GULNET: 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.
GULNET
Largest movements
- Cash -€6,419
down €6,419 (-62.3%), from €10,304 to €3,885
mainly Trade debts (-€9,041) and Receivables within one year (-€1,182)
- Receivables within one year +€1,182
up €1,182 (+6.3%), from €18,721 to €19,902
of which Other amounts receivable: +€3,424
- Deferred charges and accrued income +€301
new in 2025: €301
- Trade debts -€9,041
down €9,041 (-92.1%), from €9,817 to €776
- Profit (loss) carried forward +€3,770
up €3,770 (+24.1%), from €15,639 to €19,409
- Gross operating margin +€5,450
up €5,450 (+200%), from €2,726 to €8,176
- Taxes +€1,748
up €1,748 (+155%), from €1,126 to €2,875
- Financial income -€574
no longer reported in 2025 (was €574)
of which Financial income: -€574
- Other operating charges -€446
down €446 (-29.8%), from €1,495 to €1,049
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 | €29,351 | €24,140 | -€5,212 | -17.8% |
| Fixed assets | 21/28 | €327 | €51 | -€276 | -84.3% |
| Tangible fixed assets | 22/27 | €327 | €51 | -€276 | -84.3% |
| Furniture and vehicles | 24 | €327 | €51 | -€276 | -84.3% |
| Current assets | 29/58 | €29,024 | €24,088 | -€4,936 | -17.0% |
| Amounts receivable within one year | 40/41 | €18,721 | €19,902 | +€1,182 | +6.3% |
| Trade receivables | 40 | €7,329 | €5,086 | -€2,243 | -30.6% |
| Other amounts receivable | 41 | €11,392 | €14,816 | +€3,424 | +30.1% |
| Cash at bank and in hand | 54/58 | €10,304 | €3,885 | -€6,419 | -62.3% |
| Deferred charges and accrued income | 490/1 | - | €301 | +€301 | |
| Total equity and liabilities | 10/49 | €29,351 | €24,140 | -€5,212 | -17.8% |
| Equity | 10/15 | €15,639 | €19,409 | +€3,770 | +24.1% |
| Profit (loss) carried forward | 14 | €15,639 | €19,409 | +€3,770 | +24.1% |
| Amounts payable | 17/49 | €13,713 | €4,731 | -€8,982 | -65.5% |
| Amounts payable within one year | 42/48 | €13,713 | €4,731 | -€8,982 | -65.5% |
| Trade debts | 44 | €9,817 | €776 | -€9,041 | -92.1% |
| Suppliers | 440/4 | €9,817 | €776 | -€9,041 | -92.1% |
| Taxes, remuneration and social security | 45 | €3,895 | €3,955 | +€59 | +1.5% |
| Taxes | 450/3 | €3,895 | €3,955 | +€59 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276 | €276 | = | 0.0% |
| Other operating charges | 640/8 | €1,495 | €1,049 | -€446 | -29.8% |
| Gross operating margin | 9900 | €2,726 | €8,176 | +€5,450 | +200% |
| Operating profit (loss) | 9901 | €955 | €6,852 | +€5,896 | +617% |
| Financial income | 75/76B | €574 | - | -€574 | |
| Recurring financial income | 75 | €574 | - | -€574 | |
| Non-recurring financial income | 76B | €574 | - | -€574 | |
| Financial charges | 65/66B | €163 | €207 | +€44 | +26.7% |
| Recurring financial charges | 65 | €163 | €207 | +€44 | +26.7% |
| Non-recurring financial charges | 66B | €163 | - | -€163 | |
| Profit (loss) for the period before taxes | 9903 | €1,367 | €6,645 | +€5,278 | +386% |
| Income taxes | 67/77 | €1,126 | €2,875 | +€1,748 | +155% |
| Profit (loss) for the period | 9904 | €240 | €3,770 | +€3,530 | +1,469% |
| Profit (loss) for the period to be appropriated | 9905 | €240 | €3,770 | +€3,530 | +1,469% |
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 14 October 2026 via checked.be.