GUSTUM: 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.
GUSTUM
Largest movements
- Tangible fixed assets +€601,396
up €601,396 (+70.8%), from €849,986 to €1.5m
of which Other tangible fixed assets: +€392,349
- Receivables within one year +€270,714
up €270,714 (+152.1%), from €178,032 to €448,746
of which Trade receivables: +€270,714
- Stocks and contracts +€133,180
up €133,180 (+127.0%), from €104,846 to €238,027
- Cash -€123,542
down €123,542 (-39.7%), from €310,888 to €187,347
mainly Investment in fixed assets (net) (-€860,510) and Receivables within one year (-€270,714)
- Financial fixed assets +€50,000
up €50,000, from €0 to €50,000
- Trade debts +€538,324
up €538,324 (+117.4%), from €458,395 to €996,719
- Debts after one year +€312,528
up €312,528 (+84.5%), from €370,067 to €682,595
of which Financial debts: +€310,567
- Profit (loss) carried forward -€114,623
down €114,623 (-25.1%), from -€456,167 to -€570,790
- Current portion of long-term debt +€110,123
up €110,123 (+60.7%), from €181,474 to €291,597
- Tax, wage and social debts +€94,399
up €94,399 (+51.7%), from €182,752 to €277,151
of which Remuneration and social security: +€86,410
- Gross operating margin +€806,409
up €806,409 (+43.3%), from €1.9m to €2.7m
- Staff costs +€485,800
up €485,800 (+33.2%), from €1.5m to €1.9m
- Other operating charges +€432,199
up €432,199 (+589.9%), from €73,269 to €505,468
- Financial charges +€36,480
up €36,480 (+68.6%), from €53,171 to €89,651
- Depreciation +€33,872
up €33,872 (+16.6%), from €203,854 to €237,726
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 | €1,634,669 | €2,575,497 | +€940,827 | +57.6% |
| Formation expenses | 20 | €38,288 | €25,058 | -€13,229 | -34.6% |
| Fixed assets | 21/28 | €981,580 | €1,617,594 | +€636,014 | +64.8% |
| Intangible fixed assets | 21 | €131,593 | €116,212 | -€15,382 | -11.7% |
| Tangible fixed assets | 22/27 | €849,986 | €1,451,382 | +€601,396 | +70.8% |
| Plant, machinery and equipment | 23 | €190,832 | €330,371 | +€139,539 | +73.1% |
| Furniture and vehicles | 24 | €31,840 | €101,349 | +€69,508 | +218.3% |
| Other tangible fixed assets | 26 | €627,314 | €1,019,663 | +€392,349 | +62.5% |
| Financial fixed assets | 28 | €0 | €50,000 | +€50,000 | |
| Current assets | 29/58 | €614,802 | €932,845 | +€318,043 | +51.7% |
| Stocks and contracts in progress | 3 | €104,846 | €238,027 | +€133,180 | +127.0% |
| Stocks | 30/36 | €104,846 | €238,027 | +€133,180 | +127.0% |
| Amounts receivable within one year | 40/41 | €178,032 | €448,746 | +€270,714 | +152.1% |
| Trade receivables | 40 | €177,761 | €448,476 | +€270,714 | +152.3% |
| Other amounts receivable | 41 | €270 | €270 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €310,888 | €187,347 | -€123,542 | -39.7% |
| Deferred charges and accrued income | 490/1 | €21,035 | €58,726 | +€37,690 | +179.2% |
| Total equity and liabilities | 10/49 | €1,634,669 | €2,575,497 | +€940,827 | +57.6% |
| Equity | 10/15 | €343,833 | €229,210 | -€114,623 | -33.3% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€456,167 | -€570,790 | -€114,623 | -25.1% |
| Amounts payable | 17/49 | €1,290,836 | €2,346,287 | +€1.1m | +81.8% |
| Amounts payable after more than one year | 17 | €370,067 | €682,595 | +€312,528 | +84.5% |
| Financial debts | 170/4 | €367,254 | €677,821 | +€310,567 | +84.6% |
| Other amounts payable | 178/9 | €2,813 | €4,774 | +€1,960 | +69.7% |
| Amounts payable within one year | 42/48 | €916,111 | €1,659,015 | +€742,904 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €181,474 | €291,597 | +€110,123 | +60.7% |
| Trade debts | 44 | €458,395 | €996,719 | +€538,324 | +117.4% |
| Suppliers | 440/4 | €458,395 | €996,719 | +€538,324 | +117.4% |
| Taxes, remuneration and social security | 45 | €182,752 | €277,151 | +€94,399 | +51.7% |
| Taxes | 450/3 | €14,799 | €22,788 | +€7,989 | +54.0% |
| Remuneration and social security | 454/9 | €167,953 | €254,363 | +€86,410 | +51.4% |
| Other amounts payable | 47/48 | €93,490 | €93,548 | +€58 | +0.1% |
| Accrued charges and deferred income | 492/3 | €4,658 | €4,677 | +€19 | +0.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,463,895 | €1,949,695 | +€485,800 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,854 | €237,726 | +€33,872 | +16.6% |
| Other operating charges | 640/8 | €73,269 | €505,468 | +€432,199 | +589.9% |
| Non-recurring operating charges | 66A | -€937 | €0 | +€937 | |
| Gross operating margin | 9900 | €1,861,998 | €2,668,407 | +€806,409 | +43.3% |
| Operating profit (loss) | 9901 | €121,918 | -€24,481 | -€146,400 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €53,171 | €89,651 | +€36,480 | +68.6% |
| Recurring financial charges | 65 | €53,171 | €89,651 | +€36,480 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €68,748 | -€114,132 | -€182,880 | |
| Income taxes | 67/77 | €390 | €491 | +€101 | +26.0% |
| Profit (loss) for the period | 9904 | €68,358 | -€114,623 | -€182,982 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,358 | -€114,623 | -€182,982 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.