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
- Cash +€25,838
up €25,838 (+99.5%), from €25,959 to €51,797
mainly Net result for the year (+€19,848) and Tax, wage and social debts (+€9,288)
- Receivables within one year +€2,370
up €2,370 (+25.2%), from €9,410 to €11,780
of which Trade receivables: +€1,615
- Deferred charges and accrued income -€772
down €772 (-79.8%), from €967 to €195
- Reserves +€19,848
up €19,848 (+90.2%), from €22,000 to €41,848
- Tax, wage and social debts +€9,288
up €9,288 (+84.1%), from €11,049 to €20,337
- Trade debts -€1,699
down €1,699 (-84.7%), from €2,007 to €307
- Purchases and services +€51,402
up €51,402 (+177.1%), from €29,025 to €80,427
- Turnover +€47,289
up €47,289 (+81.4%), from €58,064 to €105,354
- Gross operating margin -€1,665
down €1,665 (-5.4%), from €30,771 to €29,106
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 | €36,336 | €63,772 | +€27,436 | +75.5% |
| Current assets | 29/58 | €36,336 | €63,772 | +€27,436 | +75.5% |
| Amounts receivable within one year | 40/41 | €9,410 | €11,780 | +€2,370 | +25.2% |
| Trade receivables | 40 | €9,105 | €10,720 | +€1,615 | +17.7% |
| Other amounts receivable | 41 | €305 | €1,060 | +€755 | +247.9% |
| Cash at bank and in hand | 54/58 | €25,959 | €51,797 | +€25,838 | +99.5% |
| Deferred charges and accrued income | 490/1 | €967 | €195 | -€772 | -79.8% |
| Total equity and liabilities | 10/49 | €36,336 | €63,772 | +€27,436 | +75.5% |
| Equity | 10/15 | €23,280 | €43,128 | +€19,848 | +85.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €22,000 | €41,848 | +€19,848 | +90.2% |
| Distributable reserves | 133 | €22,000 | €41,848 | +€19,848 | +90.2% |
| Profit (loss) carried forward | 14 | €280 | €280 | = | 0.0% |
| Amounts payable | 17/49 | €13,056 | €20,644 | +€7,589 | +58.1% |
| Amounts payable within one year | 42/48 | €13,056 | €20,644 | +€7,589 | +58.1% |
| Trade debts | 44 | €2,007 | €307 | -€1,699 | -84.7% |
| Suppliers | 440/4 | €2,007 | €307 | -€1,699 | -84.7% |
| Taxes, remuneration and social security | 45 | €11,049 | €20,337 | +€9,288 | +84.1% |
| Taxes | 450/3 | €11,049 | €20,337 | +€9,288 | +84.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Turnover | 70 | €58,064 | €105,354 | +€47,289 | +81.4% |
| Non-recurring operating income | 76A | €1,731 | €4,180 | +€2,448 | +141.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €29,025 | €80,427 | +€51,402 | +177.1% |
| Other operating charges | 640/8 | €1,268 | €1,760 | +€492 | +38.8% |
| Gross operating margin | 9900 | €30,771 | €29,106 | -€1,665 | -5.4% |
| Operating profit (loss) | 9901 | €29,503 | €27,346 | -€2,156 | -7.3% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €1,151 | €1,697 | +€546 | +47.5% |
| Recurring financial charges | 65 | €1,151 | €1,697 | +€546 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €28,352 | €25,651 | -€2,701 | -9.5% |
| Income taxes | 67/77 | €6,072 | €5,804 | -€268 | -4.4% |
| Profit (loss) for the period | 9904 | €22,280 | €19,848 | -€2,433 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,280 | €19,848 | -€2,433 | -10.9% |
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.