GULLWING: 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.
What changed
GULLWING
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.7m
2024 · €2.7m+€3.0m
Equity
€17.6m
2024 · €12.2m+€5.4m
Cash
€2.0m
2024 · €1.6m+€394,590
Balance sheet total
€20.2m
2024 · €18.8m+€1.4m
Largest movements
Assets
- Receivables within one year +€582,584
up €582,584 (+124.7%), from €467,295 to €1.0m
of which Other amounts receivable: +€624,535
- Stocks and contracts +€445,916
up €445,916 (+100.1%), from €445,587 to €891,504
- Cash +€394,590
up €394,590 (+25.2%), from €1.6m to €2.0m
mainly Net result for the year (+€5.7m) and Depreciation (+€132,321)
Equity and liabilities
- Reserves +€5.4m
up €5.4m (+51.9%), from €10.5m to €15.9m
of which Distributable reserves: +€5.4m
- Debts after one year -€3.7m
down €3.7m (-64.3%), from €5.8m to €2.1m
- Accrued charges and deferred income -€339,418
down €339,418 (-85.6%), from €396,413 to €56,994
Income statement
- Financial income +€3.2m
up €3.2m (+157.4%), from €2.0m to €5.2m
- Turnover -€507,384
down €507,384 (-33.1%), from €1.5m to €1.0m
- Financial charges -€258,026
down €258,026 (-59.1%), from €436,549 to €178,523
- Taxes -€56,638
down €56,638 (-24.4%), from €231,941 to €175,303
- Services and other goods -€42,058
down €42,058 (-17.1%), from €245,489 to €203,431
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.
Result 2024
€2.7m
Turnover
-€507,384
Other operating income
+€2,894
Services and other goods
+€42,058
Staff costs
+€29,404
Depreciation
-€7,413
Other operating charges
+€116
Other operating items
-€24,587
Financial income
+€3.2m
Financial charges
+€258,026
Taxes
+€56,638
Result 2025
€5.7m
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.
From operations
+€4.5m
Investment
-€126,364
Financing
-€4.0m
Cash 2024
€1.6m
From operations (derived)
+€4.5m
Net result for the year
+€5.7m
Depreciation
+€132,321
Stocks and contracts
-€445,916
Receivables within one year
-€582,584
Smaller working-capital items
-€14,667
Trade debts
+€24,362
Other debts
+€19,737
Accrued charges and deferred income
-€339,418
Investment (derived)
-€126,364
Investment in fixed assets (net)
-€126,364
Financing
-€4.0m
Debts after one year
-€3.7m
Current portion of long-term debt
+€5,569
Contributions, distributions and other
-€250,000
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,797,599 | €20,221,818 | +€1.4m | +7.6% |
| Fixed assets | 21/28 | €16,314,725 | €16,308,768 | -€5,957 | 0.0% |
| Tangible fixed assets | 22/27 | €8,239,858 | €8,233,901 | -€5,957 | -0.1% |
| Land and buildings | 22 | €7,622,334 | €7,523,319 | -€99,015 | -1.3% |
| Plant, machinery and equipment | 23 | €584 | - | -€584 | |
| Furniture and vehicles | 24 | €50,039 | €34,465 | -€15,574 | -31.1% |
| Other tangible fixed assets | 26 | €566,901 | €676,117 | +€109,216 | +19.3% |
| Financial fixed assets | 28 | €8,074,867 | €8,074,867 | = | 0.0% |
| Affiliated companies | 280/1 | €8,074,867 | €8,074,867 | = | 0.0% |
| Participating interests | 280 | €8,074,867 | €8,074,867 | = | 0.0% |
| Current assets | 29/58 | €2,482,874 | €3,913,050 | +€1.4m | +57.6% |
| Stocks and contracts in progress | 3 | €445,587 | €891,504 | +€445,916 | +100.1% |
| Stocks | 30/36 | €445,587 | €891,504 | +€445,916 | +100.1% |
| Goods purchased for resale | 34 | €445,587 | €891,504 | +€445,916 | +100.1% |
| Amounts receivable within one year | 40/41 | €467,295 | €1,049,879 | +€582,584 | +124.7% |
| Trade receivables | 40 | €104,685 | €62,734 | -€41,951 | -40.1% |
| Other amounts receivable | 41 | €362,609 | €987,145 | +€624,535 | +172.2% |
| Cash at bank and in hand | 54/58 | €1,564,726 | €1,959,316 | +€394,590 | +25.2% |
