GULSER: 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.
GULSER
Largest movements
- Tangible fixed assets -€34,372
down €34,372 (-49.2%), from €69,798 to €35,426
of which Furniture and vehicles: -€35,833
- Receivables within one year -€24,998
down €24,998 (-59.5%), from €42,020 to €17,022
of which Trade receivables: -€38,031
- Cash +€3,544
up €3,544 (+14.7%), from €24,033 to €27,577
mainly Investment in fixed assets (net) (+€25,173) and Receivables within one year (+€24,998)
- Trade debts -€34,072
down €34,072 (-74.9%), from €45,512 to €11,440
- Profit (loss) carried forward -€15,000
down €15,000 (-53.6%), from €27,969 to €12,969
- Debts after one year -€6,836
down €6,836 (-25.2%), from €27,123 to €20,287
- Tax, wage and social debts -€6,424
down €6,424 (-22.3%), from €28,820 to €22,396
of which Remuneration and social security: -€9,041
- Reserves +€5,888
new in 2025: €5,888
- Staff costs -€27,681
down €27,681 (-41.1%), from €67,426 to €39,745
- Gross operating margin -€19,935
down €19,935 (-20.5%), from €97,439 to €77,504
- Financial charges +€3,274
up €3,274 (+67.5%), from €4,854 to €8,128
- Taxes +€2,017
up €2,017 (+114%), from €1,761 to €3,778
- Depreciation -€1,246
down €1,246 (-10.8%), from €11,502 to €10,256
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 | €146,160 | €89,816 | -€56,344 | -38.5% |
| Fixed assets | 21/28 | €77,598 | €42,169 | -€35,429 | -45.7% |
| Intangible fixed assets | 21 | €7,800 | €6,600 | -€1,200 | -15.4% |
| Tangible fixed assets | 22/27 | €69,798 | €35,426 | -€34,372 | -49.2% |
| Plant, machinery and equipment | 23 | €32,369 | €34,510 | +€2,140 | +6.6% |
| Furniture and vehicles | 24 | €36,117 | €284 | -€35,833 | -99.2% |
| Other tangible fixed assets | 26 | €1,312 | €632 | -€680 | -51.8% |
| Financial fixed assets | 28 | - | €144 | +€144 | |
| Current assets | 29/58 | €68,562 | €47,647 | -€20,915 | -30.5% |
| Stocks and contracts in progress | 3 | €2,474 | €3,048 | +€574 | +23.2% |
| Stocks | 30/36 | €2,474 | €3,048 | +€574 | +23.2% |
| Amounts receivable within one year | 40/41 | €42,020 | €17,022 | -€24,998 | -59.5% |
| Trade receivables | 40 | €41,057 | €3,026 | -€38,031 | -92.6% |
| Other amounts receivable | 41 | €963 | €13,996 | +€13,033 | +1,353% |
| Cash at bank and in hand | 54/58 | €24,033 | €27,577 | +€3,544 | +14.7% |
| Deferred charges and accrued income | 490/1 | €35 | - | -€35 | |
| Total equity and liabilities | 10/49 | €146,160 | €89,816 | -€56,344 | -38.5% |
| Equity | 10/15 | €37,969 | €28,857 | -€9,112 | -24.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €5,888 | +€5,888 | |
| Distributable reserves | 133 | - | €5,888 | +€5,888 | |
| Profit (loss) carried forward | 14 | €27,969 | €12,969 | -€15,000 | -53.6% |
| Amounts payable | 17/49 | €108,191 | €60,959 | -€47,232 | -43.7% |
| Amounts payable after more than one year | 17 | €27,123 | €20,287 | -€6,836 | -25.2% |
| Financial debts | 170/4 | €27,123 | €20,287 | -€6,836 | -25.2% |
| Amounts payable within one year | 42/48 | €81,068 | €40,672 | -€40,396 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €6,566 | €6,836 | +€270 | +4.1% |
| Trade debts | 44 | €45,512 | €11,440 | -€34,072 | -74.9% |
| Suppliers | 440/4 | €45,512 | €11,440 | -€34,072 | -74.9% |
| Taxes, remuneration and social security | 45 | €28,820 | €22,396 | -€6,424 | -22.3% |
| Taxes | 450/3 | €10,805 | €13,423 | +€2,618 | +24.2% |
| Remuneration and social security | 454/9 | €18,014 | €8,973 | -€9,041 | -50.2% |
| Other amounts payable | 47/48 | €170 | - | -€170 | |
| Remuneration, social security and pensions | 62 | €67,426 | €39,745 | -€27,681 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,502 | €10,256 | -€1,246 | -10.8% |
| Other operating charges | 640/8 | €5,628 | €5,914 | +€286 | +5.1% |
| Non-recurring operating charges | 66A | - | €3,805 | +€3,805 | |
| Gross operating margin | 9900 | €97,439 | €77,504 | -€19,935 | -20.5% |
| Operating profit (loss) | 9901 | €12,883 | €17,784 | +€4,901 | +38.0% |
| Financial income | 75/76B | €18 | €9 | -€8 | -47.6% |
| Recurring financial income | 75 | €18 | €9 | -€8 | -47.6% |
| Financial charges | 65/66B | €4,854 | €8,128 | +€3,274 | +67.5% |
| Recurring financial charges | 65 | €4,854 | €8,128 | +€3,274 | +67.5% |
| Profit (loss) for the period before taxes | 9903 | €8,047 | €9,666 | +€1,619 | +20.1% |
| Income taxes | 67/77 | €1,761 | €3,778 | +€2,017 | +114% |
| Profit (loss) for the period | 9904 | €6,286 | €5,888 | -€398 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,286 | €5,888 | -€398 | -6.3% |
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 17 October 2026 via checked.be.