GULDMAN SACHS: 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.
GULDMAN SACHS
Largest movements
- Tangible fixed assets +€294,118
up €294,118 (+50.9%), from €577,705 to €871,823
of which Land and buildings: +€296,915
- Receivables within one year -€84,688
no longer reported in 2025 (was €84,688)
- Cash +€54,900
up €54,900 (+262%), from €20,914 to €75,814
mainly Debts after one year (+€209,323) and Receivables within one year (+€84,688)
- Financial fixed assets +€13,680
up €13,680 (+22.8%), from €60,000 to €73,680
- Debts after one year +€209,323
up €209,323 (+41.9%), from €499,683 to €709,006
- Other debts -€85,761
down €85,761 (-42.5%), from €201,793 to €116,032
- Accrued charges and deferred income +€72,503
new in 2025: €72,503
- Profit (loss) carried forward +€32,379
up €32,379 (+5,348%), from €605 to €32,985
- Tax, wage and social debts +€25,231
up €25,231 (+458%), from €5,509 to €30,740
of which Taxes: +€25,159
- Gross operating margin +€55,912
up €55,912 (+64.2%), from €87,105 to €143,017
- Depreciation +€12,076
up €12,076 (+40.7%), from €29,648 to €41,723
- Other operating charges +€8,615
up €8,615 (+283%), from €3,048 to €11,662
- Taxes +€7,205
up €7,205 (+87.6%), from €8,222 to €15,427
- Financial charges +€4,503
up €4,503 (+20.2%), from €22,322 to €26,825
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 | €743,442 | €1,021,317 | +€277,874 | +37.4% |
| Fixed assets | 21/28 | €637,705 | €945,503 | +€307,798 | +48.3% |
| Tangible fixed assets | 22/27 | €577,705 | €871,823 | +€294,118 | +50.9% |
| Land and buildings | 22 | €523,074 | €819,989 | +€296,915 | +56.8% |
| Plant, machinery and equipment | 23 | - | €3,846 | +€3,846 | |
| Furniture and vehicles | 24 | €7,913 | €13,644 | +€5,732 | +72.4% |
| Leasing and similar rights | 25 | €46,718 | €34,344 | -€12,374 | -26.5% |
| Financial fixed assets | 28 | €60,000 | €73,680 | +€13,680 | +22.8% |
| Current assets | 29/58 | €105,738 | €75,814 | -€29,924 | -28.3% |
| Amounts receivable within one year | 40/41 | €84,688 | - | -€84,688 | |
| Other amounts receivable | 41 | €84,688 | - | -€84,688 | |
| Cash at bank and in hand | 54/58 | €20,914 | €75,814 | +€54,900 | +262% |
| Deferred charges and accrued income | 490/1 | €135 | - | -€135 | |
| Total equity and liabilities | 10/49 | €743,442 | €1,021,317 | +€277,874 | +37.4% |
| Equity | 10/15 | €15,605 | €47,985 | +€32,379 | +207% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €605 | €32,985 | +€32,379 | +5,348% |
| Amounts payable | 17/49 | €727,837 | €973,332 | +€245,495 | +33.7% |
| Amounts payable after more than one year | 17 | €499,683 | €709,006 | +€209,323 | +41.9% |
| Financial debts | 170/4 | €499,683 | €709,006 | +€209,323 | +41.9% |
| Amounts payable within one year | 42/48 | €228,154 | €191,823 | -€36,331 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €20,600 | €35,945 | +€15,345 | +74.5% |
| Trade debts | 44 | €253 | €9,106 | +€8,854 | +3,502% |
| Suppliers | 440/4 | €253 | €9,106 | +€8,854 | +3,502% |
| Taxes, remuneration and social security | 45 | €5,509 | €30,740 | +€25,231 | +458% |
| Taxes | 450/3 | €5,509 | €30,668 | +€25,159 | +457% |
| Remuneration and social security | 454/9 | - | €72 | +€72 | |
| Other amounts payable | 47/48 | €201,793 | €116,032 | -€85,761 | -42.5% |
| Accrued charges and deferred income | 492/3 | - | €72,503 | +€72,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,648 | €41,723 | +€12,076 | +40.7% |
| Other operating charges | 640/8 | €3,048 | €11,662 | +€8,615 | +283% |
| Gross operating margin | 9900 | €87,105 | €143,017 | +€55,912 | +64.2% |
| Operating profit (loss) | 9901 | €54,410 | €89,631 | +€35,221 | +64.7% |
| Financial income | 75/76B | €800 | €0 | -€800 | -100.0% |
| Recurring financial income | 75 | €800 | €0 | -€800 | -100.0% |
| Financial charges | 65/66B | €22,322 | €26,825 | +€4,503 | +20.2% |
| Recurring financial charges | 65 | €22,322 | €26,825 | +€4,503 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €32,888 | €62,807 | +€29,919 | +91.0% |
| Income taxes | 67/77 | €8,222 | €15,427 | +€7,205 | +87.6% |
| Profit (loss) for the period | 9904 | €24,666 | €47,379 | +€22,713 | +92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,666 | €47,379 | +€22,713 | +92.1% |
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 15 October 2026 via checked.be.