Guldendal: 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.
Guldendal
Largest movements
- Cash +€114,032
up €114,032 (+101.1%), from €112,740 to €226,772
mainly Depreciation (+€125,741) and Receivables within one year (+€63,412)
- Tangible fixed assets -€94,499
down €94,499 (-6.0%), from €1.6m to €1.5m
of which Land and buildings: -€65,852
- Receivables within one year -€63,412
down €63,412 (-51.7%), from €122,540 to €59,128
of which Trade receivables: -€32,587
- Debts after one year -€63,975
down €63,975 (-6.7%), from €958,147 to €894,172
of which Financial debts: -€63,875
- Gross operating margin +€13,507
up €13,507 (+8.3%), from €162,830 to €176,336
- Depreciation +€12,569
up €12,569 (+11.1%), from €113,173 to €125,741
- Financial charges -€3,993
down €3,993 (-13.6%), from €29,272 to €25,279
- Taxes -€3,116
down €3,116 (-50.7%), from €6,145 to €3,029
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 | €1,817,314 | €1,777,108 | -€40,206 | -2.2% |
| Fixed assets | 21/28 | €1,582,033 | €1,487,534 | -€94,499 | -6.0% |
| Tangible fixed assets | 22/27 | €1,580,816 | €1,486,317 | -€94,499 | -6.0% |
| Land and buildings | 22 | €1,348,963 | €1,283,110 | -€65,852 | -4.9% |
| Plant, machinery and equipment | 23 | €105,135 | €105,135 | = | 0.0% |
| Furniture and vehicles | 24 | €126,718 | €98,072 | -€28,647 | -22.6% |
| Financial fixed assets | 28 | €1,218 | €1,218 | = | 0.0% |
| Current assets | 29/58 | €235,280 | €289,574 | +€54,293 | +23.1% |
| Amounts receivable within one year | 40/41 | €122,540 | €59,128 | -€63,412 | -51.7% |
| Trade receivables | 40 | €89,946 | €57,358 | -€32,587 | -36.2% |
| Other amounts receivable | 41 | €32,595 | €1,770 | -€30,825 | -94.6% |
| Cash at bank and in hand | 54/58 | €112,740 | €226,772 | +€114,032 | +101.1% |
| Deferred charges and accrued income | 490/1 | - | €3,673 | +€3,673 | |
| Total equity and liabilities | 10/49 | €1,817,314 | €1,777,108 | -€40,206 | -2.2% |
| Equity | 10/15 | €141,458 | €151,673 | +€10,215 | +7.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €122,866 | €133,081 | +€10,215 | +8.3% |
| Distributable reserves | 133 | €122,866 | €133,081 | +€10,215 | +8.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,675,855 | €1,625,435 | -€50,420 | -3.0% |
| Amounts payable after more than one year | 17 | €958,147 | €894,172 | -€63,975 | -6.7% |
| Financial debts | 170/4 | €939,964 | €876,089 | -€63,875 | -6.8% |
| Other amounts payable | 178/9 | €18,183 | €18,083 | -€100 | -0.5% |
| Amounts payable within one year | 42/48 | €717,708 | €731,263 | +€13,555 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €62,553 | €63,875 | +€1,322 | +2.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €13,145 | €10,116 | -€3,029 | -23.0% |
| Suppliers | 440/4 | €13,145 | €10,116 | -€3,029 | -23.0% |
| Taxes, remuneration and social security | 45 | €61 | €1,433 | +€1,373 | +2262.9% |
| Taxes | 450/3 | €61 | €1,433 | +€1,373 | +2262.9% |
| Other amounts payable | 47/48 | €541,950 | €555,838 | +€13,889 | +2.6% |
| Non-recurring operating income | 76A | €3,228 | €0 | -€3,228 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,173 | €125,741 | +€12,569 | +11.1% |
| Other operating charges | 640/8 | €13,561 | €12,186 | -€1,375 | -10.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €162,830 | €176,336 | +€13,507 | +8.3% |
| Operating profit (loss) | 9901 | €36,097 | €38,409 | +€2,313 | +6.4% |
| Financial income | 75/76B | €56 | €113 | +€57 | +101.2% |
| Recurring financial income | 75 | €56 | €113 | +€57 | +101.2% |
| Financial charges | 65/66B | €29,272 | €25,279 | -€3,993 | -13.6% |
| Recurring financial charges | 65 | €29,272 | €25,279 | -€3,993 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €6,880 | €13,244 | +€6,363 | +92.5% |
| Income taxes | 67/77 | €6,145 | €3,029 | -€3,116 | -50.7% |
| Profit (loss) for the period | 9904 | €736 | €10,215 | +€9,479 | +1288.5% |
| Profit (loss) for the period to be appropriated | 9905 | €736 | €10,215 | +€9,479 | +1288.5% |
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 7 October 2026 via checked.be.