GULLIV'AIR: 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.
GULLIV'AIR
Largest movements
- Cash +€141,768
up €141,768 (+29.5%), from €480,071 to €621,839
mainly Current portion of long-term debt (+€207,850) and Accrued charges and deferred income (+€92,612)
- Deferred charges and accrued income +€28,449
up €28,449 (+4.0%), from €705,019 to €733,468
- Current portion of long-term debt +€207,850
up €207,850 (+30.7%), from €676,599 to €884,449
- Accrued charges and deferred income +€92,612
up €92,612 (+172%), from €53,872 to €146,484
- Profit (loss) carried forward -€64,111
down €64,111 (-66.9%), from €95,787 to €31,676
- Trade debts -€60,506
down €60,506 (-18.1%), from €334,248 to €273,741
- Gross operating margin +€47,890
up €47,890 (+42.3%), from €113,311 to €161,201
- Depreciation +€6,570
up €6,570 (+124%), from €5,301 to €11,872
- Taxes -€4,133
down €4,133 (-41.3%), from €10,000 to €5,867
- Staff costs +€3,607
up €3,607 (+3.4%), from €105,379 to €108,986
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,340,092 | €1,528,086 | +€187,994 | +14.0% |
| Fixed assets | 21/28 | €73,687 | €77,321 | +€3,635 | +4.9% |
| Tangible fixed assets | 22/27 | €70,662 | €74,297 | +€3,635 | +5.1% |
| Plant, machinery and equipment | 23 | €56,114 | €60,288 | +€4,173 | +7.4% |
| Furniture and vehicles | 24 | €14,548 | €14,009 | -€538 | -3.7% |
| Financial fixed assets | 28 | €3,025 | €3,025 | = | 0.0% |
| Current assets | 29/58 | €1,266,406 | €1,450,765 | +€184,359 | +14.6% |
| Amounts receivable within one year | 40/41 | €75,903 | €89,732 | +€13,830 | +18.2% |
| Trade receivables | 40 | €966 | €88,050 | +€87,084 | +9,017% |
| Other amounts receivable | 41 | €74,937 | €1,683 | -€73,255 | -97.8% |
| Current investments | 50/53 | €5,412 | €5,725 | +€313 | +5.8% |
| Cash at bank and in hand | 54/58 | €480,071 | €621,839 | +€141,768 | +29.5% |
| Deferred charges and accrued income | 490/1 | €705,019 | €733,468 | +€28,449 | +4.0% |
| Total equity and liabilities | 10/49 | €1,340,092 | €1,528,086 | +€187,994 | +14.0% |
| Equity | 10/15 | €159,203 | €95,092 | -€64,111 | -40.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €13,416 | €13,416 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,416 | €6,416 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,416 | €6,416 | = | 0.0% |
| Distributable reserves | 133 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,787 | €31,676 | -€64,111 | -66.9% |
| Amounts payable | 17/49 | €1,180,889 | €1,432,994 | +€252,105 | +21.3% |
| Amounts payable after more than one year | 17 | €39,157 | €29,477 | -€9,680 | -24.7% |
| Financial debts | 170/4 | €39,157 | €29,477 | -€9,680 | -24.7% |
| Amounts payable within one year | 42/48 | €1,087,860 | €1,257,033 | +€169,173 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €676,599 | €884,449 | +€207,850 | +30.7% |
| Trade debts | 44 | €334,248 | €273,741 | -€60,506 | -18.1% |
| Suppliers | 440/4 | €334,248 | €273,741 | -€60,506 | -18.1% |
| Taxes, remuneration and social security | 45 | €7,014 | €18,231 | +€11,217 | +160% |
| Taxes | 450/3 | - | €5,880 | +€5,880 | |
| Remuneration and social security | 454/9 | €7,014 | €12,351 | +€5,337 | +76.1% |
| Other amounts payable | 47/48 | €70,000 | €80,612 | +€10,612 | +15.2% |
| Accrued charges and deferred income | 492/3 | €53,872 | €146,484 | +€92,612 | +172% |
| Remuneration, social security and pensions | 62 | €105,379 | €108,986 | +€3,607 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,301 | €11,872 | +€6,570 | +124% |
| Other operating charges | 640/8 | €587 | €602 | +€15 | +2.5% |
| Non-recurring operating charges | 66A | - | €1,951 | +€1,951 | |
| Gross operating margin | 9900 | €113,311 | €161,201 | +€47,890 | +42.3% |
| Operating profit (loss) | 9901 | €2,045 | €37,791 | +€35,746 | +1,748% |
| Financial income | 75/76B | €1,187 | €1,855 | +€667 | +56.2% |
| Recurring financial income | 75 | €1,187 | €1,855 | +€667 | +56.2% |
| Financial charges | 65/66B | €16,396 | €17,890 | +€1,494 | +9.1% |
| Recurring financial charges | 65 | €16,396 | €17,890 | +€1,494 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,164 | €21,756 | +€34,919 | |
| Income taxes | 67/77 | €10,000 | €5,867 | -€4,133 | -41.3% |
| Profit (loss) for the period | 9904 | -€23,164 | €15,889 | +€39,053 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,164 | €15,889 | +€39,053 |
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 28 October 2026 via checked.be.