GUNTHER: 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.
GUNTHER
Largest movements
- Tangible fixed assets -€44,690
down €44,690 (-15.0%), from €298,173 to €253,483
of which Furniture and vehicles: -€25,350
- Cash +€41,962
up €41,962 (+68.5%), from €61,234 to €103,196
mainly Depreciation (+€55,079) and Net result for the year (+€34,594)
- Receivables within one year +€5,395
up €5,395 (+57.1%), from €9,454 to €14,849
of which Trade receivables: +€10,295
- Reserves +€50,537
up €50,537 (+55.0%), from €91,860 to €142,397
- Profit (loss) carried forward -€35,943
no longer reported in 2025 (was €35,943)
- Debts after one year -€14,368
down €14,368 (-11.2%), from €127,930 to €113,561
- Tax, wage and social debts +€12,087
up €12,087 (+178.2%), from €6,781 to €18,868
of which Taxes: +€11,219
- Other debts -€7,484
down €7,484 (-15.5%), from €48,295 to €40,811
- Gross operating margin +€68,133
up €68,133 (+63.5%), from €107,299 to €175,432
- Taxes +€16,177
up €16,177 (+1472.5%), from €1,099 to €17,276
- Staff costs +€15,967
up €15,967 (+38.5%), from €41,509 to €57,476
- Depreciation +€3,997
up €3,997 (+7.8%), from €51,082 to €55,079
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 | €369,026 | €372,229 | +€3,204 | +0.9% |
| Fixed assets | 21/28 | €298,173 | €253,483 | -€44,690 | -15.0% |
| Tangible fixed assets | 22/27 | €298,173 | €253,483 | -€44,690 | -15.0% |
| Land and buildings | 22 | €198,761 | €177,621 | -€21,139 | -10.6% |
| Plant, machinery and equipment | 23 | €3,381 | €7,413 | +€4,033 | +119.3% |
| Furniture and vehicles | 24 | €92,090 | €66,741 | -€25,350 | -27.5% |
| Leasing and similar rights | 25 | €3,942 | €1,708 | -€2,234 | -56.7% |
| Current assets | 29/58 | €70,852 | €118,746 | +€47,894 | +67.6% |
| Amounts receivable within one year | 40/41 | €9,454 | €14,849 | +€5,395 | +57.1% |
| Trade receivables | 40 | €2,365 | €12,660 | +€10,295 | +435.3% |
| Other amounts receivable | 41 | €7,089 | €2,189 | -€4,900 | -69.1% |
| Cash at bank and in hand | 54/58 | €61,234 | €103,196 | +€41,962 | +68.5% |
| Deferred charges and accrued income | 490/1 | €164 | €701 | +€537 | +327.3% |
| Total equity and liabilities | 10/49 | €369,026 | €372,229 | +€3,204 | +0.9% |
| Equity | 10/15 | €146,403 | €160,997 | +€14,594 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,860 | €142,397 | +€50,537 | +55.0% |
| Distributable reserves | 133 | €91,860 | €142,397 | +€50,537 | +55.0% |
| Profit (loss) carried forward | 14 | €35,943 | - | -€35,943 | |
| Amounts payable | 17/49 | €222,623 | €211,233 | -€11,390 | -5.1% |
| Amounts payable after more than one year | 17 | €127,930 | €113,561 | -€14,368 | -11.2% |
| Financial debts | 170/4 | €127,930 | €113,561 | -€14,368 | -11.2% |
| Amounts payable within one year | 42/48 | €94,693 | €97,671 | +€2,978 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €16,216 | €14,368 | -€1,847 | -11.4% |
| Trade debts | 44 | €23,401 | €23,624 | +€223 | +1.0% |
| Suppliers | 440/4 | €23,401 | €23,624 | +€223 | +1.0% |
| Taxes, remuneration and social security | 45 | €6,781 | €18,868 | +€12,087 | +178.2% |
| Taxes | 450/3 | €2,436 | €13,655 | +€11,219 | +460.5% |
| Remuneration and social security | 454/9 | €4,345 | €5,213 | +€868 | +20.0% |
| Other amounts payable | 47/48 | €48,295 | €40,811 | -€7,484 | -15.5% |
| Remuneration, social security and pensions | 62 | €41,509 | €57,476 | +€15,967 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,082 | €55,079 | +€3,997 | +7.8% |
| Other operating charges | 640/8 | €5,151 | €5,698 | +€546 | +10.6% |
| Non-recurring operating charges | 66A | €446 | €91 | -€355 | -79.6% |
| Gross operating margin | 9900 | €107,299 | €175,432 | +€68,133 | +63.5% |
| Operating profit (loss) | 9901 | €9,110 | €57,088 | +€47,978 | +526.6% |
| Financial income | 75/76B | €36 | €1 | -€35 | -97.2% |
| Recurring financial income | 75 | €36 | €1 | -€35 | -97.2% |
| Financial charges | 65/66B | €5,897 | €5,220 | -€677 | -11.5% |
| Recurring financial charges | 65 | €5,897 | €5,220 | -€677 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €3,249 | €51,870 | +€48,621 | +1496.4% |
| Income taxes | 67/77 | €1,099 | €17,276 | +€16,177 | +1472.5% |
| Profit (loss) for the period | 9904 | €2,150 | €34,594 | +€32,443 | +1508.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,150 | €34,594 | +€32,443 | +1508.7% |
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 8 October 2026 via checked.be.