Gulwing: 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.
Gulwing
Largest movements
- Cash -€37,936
down €37,936 (-34.2%), from €111,082 to €73,146
mainly Contributions, distributions and other (-€130,000) and Receivables within one year (-€14,824)
- Receivables within one year +€14,824
up €14,824 (+24.8%), from €59,850 to €74,674
of which Trade receivables: +€14,425
- Tangible fixed assets +€4,816
up €4,816 (+52.7%), from €9,134 to €13,950
of which Furniture and vehicles: +€5,461
- Deferred charges and accrued income -€3,786
down €3,786 (-100%), from €3,786 to €0
- Profit (loss) carried forward -€107,317
down €107,317 (-72.2%), from €148,569 to €41,253
- Other debts +€72,670
new in 2025: €72,670
- Trade debts +€12,078
up €12,078 (+435%), from €2,775 to €14,852
- Gross operating margin -€35,150
down €35,150 (-34.9%), from €100,702 to €65,552
- Staff costs +€24,780
new in 2025: €24,780
- Taxes -€11,628
down €11,628 (-57.5%), from €20,240 to €8,612
- Depreciation +€3,382
up €3,382 (+229%), from €1,476 to €4,858
- Other operating charges -€1,306
down €1,306 (-62.5%), from €2,090 to €784
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 | €183,852 | €161,769 | -€22,082 | -12.0% |
| Fixed assets | 21/28 | €9,134 | €13,950 | +€4,816 | +52.7% |
| Tangible fixed assets | 22/27 | €9,134 | €13,950 | +€4,816 | +52.7% |
| Plant, machinery and equipment | 23 | €5,413 | €4,767 | -€645 | -11.9% |
| Furniture and vehicles | 24 | €3,722 | €9,183 | +€5,461 | +147% |
| Current assets | 29/58 | €174,718 | €147,819 | -€26,898 | -15.4% |
| Amounts receivable within one year | 40/41 | €59,850 | €74,674 | +€14,824 | +24.8% |
| Trade receivables | 40 | €27,379 | €41,804 | +€14,425 | +52.7% |
| Other amounts receivable | 41 | €32,471 | €32,870 | +€399 | +1.2% |
| Cash at bank and in hand | 54/58 | €111,082 | €73,146 | -€37,936 | -34.2% |
| Deferred charges and accrued income | 490/1 | €3,786 | €0 | -€3,786 | -100% |
| Total equity and liabilities | 10/49 | €183,852 | €161,769 | -€22,082 | -12.0% |
| Equity | 10/15 | €150,569 | €43,253 | -€107,317 | -71.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,569 | €41,253 | -€107,317 | -72.2% |
| Amounts payable | 17/49 | €33,282 | €118,517 | +€85,234 | +256% |
| Amounts payable within one year | 42/48 | €33,282 | €118,517 | +€85,234 | +256% |
| Trade debts | 44 | €2,775 | €14,852 | +€12,078 | +435% |
| Suppliers | 440/4 | €2,775 | €14,852 | +€12,078 | +435% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €30,508 | €30,994 | +€486 | +1.6% |
| Taxes | 450/3 | €30,508 | €27,828 | -€2,680 | -8.8% |
| Remuneration and social security | 454/9 | - | €3,166 | +€3,166 | |
| Other amounts payable | 47/48 | - | €72,670 | +€72,670 | |
| Remuneration, social security and pensions | 62 | - | €24,780 | +€24,780 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,476 | €4,858 | +€3,382 | +229% |
| Other operating charges | 640/8 | €2,090 | €784 | -€1,306 | -62.5% |
| Gross operating margin | 9900 | €100,702 | €65,552 | -€35,150 | -34.9% |
| Operating profit (loss) | 9901 | €97,136 | €35,130 | -€62,007 | -63.8% |
| Financial income | 75/76B | €333 | €2 | -€332 | -99.5% |
| Recurring financial income | 75 | €333 | €2 | -€332 | -99.5% |
| Financial charges | 65/66B | €3,951 | €3,836 | -€115 | -2.9% |
| Recurring financial charges | 65 | €3,951 | €3,836 | -€115 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €93,518 | €31,295 | -€62,223 | -66.5% |
| Income taxes | 67/77 | €20,240 | €8,612 | -€11,628 | -57.5% |
| Profit (loss) for the period | 9904 | €73,278 | €22,683 | -€50,595 | -69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,278 | €22,683 | -€50,595 | -69.0% |
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 26 October 2026 via checked.be.