GULZAR: what changed
Two fiscal 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.
GULZAR
Largest movements
- Tangible fixed assets -€11,184
no longer reported in 2025 (was €11,184)
of which Furniture and vehicles: -€10,413
- Cash -€6,497
down €6,497 (-53.4%), from €12,161 to €5,664
mainly Net result for the year (-€15,537) and Other debts (-€1,979)
- Profit (loss) carried forward -€15,537
down €15,537, from €5,628 to -€9,909
- Other debts -€1,979
down €1,979 (-52.5%), from €3,767 to €1,788
- Gross operating margin -€4,586
down €4,586, from €533 to -€4,052
- Depreciation -€3,856
no longer reported in 2025 (was €3,856)
- Taxes +€1,277
up €1,277, from -€419 to €858
- Staff costs -€1,057
down €1,057 (-52.4%), from €2,017 to €960
- Other operating charges -€323
down €323 (-34.8%), from €930 to €607
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 | €23,904 | €6,153 | -€17,751 | -74.3% |
| Fixed assets | 21/28 | €11,184 | - | -€11,184 | |
| Tangible fixed assets | 22/27 | €11,184 | - | -€11,184 | |
| Plant, machinery and equipment | 23 | €771 | - | -€771 | |
| Furniture and vehicles | 24 | €10,413 | - | -€10,413 | |
| Current assets | 29/58 | €12,721 | €6,153 | -€6,567 | -51.6% |
| Amounts receivable within one year | 40/41 | €559 | €489 | -€70 | -12.6% |
| Trade receivables | 40 | €70 | - | -€70 | |
| Other amounts receivable | 41 | €489 | €489 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,161 | €5,664 | -€6,497 | -53.4% |
| Total equity and liabilities | 10/49 | €23,904 | €6,153 | -€17,751 | -74.3% |
| Equity | 10/15 | €19,628 | €4,091 | -€15,537 | -79.2% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,628 | -€9,909 | -€15,537 | |
| Amounts payable | 17/49 | €4,276 | €2,062 | -€2,214 | -51.8% |
| Amounts payable within one year | 42/48 | €4,276 | €2,062 | -€2,214 | -51.8% |
| Trade debts | 44 | €139 | - | -€139 | |
| Suppliers | 440/4 | €139 | - | -€139 | |
| Taxes, remuneration and social security | 45 | €371 | €274 | -€96 | -26.0% |
| Taxes | 450/3 | €371 | €274 | -€96 | -26.0% |
| Other amounts payable | 47/48 | €3,767 | €1,788 | -€1,979 | -52.5% |
| Remuneration, social security and pensions | 62 | €2,017 | €960 | -€1,057 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,856 | - | -€3,856 | |
| Other operating charges | 640/8 | €930 | €607 | -€323 | -34.8% |
| Non-recurring operating charges | 66A | - | €9,019 | +€9,019 | |
| Gross operating margin | 9900 | €533 | -€4,052 | -€4,586 | |
| Operating profit (loss) | 9901 | -€6,270 | -€14,638 | -€8,367 | -133.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €13 | €45 | +€33 | +260.0% |
| Recurring financial charges | 65 | €13 | €45 | +€33 | +260.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,283 | -€14,679 | -€8,396 | -133.6% |
| Income taxes | 67/77 | -€419 | €858 | +€1,277 | |
| Profit (loss) for the period | 9904 | -€5,864 | -€15,537 | -€9,673 | -165.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,864 | -€15,537 | -€9,673 | -165.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.