GUSA: 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.
GUSA
Largest movements
- Tangible fixed assets -€50,077
down €50,077 (-4.8%), from €1.0m to €991,307
of which Land and buildings: -€32,461
- Other debts -€29,147
down €29,147 (-14.5%), from €200,447 to €171,300
- Debts after one year -€20,502
down €20,502 (-5.4%), from €378,439 to €357,937
of which Financial debts: -€20,502
- Reserves -€10,468
down €10,468 (-3.6%), from €292,611 to €282,144
of which Tax-exempt reserves: -€10,468
- Gross operating margin +€15,451
up €15,451 (+38.1%), from €40,588 to €56,040
- Depreciation -€9,278
down €9,278 (-15.4%), from €60,279 to €51,001
- Other operating charges -€2,810
down €2,810 (-33.0%), from €8,511 to €5,701
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 | €1,043,570 | €994,046 | -€49,523 | -4.7% |
| Fixed assets | 21/28 | €1,042,423 | €992,347 | -€50,077 | -4.8% |
| Tangible fixed assets | 22/27 | €1,041,383 | €991,307 | -€50,077 | -4.8% |
| Land and buildings | 22 | €1,011,392 | €978,930 | -€32,461 | -3.2% |
| Plant, machinery and equipment | 23 | €812 | €895 | +€84 | +10.3% |
| Furniture and vehicles | 24 | €20,774 | €11,481 | -€9,293 | -44.7% |
| Other tangible fixed assets | 26 | €8,406 | - | -€8,406 | |
| Financial fixed assets | 28 | €1,040 | €1,040 | = | 0.0% |
| Current assets | 29/58 | €1,146 | €1,700 | +€553 | +48.3% |
| Cash at bank and in hand | 54/58 | €1,058 | €1,257 | +€199 | +18.8% |
| Deferred charges and accrued income | 490/1 | €88 | €443 | +€354 | +400.9% |
| Total equity and liabilities | 10/49 | €1,043,570 | €994,046 | -€49,523 | -4.7% |
| Equity | 10/15 | €344,477 | €343,465 | -€1,011 | -0.3% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €292,611 | €282,144 | -€10,468 | -3.6% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €277,738 | €267,270 | -€10,468 | -3.8% |
| Profit (loss) carried forward | 14 | -€96,871 | -€87,414 | +€9,456 | +9.8% |
| Provisions and deferred taxes | 16 | €95,739 | €92,049 | -€3,690 | -3.9% |
| Deferred taxes | 168 | €95,739 | €92,049 | -€3,690 | -3.9% |
| Amounts payable | 17/49 | €603,354 | €558,532 | -€44,822 | -7.4% |
| Amounts payable after more than one year | 17 | €378,439 | €357,937 | -€20,502 | -5.4% |
| Financial debts | 170/4 | €312,242 | €291,740 | -€20,502 | -6.6% |
| Other amounts payable | 178/9 | €66,197 | €66,197 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,915 | €199,175 | -€25,740 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €20,318 | €22,054 | +€1,736 | +8.5% |
| Trade debts | 44 | €2,372 | €4,129 | +€1,757 | +74.1% |
| Suppliers | 440/4 | €2,372 | €4,129 | +€1,757 | +74.1% |
| Taxes, remuneration and social security | 45 | €1,777 | €1,691 | -€85 | -4.8% |
| Taxes | 450/3 | €1,777 | €1,691 | -€85 | -4.8% |
| Other amounts payable | 47/48 | €200,447 | €171,300 | -€29,147 | -14.5% |
| Accrued charges and deferred income | 492/3 | - | €1,420 | +€1,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,279 | €51,001 | -€9,278 | -15.4% |
| Other operating charges | 640/8 | €8,511 | €5,701 | -€2,810 | -33.0% |
| Gross operating margin | 9900 | €40,588 | €56,040 | +€15,451 | +38.1% |
| Operating profit (loss) | 9901 | -€28,202 | -€662 | +€27,539 | +97.7% |
| Financial income | 75/76B | €27 | - | -€27 | |
| Recurring financial income | 75 | €27 | - | -€27 | |
| Financial charges | 65/66B | €3,299 | €3,219 | -€79 | -2.4% |
| Recurring financial charges | 65 | €3,299 | €3,219 | -€79 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | -€31,474 | -€3,881 | +€27,592 | +87.7% |
| Transfer from deferred taxes | 780 | €3,690 | €3,690 | = | 0.0% |
| Income taxes | 67/77 | €1,181 | €820 | -€361 | -30.5% |
| Profit (loss) for the period | 9904 | -€28,964 | -€1,011 | +€27,953 | +96.5% |
| Transfer from tax-exempt reserves | 789 | €10,468 | €10,468 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,496 | €9,456 | +€27,953 |
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 4 October 2026 via checked.be.