GULPEN: 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.
GULPEN
Largest movements
- Receivables within one year +€78,764
up €78,764 (+51.4%), from €153,175 to €231,939
of which Trade receivables: +€81,786
- Stocks and contracts +€19,943
up €19,943 (+301.6%), from €6,612 to €26,554
- Cash -€6,544
down €6,544 (-98.2%), from €6,666 to €122
mainly Receivables within one year (-€78,764) and Stocks and contracts (-€19,943)
- Other debts +€57,461
up €57,461 (+6712.3%), from €856 to €58,317
- Advances received +€16,071
up €16,071 (+23.0%), from €69,994 to €86,065
- Profit (loss) carried forward +€12,240
up €12,240 (+25.6%), from €47,825 to €60,066
- Tax, wage and social debts +€10,776
up €10,776 (+81.8%), from €13,166 to €23,942
of which Remuneration and social security: +€6,984
- Staff costs +€31,015
new in 2025: €31,015
- Gross operating margin +€16,581
up €16,581 (+47.3%), from €35,062 to €51,642
- Taxes -€4,879
down €4,879 (-57.4%), from €8,500 to €3,621
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 | €166,452 | €258,615 | +€92,164 | +55.4% |
| Current assets | 29/58 | €166,452 | €258,615 | +€92,164 | +55.4% |
| Stocks and contracts in progress | 3 | €6,612 | €26,554 | +€19,943 | +301.6% |
| Stocks | 30/36 | €6,612 | €26,554 | +€19,943 | +301.6% |
| Amounts receivable within one year | 40/41 | €153,175 | €231,939 | +€78,764 | +51.4% |
| Trade receivables | 40 | €142,941 | €224,728 | +€81,786 | +57.2% |
| Other amounts receivable | 41 | €10,233 | €7,211 | -€3,022 | -29.5% |
| Cash at bank and in hand | 54/58 | €6,666 | €122 | -€6,544 | -98.2% |
| Total equity and liabilities | 10/49 | €166,452 | €258,615 | +€92,164 | +55.4% |
| Equity | 10/15 | €68,285 | €80,526 | +€12,240 | +17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,825 | €60,066 | +€12,240 | +25.6% |
| Amounts payable | 17/49 | €98,166 | €178,090 | +€79,923 | +81.4% |
| Amounts payable within one year | 42/48 | €98,166 | €178,090 | +€79,923 | +81.4% |
| Current portion of amounts payable after more than one year | 42 | €1,691 | €966 | -€725 | -42.9% |
| Financial debts | 43 | €2,984 | €1,123 | -€1,861 | -62.4% |
| Credit institutions | 430/8 | €2,984 | €1,123 | -€1,861 | -62.4% |
| Trade debts | 44 | €9,476 | €7,677 | -€1,799 | -19.0% |
| Suppliers | 440/4 | €9,476 | €7,677 | -€1,799 | -19.0% |
| Advances received on contracts in progress | 46 | €69,994 | €86,065 | +€16,071 | +23.0% |
| Taxes, remuneration and social security | 45 | €13,166 | €23,942 | +€10,776 | +81.8% |
| Taxes | 450/3 | €13,166 | €16,957 | +€3,792 | +28.8% |
| Remuneration and social security | 454/9 | - | €6,984 | +€6,984 | |
| Other amounts payable | 47/48 | €856 | €58,317 | +€57,461 | +6712.3% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | - | €31,015 | +€31,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | - | -€500 | |
| Other operating charges | 640/8 | €1,736 | €1,478 | -€257 | -14.8% |
| Gross operating margin | 9900 | €35,062 | €51,642 | +€16,581 | +47.3% |
| Operating profit (loss) | 9901 | €32,826 | €19,149 | -€13,677 | -41.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1233.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1233.3% |
| Financial charges | 65/66B | €2,773 | €3,288 | +€515 | +18.6% |
| Recurring financial charges | 65 | €2,773 | €3,288 | +€515 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €30,053 | €15,861 | -€14,192 | -47.2% |
| Income taxes | 67/77 | €8,500 | €3,621 | -€4,879 | -57.4% |
| Profit (loss) for the period | 9904 | €21,553 | €12,240 | -€9,312 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,553 | €12,240 | -€9,312 | -43.2% |
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.