GULDEN VLIES: 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.
GULDEN VLIES
Largest movements
- Cash +€5,847
up €5,847 (+18.8%), from €31,123 to €36,970
mainly Net result for the year (+€5,317) and Other debts (+€1,950)
- Stocks and contracts +€3,342
up €3,342 (+11.1%), from €30,086 to €33,428
- Receivables within one year -€1,122
down €1,122 (-38.1%), from €2,942 to €1,821
of which Other amounts receivable: -€906
- Reserves +€6,051
up €6,051 (+32.0%), from €18,927 to €24,978
- Other debts +€1,950
up €1,950 (+69.1%), from €2,820 to €4,770
- Trade debts -€1,152
down €1,152 (-13.5%), from €8,528 to €7,375
- Short-term financial debts +€834
new in 2025: €834
- Gross operating margin +€15,097
up €15,097 (+65.9%), from €22,918 to €38,015
- Depreciation -€2,522
down €2,522 (-80.1%), from €3,148 to €627
- Staff costs +€1,806
up €1,806 (+6.6%), from €27,344 to €29,150
- Taxes +€534
up €534 (+417%), from €128 to €662
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 | €69,559 | €76,936 | +€7,377 | +10.6% |
| Fixed assets | 21/28 | €2,991 | €2,314 | -€677 | -22.6% |
| Tangible fixed assets | 22/27 | €2,941 | €2,314 | -€627 | -21.3% |
| Land and buildings | 22 | €2,941 | €2,314 | -€627 | -21.3% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100% |
| Current assets | 29/58 | €66,569 | €74,622 | +€8,054 | +12.1% |
| Stocks and contracts in progress | 3 | €30,086 | €33,428 | +€3,342 | +11.1% |
| Stocks | 30/36 | €30,086 | €33,428 | +€3,342 | +11.1% |
| Amounts receivable within one year | 40/41 | €2,942 | €1,821 | -€1,122 | -38.1% |
| Trade receivables | 40 | €215 | €0 | -€215 | -100% |
| Other amounts receivable | 41 | €2,727 | €1,821 | -€906 | -33.2% |
| Cash at bank and in hand | 54/58 | €31,123 | €36,970 | +€5,847 | +18.8% |
| Deferred charges and accrued income | 490/1 | €2,417 | €2,404 | -€14 | -0.6% |
| Total equity and liabilities | 10/49 | €69,559 | €76,936 | +€7,377 | +10.6% |
| Equity | 10/15 | €38,253 | €43,570 | +€5,317 | +13.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €18,927 | €24,978 | +€6,051 | +32.0% |
| Distributable reserves | 133 | €18,927 | €24,978 | +€6,051 | +32.0% |
| Profit (loss) carried forward | 14 | €734 | €0 | -€734 | -100% |
| Amounts payable | 17/49 | €31,307 | €33,367 | +€2,060 | +6.6% |
| Amounts payable within one year | 42/48 | €31,307 | €33,367 | +€2,060 | +6.6% |
| Financial debts | 43 | - | €834 | +€834 | |
| Credit institutions | 430/8 | - | €834 | +€834 | |
| Trade debts | 44 | €8,528 | €7,375 | -€1,152 | -13.5% |
| Suppliers | 440/4 | €8,528 | €7,375 | -€1,152 | -13.5% |
| Taxes, remuneration and social security | 45 | €19,959 | €20,388 | +€429 | +2.2% |
| Taxes | 450/3 | €13,134 | €12,794 | -€340 | -2.6% |
| Remuneration and social security | 454/9 | €6,825 | €7,594 | +€769 | +11.3% |
| Other amounts payable | 47/48 | €2,820 | €4,770 | +€1,950 | +69.1% |
| Remuneration, social security and pensions | 62 | €27,344 | €29,150 | +€1,806 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,148 | €627 | -€2,522 | -80.1% |
| Other operating charges | 640/8 | €1,051 | €1,017 | -€34 | -3.2% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €22,918 | €38,015 | +€15,097 | +65.9% |
| Operating profit (loss) | 9901 | -€8,625 | €7,171 | +€15,796 | |
| Financial income | 75/76B | €288 | €86 | -€202 | -70.1% |
| Recurring financial income | 75 | €288 | €86 | -€202 | -70.1% |
| Financial charges | 65/66B | €1,402 | €1,279 | -€122 | -8.7% |
| Recurring financial charges | 65 | €1,402 | €1,279 | -€122 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,738 | €5,979 | +€15,717 | |
| Income taxes | 67/77 | €128 | €662 | +€534 | +417% |
| Profit (loss) for the period | 9904 | -€9,866 | €5,317 | +€15,183 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,866 | €5,317 | +€15,183 |
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 26 October 2026 via checked.be.