Gust Royal: 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.
Gust Royal
Largest movements
- Tangible fixed assets -€59,730
down €59,730 (-16.2%), from €369,394 to €309,664
- Deferred charges and accrued income +€44,950
up €44,950 (+1,181%), from €3,806 to €48,756
- Receivables within one year +€31,744
up €31,744 (+54.1%), from €58,649 to €90,393
of which Trade receivables: +€16,711
- Cash +€27,403
up €27,403 (+78.0%), from €35,120 to €62,523
mainly Trade debts (+€111,628) and Depreciation (+€40,382)
- Stocks and contracts +€26,196
up €26,196 (+16.5%), from €158,879 to €185,075
- Trade debts +€111,628
up €111,628 (+52.5%), from €212,659 to €324,287
- Debts after one year -€42,717
down €42,717 (-23.8%), from €179,262 to €136,546
- Current portion of long-term debt -€12,638
down €12,638 (-22.7%), from €55,617 to €42,979
- Tax, wage and social debts +€10,975
up €10,975 (+3.7%), from €299,523 to €310,499
of which Taxes: +€10,159
- Profit (loss) carried forward +€8,835
up €8,835 (+4.7%), from -€189,535 to -€180,700
- Staff costs -€164,808
down €164,808 (-94.0%), from €175,408 to €10,600
- Gross operating margin -€45,393
down €45,393 (-25.2%), from €180,140 to €134,746
- Other operating charges +€18,267
up €18,267 (+351%), from €5,200 to €23,467
- Depreciation -€10,357
down €10,357 (-20.4%), from €50,739 to €40,382
- Financial charges -€2,597
down €2,597 (-11.1%), from €23,494 to €20,897
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.
Derived cash bridge
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 | €627,348 | €697,962 | +€70,614 | +11.3% |
| Fixed assets | 21/28 | €370,894 | €311,214 | -€59,680 | -16.1% |
| Tangible fixed assets | 22/27 | €369,394 | €309,664 | -€59,730 | -16.2% |
| Land and buildings | 22 | €226,918 | €210,282 | -€16,636 | -7.3% |
| Plant, machinery and equipment | 23 | €110,526 | €98,357 | -€12,169 | -11.0% |
| Furniture and vehicles | 24 | €2,803 | €1,025 | -€1,778 | -63.4% |
| Leasing and similar rights | 25 | €29,147 | €0 | -€29,147 | -100% |
| Financial fixed assets | 28 | €1,500 | €1,550 | +€50 | +3.3% |
| Current assets | 29/58 | €256,453 | €386,748 | +€130,294 | +50.8% |
| Stocks and contracts in progress | 3 | €158,879 | €185,075 | +€26,196 | +16.5% |
| Stocks | 30/36 | €158,879 | €185,075 | +€26,196 | +16.5% |
| Amounts receivable within one year | 40/41 | €58,649 | €90,393 | +€31,744 | +54.1% |
| Trade receivables | 40 | €58,582 | €75,293 | +€16,711 | +28.5% |
| Other amounts receivable | 41 | €67 | €15,100 | +€15,033 | +22,569% |
| Cash at bank and in hand | 54/58 | €35,120 | €62,523 | +€27,403 | +78.0% |
| Deferred charges and accrued income | 490/1 | €3,806 | €48,756 | +€44,950 | +1,181% |
| Total equity and liabilities | 10/49 | €627,348 | €697,962 | +€70,614 | +11.3% |
| Equity | 10/15 | -€160,310 | -€151,475 | +€8,835 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,625 | €10,625 | = | 0.0% |
| Distributable reserves | 133 | €10,625 | €10,625 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,535 | -€180,700 | +€8,835 | +4.7% |
| Amounts payable | 17/49 | €787,658 | €849,437 | +€61,779 | +7.8% |
| Amounts payable after more than one year | 17 | €179,262 | €136,546 | -€42,717 | -23.8% |
| Financial debts | 170/4 | €179,262 | €136,546 | -€42,717 | -23.8% |
| Amounts payable within one year | 42/48 | €608,230 | €712,891 | +€104,660 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €55,617 | €42,979 | -€12,638 | -22.7% |
| Trade debts | 44 | €212,659 | €324,287 | +€111,628 | +52.5% |
| Suppliers | 440/4 | €212,659 | €324,287 | +€111,628 | +52.5% |
| Taxes, remuneration and social security | 45 | €299,523 | €310,499 | +€10,975 | +3.7% |
| Taxes | 450/3 | €82,597 | €92,756 | +€10,159 | +12.3% |
| Remuneration and social security | 454/9 | €216,926 | €217,742 | +€816 | +0.4% |
| Other amounts payable | 47/48 | €40,431 | €35,126 | -€5,305 | -13.1% |
| Accrued charges and deferred income | 492/3 | €165 | €0 | -€165 | -100% |
| Remuneration, social security and pensions | 62 | €175,408 | €10,600 | -€164,808 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,739 | €40,382 | -€10,357 | -20.4% |
| Other operating charges | 640/8 | €5,200 | €23,467 | +€18,267 | +351% |
| Non-recurring operating charges | 66A | €1,951 | €30,670 | +€28,719 | +1,472% |
| Gross operating margin | 9900 | €180,140 | €134,746 | -€45,393 | -25.2% |
| Operating profit (loss) | 9901 | -€53,158 | €29,627 | +€82,786 | |
| Financial income | 75/76B | €380 | €105 | -€275 | -72.4% |
| Recurring financial income | 75 | €380 | €105 | -€275 | -72.4% |
| Financial charges | 65/66B | €23,494 | €20,897 | -€2,597 | -11.1% |
| Recurring financial charges | 65 | €23,494 | €20,897 | -€2,597 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€76,273 | €8,835 | +€85,108 | |
| Profit (loss) for the period | 9904 | -€76,273 | €8,835 | +€85,108 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,273 | €8,835 | +€85,108 |
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 27 October 2026 via checked.be.