GUST PROJECTS: 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.
GUST PROJECTS
Largest movements
- Cash +€5,768
up €5,768 (+133.5%), from €4,320 to €10,087
mainly Current portion of long-term debt (+€100,000) and Net result for the year (+€20,444)
- Receivables within one year +€5,360
up €5,360 (+93.5%), from €5,733 to €11,093
of which Trade receivables: +€5,445
- Current portion of long-term debt +€100,000
up €100,000, from €0 to €100,000
- Other debts -€99,720
down €99,720 (-71.7%), from €139,094 to €39,374
- Reserves +€18,944
up €18,944 (+9.2%), from €206,634 to €225,578
of which Distributable reserves: +€25,217
- Financial income -€203,171
down €203,171 (-100.0%), from €203,209 to €38
of which Non-recurring financial income: -€203,189
- Other operating charges -€48,868
down €48,868 (-96.7%), from €50,543 to €1,675
- Depreciation +€13,066
up €13,066 (+270.8%), from €4,825 to €17,891
- Gross operating margin -€9,716
down €9,716 (-15.4%), from €63,027 to €53,311
- Taxes +€8,530
up €8,530 (+446.6%), from €1,910 to €10,440
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €430,767 | €445,910 | +€15,143 | +3.5% |
| Fixed assets | 21/28 | €420,651 | €424,730 | +€4,079 | +1.0% |
| Tangible fixed assets | 22/27 | €420,651 | €424,730 | +€4,079 | +1.0% |
| Land and buildings | 22 | €402,334 | €410,111 | +€7,777 | +1.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €18,317 | €14,620 | -€3,698 | -20.2% |
| Current assets | 29/58 | €10,116 | €21,180 | +€11,064 | +109.4% |
| Amounts receivable within one year | 40/41 | €5,733 | €11,093 | +€5,360 | +93.5% |
| Trade receivables | 40 | €5,445 | €10,890 | +€5,445 | +100.0% |
| Other amounts receivable | 41 | €288 | €203 | -€85 | -29.6% |
| Cash at bank and in hand | 54/58 | €4,320 | €10,087 | +€5,768 | +133.5% |
| Deferred charges and accrued income | 490/1 | €63 | €0 | -€63 | -100.0% |
| Total equity and liabilities | 10/49 | €430,767 | €445,910 | +€15,143 | +3.5% |
| Equity | 10/15 | €224,634 | €243,578 | +€18,944 | +8.4% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €206,634 | €225,578 | +€18,944 | +9.2% |
| Tax-exempt reserves | 132 | €151,071 | €144,798 | -€6,273 | -4.2% |
| Distributable reserves | 133 | €55,563 | €80,780 | +€25,217 | +45.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €50,357 | €48,266 | -€2,091 | -4.2% |
| Deferred taxes | 168 | €50,357 | €48,266 | -€2,091 | -4.2% |
| Amounts payable | 17/49 | €155,776 | €154,066 | -€1,710 | -1.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €155,776 | €154,066 | -€1,710 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €100,000 | +€100,000 | |
| Trade debts | 44 | €2,592 | €1,236 | -€1,355 | -52.3% |
| Suppliers | 440/4 | €2,592 | €1,236 | -€1,355 | -52.3% |
| Taxes, remuneration and social security | 45 | €14,090 | €13,456 | -€635 | -4.5% |
| Taxes | 450/3 | €14,090 | €13,456 | -€635 | -4.5% |
| Other amounts payable | 47/48 | €139,094 | €39,374 | -€99,720 | -71.7% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,825 | €17,891 | +€13,066 | +270.8% |
| Other operating charges | 640/8 | €50,543 | €1,675 | -€48,868 | -96.7% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -100.0% |
| Gross operating margin | 9900 | €63,027 | €53,311 | -€9,716 | -15.4% |
| Operating profit (loss) | 9901 | €7,659 | €33,745 | +€26,086 | +340.6% |
| Financial income | 75/76B | €203,209 | €38 | -€203,171 | -100.0% |
| Recurring financial income | 75 | €20 | €38 | +€18 | +87.0% |
| Non-recurring financial income | 76B | €203,189 | €0 | -€203,189 | -100.0% |
| Financial charges | 65/66B | €3,655 | €4,990 | +€1,335 | +36.5% |
| Recurring financial charges | 65 | €3,655 | €4,990 | +€1,335 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €207,213 | €28,793 | -€178,420 | -86.1% |
| Transfer from deferred taxes | 780 | €440 | €2,091 | +€1,651 | +375.0% |
| Transfer to deferred taxes | 680 | €50,797 | €0 | -€50,797 | -100.0% |
| Income taxes | 67/77 | €1,910 | €10,440 | +€8,530 | +446.6% |
| Profit (loss) for the period | 9904 | €154,946 | €20,444 | -€134,502 | -86.8% |
| Transfer from tax-exempt reserves | 789 | €1,320 | €6,273 | +€4,952 | +375.0% |
| Transfer to tax-exempt reserves | 689 | €152,392 | €0 | -€152,392 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,875 | €26,717 | +€22,842 | +589.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.