GULLIVER: 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.
GULLIVER
Largest movements
- Cash +€76,063
up €76,063 (+25.1%), from €303,484 to €379,547
mainly Net result for the year (+€33,497) and Investment in fixed assets (net) (+€28,869)
- Tangible fixed assets -€31,098
down €31,098 (-63.5%), from €48,980 to €17,882
of which Furniture and vehicles: -€37,326
- Stocks and contracts -€10,489
down €10,489 (-4.4%), from €236,999 to €226,510
- Receivables within one year -€9,879
down €9,879 (-90.2%), from €10,948 to €1,069
of which Trade receivables: -€10,225
- Reserves +€33,497
up €33,497 (+7.6%), from €438,367 to €471,864
of which Distributable reserves: +€33,497
- Debts after one year -€10,008
down €10,008 (-100.0%), from €10,008 to €0
- Trade debts +€8,610
up €8,610 (+32.5%), from €26,522 to €35,132
- Current portion of long-term debt -€7,592
down €7,592 (-66.5%), from €11,414 to €3,822
- Gross operating margin -€15,805
down €15,805 (-10.1%), from €157,030 to €141,225
- Depreciation -€11,677
down €11,677 (-84.0%), from €13,906 to €2,229
- Staff costs +€9,108
up €9,108 (+10.2%), from €89,527 to €98,635
- Financial charges +€8,098
up €8,098 (+197.5%), from €4,099 to €12,197
- Taxes -€6,201
down €6,201 (-28.8%), from €21,523 to €15,322
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 | €703,439 | €726,802 | +€23,363 | +3.3% |
| Fixed assets | 21/28 | €49,654 | €18,556 | -€31,098 | -62.6% |
| Tangible fixed assets | 22/27 | €48,980 | €17,882 | -€31,098 | -63.5% |
| Furniture and vehicles | 24 | €39,938 | €2,612 | -€37,326 | -93.5% |
| Other tangible fixed assets | 26 | €9,042 | €15,270 | +€6,228 | +68.9% |
| Financial fixed assets | 28 | €674 | €674 | = | 0.0% |
| Current assets | 29/58 | €653,785 | €708,245 | +€54,461 | +8.3% |
| Stocks and contracts in progress | 3 | €236,999 | €226,510 | -€10,489 | -4.4% |
| Stocks | 30/36 | €236,999 | €226,510 | -€10,489 | -4.4% |
| Amounts receivable within one year | 40/41 | €10,948 | €1,069 | -€9,879 | -90.2% |
| Trade receivables | 40 | €10,948 | €724 | -€10,225 | -93.4% |
| Other amounts receivable | 41 | - | €345 | +€345 | |
| Current investments | 50/53 | €97,896 | €97,500 | -€396 | -0.4% |
| Cash at bank and in hand | 54/58 | €303,484 | €379,547 | +€76,063 | +25.1% |
| Deferred charges and accrued income | 490/1 | €4,457 | €3,620 | -€837 | -18.8% |
| Total equity and liabilities | 10/49 | €703,439 | €726,802 | +€23,363 | +3.3% |
| Equity | 10/15 | €500,367 | €533,864 | +€33,497 | +6.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €438,367 | €471,864 | +€33,497 | +7.6% |
| Non-distributable reserves | 130/1 | €97,500 | €97,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €97,500 | €97,500 | = | 0.0% |
| Distributable reserves | 133 | €340,867 | €374,364 | +€33,497 | +9.8% |
| Amounts payable | 17/49 | €203,072 | €192,938 | -€10,134 | -5.0% |
| Amounts payable after more than one year | 17 | €10,008 | €0 | -€10,008 | -100.0% |
| Financial debts | 170/4 | €10,008 | €0 | -€10,008 | -100.0% |
| Amounts payable within one year | 42/48 | €193,064 | €192,938 | -€126 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €11,414 | €3,822 | -€7,592 | -66.5% |
| Trade debts | 44 | €26,522 | €35,132 | +€8,610 | +32.5% |
| Suppliers | 440/4 | €26,522 | €35,132 | +€8,610 | +32.5% |
| Taxes, remuneration and social security | 45 | €66,145 | €59,140 | -€7,005 | -10.6% |
| Taxes | 450/3 | €55,178 | €46,689 | -€8,489 | -15.4% |
| Remuneration and social security | 454/9 | €10,967 | €12,450 | +€1,484 | +13.5% |
| Other amounts payable | 47/48 | €88,982 | €94,844 | +€5,862 | +6.6% |
| Remuneration, social security and pensions | 62 | €89,527 | €98,635 | +€9,108 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,906 | €2,229 | -€11,677 | -84.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,297 | -€12,415 | -€118 | -1.0% |
| Other operating charges | 640/8 | €892 | €864 | -€28 | -3.2% |
| Non-recurring operating charges | 66A | - | €7,739 | +€7,739 | |
| Gross operating margin | 9900 | €157,030 | €141,225 | -€15,805 | -10.1% |
| Operating profit (loss) | 9901 | €65,001 | €44,172 | -€20,829 | -32.0% |
| Financial income | 75/76B | €14,477 | €16,843 | +€2,365 | +16.3% |
| Recurring financial income | 75 | €14,477 | €16,843 | +€2,365 | +16.3% |
| Financial charges | 65/66B | €4,099 | €12,197 | +€8,098 | +197.5% |
| Recurring financial charges | 65 | €4,099 | €12,197 | +€8,098 | +197.5% |
| Profit (loss) for the period before taxes | 9903 | €75,380 | €48,819 | -€26,561 | -35.2% |
| Income taxes | 67/77 | €21,523 | €15,322 | -€6,201 | -28.8% |
| Profit (loss) for the period | 9904 | €53,857 | €33,497 | -€20,360 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,857 | €33,497 | -€20,360 | -37.8% |
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.