GULEX: 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.
GULEX
Largest movements
- Receivables within one year +€153,149
up €153,149 (+36.9%), from €414,905 to €568,053
of which Trade receivables: +€134,394
- Cash +€37,440
up €37,440 (+6.2%), from €602,586 to €640,026
mainly Net result for the year (+€249,017) and Tax, wage and social debts (+€80,561)
- Tax, wage and social debts +€80,561
up €80,561 (+158.0%), from €50,989 to €131,550
of which Taxes: +€83,356
- Reserves +€60,459
up €60,459 (+21.9%), from €275,613 to €336,072
of which Distributable reserves: +€60,459
- Trade debts +€47,743
up €47,743 (+10.2%), from €468,722 to €516,465
- Other debts +€31,145
up €31,145 (+13.3%), from €234,183 to €265,328
- Debts after one year -€23,872
down €23,872 (-25.7%), from €92,990 to €69,118
- Taxes +€64,181
up €64,181 (+131.2%), from €48,907 to €113,088
- Gross operating margin +€26,189
up €26,189 (+5.5%), from €472,596 to €498,785
- Depreciation +€18,778
up €18,778 (+125.4%), from €14,972 to €33,750
- Financial charges +€8,162
up €8,162 (+8.6%), from €94,716 to €102,879
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 | €1,160,028 | €1,350,672 | +€190,643 | +16.4% |
| Fixed assets | 21/28 | €121,682 | €114,008 | -€7,675 | -6.3% |
| Tangible fixed assets | 22/27 | €121,446 | €113,772 | -€7,675 | -6.3% |
| Plant, machinery and equipment | 23 | €2,815 | €6,981 | +€4,166 | +148.0% |
| Furniture and vehicles | 24 | €118,631 | €106,791 | -€11,840 | -10.0% |
| Financial fixed assets | 28 | €236 | €236 | = | 0.0% |
| Current assets | 29/58 | €1,038,346 | €1,236,664 | +€198,318 | +19.1% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €414,905 | €568,053 | +€153,149 | +36.9% |
| Trade receivables | 40 | €248,951 | €383,344 | +€134,394 | +54.0% |
| Other amounts receivable | 41 | €165,954 | €184,709 | +€18,755 | +11.3% |
| Current investments | 50/53 | €291 | €0 | -€291 | -100.0% |
| Cash at bank and in hand | 54/58 | €602,586 | €640,026 | +€37,440 | +6.2% |
| Deferred charges and accrued income | 490/1 | €10,564 | €18,584 | +€8,020 | +75.9% |
| Total equity and liabilities | 10/49 | €1,160,028 | €1,350,672 | +€190,643 | +16.4% |
| Equity | 10/15 | €277,213 | €337,672 | +€60,459 | +21.8% |
| Contributions | 10/11 | €1,600 | €1,600 | = | 0.0% |
| Reserves | 13 | €275,613 | €336,072 | +€60,459 | +21.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €5,804 | €5,804 | = | 0.0% |
| Distributable reserves | 133 | €269,809 | €330,268 | +€60,459 | +22.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €882,815 | €1,012,999 | +€130,184 | +14.7% |
| Amounts payable after more than one year | 17 | €92,990 | €69,118 | -€23,872 | -25.7% |
| Financial debts | 170/4 | €92,990 | €69,118 | -€23,872 | -25.7% |
| Amounts payable within one year | 42/48 | €789,825 | €943,881 | +€154,056 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €35,932 | €30,538 | -€5,393 | -15.0% |
| Trade debts | 44 | €468,722 | €516,465 | +€47,743 | +10.2% |
| Suppliers | 440/4 | €468,722 | €516,465 | +€47,743 | +10.2% |
| Taxes, remuneration and social security | 45 | €50,989 | €131,550 | +€80,561 | +158.0% |
| Taxes | 450/3 | €42,989 | €126,345 | +€83,356 | +193.9% |
| Remuneration and social security | 454/9 | €8,000 | €5,206 | -€2,795 | -34.9% |
| Other amounts payable | 47/48 | €234,183 | €265,328 | +€31,145 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,972 | €33,750 | +€18,778 | +125.4% |
| Other operating charges | 640/8 | €7,997 | €6,035 | -€1,962 | -24.5% |
| Gross operating margin | 9900 | €472,596 | €498,785 | +€26,189 | +5.5% |
| Operating profit (loss) | 9901 | €449,627 | €459,001 | +€9,373 | +2.1% |
| Financial income | 75/76B | €3,919 | €5,984 | +€2,065 | +52.7% |
| Recurring financial income | 75 | €3,919 | €5,984 | +€2,065 | +52.7% |
| Financial charges | 65/66B | €94,716 | €102,879 | +€8,162 | +8.6% |
| Recurring financial charges | 65 | €94,716 | €102,879 | +€8,162 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €358,830 | €362,106 | +€3,276 | +0.9% |
| Income taxes | 67/77 | €48,907 | €113,088 | +€64,181 | +131.2% |
| Profit (loss) for the period | 9904 | €309,923 | €249,017 | -€60,906 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €309,923 | €249,017 | -€60,906 | -19.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.