GUSTAVE: 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.
GUSTAVE
Largest movements
- Receivables after one year +€40,757
up €40,757 (+9.2%), from €441,726 to €482,483
- Reserves +€38,138
up €38,138 (+25.9%), from €147,457 to €185,596
of which Distributable reserves: +€38,138
- Taxes +€3,164
up €3,164 (+16.4%), from €19,351 to €22,515
- Gross operating margin +€2,607
up €2,607 (+7.0%), from €37,355 to €39,962
- Financial income -€1,674
down €1,674 (-6.2%), from €26,851 to €25,177
- Financial charges +€1,551
up €1,551 (+205.8%), from €754 to €2,305
- Depreciation +€1,114
up €1,114 (+153.5%), from €726 to €1,840
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 | €454,944 | €493,003 | +€38,059 | +8.4% |
| Fixed assets | 21/28 | €3,302 | €1,462 | -€1,840 | -55.7% |
| Tangible fixed assets | 22/27 | €3,302 | €1,462 | -€1,840 | -55.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €3,302 | €1,462 | -€1,840 | -55.7% |
| Current assets | 29/58 | €451,642 | €491,541 | +€39,899 | +8.8% |
| Amounts receivable after more than one year | 29 | €441,726 | €482,483 | +€40,757 | +9.2% |
| Other amounts receivable | 291 | €441,726 | €482,483 | +€40,757 | +9.2% |
| Amounts receivable within one year | 40/41 | €8,596 | €6,381 | -€2,214 | -25.8% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €8,596 | €6,381 | -€2,214 | -25.8% |
| Cash at bank and in hand | 54/58 | €225 | €1,901 | +€1,676 | +743.3% |
| Deferred charges and accrued income | 490/1 | €1,095 | €776 | -€320 | -29.2% |
| Total equity and liabilities | 10/49 | €454,944 | €493,003 | +€38,059 | +8.4% |
| Equity | 10/15 | €407,651 | €445,790 | +€38,138 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €147,457 | €185,596 | +€38,138 | +25.9% |
| 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 | €145,597 | €183,736 | +€38,138 | +26.2% |
| Profit (loss) carried forward | 14 | €241,594 | €241,594 | = | 0.0% |
| Amounts payable | 17/49 | €47,293 | €47,213 | -€79 | -0.2% |
| Amounts payable within one year | 42/48 | €47,293 | €47,213 | -€79 | -0.2% |
| Trade debts | 44 | €4,475 | €8,119 | +€3,644 | +81.4% |
| Suppliers | 440/4 | €4,475 | €8,119 | +€3,644 | +81.4% |
| Taxes, remuneration and social security | 45 | €42,817 | €39,094 | -€3,724 | -8.7% |
| Taxes | 450/3 | €41,617 | €39,094 | -€2,524 | -6.1% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €726 | €1,840 | +€1,114 | +153.5% |
| Other operating charges | 640/8 | €364 | €341 | -€23 | -6.3% |
| Gross operating margin | 9900 | €37,355 | €39,962 | +€2,607 | +7.0% |
| Operating profit (loss) | 9901 | €36,266 | €37,781 | +€1,515 | +4.2% |
| Financial income | 75/76B | €26,851 | €25,177 | -€1,674 | -6.2% |
| Recurring financial income | 75 | €26,851 | €25,177 | -€1,674 | -6.2% |
| Financial charges | 65/66B | €754 | €2,305 | +€1,551 | +205.8% |
| Recurring financial charges | 65 | €754 | €2,305 | +€1,551 | +205.8% |
| Profit (loss) for the period before taxes | 9903 | €62,363 | €60,653 | -€1,710 | -2.7% |
| Income taxes | 67/77 | €19,351 | €22,515 | +€3,164 | +16.4% |
| Profit (loss) for the period | 9904 | €43,012 | €38,138 | -€4,874 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,012 | €38,138 | -€4,874 | -11.3% |
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 11 October 2026 via checked.be.