GULHAN: 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.
GULHAN
Largest movements
- Cash -€82,795
down €82,795 (-18.9%), from €438,021 to €355,227
mainly Receivables within one year (-€40,209) and Investment in fixed assets (net) (-€30,000)
- Receivables within one year +€40,209
up €40,209 (+838.0%), from €4,798 to €45,007
of which Other amounts receivable: +€23,702
- Tangible fixed assets +€25,537
up €25,537 (+47.0%), from €54,360 to €79,897
of which Leasing and similar rights: +€25,793
- Stocks and contracts +€11,341
up €11,341 (+52.4%), from €21,643 to €32,984
- Profit (loss) carried forward +€14,409
up €14,409 (+4.5%), from €317,277 to €331,686
- Trade debts -€12,277
down €12,277 (-21.2%), from €58,022 to €45,745
- Tax, wage and social debts -€10,974
down €10,974 (-26.9%), from €40,766 to €29,792
of which Taxes: -€17,679
- Taxes -€39,616
down €39,616 (-76.3%), from €51,915 to €12,298
- Gross operating margin -€28,558
down €28,558 (-8.3%), from €345,902 to €317,344
- Staff costs -€10,570
down €10,570 (-3.6%), from €291,484 to €280,914
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €524,823 | €519,115 | -€5,708 | -1.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €60,360 | €85,897 | +€25,537 | +42.3% |
| Tangible fixed assets | 22/27 | €54,360 | €79,897 | +€25,537 | +47.0% |
| Land and buildings | 22 | €54,000 | €54,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €360 | €105 | -€255 | -70.9% |
| Leasing and similar rights | 25 | - | €25,793 | +€25,793 | |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €464,463 | €433,218 | -€31,245 | -6.7% |
| Stocks and contracts in progress | 3 | €21,643 | €32,984 | +€11,341 | +52.4% |
| Stocks | 30/36 | €21,643 | €32,984 | +€11,341 | +52.4% |
| Amounts receivable within one year | 40/41 | €4,798 | €45,007 | +€40,209 | +838.0% |
| Trade receivables | 40 | €4,798 | €21,305 | +€16,507 | +344.0% |
| Other amounts receivable | 41 | €0 | €23,702 | +€23,702 | |
| Cash at bank and in hand | 54/58 | €438,021 | €355,227 | -€82,795 | -18.9% |
| Total equity and liabilities | 10/49 | €524,823 | €519,115 | -€5,708 | -1.1% |
| Equity | 10/15 | €422,765 | €437,174 | +€14,409 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,888 | €86,888 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,012 | €45,012 | = | 0.0% |
| Distributable reserves | 133 | €41,876 | €41,876 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,277 | €331,686 | +€14,409 | +4.5% |
| Amounts payable | 17/49 | €102,058 | €81,941 | -€20,117 | -19.7% |
| Amounts payable within one year | 42/48 | €102,058 | €81,941 | -€20,117 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €1,288 | €6,404 | +€5,116 | +397.3% |
| Trade debts | 44 | €58,022 | €45,745 | -€12,277 | -21.2% |
| Suppliers | 440/4 | €58,022 | €45,745 | -€12,277 | -21.2% |
| Taxes, remuneration and social security | 45 | €40,766 | €29,792 | -€10,974 | -26.9% |
| Taxes | 450/3 | €30,059 | €12,380 | -€17,679 | -58.8% |
| Remuneration and social security | 454/9 | €10,708 | €17,412 | +€6,705 | +62.6% |
| Other amounts payable | 47/48 | €1,982 | - | -€1,982 | |
| Remuneration, social security and pensions | 62 | €291,484 | €280,914 | -€10,570 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,395 | €4,463 | +€3,068 | +220.0% |
| Other operating charges | 640/8 | €2,244 | €2,464 | +€220 | +9.8% |
| Gross operating margin | 9900 | €345,902 | €317,344 | -€28,558 | -8.3% |
| Operating profit (loss) | 9901 | €50,779 | €29,503 | -€21,276 | -41.9% |
| Financial charges | 65/66B | €2,256 | €2,796 | +€540 | +23.9% |
| Recurring financial charges | 65 | €2,256 | €2,796 | +€540 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €48,523 | €26,708 | -€21,816 | -45.0% |
| Income taxes | 67/77 | €51,915 | €12,298 | -€39,616 | -76.3% |
| Profit (loss) for the period | 9904 | -€3,392 | €14,409 | +€17,801 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,392 | €14,409 | +€17,801 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.