GULTAS: 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.
GULTAS
Largest movements
- Receivables within one year +€7,779
up €7,779 (+12.1%), from €64,257 to €72,036
of which Other amounts receivable: +€61,802
- Tangible fixed assets -€7,661
down €7,661 (-28.0%), from €27,319 to €19,658
of which Furniture and vehicles: -€7,378
- Cash -€6,671
down €6,671 (-9.8%), from €68,120 to €61,449
mainly Receivables within one year (-€7,779) and Debts after one year (-€6,338)
- Debts after one year -€6,338
down €6,338 (-38.1%), from €16,656 to €10,318
- Gross operating margin +€19,002
up €19,002, from -€6,838 to €12,164
- Depreciation -€2,137
down €2,137 (-21.8%), from €9,798 to €7,661
- Financial charges -€602
down €602 (-36.4%), from €1,654 to €1,052
- Other operating charges -€363
down €363 (-18.5%), from €1,963 to €1,600
- Taxes +€298
up €298 (+119%), from €250 to €548
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 | €179,673 | €172,046 | -€7,627 | -4.2% |
| Fixed assets | 21/28 | €27,319 | €19,658 | -€7,661 | -28.0% |
| Tangible fixed assets | 22/27 | €27,319 | €19,658 | -€7,661 | -28.0% |
| Plant, machinery and equipment | 23 | €1,249 | €966 | -€283 | -22.7% |
| Furniture and vehicles | 24 | €26,070 | €18,692 | -€7,378 | -28.3% |
| Current assets | 29/58 | €152,354 | €152,388 | +€34 | 0.0% |
| Stocks and contracts in progress | 3 | €18,721 | €18,195 | -€526 | -2.8% |
| Stocks | 30/36 | €18,721 | €18,195 | -€526 | -2.8% |
| Amounts receivable within one year | 40/41 | €64,257 | €72,036 | +€7,779 | +12.1% |
| Trade receivables | 40 | €54,587 | €564 | -€54,023 | -99.0% |
| Other amounts receivable | 41 | €9,670 | €71,472 | +€61,802 | +639% |
| Cash at bank and in hand | 54/58 | €68,120 | €61,449 | -€6,671 | -9.8% |
| Deferred charges and accrued income | 490/1 | €1,255 | €707 | -€548 | -43.7% |
| Total equity and liabilities | 10/49 | €179,673 | €172,046 | -€7,627 | -4.2% |
| Equity | 10/15 | €149,369 | €150,707 | +€1,338 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,603 | €55,603 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €53,743 | €53,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,167 | €76,505 | +€1,338 | +1.8% |
| Amounts payable | 17/49 | €30,303 | €21,338 | -€8,965 | -29.6% |
| Amounts payable after more than one year | 17 | €16,656 | €10,318 | -€6,338 | -38.1% |
| Financial debts | 170/4 | €16,656 | €10,318 | -€6,338 | -38.1% |
| Amounts payable within one year | 42/48 | €13,647 | €11,020 | -€2,627 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €7,807 | €7,460 | -€347 | -4.4% |
| Trade debts | 44 | €4,151 | €2,804 | -€1,347 | -32.4% |
| Suppliers | 440/4 | €4,151 | €2,804 | -€1,347 | -32.4% |
| Taxes, remuneration and social security | 45 | €1,689 | €755 | -€933 | -55.3% |
| Taxes | 450/3 | €1,689 | €445 | -€1,243 | -73.6% |
| Remuneration and social security | 454/9 | €0 | €310 | +€310 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,798 | €7,661 | -€2,137 | -21.8% |
| Other operating charges | 640/8 | €1,963 | €1,600 | -€363 | -18.5% |
| Gross operating margin | 9900 | -€6,838 | €12,164 | +€19,002 | |
| Operating profit (loss) | 9901 | -€18,599 | €2,903 | +€21,502 | |
| Financial income | 75/76B | €24 | €35 | +€12 | +48.7% |
| Recurring financial income | 75 | €24 | €35 | +€12 | +48.7% |
| Financial charges | 65/66B | €1,654 | €1,052 | -€602 | -36.4% |
| Recurring financial charges | 65 | €1,654 | €1,052 | -€602 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,230 | €1,886 | +€22,115 | |
| Income taxes | 67/77 | €250 | €548 | +€298 | +119% |
| Profit (loss) for the period | 9904 | -€20,479 | €1,338 | +€21,817 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,479 | €1,338 | +€21,817 |
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 18 October 2026 via checked.be.