GULL International: what changed
GULL International
Largest movements
- Receivables within one year +€81,640
up €81,640 (+92.6%), from €88,196 to €169,836
of which Other amounts receivable: +€112,264
- Cash +€45,647
up €45,647 (+78.1%), from €58,460 to €104,107
mainly Trade debts (+€158,368) and Net result for the year (+€4,062)
- Tangible fixed assets +€12,395
up €12,395 (+115%), from €10,737 to €23,132
of which Plant, machinery and equipment: +€11,971
- Trade debts +€158,368
up €158,368 (+1,195%), from €13,254 to €171,622
- Tax, wage and social debts -€17,828
down €17,828 (-50.4%), from €35,407 to €17,579
- Other debts -€5,047
no longer reported in 2025 (was €5,047)
- Profit (loss) carried forward +€4,062
new in 2025: €4,062
- Gross operating margin -€27,890
down €27,890 (-69.4%), from €40,170 to €12,280
- Taxes -€10,908
down €10,908 (-84.7%), from €12,883 to €1,975
- Other operating charges +€2,147
up €2,147 (+105%), from €2,050 to €4,197
- Depreciation +€416
up €416 (+33.6%), from €1,240 to €1,656
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 | €166,392 | €306,075 | +€139,683 | +83.9% |
| Fixed assets | 21/28 | €19,737 | €32,132 | +€12,395 | +62.8% |
| Tangible fixed assets | 22/27 | €10,737 | €23,132 | +€12,395 | +115% |
| Land and buildings | 22 | €5,778 | €5,778 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €11,971 | +€11,971 | |
| Furniture and vehicles | 24 | €4,959 | €5,383 | +€424 | +8.6% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €146,656 | €273,943 | +€127,287 | +86.8% |
| Amounts receivable within one year | 40/41 | €88,196 | €169,836 | +€81,640 | +92.6% |
| Trade receivables | 40 | €88,196 | €57,572 | -€30,624 | -34.7% |
| Other amounts receivable | 41 | - | €112,264 | +€112,264 | |
| Cash at bank and in hand | 54/58 | €58,460 | €104,107 | +€45,647 | +78.1% |
| Total equity and liabilities | 10/49 | €166,392 | €306,075 | +€139,683 | +83.9% |
| Equity | 10/15 | €112,684 | €116,746 | +€4,062 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,084 | €94,084 | = | 0.0% |
| Distributable reserves | 133 | €94,084 | €94,084 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €4,062 | +€4,062 | |
| Amounts payable | 17/49 | €53,708 | €189,329 | +€135,621 | +253% |
| Amounts payable within one year | 42/48 | €53,708 | €189,201 | +€135,493 | +252% |
| Trade debts | 44 | €13,254 | €171,622 | +€158,368 | +1,195% |
| Suppliers | 440/4 | €13,254 | €171,622 | +€158,368 | +1,195% |
| Taxes, remuneration and social security | 45 | €35,407 | €17,579 | -€17,828 | -50.4% |
| Taxes | 450/3 | €35,407 | €17,579 | -€17,828 | -50.4% |
| Other amounts payable | 47/48 | €5,047 | - | -€5,047 | |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,240 | €1,656 | +€416 | +33.6% |
| Other operating charges | 640/8 | €2,050 | €4,197 | +€2,147 | +105% |
| Gross operating margin | 9900 | €40,170 | €12,280 | -€27,890 | -69.4% |
| Operating profit (loss) | 9901 | €36,881 | €6,428 | -€30,453 | -82.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €129 | €391 | +€262 | +202% |
| Recurring financial charges | 65 | €129 | €391 | +€262 | +202% |
| Profit (loss) for the period before taxes | 9903 | €36,752 | €6,037 | -€30,715 | -83.6% |
| Income taxes | 67/77 | €12,883 | €1,975 | -€10,908 | -84.7% |
| Profit (loss) for the period | 9904 | €23,869 | €4,062 | -€19,807 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,869 | €4,062 | -€19,807 | -83.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.