| Deferred charges and accrued income | 490/1 | €5,266 | €12,352 | +€7,086 | +134.6% |
| Total equity and liabilities | 10/49 | €18,797,599 | €20,221,818 | +€1.4m | +7.6% |
| Equity | 10/15 | €12,211,132 | €17,644,540 | +€5.4m | +44.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,685,399 | €1,685,399 | = | 0.0% |
| Reserves | 13 | €10,464,233 | €15,897,641 | +€5.4m | +51.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €10,458,083 | €15,891,491 | +€5.4m | +52.0% |
| Amounts payable | 17/49 | €6,586,467 | €2,577,278 | -€4.0m | -60.9% |
| Amounts payable after more than one year | 17 | €5,774,790 | €2,062,933 | -€3.7m | -64.3% |
| Financial debts | 170/4 | €5,774,790 | €2,062,933 | -€3.7m | -64.3% |
| Subordinated loans | 170 | €3,584,915 | - | -€3.6m | |
| Credit institutions | 173 | €2,189,875 | €2,062,933 | -€126,941 | -5.8% |
| Amounts payable within one year | 42/48 | €415,264 | €457,351 | +€42,087 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €121,372 | €126,941 | +€5,569 | +4.6% |
| Trade debts | 44 | €33,435 | €57,797 | +€24,362 | +72.9% |
| Suppliers | 440/4 | €33,435 | €57,797 | +€24,362 | +72.9% |
| Taxes, remuneration and social security | 45 | €85,457 | €77,875 | -€7,581 | -8.9% |
| Taxes | 450/3 | €81,941 | €77,875 | -€4,066 | -5.0% |
| Remuneration and social security | 454/9 | €3,515 | - | -€3,515 | |
| Other amounts payable | 47/48 | €175,000 | €194,737 | +€19,737 | +11.3% |
| Accrued charges and deferred income | 492/3 | €396,413 | €56,994 | -€339,418 | -85.6% |
| Operating income | 70/76A | €15,364,421 | €1,185,345 | -€14.2m | -92.3% |
| Turnover | 70 | €1,530,947 | €1,023,563 | -€507,384 | -33.1% |
| Other operating income | 74 | €57,777 | €60,671 | +€2,894 | +5.0% |
| Non-recurring operating income | 76A | €13,775,698 | €101,111 | -€13.7m | -99.3% |
| Operating charges | 60/66A | €14,057,080 | €342,915 | -€13.7m | -97.6% |
| Purchases | 600/8 | €171,770 | €445,916 | +€274,147 | +159.6% |
| Change in stocks: decrease (increase) | 609 | -€171,770 | -€445,916 | -€274,147 | -159.6% |
| Services and other goods | 61 | €245,489 | €203,431 | -€42,058 | -17.1% |
| Remuneration, social security and pensions | 62 | €29,404 | - | -€29,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,908 | €132,321 | +€7,413 | +5.9% |
| Other operating charges | 640/8 | €7,278 | €7,162 | -€116 | -1.6% |
| Non-recurring operating charges | 66A | €13,650,000 | - | -€13.7m | |
| Operating profit (loss) | 9901 | €1,307,342 | €842,430 | -€464,912 | -35.6% |
| Financial income | 75/76B | €2,018,521 | €5,194,803 | +€3.2m | +157.4% |
| Recurring financial income | 75 | €2,018,521 | €5,194,803 | +€3.2m | +157.4% |
| Income from financial fixed assets | 750 | €2,000,000 | €5,190,000 | +€3.2m | +159.5% |
| Income from current assets | 751 | €18,521 | €4,800 | -€13,721 | -74.1% |
| Other financial income | 752/9 | - | €3 | +€3 | |
| Financial charges | 65/66B | €436,549 | €178,523 | -€258,026 | -59.1% |
| Recurring financial charges | 65 | €436,549 | €178,523 | -€258,026 | -59.1% |
| Debt charges | 650 | €432,268 | €177,824 | -€254,444 | -58.9% |
| Other financial charges | 652/9 | €4,281 | €699 | -€3,582 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | €2,889,314 | €5,858,710 | +€3.0m | +102.8% |
| Income taxes | 67/77 | €231,941 | €175,303 | -€56,638 | -24.4% |
| Taxes | 670/3 | €231,941 | €175,303 | -€56,638 | -24.4% |
| Profit (loss) for the period | 9904 | €2,657,373 | €5,683,407 | +€3.0m | +113.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,657,373 | €5,683,407 | +€3.0m | +113.9% |
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 1 October 2026 via checked.be.