Gut-T: 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.
Gut-T
Largest movements
- Receivables within one year +€280,484
up €280,484 (+330.0%), from €85,003 to €365,487
of which Trade receivables: +€280,484
- Tangible fixed assets -€253,166
down €253,166 (-60.3%), from €419,620 to €166,454
of which Other tangible fixed assets: -€230,574
- Cash -€19,246
down €19,246 (-75.4%), from €25,520 to €6,274
mainly Receivables within one year (-€280,484) and Debts after one year (-€30,028)
- Deferred charges and accrued income +€7,872
up €7,872 (+86.9%), from €9,064 to €16,936
- Trade debts +€46,943
up €46,943 (+120.3%), from €39,010 to €85,953
- Other debts +€36,344
up €36,344 (+46.3%), from €78,570 to €114,914
- Debts after one year -€30,028
down €30,028 (-100.0%), from €30,028 to €0
- Reserves -€27,233
down €27,233 (-8.0%), from €341,641 to €314,408
of which Distributable reserves: -€27,233
- Tax, wage and social debts -€8,746
down €8,746 (-28.3%), from €30,884 to €22,137
of which Taxes: -€10,507
- Gross operating margin -€54,020
down €54,020 (-36.7%), from €147,168 to €93,147
- Depreciation -€22,336
down €22,336 (-42.3%), from €52,808 to €30,472
- Taxes -€4,412
down €4,412 (-96.9%), from €4,553 to €141
- Financial charges +€2,899
up €2,899 (+20.8%), from €13,953 to €16,851
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 | €619,213 | €635,157 | +€15,944 | +2.6% |
| Fixed assets | 21/28 | €499,620 | €246,454 | -€253,166 | -50.7% |
| Tangible fixed assets | 22/27 | €419,620 | €166,454 | -€253,166 | -60.3% |
| Land and buildings | 22 | €118,005 | €98,246 | -€19,759 | -16.7% |
| Plant, machinery and equipment | 23 | €2,158 | €825 | -€1,333 | -61.8% |
| Furniture and vehicles | 24 | €3,995 | €2,495 | -€1,500 | -37.6% |
| Other tangible fixed assets | 26 | €295,462 | €64,888 | -€230,574 | -78.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €119,593 | €388,703 | +€269,110 | +225.0% |
| Amounts receivable within one year | 40/41 | €85,003 | €365,487 | +€280,484 | +330.0% |
| Trade receivables | 40 | €80,952 | €361,435 | +€280,484 | +346.5% |
| Other amounts receivable | 41 | €4,051 | €4,051 | = | 0.0% |
| Current investments | 50/53 | €7 | €7 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,520 | €6,274 | -€19,246 | -75.4% |
| Deferred charges and accrued income | 490/1 | €9,064 | €16,936 | +€7,872 | +86.9% |
| Total equity and liabilities | 10/49 | €619,213 | €635,157 | +€15,944 | +2.6% |
| Equity | 10/15 | €354,041 | €326,808 | -€27,233 | -7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €341,641 | €314,408 | -€27,233 | -8.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €326,641 | €299,408 | -€27,233 | -8.3% |
| Amounts payable | 17/49 | €265,173 | €308,349 | +€43,177 | +16.3% |
| Amounts payable after more than one year | 17 | €30,028 | €0 | -€30,028 | -100.0% |
| Financial debts | 170/4 | €30,028 | €0 | -€30,028 | -100.0% |
| Amounts payable within one year | 42/48 | €231,789 | €303,031 | +€71,243 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €33,326 | €30,028 | -€3,298 | -9.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €39,010 | €85,953 | +€46,943 | +120.3% |
| Suppliers | 440/4 | €39,010 | €85,953 | +€46,943 | +120.3% |
| Taxes, remuneration and social security | 45 | €30,884 | €22,137 | -€8,746 | -28.3% |
| Taxes | 450/3 | €14,990 | €4,482 | -€10,507 | -70.1% |
| Remuneration and social security | 454/9 | €15,894 | €17,655 | +€1,761 | +11.1% |
| Other amounts payable | 47/48 | €78,570 | €114,914 | +€36,344 | +46.3% |
| Accrued charges and deferred income | 492/3 | €3,357 | €5,318 | +€1,961 | +58.4% |
| Non-recurring operating income | 76A | - | €21,171 | +€21,171 | |
| Remuneration, social security and pensions | 62 | €62,822 | €64,127 | +€1,305 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,808 | €30,472 | -€22,336 | -42.3% |
| Other operating charges | 640/8 | €8,604 | €9,027 | +€423 | +4.9% |
| Gross operating margin | 9900 | €147,168 | €93,147 | -€54,020 | -36.7% |
| Operating profit (loss) | 9901 | €22,934 | -€10,479 | -€33,413 | |
| Financial income | 75/76B | €13 | €238 | +€225 | +1789.8% |
| Recurring financial income | 75 | €13 | €238 | +€225 | +1789.8% |
| Financial charges | 65/66B | €13,953 | €16,851 | +€2,899 | +20.8% |
| Recurring financial charges | 65 | €13,953 | €16,851 | +€2,899 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €8,994 | -€27,092 | -€36,086 | |
| Income taxes | 67/77 | €4,553 | €141 | -€4,412 | -96.9% |
| Profit (loss) for the period | 9904 | €4,441 | -€27,233 | -€31,674 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,441 | -€27,233 | -€31,674 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.