GUNVACO: 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.
GUNVACO
Largest movements
- Receivables within one year +€17,647
up €17,647 (+182.9%), from €9,650 to €27,297
of which Other amounts receivable: +€13,824
- Cash +€4,998
up €4,998 (+24.9%), from €20,036 to €25,034
mainly Net result for the year (+€38,224) and Other debts (+€5,545)
- Reserves +€36,506
new in 2025: €36,506
- Trade debts -€14,193
no longer reported in 2025 (was €14,193)
of which Suppliers: -€14,033
- Debts after one year -€6,864
down €6,864 (-62.6%), from €10,973 to €4,109
- Other debts +€5,545
new in 2025: €5,545
- Tax, wage and social debts +€886
up €886 (+34.2%), from €2,592 to €3,478
of which Remuneration and social security: +€951
- Gross operating margin +€24,084
up €24,084 (+50.5%), from €47,734 to €71,818
- Financial charges -€8,242
down €8,242 (-76.1%), from €10,834 to €2,592
- Staff costs -€4,351
down €4,351 (-14.1%), from €30,789 to €26,438
- Taxes +€2,840
new in 2025: €2,840
- Other operating charges +€849
up €849 (+204.2%), from €416 to €1,264
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 | €32,220 | €54,406 | +€22,186 | +68.9% |
| Fixed assets | 21/28 | €2,534 | €2,075 | -€459 | -18.1% |
| Tangible fixed assets | 22/27 | €2,534 | €2,075 | -€459 | -18.1% |
| Plant, machinery and equipment | 23 | €2,534 | €2,075 | -€459 | -18.1% |
| Current assets | 29/58 | €29,685 | €52,331 | +€22,646 | +76.3% |
| Amounts receivable within one year | 40/41 | €9,650 | €27,297 | +€17,647 | +182.9% |
| Trade receivables | 40 | €9,650 | €13,473 | +€3,824 | +39.6% |
| Other amounts receivable | 41 | - | €13,824 | +€13,824 | |
| Cash at bank and in hand | 54/58 | €20,036 | €25,034 | +€4,998 | +24.9% |
| Total equity and liabilities | 10/49 | €32,220 | €54,406 | +€22,186 | +68.9% |
| Equity | 10/15 | -€2,024 | €34,482 | +€36,506 | |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | - | €36,506 | +€36,506 | |
| Distributable reserves | 133 | - | €36,506 | +€36,506 | |
| Profit (loss) carried forward | 14 | -€10,024 | -€10,024 | = | 0.0% |
| Amounts payable | 17/49 | €34,243 | €19,924 | -€14,319 | -41.8% |
| Amounts payable after more than one year | 17 | €10,973 | €4,109 | -€6,864 | -62.6% |
| Financial debts | 170/4 | €10,973 | €4,109 | -€6,864 | -62.6% |
| Amounts payable within one year | 42/48 | €23,270 | €15,815 | -€7,455 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €6,486 | €6,792 | +€306 | +4.7% |
| Trade debts | 44 | €14,193 | - | -€14,193 | |
| Suppliers | 440/4 | €14,033 | - | -€14,033 | |
| Bills of exchange payable | 441 | €159 | - | -€159 | |
| Taxes, remuneration and social security | 45 | €2,592 | €3,478 | +€886 | +34.2% |
| Taxes | 450/3 | €1,695 | €1,630 | -€65 | -3.9% |
| Remuneration and social security | 454/9 | €896 | €1,848 | +€951 | +106.1% |
| Other amounts payable | 47/48 | - | €5,545 | +€5,545 | |
| Remuneration, social security and pensions | 62 | €30,789 | €26,438 | -€4,351 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222 | €459 | +€237 | +106.8% |
| Other operating charges | 640/8 | €416 | €1,264 | +€849 | +204.2% |
| Gross operating margin | 9900 | €47,734 | €71,818 | +€24,084 | +50.5% |
| Operating profit (loss) | 9901 | €16,307 | €43,656 | +€27,349 | +167.7% |
| Financial charges | 65/66B | €10,834 | €2,592 | -€8,242 | -76.1% |
| Recurring financial charges | 65 | €10,834 | €2,592 | -€8,242 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €5,473 | €41,064 | +€35,591 | +650.3% |
| Income taxes | 67/77 | - | €2,840 | +€2,840 | |
| Profit (loss) for the period | 9904 | €5,473 | €38,224 | +€32,750 | +598.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,473 | €38,224 | +€32,750 | +598.4% |
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 9 October 2026 via checked.be.