GUVENZE: 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.
GUVENZE
Largest movements
- Stocks and contracts +€16,525
up €16,525 (+363%), from €4,550 to €21,075
of which Contracts in progress: +€15,225
- Receivables within one year +€9,008
up €9,008 (+116%), from €7,740 to €16,748
of which Other amounts receivable: +€5,577
- Cash -€4,756
down €4,756 (-67.0%), from €7,097 to €2,341
mainly Stocks and contracts (-€16,525) and Receivables within one year (-€9,008)
- Tangible fixed assets +€1,883
up €1,883 (+108%), from €1,748 to €3,631
of which Plant, machinery and equipment: +€2,158
- Deferred charges and accrued income +€1,025
new in 2025: €1,025
- Reserves +€15,232
up €15,232 (+120%), from €12,659 to €27,891
- Tax, wage and social debts +€8,869
up €8,869 (+212%), from €4,191 to €13,060
of which Taxes: +€8,895
- Accrued charges and deferred income -€750
no longer reported in 2025 (was €750)
- Other debts +€634
up €634 (+270%), from €235 to €869
- Gross operating margin +€5,725
up €5,725 (+32.4%), from €17,673 to €23,398
- Taxes +€1,221
up €1,221 (+37.0%), from €3,300 to €4,521
- Other operating charges +€980
up €980 (+360%), from €272 to €1,252
- Depreciation +€646
up €646 (+66.7%), from €968 to €1,614
- Financial charges +€305
up €305 (+64.3%), from €474 to €779
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 | €21,135 | €44,820 | +€23,685 | +112% |
| Fixed assets | 21/28 | €1,748 | €3,631 | +€1,883 | +108% |
| Tangible fixed assets | 22/27 | €1,748 | €3,631 | +€1,883 | +108% |
| Plant, machinery and equipment | 23 | €663 | €2,821 | +€2,158 | +325% |
| Furniture and vehicles | 24 | €1,085 | €810 | -€275 | -25.3% |
| Current assets | 29/58 | €19,387 | €41,189 | +€21,802 | +112% |
| Stocks and contracts in progress | 3 | €4,550 | €21,075 | +€16,525 | +363% |
| Stocks | 30/36 | €1,275 | €2,575 | +€1,300 | +102% |
| Contracts in progress | 37 | €3,275 | €18,500 | +€15,225 | +465% |
| Amounts receivable within one year | 40/41 | €7,740 | €16,748 | +€9,008 | +116% |
| Trade receivables | 40 | €619 | €4,050 | +€3,431 | +554% |
| Other amounts receivable | 41 | €7,121 | €12,698 | +€5,577 | +78.3% |
| Cash at bank and in hand | 54/58 | €7,097 | €2,341 | -€4,756 | -67.0% |
| Deferred charges and accrued income | 490/1 | - | €1,025 | +€1,025 | |
| Total equity and liabilities | 10/49 | €21,135 | €44,820 | +€23,685 | +112% |
| Equity | 10/15 | €15,659 | €30,891 | +€15,232 | +97.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €12,659 | €27,891 | +€15,232 | +120% |
| Distributable reserves | 133 | €12,659 | €27,891 | +€15,232 | +120% |
| Amounts payable | 17/49 | €5,476 | €13,929 | +€8,453 | +154% |
| Amounts payable within one year | 42/48 | €4,726 | €13,929 | +€9,203 | +195% |
| Trade debts | 44 | €300 | - | -€300 | |
| Suppliers | 440/4 | €300 | - | -€300 | |
| Taxes, remuneration and social security | 45 | €4,191 | €13,060 | +€8,869 | +212% |
| Taxes | 450/3 | €4,165 | €13,060 | +€8,895 | +214% |
| Remuneration and social security | 454/9 | €26 | - | -€26 | |
| Other amounts payable | 47/48 | €235 | €869 | +€634 | +270% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €968 | €1,614 | +€646 | +66.7% |
| Other operating charges | 640/8 | €272 | €1,252 | +€980 | +360% |
| Gross operating margin | 9900 | €17,673 | €23,398 | +€5,725 | +32.4% |
| Operating profit (loss) | 9901 | €16,433 | €20,532 | +€4,099 | +24.9% |
| Financial charges | 65/66B | €474 | €779 | +€305 | +64.3% |
| Recurring financial charges | 65 | €474 | €779 | +€305 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €15,959 | €19,753 | +€3,794 | +23.8% |
| Income taxes | 67/77 | €3,300 | €4,521 | +€1,221 | +37.0% |
| Profit (loss) for the period | 9904 | €12,659 | €15,232 | +€2,573 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,659 | €15,232 | +€2,573 | +20.3% |
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 27 October 2026 via checked.be.