GUNMAGO: 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.
GUNMAGO
Largest movements
- Financial fixed assets -€80,000
down €80,000 (-100%), from €80,000 to €0
- Stocks and contracts -€42,649
down €42,649 (-28.0%), from €152,252 to €109,603
- Receivables within one year +€15,463
up €15,463 (+3.2%), from €485,673 to €501,136
of which Trade receivables: +€22,018
- Tangible fixed assets -€14,511
down €14,511 (-13.4%), from €107,924 to €93,413
of which Furniture and vehicles: -€24,923
- Deferred charges and accrued income -€12,884
down €12,884 (-27.8%), from €46,262 to €33,378
- Other debts +€200,729
up €200,729 (+5,933%), from €3,383 to €204,113
- Reserves -€115,743
down €115,743 (-65.7%), from €176,178 to €60,435
- Advances received -€103,438
down €103,438 (-28.3%), from €365,343 to €261,905
- Trade debts -€101,345
down €101,345 (-95.7%), from €105,910 to €4,565
- Tax, wage and social debts -€23,079
down €23,079 (-88.3%), from €26,143 to €3,063
of which Taxes: -€16,911
- Gross operating margin -€72,921
down €72,921 (-49.0%), from €148,795 to €75,874
- Staff costs -€60,588
down €60,588 (-54.1%), from €112,015 to €51,427
- Taxes -€38,724
down €38,724 (-95.5%), from €40,567 to €1,843
- Depreciation +€14,947
up €14,947 (+125%), from €11,926 to €26,873
- Financial income -€9,810
down €9,810 (-20.7%), from €47,412 to €37,601
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 | €901,088 | €756,161 | -€144,927 | -16.1% |
| Fixed assets | 21/28 | €187,924 | €93,413 | -€94,511 | -50.3% |
| Tangible fixed assets | 22/27 | €107,924 | €93,413 | -€14,511 | -13.4% |
| Plant, machinery and equipment | 23 | €27,969 | €50,689 | +€22,721 | +81.2% |
| Furniture and vehicles | 24 | €25,723 | €800 | -€24,923 | -96.9% |
| Other tangible fixed assets | 26 | €54,232 | €41,923 | -€12,308 | -22.7% |
| Financial fixed assets | 28 | €80,000 | €0 | -€80,000 | -100% |
| Current assets | 29/58 | €713,164 | €662,747 | -€50,417 | -7.1% |
| Stocks and contracts in progress | 3 | €152,252 | €109,603 | -€42,649 | -28.0% |
| Stocks | 30/36 | €152,252 | €109,603 | -€42,649 | -28.0% |
| Amounts receivable within one year | 40/41 | €485,673 | €501,136 | +€15,463 | +3.2% |
| Trade receivables | 40 | €346,807 | €368,825 | +€22,018 | +6.3% |
| Other amounts receivable | 41 | €138,866 | €132,311 | -€6,555 | -4.7% |
| Cash at bank and in hand | 54/58 | €28,978 | €18,630 | -€10,347 | -35.7% |
| Deferred charges and accrued income | 490/1 | €46,262 | €33,378 | -€12,884 | -27.8% |
| Total equity and liabilities | 10/49 | €901,088 | €756,161 | -€144,927 | -16.1% |
| Equity | 10/15 | €276,178 | €160,435 | -€115,743 | -41.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €176,178 | €60,435 | -€115,743 | -65.7% |
| Distributable reserves | 133 | €176,178 | €60,435 | -€115,743 | -65.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €624,910 | €595,726 | -€29,184 | -4.7% |
| Amounts payable after more than one year | 17 | €72,119 | €59,798 | -€12,321 | -17.1% |
| Financial debts | 170/4 | €72,119 | €59,798 | -€12,321 | -17.1% |
| Amounts payable within one year | 42/48 | €552,377 | €528,169 | -€24,208 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €51,598 | €54,524 | +€2,926 | +5.7% |
| Trade debts | 44 | €105,910 | €4,565 | -€101,345 | -95.7% |
| Suppliers | 440/4 | €105,910 | €4,565 | -€101,345 | -95.7% |
| Advances received on contracts in progress | 46 | €365,343 | €261,905 | -€103,438 | -28.3% |
| Taxes, remuneration and social security | 45 | €26,143 | €3,063 | -€23,079 | -88.3% |
| Taxes | 450/3 | €18,754 | €1,843 | -€16,911 | -90.2% |
| Remuneration and social security | 454/9 | €7,389 | €1,221 | -€6,168 | -83.5% |
| Other amounts payable | 47/48 | €3,383 | €204,113 | +€200,729 | +5,933% |
| Accrued charges and deferred income | 492/3 | €414 | €7,758 | +€7,344 | +1,774% |
| Remuneration, social security and pensions | 62 | €112,015 | €51,427 | -€60,588 | -54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,926 | €26,873 | +€14,947 | +125% |
| Other operating charges | 640/8 | €5,539 | €5,848 | +€309 | +5.6% |
| Non-recurring operating charges | 66A | - | €13,582 | +€13,582 | |
| Gross operating margin | 9900 | €148,795 | €75,874 | -€72,921 | -49.0% |
| Operating profit (loss) | 9901 | €19,314 | -€21,857 | -€41,171 | |
| Financial income | 75/76B | €47,412 | €37,601 | -€9,810 | -20.7% |
| Recurring financial income | 75 | €47,412 | €37,601 | -€9,810 | -20.7% |
| Financial charges | 65/66B | €4,924 | €11,998 | +€7,074 | +144% |
| Recurring financial charges | 65 | €4,924 | €11,998 | +€7,074 | +144% |
| Profit (loss) for the period before taxes | 9903 | €61,802 | €3,746 | -€58,055 | -93.9% |
| Income taxes | 67/77 | €40,567 | €1,843 | -€38,724 | -95.5% |
| Profit (loss) for the period | 9904 | €21,235 | €1,904 | -€19,331 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,235 | €1,904 | -€19,331 | -91.0% |
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 13 October 2026 via checked.be.