Gustobel: 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.
Gustobel
Largest movements
- Tangible fixed assets -€205,991
down €205,991 (-5.4%), from €3.8m to €3.6m
of which Leasing and similar rights: -€230,105
- Stocks and contracts +€149,888
up €149,888 (+18.6%), from €805,163 to €955,051
- Cash +€56,919
up €56,919 (+273%), from €20,817 to €77,735
mainly Short-term financial debts (+€575,000) and Depreciation (+€272,473)
- Short-term financial debts +€575,000
new in 2025: €575,000
- Current portion of long-term debt -€318,706
down €318,706 (-50.3%), from €633,688 to €314,982
- Trade debts -€256,530
down €256,530 (-28.7%), from €893,259 to €636,729
- Other debts +€138,416
up €138,416 (+100%), from €138,283 to €276,699
- Debts after one year -€129,640
down €129,640 (-3.4%), from €3.8m to €3.7m
- Gross operating margin +€338,555
up €338,555 (+51.1%), from €663,072 to €1.0m
- Staff costs +€167,167
up €167,167 (+43.3%), from €386,340 to €553,508
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 | €5,562,722 | €5,572,402 | +€9,681 | +0.2% |
| Fixed assets | 21/28 | €3,813,293 | €3,607,074 | -€206,219 | -5.4% |
| Intangible fixed assets | 21 | €228 | €0 | -€228 | -100% |
| Tangible fixed assets | 22/27 | €3,794,397 | €3,588,406 | -€205,991 | -5.4% |
| Land and buildings | 22 | €181,855 | €158,566 | -€23,289 | -12.8% |
| Plant, machinery and equipment | 23 | €45,085 | €69,257 | +€24,171 | +53.6% |
| Furniture and vehicles | 24 | €79,495 | €102,727 | +€23,231 | +29.2% |
| Leasing and similar rights | 25 | €3,487,961 | €3,257,856 | -€230,105 | -6.6% |
| Financial fixed assets | 28 | €18,668 | €18,668 | = | 0.0% |
| Current assets | 29/58 | €1,749,429 | €1,965,329 | +€215,900 | +12.3% |
| Stocks and contracts in progress | 3 | €805,163 | €955,051 | +€149,888 | +18.6% |
| Stocks | 30/36 | €805,163 | €955,051 | +€149,888 | +18.6% |
| Amounts receivable within one year | 40/41 | €898,901 | €907,847 | +€8,946 | +1.0% |
| Trade receivables | 40 | €494,582 | €608,618 | +€114,036 | +23.1% |
| Other amounts receivable | 41 | €404,319 | €299,229 | -€105,090 | -26.0% |
| Cash at bank and in hand | 54/58 | €20,817 | €77,735 | +€56,919 | +273% |
| Deferred charges and accrued income | 490/1 | €24,549 | €24,696 | +€147 | +0.6% |
| Total equity and liabilities | 10/49 | €5,562,722 | €5,572,402 | +€9,681 | +0.2% |
| Equity | 10/15 | €84,240 | €67,808 | -€16,432 | -19.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€25,760 | -€42,192 | -€16,432 | -63.8% |
| Amounts payable | 17/49 | €5,478,482 | €5,504,594 | +€26,113 | +0.5% |
| Amounts payable after more than one year | 17 | €3,811,261 | €3,681,620 | -€129,640 | -3.4% |
| Financial debts | 170/4 | €3,811,261 | €3,681,620 | -€129,640 | -3.4% |
| Amounts payable within one year | 42/48 | €1,667,221 | €1,822,974 | +€155,753 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €633,688 | €314,982 | -€318,706 | -50.3% |
| Financial debts | 43 | - | €575,000 | +€575,000 | |
| Credit institutions | 430/8 | - | €575,000 | +€575,000 | |
| Trade debts | 44 | €893,259 | €636,729 | -€256,530 | -28.7% |
| Suppliers | 440/4 | €893,259 | €636,729 | -€256,530 | -28.7% |
| Taxes, remuneration and social security | 45 | €1,991 | €19,563 | +€17,572 | +882% |
| Taxes | 450/3 | €1,991 | €1,991 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | €17,572 | +€17,572 | |
| Other amounts payable | 47/48 | €138,283 | €276,699 | +€138,416 | +100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €386,340 | €553,508 | +€167,167 | +43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,154 | €272,473 | +€5,319 | +2.0% |
| Other operating charges | 640/8 | €5,674 | €6,306 | +€632 | +11.1% |
| Gross operating margin | 9900 | €663,072 | €1,001,627 | +€338,555 | +51.1% |
| Operating profit (loss) | 9901 | €3,904 | €169,341 | +€165,437 | +4,238% |
| Financial income | 75/76B | €1,467 | €2,235 | +€768 | +52.3% |
| Recurring financial income | 75 | €1,467 | €2,235 | +€768 | +52.3% |
| Financial charges | 65/66B | €197,272 | €188,008 | -€9,264 | -4.7% |
| Recurring financial charges | 65 | €197,272 | €188,008 | -€9,264 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€191,901 | -€16,432 | +€175,469 | +91.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€191,901 | -€16,432 | +€175,469 | +91.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€191,901 | -€16,432 | +€175,469 | +91.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.