Gulsena: 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.
Gulsena
Largest movements
- Stocks and contracts +€17,993
up €17,993 (+32.0%), from €56,193 to €74,186
- Receivables within one year +€14,314
up €14,314 (+187%), from €7,659 to €21,973
of which Other amounts receivable: +€20,486
- Trade debts +€14,829
up €14,829 (+75.4%), from €19,657 to €34,486
- Profit (loss) carried forward +€9,709
up €9,709 (+19.3%), from €50,202 to €59,911
- Short-term financial debts +€9,229
up €9,229 (+1,672%), from €552 to €9,781
- Tax, wage and social debts -€2,550
down €2,550 (-26.4%), from €9,651 to €7,101
of which Taxes: -€2,550
- Taxes -€2,428
down €2,428 (-47.2%), from €5,140 to €2,712
- Financial charges +€1,602
up €1,602 (+52.5%), from €3,050 to €4,652
- Other operating charges -€778
down €778 (-54.0%), from €1,441 to €663
- Depreciation -€445
down €445 (-26.3%), from €1,689 to €1,244
- Gross operating margin -€360
down €360 (-1.9%), from €19,340 to €18,980
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 | €110,790 | €142,007 | +€31,217 | +28.2% |
| Fixed assets | 21/28 | €7,155 | €6,952 | -€203 | -2.8% |
| Tangible fixed assets | 22/27 | €4,755 | €4,552 | -€203 | -4.3% |
| Plant, machinery and equipment | 23 | €3,885 | €3,252 | -€633 | -16.3% |
| Furniture and vehicles | 24 | €870 | €1,300 | +€430 | +49.4% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €103,635 | €135,055 | +€31,420 | +30.3% |
| Stocks and contracts in progress | 3 | €56,193 | €74,186 | +€17,993 | +32.0% |
| Stocks | 30/36 | €56,193 | €74,186 | +€17,993 | +32.0% |
| Amounts receivable within one year | 40/41 | €7,659 | €21,973 | +€14,314 | +187% |
| Trade receivables | 40 | €6,172 | - | -€6,172 | |
| Other amounts receivable | 41 | €1,487 | €21,973 | +€20,486 | +1,378% |
| Cash at bank and in hand | 54/58 | €39,783 | €38,897 | -€886 | -2.2% |
| Total equity and liabilities | 10/49 | €110,790 | €142,007 | +€31,217 | +28.2% |
| Equity | 10/15 | €68,930 | €78,639 | +€9,709 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128 | €128 | +€0 | +0.1% |
| Non-distributable reserves | 130/1 | €128 | €128 | +€0 | +0.1% |
| Reserves not available under the articles | 1311 | €128 | €128 | +€0 | +0.1% |
| Profit (loss) carried forward | 14 | €50,202 | €59,911 | +€9,709 | +19.3% |
| Amounts payable | 17/49 | €41,860 | €63,368 | +€21,508 | +51.4% |
| Amounts payable within one year | 42/48 | €41,860 | €63,368 | +€21,508 | +51.4% |
| Financial debts | 43 | €552 | €9,781 | +€9,229 | +1,672% |
| Credit institutions | 430/8 | €552 | €9,781 | +€9,229 | +1,672% |
| Trade debts | 44 | €19,657 | €34,486 | +€14,829 | +75.4% |
| Suppliers | 440/4 | €19,657 | €34,486 | +€14,829 | +75.4% |
| Taxes, remuneration and social security | 45 | €9,651 | €7,101 | -€2,550 | -26.4% |
| Taxes | 450/3 | €8,451 | €5,901 | -€2,550 | -30.2% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 47/48 | €12,000 | €12,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,689 | €1,244 | -€445 | -26.3% |
| Other operating charges | 640/8 | €1,441 | €663 | -€778 | -54.0% |
| Gross operating margin | 9900 | €19,340 | €18,980 | -€360 | -1.9% |
| Operating profit (loss) | 9901 | €16,210 | €17,073 | +€863 | +5.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -96.3% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -96.3% |
| Financial charges | 65/66B | €3,050 | €4,652 | +€1,602 | +52.5% |
| Recurring financial charges | 65 | €3,050 | €4,652 | +€1,602 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €13,163 | €12,421 | -€742 | -5.6% |
| Income taxes | 67/77 | €5,140 | €2,712 | -€2,428 | -47.2% |
| Profit (loss) for the period | 9904 | €8,023 | €9,709 | +€1,686 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,023 | €9,709 | +€1,686 | +21.0% |
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.