GULO: 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.
GULO
Largest movements
- Tangible fixed assets +€309,589
up €309,589 (+354.1%), from €87,429 to €397,018
of which Land and buildings: +€219,584
- Stocks and contracts +€111,143
up €111,143 (+11.7%), from €951,269 to €1.1m
- Cash -€70,817
down €70,817 (-87.7%), from €80,772 to €9,956
mainly Investment in fixed assets (net) (-€333,524) and Net result for the year (-€185,193)
- Short-term financial debts +€601,419
up €601,419 (+132.5%), from €454,000 to €1.1m
of which Credit institutions: +€429,419
- Profit (loss) carried forward -€180,302
down €180,302 (-188.0%), from -€95,898 to -€276,200
- Debts after one year -€25,000
no longer reported in 2024 (was €25,000)
- Tax, wage and social debts -€24,216
down €24,216 (-76.4%), from €31,681 to €7,465
of which Taxes: -€20,108
- Other debts -€19,551
down €19,551 (-10.8%), from €180,462 to €160,912
- Gross operating margin -€128,137
down €128,137, from €34,318 to -€93,820
- Depreciation +€4,527
up €4,527 (+23.3%), from €19,408 to €23,935
- Financial charges -€1,648
down €1,648 (-13.8%), from €11,941 to €10,293
- Staff costs +€1,522
up €1,522 (+2.9%), from €51,728 to €53,250
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,165,618 | €1,509,623 | +€344,005 | +29.5% |
| Fixed assets | 21/28 | €87,429 | €397,018 | +€309,589 | +354.1% |
| Tangible fixed assets | 22/27 | €87,429 | €397,018 | +€309,589 | +354.1% |
| Land and buildings | 22 | €5,971 | €225,555 | +€219,584 | +3677.3% |
| Plant, machinery and equipment | 23 | €1,780 | €106,577 | +€104,796 | +5886.3% |
| Furniture and vehicles | 24 | €79,677 | €64,887 | -€14,791 | -18.6% |
| Current assets | 29/58 | €1,078,189 | €1,112,605 | +€34,416 | +3.2% |
| Stocks and contracts in progress | 3 | €951,269 | €1,062,412 | +€111,143 | +11.7% |
| Stocks | 30/36 | €951,269 | €1,062,412 | +€111,143 | +11.7% |
| Amounts receivable within one year | 40/41 | €42,115 | €39,805 | -€2,310 | -5.5% |
| Trade receivables | 40 | €32,815 | €27,097 | -€5,718 | -17.4% |
| Other amounts receivable | 41 | €9,300 | €12,708 | +€3,408 | +36.6% |
| Cash at bank and in hand | 54/58 | €80,772 | €9,956 | -€70,817 | -87.7% |
| Deferred charges and accrued income | 490/1 | €4,033 | €433 | -€3,600 | -89.3% |
| Total equity and liabilities | 10/49 | €1,165,618 | €1,509,623 | +€344,005 | +29.5% |
| Equity | 10/15 | €367,358 | €182,164 | -€185,193 | -50.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €398,255 | €393,364 | -€4,891 | -1.2% |
| Non-distributable reserves | 130/1 | €8,800 | €8,800 | = | 0.0% |
| Legal reserve | 130 | €8,800 | €8,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €266,810 | €261,919 | -€4,891 | -1.8% |
| Distributable reserves | 133 | €122,645 | €122,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,898 | -€276,200 | -€180,302 | -188.0% |
| Provisions and deferred taxes | 16 | €77,972 | €76,342 | -€1,630 | -2.1% |
| Deferred taxes | 168 | €77,972 | €76,342 | -€1,630 | -2.1% |
| Amounts payable | 17/49 | €720,288 | €1,251,117 | +€530,829 | +73.7% |
| Amounts payable after more than one year | 17 | €25,000 | - | -€25,000 | |
| Other amounts payable | 178/9 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €687,719 | €1,251,117 | +€563,398 | +81.9% |
| Current portion of amounts payable after more than one year | 42 | €4,335 | €3,032 | -€1,303 | -30.1% |
| Financial debts | 43 | €454,000 | €1,055,419 | +€601,419 | +132.5% |
| Credit institutions | 430/8 | €454,000 | €883,419 | +€429,419 | +94.6% |
| Other loans | 439 | - | €172,000 | +€172,000 | |
| Trade debts | 44 | €17,241 | €24,289 | +€7,048 | +40.9% |
| Suppliers | 440/4 | €17,241 | €24,289 | +€7,048 | +40.9% |
| Taxes, remuneration and social security | 45 | €31,681 | €7,465 | -€24,216 | -76.4% |
| Taxes | 450/3 | €24,968 | €4,860 | -€20,108 | -80.5% |
| Remuneration and social security | 454/9 | €6,713 | €2,606 | -€4,108 | -61.2% |
| Other amounts payable | 47/48 | €180,462 | €160,912 | -€19,551 | -10.8% |
| Accrued charges and deferred income | 492/3 | €7,569 | - | -€7,569 | |
| Non-recurring operating income | 76A | €50,809 | €500 | -€50,309 | -99.0% |
| Remuneration, social security and pensions | 62 | €51,728 | €53,250 | +€1,522 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,408 | €23,935 | +€4,527 | +23.3% |
| Other operating charges | 640/8 | €3,834 | €4,272 | +€439 | +11.4% |
| Non-recurring operating charges | 66A | €1,130 | - | -€1,130 | |
| Gross operating margin | 9900 | €34,318 | -€93,820 | -€128,137 | |
| Operating profit (loss) | 9901 | -€41,781 | -€175,277 | -€133,495 | -319.5% |
| Financial charges | 65/66B | €11,941 | €10,293 | -€1,648 | -13.8% |
| Recurring financial charges | 65 | €11,941 | €10,293 | -€1,648 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€53,722 | -€185,569 | -€131,847 | -245.4% |
| Transfer from deferred taxes | 780 | - | €1,630 | +€1,630 | |
| Income taxes | 67/77 | €928 | €1,254 | +€327 | +35.2% |
| Profit (loss) for the period | 9904 | -€54,650 | -€185,193 | -€130,544 | -238.9% |
| Transfer from tax-exempt reserves | 789 | - | €4,891 | +€4,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,650 | -€180,302 | -€125,653 | -229.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.