GUY SERU: 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.
GUY SERU
Largest movements
- Cash +€173,077
up €173,077 (+298.7%), from €57,942 to €231,019
mainly Deferred charges and accrued income (+€127,737) and Other debts (+€100,000)
- Current investments +€150,000
up €150,000 (+30.0%), from €500,000 to €650,000
- Deferred charges and accrued income -€127,737
down €127,737 (-81.7%), from €156,388 to €28,652
- Receivables within one year -€55,813
down €55,813 (-59.9%), from €93,190 to €37,377
of which Trade receivables: -€80,668
- Other debts +€100,000
new in 2025: €100,000
- Tax, wage and social debts +€46,069
up €46,069 (+455.4%), from €10,116 to €56,184
of which Remuneration and social security: +€28,000
- Gross operating margin -€19,405
down €19,405 (-9.7%), from €200,766 to €181,361
- Financial charges -€6,323
down €6,323 (-17.2%), from €36,833 to €30,509
- Taxes -€3,081
down €3,081 (-10.1%), from €30,583 to €27,502
- Financial income -€2,494
down €2,494 (-24.1%), from €10,350 to €7,856
- Other operating charges -€2,462
down €2,462 (-7.3%), from €33,855 to €31,392
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 | €2,748,047 | €2,885,142 | +€137,095 | +5.0% |
| Fixed assets | 21/28 | €1,940,526 | €1,938,094 | -€2,432 | -0.1% |
| Tangible fixed assets | 22/27 | €1,940,526 | €1,938,094 | -€2,432 | -0.1% |
| Land and buildings | 22 | €1,930,000 | €1,930,000 | = | 0.0% |
| Furniture and vehicles | 24 | €10,526 | €8,094 | -€2,432 | -23.1% |
| Current assets | 29/58 | €807,521 | €947,048 | +€139,527 | +17.3% |
| Amounts receivable within one year | 40/41 | €93,190 | €37,377 | -€55,813 | -59.9% |
| Trade receivables | 40 | €80,668 | €0 | -€80,668 | -100.0% |
| Other amounts receivable | 41 | €12,522 | €37,377 | +€24,855 | +198.5% |
| Current investments | 50/53 | €500,000 | €650,000 | +€150,000 | +30.0% |
| Cash at bank and in hand | 54/58 | €57,942 | €231,019 | +€173,077 | +298.7% |
| Deferred charges and accrued income | 490/1 | €156,388 | €28,652 | -€127,737 | -81.7% |
| Total equity and liabilities | 10/49 | €2,748,047 | €2,885,142 | +€137,095 | +5.0% |
| Equity | 10/15 | €2,268,565 | €2,265,947 | -€2,618 | -0.1% |
| Contributions | 10/11 | €1,529,170 | €1,529,170 | = | 0.0% |
| Reserves | 13 | €739,394 | €736,776 | -€2,618 | -0.4% |
| Tax-exempt reserves | 132 | €149,299 | €1,949 | -€147,350 | -98.7% |
| Distributable reserves | 133 | €590,096 | €734,828 | +€144,732 | +24.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €479,483 | €619,195 | +€139,713 | +29.1% |
| Amounts payable after more than one year | 17 | €430,000 | €430,000 | = | 0.0% |
| Other amounts payable | 178/9 | €430,000 | €430,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,427 | €157,073 | +€144,646 | +1163.9% |
| Trade debts | 44 | €2,312 | €889 | -€1,423 | -61.6% |
| Suppliers | 440/4 | €2,312 | €889 | -€1,423 | -61.6% |
| Taxes, remuneration and social security | 45 | €10,116 | €56,184 | +€46,069 | +455.4% |
| Taxes | 450/3 | €10,116 | €28,184 | +€18,069 | +178.6% |
| Remuneration and social security | 454/9 | €0 | €28,000 | +€28,000 | |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | €37,055 | €32,122 | -€4,933 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,635 | €2,432 | +€797 | +48.8% |
| Other operating charges | 640/8 | €33,855 | €31,392 | -€2,462 | -7.3% |
| Gross operating margin | 9900 | €200,766 | €181,361 | -€19,405 | -9.7% |
| Operating profit (loss) | 9901 | €165,277 | €147,537 | -€17,740 | -10.7% |
| Financial income | 75/76B | €10,350 | €7,856 | -€2,494 | -24.1% |
| Recurring financial income | 75 | €10,350 | €7,856 | -€2,494 | -24.1% |
| Financial charges | 65/66B | €36,833 | €30,509 | -€6,323 | -17.2% |
| Recurring financial charges | 65 | €36,833 | €30,509 | -€6,323 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €138,794 | €124,884 | -€13,910 | -10.0% |
| Income taxes | 67/77 | €30,583 | €27,502 | -€3,081 | -10.1% |
| Profit (loss) for the period | 9904 | €108,211 | €97,382 | -€10,829 | -10.0% |
| Transfer from tax-exempt reserves | 789 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,211 | €244,732 | +€136,521 | +126.2% |
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.