GULFCOM EUROPE: 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.
What changed
GULFCOM EUROPE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€106,260
2024 · €117,284-€11,024
Equity
€1.1m
2024 · €1.1m+€6,260
Cash
€52,716
2024 · €502,519-€449,803
Balance sheet total
€1.2m
2024 · €1.2m+€135
Largest movements
Assets
- Current investments +€900,000
new in 2025: €900,000
- Cash -€449,803
down €449,803 (-89.5%), from €502,519 to €52,716
mainly Current investments (-€900,000) and Contributions, distributions and other (-€100,000)
- Stocks and contracts -€446,730
down €446,730 (-61.2%), from €730,200 to €283,470
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Goods and materials +€336,825
up €336,825 (+306%), from €109,905 to €446,730
- Turnover +€332,177
up €332,177 (+112%), from €297,818 to €629,995
- Services and other goods +€11,058
up €11,058 (+38.8%), from €28,501 to €39,559
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.
Result 2024
€117,284
Turnover
+€332,177
Other operating income
-€901
Goods and materials
-€336,825
Services and other goods
-€11,058
Other operating charges
-€132
Financial charges
-€48
Taxes
+€5,762
Result 2025
€106,260
raises the resultlowers the result
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.
From operations
+€550,197
Investment
-€900,000
Financing
-€100,000
Cash 2024
€502,519
From operations (derived)
+€550,197
Net result for the year
+€106,260
Stocks and contracts
+€446,730
Receivables within one year
+€7,125
Deferred charges and accrued income
-€3,793
Trade debts
-€743
Tax, wage and social debts
-€5,382
Investment (derived)
-€900,000
Current investments
-€900,000
Financing
-€100,000
Contributions, distributions and other
-€100,000
Cash 2025
€52,716
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,248,306 | €1,248,441 | +€135 | 0.0% |
| Fixed assets | 21/28 | €1 | €1 | = | 0.0% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Affiliated companies | 280/1 | €1 | €1 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €1,248,305 | €1,248,440 | +€135 | 0.0% |
| Stocks and contracts in progress | 3 | €730,200 | €283,470 | -€446,730 | -61.2% |
| Stocks | 30/36 | €730,200 | €283,470 | -€446,730 | -61.2% |
| Property held for sale | 35 | €730,200 | €283,470 | -€446,730 | -61.2% |
| Amounts receivable within one year | 40/41 | €15,555 | €8,430 | -€7,125 | -45.8% |
| Trade receivables | 40 | €15,555 | €1,350 | -€14,205 | -91.3% |
| Other amounts receivable | 41 | €0 | €7,080 | +€7,080 | |
| Current investments | 50/53 | - | €900,000 | +€900,000 | |
| Other investments | 51/53 | - | €900,000 | +€900,000 | |
| Cash at bank and in hand | 54/58 | €502,519 | €52,716 | -€449,803 | -89.5% |
| Deferred charges and accrued income | 490/1 | €32 | €3,825 | +€3,793 | +12,042% |
| Total equity and liabilities | 10/49 | €1,248,306 | €1,248,441 | +€135 | 0.0% |
| Equity | 10/15 | €1,119,250 | €1,125,510 | +€6,260 | +0.6% |
| Contributions | 10/11 | €1,001,490 | €1,001,490 | = | 0.0% |
| Capital | 10 | €1,001,490 | €1,001,490 | = | 0.0% |
| Issued capital | 100 | €1,001,490 | €1,001,490 | = | 0.0% |
| Reserves | 13 | €100,149 | €100,149 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,149 | €100,149 | = | 0.0% |
| Legal reserve | 130 | €100,149 | €100,149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,611 | €23,871 | +€6,260 | +35.5% |
| Amounts payable | 17/49 | €129,056 | €122,931 | -€6,125 | -4.7% |
| Amounts payable within one year | 42/48 | €129,056 | €122,931 | -€6,125 | -4.7% |
| Trade debts | 44 | €7,492 | €6,749 | -€743 | -9.9% |
| Suppliers | 440/4 | €7,492 | €6,749 | -€743 | -9.9% |
| Taxes, remuneration and social security | 45 | €21,564 | €16,182 | -€5,382 | -25.0% |
| Taxes | 450/3 | €21,564 | €16,182 | -€5,382 | -25.0% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Operating income | 70/76A | €300,068 | €631,345 | +€331,277 | +110% |
| Turnover | 70 | €297,818 | €629,995 | +€332,177 | +112% |
| Other operating income | 74 | €2,250 | €1,350 | -€901 | -40.0% |
| Operating charges | 60/66A | €141,301 | €489,315 | +€348,014 | +246% |
| Goods for resale, raw materials and consumables | 60 | €109,905 | €446,730 | +€336,825 | +306% |
| Change in stocks: decrease (increase) | 609 | €109,905 | €446,730 | +€336,825 | +306% |
| Services and other goods | 61 | €28,501 | €39,559 | +€11,058 | +38.8% |
| Other operating charges | 640/8 | €2,895 | €3,027 | +€132 | +4.5% |
| Operating profit (loss) | 9901 | €158,767 | €142,029 | -€16,738 | -10.5% |
| Financial income | 75/76B | €7,321 | €7,321 | = | 0.0% |
| Recurring financial income | 75 | €7,321 | €7,321 | = | 0.0% |
| Income from current assets | 751 | €7,321 | €7,321 | = | 0.0% |
| Financial charges | 65/66B | €7,622 | €7,670 | +€48 | +0.6% |
| Recurring financial charges | 65 | €7,622 | €7,670 | +€48 | +0.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €7,321 | €7,321 | = | 0.0% |
| Other financial charges | 652/9 | €301 | €349 | +€48 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €158,466 | €141,680 | -€16,786 | -10.6% |
| Income taxes | 67/77 | €41,182 | €35,420 | -€5,762 | -14.0% |
| Taxes | 670/3 | €41,182 | €35,420 | -€5,762 | -14.0% |
| Profit (loss) for the period | 9904 | €117,284 | €106,260 | -€11,024 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €117,284 | €106,260 | -€11,024 | -9.4% |
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 24 October 2026 via checked.be.