GUNDUZ: 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.
GUNDUZ
Largest movements
- Receivables within one year +€3,935
up €3,935 (+12.2%), from €32,384 to €36,319
of which Trade receivables: +€5,660
- Stocks and contracts +€1,253
up €1,253 (+5.7%), from €21,937 to €23,190
- Cash -€736
down €736 (-9.7%), from €7,572 to €6,836
mainly Receivables within one year (-€3,935) and Stocks and contracts (-€1,253)
- Reserves +€3,275
up €3,275 (+7.4%), from €44,102 to €47,377
of which Distributable reserves: +€3,275
- Trade debts +€1,330
up €1,330 (+52.8%), from €2,517 to €3,847
- Turnover -€87,826
down €87,826 (-32.6%), from €269,804 to €181,978
- Purchases and services -€82,621
down €82,621 (-34.1%), from €242,636 to €160,015
- Gross operating margin -€9,032
down €9,032 (-29.1%), from €30,995 to €21,963
- Staff costs -€3,424
down €3,424 (-17.7%), from €19,370 to €15,946
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 | €64,108 | €68,746 | +€4,638 | +7.2% |
| Fixed assets | 21/28 | €187 | €187 | = | 0.0% |
| Financial fixed assets | 28 | €187 | €187 | = | 0.0% |
| Current assets | 29/58 | €63,921 | €68,559 | +€4,638 | +7.3% |
| Stocks and contracts in progress | 3 | €21,937 | €23,190 | +€1,253 | +5.7% |
| Stocks | 30/36 | €21,937 | €23,190 | +€1,253 | +5.7% |
| Amounts receivable within one year | 40/41 | €32,384 | €36,319 | +€3,935 | +12.2% |
| Trade receivables | 40 | €29,189 | €34,849 | +€5,660 | +19.4% |
| Other amounts receivable | 41 | €3,195 | €1,470 | -€1,725 | -54.0% |
| Cash at bank and in hand | 54/58 | €7,572 | €6,836 | -€736 | -9.7% |
| Deferred charges and accrued income | 490/1 | €2,028 | €2,214 | +€186 | +9.2% |
| Total equity and liabilities | 10/49 | €64,108 | €68,746 | +€4,638 | +7.2% |
| Equity | 10/15 | €56,502 | €59,777 | +€3,275 | +5.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €44,102 | €47,377 | +€3,275 | +7.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €42,242 | €45,517 | +€3,275 | +7.8% |
| Amounts payable | 17/49 | €7,606 | €8,969 | +€1,363 | +17.9% |
| Amounts payable within one year | 42/48 | €7,606 | €8,969 | +€1,363 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,517 | €3,847 | +€1,330 | +52.8% |
| Suppliers | 440/4 | €2,517 | €3,847 | +€1,330 | +52.8% |
| Taxes, remuneration and social security | 45 | €5,089 | €5,122 | +€33 | +0.6% |
| Taxes | 450/3 | €2,143 | €1,146 | -€997 | -46.5% |
| Remuneration and social security | 454/9 | €2,946 | €3,976 | +€1,030 | +35.0% |
| Turnover | 70 | €269,804 | €181,978 | -€87,826 | -32.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €242,636 | €160,015 | -€82,621 | -34.1% |
| Remuneration, social security and pensions | 62 | €19,370 | €15,946 | -€3,424 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,957 | - | -€1,957 | |
| Other operating charges | 640/8 | €1,097 | €1,134 | +€37 | +3.4% |
| Gross operating margin | 9900 | €30,995 | €21,963 | -€9,032 | -29.1% |
| Operating profit (loss) | 9901 | €8,571 | €4,883 | -€3,688 | -43.0% |
| Financial income | 75/76B | €79 | €8 | -€71 | -89.9% |
| Recurring financial income | 75 | €79 | €8 | -€71 | -89.9% |
| Financial charges | 65/66B | €151 | €159 | +€8 | +5.3% |
| Recurring financial charges | 65 | €151 | €159 | +€8 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €8,499 | €4,732 | -€3,767 | -44.3% |
| Income taxes | 67/77 | €2,677 | €1,458 | -€1,219 | -45.5% |
| Profit (loss) for the period | 9904 | €5,822 | €3,274 | -€2,548 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,822 | €3,274 | -€2,548 | -43.8% |
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 30 October 2026 via checked.be.