Gulhan Vastgoed: what changed
Gulhan Vastgoed
Largest movements
- Cash +€32,845
up €32,845 (+66.7%), from €49,272 to €82,118
mainly Net result for the year (+€39,638) and Other debts (+€18,987)
- Receivables within one year +€16,033
up €16,033 (+105%), from €15,276 to €31,308
of which Trade receivables: +€16,033
- Tangible fixed assets -€7,209
down €7,209 (-3.2%), from €228,162 to €220,953
- Profit (loss) carried forward +€39,638
up €39,638 (+285%), from €13,908 to €53,546
- Other debts +€18,987
up €18,987 (+84.7%), from €22,430 to €41,417
- Debts after one year -€10,809
down €10,809 (-5.0%), from €216,577 to €205,768
- Tax, wage and social debts -€6,733
down €6,733 (-69.3%), from €9,710 to €2,977
of which Taxes: -€3,756
- Depreciation -€42,363
down €42,363 (-84.2%), from €50,324 to €7,961
- Gross operating margin -€21,049
down €21,049 (-26.9%), from €78,250 to €57,201
- Financial charges -€5,533
down €5,533 (-46.8%), from €11,826 to €6,292
- Taxes +€2,782
new in 2025: €2,782
- Other operating charges -€1,665
down €1,665 (-75.9%), from €2,193 to €528
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €293,643 | €334,560 | +€40,917 | +13.9% |
| Formation expenses | 20 | €933 | €180 | -€752 | -80.7% |
| Fixed assets | 21/28 | €228,162 | €220,953 | -€7,209 | -3.2% |
| Tangible fixed assets | 22/27 | €228,162 | €220,953 | -€7,209 | -3.2% |
| Land and buildings | 22 | €228,162 | €220,953 | -€7,209 | -3.2% |
| Current assets | 29/58 | €64,548 | €113,426 | +€48,878 | +75.7% |
| Amounts receivable within one year | 40/41 | €15,276 | €31,308 | +€16,033 | +105% |
| Trade receivables | 40 | €15,276 | €31,308 | +€16,033 | +105% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €49,272 | €82,118 | +€32,845 | +66.7% |
| Total equity and liabilities | 10/49 | €293,643 | €334,560 | +€40,917 | +13.9% |
| Equity | 10/15 | €33,908 | €73,546 | +€39,638 | +117% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,908 | €53,546 | +€39,638 | +285% |
| Amounts payable | 17/49 | €259,735 | €261,013 | +€1,278 | +0.5% |
| Amounts payable after more than one year | 17 | €216,577 | €205,768 | -€10,809 | -5.0% |
| Financial debts | 170/4 | €216,577 | €205,768 | -€10,809 | -5.0% |
| Amounts payable within one year | 42/48 | €43,158 | €55,245 | +€12,087 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €10,437 | €10,809 | +€372 | +3.6% |
| Trade debts | 44 | €581 | €42 | -€539 | -92.8% |
| Suppliers | 440/4 | €581 | €42 | -€539 | -92.8% |
| Taxes, remuneration and social security | 45 | €9,710 | €2,977 | -€6,733 | -69.3% |
| Taxes | 450/3 | €4,022 | €266 | -€3,756 | -93.4% |
| Remuneration and social security | 454/9 | €5,688 | €2,711 | -€2,977 | -52.3% |
| Other amounts payable | 47/48 | €22,430 | €41,417 | +€18,987 | +84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,324 | €7,961 | -€42,363 | -84.2% |
| Other operating charges | 640/8 | €2,193 | €528 | -€1,665 | -75.9% |
| Gross operating margin | 9900 | €78,250 | €57,201 | -€21,049 | -26.9% |
| Operating profit (loss) | 9901 | €25,733 | €48,712 | +€22,979 | +89.3% |
| Financial charges | 65/66B | €11,826 | €6,292 | -€5,533 | -46.8% |
| Recurring financial charges | 65 | €11,826 | €6,292 | -€5,533 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | €13,908 | €42,420 | +€28,512 | +205% |
| Income taxes | 67/77 | - | €2,782 | +€2,782 | |
| Profit (loss) for the period | 9904 | €13,908 | €39,638 | +€25,731 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €13,908 | €39,638 | +€25,731 | +185% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.