GUVAN: 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.
GUVAN
Largest movements
- Tangible fixed assets -€114,997
down €114,997 (-6.3%), from €1.8m to €1.7m
- Cash +€65,037
up €65,037 (+117%), from €55,562 to €120,599
mainly Depreciation (+€114,997) and Accrued charges and deferred income (+€33,606)
- Debts after one year -€40,092
down €40,092 (-4.9%), from €826,397 to €786,305
of which Financial debts: -€40,092
- Accrued charges and deferred income +€33,606
up €33,606 (+160%), from €20,974 to €54,580
- Provisions -€33,477
down €33,477 (-9.1%), from €368,383 to €334,907
- Financial income +€22,319
up €22,319 (+509%), from €4,383 to €26,702
- Taxes +€7,024
up €7,024 (+22.6%), from €31,058 to €38,082
- Financial charges -€1,615
down €1,615 (-5.4%), from €29,995 to €28,379
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 | €2,390,631 | €2,340,671 | -€49,960 | -2.1% |
| Fixed assets | 21/28 | €1,836,487 | €1,721,489 | -€114,997 | -6.3% |
| Tangible fixed assets | 22/27 | €1,836,487 | €1,721,489 | -€114,997 | -6.3% |
| Other tangible fixed assets | 26 | €1,836,487 | €1,721,489 | -€114,997 | -6.3% |
| Current assets | 29/58 | €554,144 | €619,181 | +€65,037 | +11.7% |
| Amounts receivable within one year | 40/41 | €912 | €912 | = | 0.0% |
| Other amounts receivable | 41 | €912 | €912 | = | 0.0% |
| Current investments | 50/53 | €497,670 | €497,670 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €55,562 | €120,599 | +€65,037 | +117% |
| Total equity and liabilities | 10/49 | €2,390,631 | €2,340,671 | -€49,960 | -2.1% |
| Equity | 10/15 | €1,087,462 | €1,077,295 | -€10,167 | -0.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €1,027,462 | €1,017,295 | -€10,167 | -1.0% |
| Non-distributable reserves | 130/1 | €2,595 | €2,595 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,595 | €2,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €715,416 | €650,403 | -€65,013 | -9.1% |
| Distributable reserves | 133 | €309,451 | €364,298 | +€54,846 | +17.7% |
| Provisions and deferred taxes | 16 | €368,383 | €334,907 | -€33,477 | -9.1% |
| Deferred taxes | 168 | €368,383 | €334,907 | -€33,477 | -9.1% |
| Amounts payable | 17/49 | €934,785 | €928,469 | -€6,317 | -0.7% |
| Amounts payable after more than one year | 17 | €826,397 | €786,305 | -€40,092 | -4.9% |
| Financial debts | 170/4 | €459,719 | €419,627 | -€40,092 | -8.7% |
| Other amounts payable | 178/9 | €366,678 | €366,678 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,414 | €87,583 | +€169 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €39,368 | €40,092 | +€724 | +1.8% |
| Trade debts | 44 | €5,058 | €1,170 | -€3,888 | -76.9% |
| Suppliers | 440/4 | €5,058 | €1,170 | -€3,888 | -76.9% |
| Taxes, remuneration and social security | 45 | €10,738 | €16,726 | +€5,988 | +55.8% |
| Taxes | 450/3 | €10,738 | €16,726 | +€5,988 | +55.8% |
| Other amounts payable | 47/48 | €32,249 | €29,594 | -€2,655 | -8.2% |
| Accrued charges and deferred income | 492/3 | €20,974 | €54,580 | +€33,606 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,997 | €114,997 | = | 0.0% |
| Other operating charges | 640/8 | €18,690 | €19,499 | +€808 | +4.3% |
| Gross operating margin | 9900 | €158,420 | €157,369 | -€1,052 | -0.7% |
| Operating profit (loss) | 9901 | €24,733 | €22,873 | -€1,860 | -7.5% |
| Financial income | 75/76B | €4,383 | €26,702 | +€22,319 | +509% |
| Recurring financial income | 75 | €4,383 | €26,702 | +€22,319 | +509% |
| Financial charges | 65/66B | €29,995 | €28,379 | -€1,615 | -5.4% |
| Recurring financial charges | 65 | €29,995 | €28,379 | -€1,615 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€879 | €21,196 | +€22,075 | |
| Transfer from deferred taxes | 780 | €33,477 | €33,477 | = | 0.0% |
| Income taxes | 67/77 | €31,058 | €38,082 | +€7,024 | +22.6% |
| Profit (loss) for the period | 9904 | €1,539 | €16,591 | +€15,051 | +978% |
| Transfer from tax-exempt reserves | 789 | €65,013 | €65,013 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,553 | €81,604 | +€15,051 | +22.6% |
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 17 October 2026 via checked.be.