Guud: 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.
Guud
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Cash +€100,735
up €100,735 (+197%), from €51,015 to €151,751
mainly Current investments (+€400,000) and Depreciation (+€87,136)
- Receivables within one year -€70,889
down €70,889 (-71.6%), from €99,038 to €28,148
of which Trade receivables: -€40,345
- Financial fixed assets -€15,135
down €15,135 (-100%), from €15,135 to €0
- Intangible fixed assets +€12,581
up €12,581 (+5.2%), from €241,256 to €253,837
- Profit (loss) carried forward -€317,454
down €317,454 (-23.9%), from -€1.3m to -€1.6m
- Trade debts -€105,313
down €105,313 (-42.5%), from €247,770 to €142,457
- Current portion of long-term debt +€35,915
up €35,915 (+22.7%), from €157,896 to €193,812
- Debts after one year +€31,995
up €31,995 (+6.9%), from €461,809 to €493,804
- Tax, wage and social debts -€17,419
down €17,419 (-89.7%), from €19,412 to €1,993
of which Remuneration and social security: -€16,908
- Gross operating margin +€489,213
up €489,213, from -€456,472 to €32,741
- Depreciation +€27,601
up €27,601 (+46.4%), from €59,535 to €87,136
- Staff costs +€21,106
up €21,106 (+14.9%), from €142,085 to €163,191
- Financial income -€11,884
down €11,884 (-84.7%), from €14,023 to €2,139
- Other operating charges +€11,786
up €11,786 (+141%), from €8,332 to €20,118
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 | €941,574 | €562,932 | -€378,643 | -40.2% |
| Fixed assets | 21/28 | €268,640 | €261,795 | -€6,845 | -2.5% |
| Intangible fixed assets | 21 | €241,256 | €253,837 | +€12,581 | +5.2% |
| Tangible fixed assets | 22/27 | €12,250 | €7,958 | -€4,292 | -35.0% |
| Plant, machinery and equipment | 23 | €2,837 | €1,755 | -€1,082 | -38.2% |
| Furniture and vehicles | 24 | €9,413 | €6,203 | -€3,209 | -34.1% |
| Financial fixed assets | 28 | €15,135 | €0 | -€15,135 | -100% |
| Current assets | 29/58 | €672,934 | €301,137 | -€371,798 | -55.3% |
| Stocks and contracts in progress | 3 | €111,960 | €114,543 | +€2,583 | +2.3% |
| Stocks | 30/36 | €111,960 | €114,543 | +€2,583 | +2.3% |
| Amounts receivable within one year | 40/41 | €99,038 | €28,148 | -€70,889 | -71.6% |
| Trade receivables | 40 | €42,027 | €1,682 | -€40,345 | -96.0% |
| Other amounts receivable | 41 | €57,010 | €26,467 | -€30,544 | -53.6% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €51,015 | €151,751 | +€100,735 | +197% |
| Deferred charges and accrued income | 490/1 | €10,922 | €6,695 | -€4,227 | -38.7% |
| Total equity and liabilities | 10/49 | €941,574 | €562,932 | -€378,643 | -40.2% |
| Equity | 10/15 | €46,060 | -€271,394 | -€317,454 | |
| Contributions | 10/11 | €1,376,238 | €1,376,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,330,178 | -€1,647,632 | -€317,454 | -23.9% |
| Amounts payable | 17/49 | €895,514 | €834,326 | -€61,188 | -6.8% |
| Amounts payable after more than one year | 17 | €461,809 | €493,804 | +€31,995 | +6.9% |
| Financial debts | 170/4 | €461,809 | €493,804 | +€31,995 | +6.9% |
| Amounts payable within one year | 42/48 | €433,705 | €339,194 | -€94,511 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €157,896 | €193,812 | +€35,915 | +22.7% |
| Financial debts | 43 | €8,427 | €0 | -€8,427 | -100% |
| Credit institutions | 430/8 | €8,427 | €0 | -€8,427 | -100% |
| Trade debts | 44 | €247,770 | €142,457 | -€105,313 | -42.5% |
| Suppliers | 440/4 | €247,770 | €142,457 | -€105,313 | -42.5% |
| Advances received on contracts in progress | 46 | €200 | €148 | -€51 | -25.7% |
| Taxes, remuneration and social security | 45 | €19,412 | €1,993 | -€17,419 | -89.7% |
| Taxes | 450/3 | €2,504 | €1,993 | -€511 | -20.4% |
| Remuneration and social security | 454/9 | €16,908 | €0 | -€16,908 | -100% |
| Other amounts payable | 47/48 | €0 | €784 | +€784 | |
| Accrued charges and deferred income | 492/3 | - | €1,328 | +€1,328 | |
| Non-recurring operating income | 76A | - | €278 | +€278 | |
| Remuneration, social security and pensions | 62 | €142,085 | €163,191 | +€21,106 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,535 | €87,136 | +€27,601 | +46.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €514 | +€514 | |
| Other operating charges | 640/8 | €8,332 | €20,118 | +€11,786 | +141% |
| Gross operating margin | 9900 | -€456,472 | €32,741 | +€489,213 | |
| Operating profit (loss) | 9901 | -€666,423 | -€238,218 | +€428,205 | +64.3% |
| Financial income | 75/76B | €14,023 | €2,139 | -€11,884 | -84.7% |
| Recurring financial income | 75 | €14,023 | €2,139 | -€11,884 | -84.7% |
| Financial charges | 65/66B | €71,808 | €75,487 | +€3,678 | +5.1% |
| Recurring financial charges | 65 | €71,808 | €75,487 | +€3,678 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | -€724,208 | -€311,565 | +€412,643 | +57.0% |
| Income taxes | 67/77 | -€5,820 | €5,889 | +€11,709 | |
| Profit (loss) for the period | 9904 | -€718,388 | -€317,454 | +€400,934 | +55.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€718,388 | -€317,454 | +€400,934 | +55.8% |
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 13 October 2026 via checked.be.