GURDEN: 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.
GURDEN
Largest movements
- Receivables within one year +€67,833
up €67,833 (+99.4%), from €68,268 to €136,101
of which Trade receivables: +€68,966
- Stocks and contracts -€32,044
down €32,044 (-30.1%), from €106,486 to €74,442
of which Contracts in progress: -€23,474
- Tangible fixed assets -€5,282
down €5,282 (-2.3%), from €225,775 to €220,493
of which Furniture and vehicles: -€5,282
- Debts after one year -€41,689
down €41,689 (-29.3%), from €142,203 to €100,514
- Profit (loss) carried forward +€23,287
up €23,287 (+49.5%), from €47,007 to €70,294
- Trade debts +€18,046
up €18,046 (+20.0%), from €90,418 to €108,464
- Short-term financial debts +€14,901
up €14,901 (+204.9%), from €7,272 to €22,173
- Current portion of long-term debt +€8,204
up €8,204 (+19.6%), from €41,844 to €50,048
- Gross operating margin +€51,442
up €51,442 (+27.3%), from €188,512 to €239,954
- Staff costs -€20,017
down €20,017 (-11.4%), from €175,933 to €155,916
- Write-downs +€17,611
new in 2025: €17,611
- Taxes +€12,051
up €12,051 (+2207.1%), from €546 to €12,597
- Depreciation +€4,500
up €4,500 (+121.6%), from €3,700 to €8,200
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 | €420,936 | €446,412 | +€25,476 | +6.1% |
| Fixed assets | 21/28 | €225,775 | €220,493 | -€5,282 | -2.3% |
| Tangible fixed assets | 22/27 | €225,775 | €220,493 | -€5,282 | -2.3% |
| Land and buildings | 22 | €203,458 | €203,458 | = | 0.0% |
| Furniture and vehicles | 24 | €22,317 | €17,035 | -€5,282 | -23.7% |
| Current assets | 29/58 | €195,161 | €225,919 | +€30,758 | +15.8% |
| Stocks and contracts in progress | 3 | €106,486 | €74,442 | -€32,044 | -30.1% |
| Stocks | 30/36 | €79,356 | €70,786 | -€8,570 | -10.8% |
| Contracts in progress | 37 | €27,130 | €3,656 | -€23,474 | -86.5% |
| Amounts receivable within one year | 40/41 | €68,268 | €136,101 | +€67,833 | +99.4% |
| Trade receivables | 40 | €62,352 | €131,318 | +€68,966 | +110.6% |
| Other amounts receivable | 41 | €5,916 | €4,783 | -€1,133 | -19.2% |
| Cash at bank and in hand | 54/58 | €16,900 | €15,376 | -€1,524 | -9.0% |
| Deferred charges and accrued income | 490/1 | €3,507 | - | -€3,507 | |
| Total equity and liabilities | 10/49 | €420,936 | €446,412 | +€25,476 | +6.1% |
| Equity | 10/15 | €115,091 | €138,378 | +€23,287 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,484 | €49,484 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,624 | €47,624 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,007 | €70,294 | +€23,287 | +49.5% |
| Amounts payable | 17/49 | €305,845 | €308,034 | +€2,189 | +0.7% |
| Amounts payable after more than one year | 17 | €142,203 | €100,514 | -€41,689 | -29.3% |
| Financial debts | 170/4 | €142,203 | €100,514 | -€41,689 | -29.3% |
| Amounts payable within one year | 42/48 | €163,642 | €207,520 | +€43,878 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €41,844 | €50,048 | +€8,204 | +19.6% |
| Financial debts | 43 | €7,272 | €22,173 | +€14,901 | +204.9% |
| Credit institutions | 430/8 | €7,272 | €22,173 | +€14,901 | +204.9% |
| Trade debts | 44 | €90,418 | €108,464 | +€18,046 | +20.0% |
| Suppliers | 440/4 | €90,418 | €108,464 | +€18,046 | +20.0% |
| Taxes, remuneration and social security | 45 | €24,108 | €26,835 | +€2,727 | +11.3% |
| Taxes | 450/3 | €10,367 | €3,624 | -€6,743 | -65.0% |
| Remuneration and social security | 454/9 | €13,741 | €23,211 | +€9,470 | +68.9% |
| Non-recurring operating income | 76A | - | €7,267 | +€7,267 | |
| Remuneration, social security and pensions | 62 | €175,933 | €155,916 | -€20,017 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,700 | €8,200 | +€4,500 | +121.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,611 | +€17,611 | |
| Other operating charges | 640/8 | €11,926 | €12,994 | +€1,068 | +9.0% |
| Gross operating margin | 9900 | €188,512 | €239,954 | +€51,442 | +27.3% |
| Operating profit (loss) | 9901 | -€3,047 | €45,233 | +€48,280 | |
| Financial income | 75/76B | €53 | €64 | +€11 | +20.8% |
| Recurring financial income | 75 | €53 | €64 | +€11 | +20.8% |
| Financial charges | 65/66B | €10,484 | €9,413 | -€1,071 | -10.2% |
| Recurring financial charges | 65 | €10,484 | €9,413 | -€1,071 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,478 | €35,884 | +€49,362 | |
| Income taxes | 67/77 | €546 | €12,597 | +€12,051 | +2207.1% |
| Profit (loss) for the period | 9904 | -€14,024 | €23,287 | +€37,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,024 | €23,287 | +€37,311 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.