GULE: 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.
GULE
Largest movements
- Tangible fixed assets -€19,989
down €19,989 (-3.3%), from €606,765 to €586,776
of which Other tangible fixed assets: -€15,481
- Cash +€19,150
up €19,150 (+71.8%), from €26,675 to €45,824
mainly Net result for the year (+€43,979) and Depreciation (+€19,989)
- Debts after one year -€48,614
down €48,614 (-16.5%), from €293,970 to €245,355
- Reserves +€43,979
up €43,979 (+51.5%), from €85,348 to €129,327
- Depreciation -€18,136
down €18,136 (-47.6%), from €38,126 to €19,989
- Gross operating margin -€7,351
down €7,351 (-7.6%), from €97,069 to €89,718
- Taxes +€3,095
up €3,095 (+22.4%), from €13,816 to €16,911
- Other operating charges +€1,368
up €1,368 (+65.0%), from €2,104 to €3,472
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 | €646,954 | €644,635 | -€2,319 | -0.4% |
| Fixed assets | 21/28 | €606,765 | €586,776 | -€19,989 | -3.3% |
| Tangible fixed assets | 22/27 | €606,765 | €586,776 | -€19,989 | -3.3% |
| Furniture and vehicles | 24 | €4,981 | €473 | -€4,508 | -90.5% |
| Other tangible fixed assets | 26 | €601,784 | €586,303 | -€15,481 | -2.6% |
| Current assets | 29/58 | €40,189 | €57,859 | +€17,670 | +44.0% |
| Amounts receivable within one year | 40/41 | €9,680 | €9,690 | +€10 | +0.1% |
| Trade receivables | 40 | €9,680 | €9,690 | +€10 | +0.1% |
| Cash at bank and in hand | 54/58 | €26,675 | €45,824 | +€19,150 | +71.8% |
| Deferred charges and accrued income | 490/1 | €3,834 | €2,345 | -€1,489 | -38.8% |
| Total equity and liabilities | 10/49 | €646,954 | €644,635 | -€2,319 | -0.4% |
| Equity | 10/15 | €103,948 | €147,927 | +€43,979 | +42.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,348 | €129,327 | +€43,979 | +51.5% |
| Distributable reserves | 133 | €85,348 | €129,327 | +€43,979 | +51.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €543,006 | €496,708 | -€46,298 | -8.5% |
| Amounts payable after more than one year | 17 | €293,970 | €245,355 | -€48,614 | -16.5% |
| Financial debts | 170/4 | €293,970 | €245,355 | -€48,614 | -16.5% |
| Amounts payable within one year | 42/48 | €242,973 | €245,353 | +€2,380 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €52,625 | €48,614 | -€4,011 | -7.6% |
| Trade debts | 44 | €2,753 | €2,169 | -€585 | -21.2% |
| Suppliers | 440/4 | €2,753 | €2,169 | -€585 | -21.2% |
| Taxes, remuneration and social security | 45 | €5,594 | €9,725 | +€4,131 | +73.8% |
| Taxes | 450/3 | €5,594 | €9,725 | +€4,131 | +73.8% |
| Other amounts payable | 47/48 | €182,001 | €184,845 | +€2,844 | +1.6% |
| Accrued charges and deferred income | 492/3 | €6,063 | €6,000 | -€63 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,126 | €19,989 | -€18,136 | -47.6% |
| Other operating charges | 640/8 | €2,104 | €3,472 | +€1,368 | +65.0% |
| Gross operating margin | 9900 | €97,069 | €89,718 | -€7,351 | -7.6% |
| Operating profit (loss) | 9901 | €56,839 | €66,257 | +€9,418 | +16.6% |
| Financial charges | 65/66B | €6,208 | €5,366 | -€842 | -13.6% |
| Recurring financial charges | 65 | €6,208 | €5,366 | -€842 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €50,631 | €60,891 | +€10,259 | +20.3% |
| Income taxes | 67/77 | €13,816 | €16,911 | +€3,095 | +22.4% |
| Profit (loss) for the period | 9904 | €36,815 | €43,979 | +€7,164 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,815 | €43,979 | +€7,164 | +19.5% |
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 9 October 2026 via checked.be.