Gulo Brugge: 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 Brugge
Largest movements
- Cash +€142,400
up €142,400 (+237%), from €59,984 to €202,384
mainly Net result for the year (+€89,168) and Trade debts (+€67,034)
- Receivables within one year +€26,150
up €26,150 (+35.9%), from €72,788 to €98,938
of which Trade receivables: +€75,574
- Tangible fixed assets -€10,005
down €10,005 (-24.7%), from €40,471 to €30,466
of which Furniture and vehicles: -€6,807
- Reserves +€89,168
up €89,168 (+105%), from €84,956 to €174,124
- Trade debts +€67,034
up €67,034 (+765%), from €8,763 to €75,797
- Tax, wage and social debts +€14,096
up €14,096 (+27.9%), from €50,607 to €64,703
of which Taxes: +€11,930
- Debts after one year -€12,911
down €12,911 (-79.4%), from €16,259 to €3,347
- Gross operating margin +€88,858
up €88,858 (+51.4%), from €173,038 to €261,897
- Staff costs +€72,469
up €72,469 (+130%), from €55,553 to €128,022
- Depreciation +€7,679
up €7,679 (+292%), from €2,626 to €10,305
- Financial charges +€4,401
up €4,401 (+293%), from €1,504 to €5,905
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 | €178,364 | €336,511 | +€158,146 | +88.7% |
| Fixed assets | 21/28 | €43,394 | €33,090 | -€10,305 | -23.7% |
| Intangible fixed assets | 21 | €2,924 | €2,624 | -€300 | -10.3% |
| Tangible fixed assets | 22/27 | €40,471 | €30,466 | -€10,005 | -24.7% |
| Plant, machinery and equipment | 23 | €8,780 | €5,581 | -€3,198 | -36.4% |
| Furniture and vehicles | 24 | €31,691 | €24,885 | -€6,807 | -21.5% |
| Current assets | 29/58 | €134,970 | €303,421 | +€168,451 | +125% |
| Stocks and contracts in progress | 3 | €754 | €1,652 | +€899 | +119% |
| Stocks | 30/36 | €754 | €1,652 | +€899 | +119% |
| Amounts receivable within one year | 40/41 | €72,788 | €98,938 | +€26,150 | +35.9% |
| Trade receivables | 40 | €195 | €75,769 | +€75,574 | +38,782% |
| Other amounts receivable | 41 | €72,593 | €23,169 | -€49,424 | -68.1% |
| Cash at bank and in hand | 54/58 | €59,984 | €202,384 | +€142,400 | +237% |
| Deferred charges and accrued income | 490/1 | €1,444 | €446 | -€997 | -69.1% |
| Total equity and liabilities | 10/49 | €178,364 | €336,511 | +€158,146 | +88.7% |
| Equity | 10/15 | €89,956 | €179,124 | +€89,168 | +99.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,956 | €174,124 | +€89,168 | +105% |
| Distributable reserves | 133 | €84,956 | €174,124 | +€89,168 | +105% |
| Amounts payable | 17/49 | €88,408 | €157,387 | +€68,979 | +78.0% |
| Amounts payable after more than one year | 17 | €16,259 | €3,347 | -€12,911 | -79.4% |
| Financial debts | 170/4 | €16,259 | €3,347 | -€12,911 | -79.4% |
| Amounts payable within one year | 42/48 | €71,548 | €153,411 | +€81,863 | +114% |
| Current portion of amounts payable after more than one year | 42 | €12,178 | €12,911 | +€733 | +6.0% |
| Trade debts | 44 | €8,763 | €75,797 | +€67,034 | +765% |
| Suppliers | 440/4 | €8,763 | €75,797 | +€67,034 | +765% |
| Taxes, remuneration and social security | 45 | €50,607 | €64,703 | +€14,096 | +27.9% |
| Taxes | 450/3 | €42,455 | €54,385 | +€11,930 | +28.1% |
| Remuneration and social security | 454/9 | €8,151 | €10,318 | +€2,167 | +26.6% |
| Accrued charges and deferred income | 492/3 | €601 | €629 | +€27 | +4.5% |
| Remuneration, social security and pensions | 62 | €55,553 | €128,022 | +€72,469 | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,626 | €10,305 | +€7,679 | +292% |
| Other operating charges | 640/8 | €639 | €2,891 | +€2,253 | +353% |
| Gross operating margin | 9900 | €173,038 | €261,897 | +€88,858 | +51.4% |
| Operating profit (loss) | 9901 | €114,221 | €120,678 | +€6,457 | +5.7% |
| Financial income | 75/76B | €946 | €2,611 | +€1,665 | +176% |
| Recurring financial income | 75 | €946 | €2,611 | +€1,665 | +176% |
| Financial charges | 65/66B | €1,504 | €5,905 | +€4,401 | +293% |
| Recurring financial charges | 65 | €1,504 | €5,905 | +€4,401 | +293% |
| Profit (loss) for the period before taxes | 9903 | €113,663 | €117,385 | +€3,722 | +3.3% |
| Income taxes | 67/77 | €28,707 | €28,217 | -€490 | -1.7% |
| Profit (loss) for the period | 9904 | €84,956 | €89,168 | +€4,212 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,956 | €89,168 | +€4,212 | +5.0% |
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 19 October 2026 via checked.be.