,571 | €71,210 | +€64,639 | +983.7% |
| Remuneration and social security | 454/9 | €63,553 | €55,187 | -€8,365 | -13.2% |
| Other amounts payable | 47/48 | €94,186 | - | -€94,186 | |
| Accrued charges and deferred income | 492/3 | €235,876 | €172,806 | -€63,070 | -26.7% |
| Remuneration, social security and pensions | 62 | €732,884 | €653,576 | -€79,307 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,691 | €69,337 | +€4,645 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €661 | - | -€661 | |
| Other operating charges | 640/8 | €7,291 | €6,832 | -€458 | -6.3% |
| Gross operating margin | 9900 | €777,400 | €917,542 | +€140,142 | +18.0% |
| Operating profit (loss) | 9901 | -€28,126 | €187,797 | +€215,923 | |
| Financial income | 75/76B | €182 | €52 | -€130 | -71.2% |
| Recurring financial income | 75 | €182 | €52 | -€130 | -71.2% |
| Financial charges | 65/66B | €7,673 | €4,920 | -€2,753 | -35.9% |
| Recurring financial charges | 65 | €7,673 | €4,920 | -€2,753 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,617 | €182,929 | +€218,546 | |
| Income taxes | 67/77 | €817 | €51,099 | +€50,281 | +6150.7% |
| Profit (loss) for the period | 9904 | -€36,434 | €131,830 | +€168,265 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,434 | €131,830 | +€168,265 |
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 3 October 2026 via checked.be.