GULLIK: 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.
GULLIK
Largest movements
- Stocks and contracts -€303,250
down €303,250 (-36.6%), from €829,125 to €525,875
- Cash +€226,650
up €226,650 (+311.5%), from €72,761 to €299,411
mainly Stocks and contracts (+€303,250) and Net result for the year (+€131,146)
- Tangible fixed assets -€81,125
down €81,125 (-6.0%), from €1.4m to €1.3m
of which Land and buildings: -€53,739
- Other debts -€271,309
down €271,309 (-39.8%), from €681,125 to €409,816
- Reserves +€131,146
up €131,146 (+10.5%), from €1.3m to €1.4m
of which Distributable reserves: +€165,363
- Gross operating margin +€65,281
up €65,281 (+31.1%), from €209,968 to €275,249
- Other operating charges -€31,851
down €31,851 (-83.1%), from €38,351 to €6,500
- Taxes +€27,940
up €27,940 (+68.9%), from €40,529 to €68,468
- Depreciation -€12,562
down €12,562 (-17.8%), from €70,414 to €57,851
- Financial charges +€11,615
up €11,615 (+72.8%), from €15,964 to €27,579
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 | €2,416,046 | €2,242,280 | -€173,766 | -7.2% |
| Fixed assets | 21/28 | €1,356,635 | €1,275,509 | -€81,125 | -6.0% |
| Tangible fixed assets | 22/27 | €1,356,635 | €1,275,509 | -€81,125 | -6.0% |
| Land and buildings | 22 | €1,329,249 | €1,275,509 | -€53,739 | -4.0% |
| Furniture and vehicles | 24 | €27,386 | €0 | -€27,386 | -100.0% |
| Current assets | 29/58 | €1,059,411 | €966,771 | -€92,640 | -8.7% |
| Stocks and contracts in progress | 3 | €829,125 | €525,875 | -€303,250 | -36.6% |
| Stocks | 30/36 | €829,125 | €525,875 | -€303,250 | -36.6% |
| Amounts receivable within one year | 40/41 | €57,136 | €34,715 | -€22,421 | -39.2% |
| Trade receivables | 40 | €40,537 | €34,712 | -€5,826 | -14.4% |
| Other amounts receivable | 41 | €16,599 | €3 | -€16,595 | -100.0% |
| Current investments | 50/53 | €98,641 | €93,762 | -€4,879 | -4.9% |
| Cash at bank and in hand | 54/58 | €72,761 | €299,411 | +€226,650 | +311.5% |
| Deferred charges and accrued income | 490/1 | €1,748 | €13,007 | +€11,260 | +644.3% |
| Total equity and liabilities | 10/49 | €2,416,046 | €2,242,280 | -€173,766 | -7.2% |
| Equity | 10/15 | €1,520,027 | €1,651,173 | +€131,146 | +8.6% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €1,250,027 | €1,381,173 | +€131,146 | +10.5% |
| Tax-exempt reserves | 132 | €589,310 | €555,093 | -€34,217 | -5.8% |
| Distributable reserves | 133 | €660,717 | €826,080 | +€165,363 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €126,980 | €118,426 | -€8,554 | -6.7% |
| Deferred taxes | 168 | €126,980 | €118,426 | -€8,554 | -6.7% |
| Amounts payable | 17/49 | €769,039 | €472,681 | -€296,357 | -38.5% |
| Amounts payable within one year | 42/48 | €751,756 | €448,279 | -€303,477 | -40.4% |
| Trade debts | 44 | €10,148 | €1,191 | -€8,957 | -88.3% |
| Suppliers | 440/4 | €10,148 | €1,191 | -€8,957 | -88.3% |
| Taxes, remuneration and social security | 45 | €60,482 | €37,272 | -€23,210 | -38.4% |
| Taxes | 450/3 | €60,482 | €37,272 | -€23,210 | -38.4% |
| Other amounts payable | 47/48 | €681,125 | €409,816 | -€271,309 | -39.8% |
| Accrued charges and deferred income | 492/3 | €17,283 | €24,403 | +€7,120 | +41.2% |
| Non-recurring operating income | 76A | €0 | €3,139 | +€3,139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,414 | €57,851 | -€12,562 | -17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €38,351 | €6,500 | -€31,851 | -83.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €209,968 | €275,249 | +€65,281 | +31.1% |
| Operating profit (loss) | 9901 | €101,203 | €210,898 | +€109,695 | +108.4% |
| Financial income | 75/76B | €12,782 | €7,741 | -€5,041 | -39.4% |
| Recurring financial income | 75 | €12,782 | €7,741 | -€5,041 | -39.4% |
| Financial charges | 65/66B | €15,964 | €27,579 | +€11,615 | +72.8% |
| Recurring financial charges | 65 | €15,964 | €27,579 | +€11,615 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €98,022 | €191,060 | +€93,038 | +94.9% |
| Transfer from deferred taxes | 780 | €8,747 | €8,554 | -€192 | -2.2% |
| Income taxes | 67/77 | €40,529 | €68,468 | +€27,940 | +68.9% |
| Profit (loss) for the period | 9904 | €66,240 | €131,146 | +€64,907 | +98.0% |
| Transfer from tax-exempt reserves | 789 | €34,986 | €34,217 | -€769 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €101,226 | €165,363 | +€64,138 | +63.4% |
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 3 October 2026 via checked.be.