GUN: 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.
GUN
Largest movements
- Tangible fixed assets +€57,352
up €57,352 (+991%), from €5,785 to €63,136
of which Furniture and vehicles: +€56,514
- Cash -€41,543
down €41,543 (-39.5%), from €105,115 to €63,572
mainly Investment in fixed assets (net) (-€62,454) and Trade debts (-€53,715)
- Receivables within one year -€24,692
down €24,692 (-11.3%), from €217,903 to €193,210
of which Other amounts receivable: -€47,357
- Trade debts -€53,715
down €53,715 (-43.7%), from €122,974 to €69,259
- Debts after one year +€21,803
new in 2025: €21,803
- Reserves +€19,284
up €19,284 (+16.3%), from €118,179 to €137,462
of which Distributable reserves: +€19,284
- Other debts +€5,078
up €5,078 (+1,371%), from €370 to €5,448
- Financial charges +€1,934
up €1,934 (+205%), from €943 to €2,876
- Taxes -€1,893
down €1,893 (-8.1%), from €23,462 to €21,569
- Depreciation +€1,338
up €1,338 (+35.6%), from €3,764 to €5,102
- Staff costs +€1,168
up €1,168 (+227%), from €515 to €1,682
- Write-downs -€930
down €930 (-15.7%), from €5,930 to €5,000
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 | €329,678 | €321,359 | -€8,319 | -2.5% |
| Fixed assets | 21/28 | €6,382 | €63,733 | +€57,352 | +899% |
| Tangible fixed assets | 22/27 | €5,785 | €63,136 | +€57,352 | +991% |
| Plant, machinery and equipment | 23 | €4,634 | €5,472 | +€837 | +18.1% |
| Furniture and vehicles | 24 | €1,150 | €57,665 | +€56,514 | +4,913% |
| Financial fixed assets | 28 | €597 | €597 | = | 0.0% |
| Current assets | 29/58 | €323,297 | €257,625 | -€65,671 | -20.3% |
| Amounts receivable within one year | 40/41 | €217,903 | €193,210 | -€24,692 | -11.3% |
| Trade receivables | 40 | €159,194 | €181,858 | +€22,664 | +14.2% |
| Other amounts receivable | 41 | €58,709 | €11,352 | -€47,357 | -80.7% |
| Cash at bank and in hand | 54/58 | €105,115 | €63,572 | -€41,543 | -39.5% |
| Deferred charges and accrued income | 490/1 | €279 | €843 | +€564 | +202% |
| Total equity and liabilities | 10/49 | €329,678 | €321,359 | -€8,319 | -2.5% |
| Equity | 10/15 | €158,635 | €177,918 | +€19,284 | +12.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Contributions outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €118,179 | €137,462 | +€19,284 | +16.3% |
| 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 | €116,320 | €135,603 | +€19,284 | +16.6% |
| Profit (loss) carried forward | 14 | €34,258 | €34,258 | = | 0.0% |
| Amounts payable | 17/49 | €171,044 | €143,441 | -€27,603 | -16.1% |
| Amounts payable after more than one year | 17 | - | €21,803 | +€21,803 | |
| Financial debts | 170/4 | - | €21,803 | +€21,803 | |
| Amounts payable within one year | 42/48 | €171,044 | €121,638 | -€49,406 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €13,843 | -€1,157 | -7.7% |
| Trade debts | 44 | €122,974 | €69,259 | -€53,715 | -43.7% |
| Suppliers | 440/4 | €122,974 | €69,259 | -€53,715 | -43.7% |
| Taxes, remuneration and social security | 45 | €32,700 | €33,088 | +€388 | +1.2% |
| Taxes | 450/3 | €32,700 | €32,944 | +€245 | +0.7% |
| Remuneration and social security | 454/9 | - | €144 | +€144 | |
| Other amounts payable | 47/48 | €370 | €5,448 | +€5,078 | +1,371% |
| Non-recurring operating income | 76A | €1,068 | €233 | -€835 | -78.2% |
| Remuneration, social security and pensions | 62 | €515 | €1,682 | +€1,168 | +227% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,764 | €5,102 | +€1,338 | +35.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,930 | €5,000 | -€930 | -15.7% |
| Other operating charges | 640/8 | €922 | €1,636 | +€714 | +77.4% |
| Gross operating margin | 9900 | €84,085 | €84,590 | +€505 | +0.6% |
| Operating profit (loss) | 9901 | €72,954 | €71,169 | -€1,785 | -2.4% |
| Financial income | 75/76B | €270 | €60 | -€210 | -77.9% |
| Recurring financial income | 75 | €270 | €60 | -€210 | -77.9% |
| Financial charges | 65/66B | €943 | €2,876 | +€1,934 | +205% |
| Recurring financial charges | 65 | €943 | €2,876 | +€1,934 | +205% |
| Profit (loss) for the period before taxes | 9903 | €72,282 | €68,353 | -€3,929 | -5.4% |
| Income taxes | 67/77 | €23,462 | €21,569 | -€1,893 | -8.1% |
| Profit (loss) for the period | 9904 | €48,820 | €46,784 | -€2,036 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,820 | €46,784 | -€2,036 | -4.2% |
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.