Gülen & Co: 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.
Gülen & Co
Largest movements
- Tangible fixed assets -€52,598
down €52,598 (-47.6%), from €110,533 to €57,935
of which Plant, machinery and equipment: -€37,685
- Reserves +€36,600
up €36,600 (+2.0%), from €1.8m to €1.9m
of which Distributable reserves: +€36,600
- Current portion of long-term debt -€33,154
down €33,154 (-85.4%), from €38,806 to €5,651
- Purchases and services -€715,478
down €715,478 (-98.7%), from €724,576 to €9,098
- Turnover -€672,802
down €672,802 (-81.3%), from €827,812 to €155,010
- Gross operating margin -€59,911
down €59,911 (-28.5%), from €210,243 to €150,333
- Write-downs +€36,455
up €36,455 (+2,278%), from €1,600 to €38,055
- Taxes -€13,204
down €13,204 (-50.8%), from €25,984 to €12,780
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 | €2,017,314 | €1,985,013 | -€32,301 | -1.6% |
| Fixed assets | 21/28 | €110,533 | €57,935 | -€52,598 | -47.6% |
| Tangible fixed assets | 22/27 | €110,533 | €57,935 | -€52,598 | -47.6% |
| Land and buildings | 22 | €55,000 | €48,125 | -€6,875 | -12.5% |
| Plant, machinery and equipment | 23 | €39,106 | €1,421 | -€37,685 | -96.4% |
| Furniture and vehicles | 24 | €7,732 | €2,220 | -€5,512 | -71.3% |
| Other tangible fixed assets | 26 | €8,694 | €6,169 | -€2,526 | -29.1% |
| Current assets | 29/58 | €1,906,782 | €1,927,078 | +€20,297 | +1.1% |
| Amounts receivable within one year | 40/41 | €1,893,121 | €1,900,980 | +€7,859 | +0.4% |
| Trade receivables | 40 | €87,468 | €38,055 | -€49,413 | -56.5% |
| Other amounts receivable | 41 | €1,805,653 | €1,862,925 | +€57,272 | +3.2% |
| Cash at bank and in hand | 54/58 | €13,660 | €26,098 | +€12,438 | +91.1% |
| Total equity and liabilities | 10/49 | €2,017,314 | €1,985,013 | -€32,301 | -1.6% |
| Equity | 10/15 | €1,838,322 | €1,874,921 | +€36,600 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,832,122 | €1,868,721 | +€36,600 | +2.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,830,262 | €1,866,861 | +€36,600 | +2.0% |
| Amounts payable | 17/49 | €178,993 | €110,092 | -€68,901 | -38.5% |
| Amounts payable after more than one year | 17 | €28,894 | €26,343 | -€2,551 | -8.8% |
| Financial debts | 170/4 | €28,894 | €26,343 | -€2,551 | -8.8% |
| Amounts payable within one year | 42/48 | €150,099 | €83,749 | -€66,350 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €38,806 | €5,651 | -€33,154 | -85.4% |
| Trade debts | 44 | €6,895 | €649 | -€6,246 | -90.6% |
| Suppliers | 440/4 | €6,895 | €649 | -€6,246 | -90.6% |
| Taxes, remuneration and social security | 45 | €13,057 | €3,152 | -€9,905 | -75.9% |
| Taxes | 450/3 | €12,321 | €2,416 | -€9,905 | -80.4% |
| Remuneration and social security | 454/9 | €736 | €736 | = | 0.0% |
| Other amounts payable | 47/48 | €91,342 | €74,298 | -€17,044 | -18.7% |
| Turnover | 70 | €827,812 | €155,010 | -€672,802 | -81.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €724,576 | €9,098 | -€715,478 | -98.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,235 | €52,598 | -€3,637 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,600 | €38,055 | +€36,455 | +2,278% |
| Other operating charges | 640/8 | €3,779 | €10,034 | +€6,255 | +166% |
| Gross operating margin | 9900 | €210,243 | €150,333 | -€59,911 | -28.5% |
| Operating profit (loss) | 9901 | €148,629 | €49,645 | -€98,984 | -66.6% |
| Financial income | 75/76B | €94 | €94 | = | 0.0% |
| Recurring financial income | 75 | €94 | €94 | = | 0.0% |
| Financial charges | 65/66B | €1,107 | €360 | -€747 | -67.5% |
| Recurring financial charges | 65 | €1,107 | €360 | -€747 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €147,616 | €49,380 | -€98,237 | -66.5% |
| Income taxes | 67/77 | €25,984 | €12,780 | -€13,204 | -50.8% |
| Profit (loss) for the period | 9904 | €121,632 | €36,600 | -€85,032 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,632 | €36,600 | -€85,032 | -69.9% |
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.