GULO: 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.
GULO
Largest movements
- Tangible fixed assets -€162,657
down €162,657 (-71.1%), from €228,910 to €66,254
of which Land and buildings: -€136,114
- Cash +€44,570
up €44,570 (+349.7%), from €12,745 to €57,314
mainly Investment in fixed assets (net) (+€144,746) and Receivables within one year (+€27,545)
- Receivables within one year -€27,545
down €27,545 (-53.1%), from €51,914 to €24,369
of which Trade receivables: -€27,275
- Deferred charges and accrued income -€3,410
down €3,410 (-49.9%), from €6,838 to €3,428
- Other debts -€83,813
down €83,813 (-54.0%), from €155,126 to €71,312
- Debts after one year -€68,250
no longer reported in 2025 (was €68,250)
- Profit (loss) carried forward +€13,078
up €13,078 (+4501.4%), from €291 to €13,368
- Current portion of long-term debt -€7,000
no longer reported in 2025 (was €7,000)
- Tax, wage and social debts -€5,659
down €5,659 (-25.8%), from €21,914 to €16,255
of which Remuneration and social security: -€8,000
- Gross operating margin +€23,840
up €23,840 (+115.7%), from €20,605 to €44,446
- Depreciation +€5,875
up €5,875 (+48.8%), from €12,036 to €17,911
- Financial charges +€4,413
up €4,413 (+338.2%), from €1,305 to €5,718
- Taxes +€2,646
up €2,646 (+98.7%), from €2,680 to €5,326
- Other operating charges +€1,451
up €1,451 (+128.7%), from €1,128 to €2,579
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 | €300,407 | €151,365 | -€149,042 | -49.6% |
| Fixed assets | 21/28 | €228,910 | €66,254 | -€162,657 | -71.1% |
| Tangible fixed assets | 22/27 | €228,910 | €66,254 | -€162,657 | -71.1% |
| Land and buildings | 22 | €136,114 | - | -€136,114 | |
| Furniture and vehicles | 24 | €69,889 | €54,468 | -€15,421 | -22.1% |
| Other tangible fixed assets | 26 | €22,907 | €11,785 | -€11,122 | -48.6% |
| Current assets | 29/58 | €71,497 | €85,111 | +€13,615 | +19.0% |
| Amounts receivable within one year | 40/41 | €51,914 | €24,369 | -€27,545 | -53.1% |
| Trade receivables | 40 | €34,040 | €6,765 | -€27,275 | -80.1% |
| Other amounts receivable | 41 | €17,875 | €17,604 | -€271 | -1.5% |
| Cash at bank and in hand | 54/58 | €12,745 | €57,314 | +€44,570 | +349.7% |
| Deferred charges and accrued income | 490/1 | €6,838 | €3,428 | -€3,410 | -49.9% |
| Total equity and liabilities | 10/49 | €300,407 | €151,365 | -€149,042 | -49.6% |
| Equity | 10/15 | €44,542 | €55,620 | +€11,078 | +24.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €31,852 | €29,852 | -€2,000 | -6.3% |
| Distributable reserves | 133 | €31,852 | €29,852 | -€2,000 | -6.3% |
| Profit (loss) carried forward | 14 | €291 | €13,368 | +€13,078 | +4501.4% |
| Amounts payable | 17/49 | €255,865 | €95,745 | -€160,120 | -62.6% |
| Amounts payable after more than one year | 17 | €68,250 | - | -€68,250 | |
| Financial debts | 170/4 | €68,250 | - | -€68,250 | |
| Amounts payable within one year | 42/48 | €187,591 | €95,745 | -€91,846 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €7,000 | - | -€7,000 | |
| Trade debts | 44 | €3,551 | €8,178 | +€4,626 | +130.3% |
| Suppliers | 440/4 | €3,551 | €8,178 | +€4,626 | +130.3% |
| Taxes, remuneration and social security | 45 | €21,914 | €16,255 | -€5,659 | -25.8% |
| Taxes | 450/3 | €11,414 | €13,755 | +€2,341 | +20.5% |
| Remuneration and social security | 454/9 | €10,500 | €2,500 | -€8,000 | -76.2% |
| Other amounts payable | 47/48 | €155,126 | €71,312 | -€83,813 | -54.0% |
| Accrued charges and deferred income | 492/3 | €24 | - | -€24 | |
| Non-recurring operating income | 76A | - | €57,624 | +€57,624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,036 | €17,911 | +€5,875 | +48.8% |
| Other operating charges | 640/8 | €1,128 | €2,579 | +€1,451 | +128.7% |
| Gross operating margin | 9900 | €20,605 | €44,446 | +€23,840 | +115.7% |
| Operating profit (loss) | 9901 | €7,442 | €23,956 | +€16,514 | +221.9% |
| Financial income | 75/76B | - | €166 | +€166 | |
| Recurring financial income | 75 | - | €166 | +€166 | |
| Financial charges | 65/66B | €1,305 | €5,718 | +€4,413 | +338.2% |
| Recurring financial charges | 65 | €1,305 | €5,718 | +€4,413 | +338.2% |
| Profit (loss) for the period before taxes | 9903 | €6,137 | €18,404 | +€12,267 | +199.9% |
| Income taxes | 67/77 | €2,680 | €5,326 | +€2,646 | +98.7% |
| Profit (loss) for the period | 9904 | €3,457 | €13,078 | +€9,621 | +278.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,457 | €13,078 | +€9,621 | +278.3% |
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 12 October 2026 via checked.be.