GÜVENC: 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.
GÜVENC
Largest movements
- Tangible fixed assets -€20,203
down €20,203 (-35.7%), from €56,586 to €36,383
- Cash -€18,033
down €18,033 (-37.7%), from €47,809 to €29,776
mainly Contributions, distributions and other (-€27,993) and Current portion of long-term debt (-€27,415)
- Receivables within one year +€16,291
up €16,291 (+71.4%), from €22,828 to €39,119
of which Trade receivables: +€19,743
- Current portion of long-term debt -€27,415
no longer reported in 2025 (was €27,415)
- Debts after one year -€19,572
no longer reported in 2025 (was €19,572)
- Accrued charges and deferred income +€13,726
up €13,726 (+1083.6%), from €1,267 to €14,992
- Other debts +€11,945
up €11,945 (+74.4%), from €16,049 to €27,993
- Tax, wage and social debts -€2,844
down €2,844 (-10.8%), from €26,394 to €23,550
- Purchases and services -€204,599
no longer reported in 2025 (was €204,599)
- Gross operating margin +€14,196
up €14,196 (+29.4%), from €48,341 to €62,537
- Taxes +€3,489
up €3,489 (+34.3%), from €10,162 to €13,651
- Financial income -€2,851
down €2,851 (-57.6%), from €4,947 to €2,096
- Depreciation -€1,678
down €1,678 (-10.4%), from €16,139 to €14,461
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 | €127,222 | €105,278 | -€21,944 | -17.2% |
| Fixed assets | 21/28 | €56,586 | €36,383 | -€20,203 | -35.7% |
| Tangible fixed assets | 22/27 | €56,586 | €36,383 | -€20,203 | -35.7% |
| Furniture and vehicles | 24 | €56,586 | €36,383 | -€20,203 | -35.7% |
| Current assets | 29/58 | €70,636 | €68,895 | -€1,742 | -2.5% |
| Amounts receivable within one year | 40/41 | €22,828 | €39,119 | +€16,291 | +71.4% |
| Trade receivables | 40 | €18,153 | €37,897 | +€19,743 | +108.8% |
| Other amounts receivable | 41 | €4,674 | €1,222 | -€3,452 | -73.9% |
| Cash at bank and in hand | 54/58 | €47,809 | €29,776 | -€18,033 | -37.7% |
| Total equity and liabilities | 10/49 | €127,222 | €105,278 | -€21,944 | -17.2% |
| Equity | 10/15 | €29,190 | €29,190 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,490 | €5,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,630 | €3,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,099 | €5,099 | = | 0.0% |
| Amounts payable | 17/49 | €98,032 | €76,088 | -€21,944 | -22.4% |
| Amounts payable after more than one year | 17 | €19,572 | - | -€19,572 | |
| Financial debts | 170/4 | €19,572 | - | -€19,572 | |
| Amounts payable within one year | 42/48 | €77,193 | €61,095 | -€16,098 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €27,415 | - | -€27,415 | |
| Trade debts | 44 | €7,335 | €9,552 | +€2,217 | +30.2% |
| Suppliers | 440/4 | €7,335 | €9,552 | +€2,217 | +30.2% |
| Taxes, remuneration and social security | 45 | €26,394 | €23,550 | -€2,844 | -10.8% |
| Taxes | 450/3 | €26,394 | €23,550 | -€2,844 | -10.8% |
| Other amounts payable | 47/48 | €16,049 | €27,993 | +€11,945 | +74.4% |
| Accrued charges and deferred income | 492/3 | €1,267 | €14,992 | +€13,726 | +1083.6% |
| Non-recurring operating income | 76A | - | €2,095 | +€2,095 | |
| Goods, raw materials, services and sundry goods | 60/61 | €204,599 | - | -€204,599 | |
| Remuneration, social security and pensions | 62 | - | €75 | +€75 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,139 | €14,461 | -€1,678 | -10.4% |
| Other operating charges | 640/8 | €2,770 | €3,981 | +€1,211 | +43.7% |
| Gross operating margin | 9900 | €48,341 | €62,537 | +€14,196 | +29.4% |
| Operating profit (loss) | 9901 | €29,432 | €44,020 | +€14,588 | +49.6% |
| Financial income | 75/76B | €4,947 | €2,096 | -€2,851 | -57.6% |
| Recurring financial income | 75 | €4,947 | €2,096 | -€2,851 | -57.6% |
| Financial charges | 65/66B | €4,381 | €4,472 | +€91 | +2.1% |
| Recurring financial charges | 65 | €4,381 | €4,472 | +€91 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €29,998 | €41,644 | +€11,646 | +38.8% |
| Income taxes | 67/77 | €10,162 | €13,651 | +€3,489 | +34.3% |
| Profit (loss) for the period | 9904 | €19,836 | €27,993 | +€8,157 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,836 | €27,993 | +€8,157 | +41.1% |
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 1 October 2026 via checked.be.