GUPACO: 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.
GUPACO
Largest movements
- Current investments -€30,044
down €30,044 (-42.9%), from €70,097 to €40,053
- Receivables within one year +€29,372
up €29,372 (+87.3%), from €33,628 to €63,000
of which Other amounts receivable: +€55,000
- Cash +€11,890
up €11,890 (+2374.9%), from €501 to €12,391
mainly Current investments (+€30,044) and Net result for the year (+€17,884)
- Deferred charges and accrued income -€2,163
no longer reported in 2025 (was €2,163)
- Reserves +€17,884
up €17,884 (+25.5%), from €70,131 to €88,015
- Tax, wage and social debts -€5,343
down €5,343 (-14.7%), from €36,344 to €31,000
- Trade debts -€4,137
down €4,137 (-59.7%), from €6,934 to €2,797
- Gross operating margin -€24,087
down €24,087 (-41.9%), from €57,478 to €33,391
- Taxes -€7,221
down €7,221 (-46.8%), from €15,430 to €8,209
- Depreciation +€962
up €962 (+31.0%), from €3,105 to €4,067
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 | €118,499 | €127,175 | +€8,677 | +7.3% |
| Fixed assets | 21/28 | €12,110 | €11,731 | -€379 | -3.1% |
| Tangible fixed assets | 22/27 | €12,110 | €11,731 | -€379 | -3.1% |
| Land and buildings | 22 | €4,255 | €6,186 | +€1,931 | +45.4% |
| Furniture and vehicles | 24 | €7,855 | €5,546 | -€2,309 | -29.4% |
| Current assets | 29/58 | €106,389 | €115,444 | +€9,055 | +8.5% |
| Amounts receivable within one year | 40/41 | €33,628 | €63,000 | +€29,372 | +87.3% |
| Trade receivables | 40 | €25,628 | - | -€25,628 | |
| Other amounts receivable | 41 | €8,000 | €63,000 | +€55,000 | +687.5% |
| Current investments | 50/53 | €70,097 | €40,053 | -€30,044 | -42.9% |
| Cash at bank and in hand | 54/58 | €501 | €12,391 | +€11,890 | +2374.9% |
| Deferred charges and accrued income | 490/1 | €2,163 | - | -€2,163 | |
| Total equity and liabilities | 10/49 | €118,499 | €127,175 | +€8,677 | +7.3% |
| Equity | 10/15 | €74,131 | €92,015 | +€17,884 | +24.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €70,131 | €88,015 | +€17,884 | +25.5% |
| Distributable reserves | 133 | €70,131 | €88,015 | +€17,884 | +25.5% |
| Amounts payable | 17/49 | €44,367 | €35,160 | -€9,207 | -20.8% |
| Amounts payable within one year | 42/48 | €44,367 | €35,160 | -€9,207 | -20.8% |
| Trade debts | 44 | €6,934 | €2,797 | -€4,137 | -59.7% |
| Suppliers | 440/4 | €6,934 | €2,797 | -€4,137 | -59.7% |
| Taxes, remuneration and social security | 45 | €36,344 | €31,000 | -€5,343 | -14.7% |
| Taxes | 450/3 | €36,344 | €31,000 | -€5,343 | -14.7% |
| Other amounts payable | 47/48 | €1,090 | €1,363 | +€273 | +25.0% |
| Remuneration, social security and pensions | 62 | €2,080 | €2,230 | +€150 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,105 | €4,067 | +€962 | +31.0% |
| Other operating charges | 640/8 | €1,122 | €1,127 | +€5 | +0.4% |
| Gross operating margin | 9900 | €57,478 | €33,391 | -€24,087 | -41.9% |
| Operating profit (loss) | 9901 | €51,171 | €25,967 | -€25,204 | -49.3% |
| Financial income | 75/76B | €339 | €453 | +€114 | +33.8% |
| Recurring financial income | 75 | €339 | €453 | +€114 | +33.8% |
| Financial charges | 65/66B | €235 | €327 | +€93 | +39.6% |
| Recurring financial charges | 65 | €235 | €327 | +€93 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €51,275 | €26,092 | -€25,182 | -49.1% |
| Income taxes | 67/77 | €15,430 | €8,209 | -€7,221 | -46.8% |
| Profit (loss) for the period | 9904 | €35,845 | €17,884 | -€17,962 | -50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,845 | €17,884 | -€17,962 | -50.1% |
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 1 October 2026 via checked.be.