GUZZO: 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.
GUZZO
Largest movements
- Receivables within one year +€38,762
up €38,762 (+59.7%), from €64,980 to €103,743
of which Trade receivables: +€27,701
- Tangible fixed assets -€25,273
down €25,273 (-29.1%), from €86,720 to €61,447
of which Furniture and vehicles: -€15,399
- Cash -€3,474
down €3,474 (-79.9%), from €4,350 to €876
mainly Receivables within one year (-€38,762) and Debts after one year (-€19,755)
- Debts after one year -€19,755
down €19,755 (-37.8%), from €52,312 to €32,558
- Reserves +€19,700
up €19,700 (+14.2%), from €138,677 to €158,377
- Trade debts +€6,295
up €6,295 (+237.1%), from €2,655 to €8,949
- Tax, wage and social debts +€3,647
up €3,647 (+58.7%), from €6,213 to €9,860
- Gross operating margin +€17,200
up €17,200 (+49.6%), from €34,644 to €51,844
- Depreciation +€4,382
up €4,382 (+21.0%), from €20,891 to €25,273
- Taxes +€3,771
up €3,771 (+78.7%), from €4,792 to €8,563
- Other operating charges -€520
no longer reported in 2025 (was €520)
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 | €273,968 | €283,998 | +€10,030 | +3.7% |
| Fixed assets | 21/28 | €88,373 | €63,100 | -€25,273 | -28.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €86,720 | €61,447 | -€25,273 | -29.1% |
| Land and buildings | 22 | €4,102 | €3,533 | -€568 | -13.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €32,913 | €17,514 | -€15,399 | -46.8% |
| Leasing and similar rights | 25 | €49,706 | €40,400 | -€9,306 | -18.7% |
| Financial fixed assets | 28 | €1,653 | €1,653 | = | 0.0% |
| Current assets | 29/58 | €185,595 | €220,898 | +€35,303 | +19.0% |
| Amounts receivable after more than one year | 29 | €115,000 | €115,000 | = | 0.0% |
| Other amounts receivable | 291 | €115,000 | €115,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €64,980 | €103,743 | +€38,762 | +59.7% |
| Trade receivables | 40 | €45,968 | €73,669 | +€27,701 | +60.3% |
| Other amounts receivable | 41 | €19,012 | €30,074 | +€11,061 | +58.2% |
| Cash at bank and in hand | 54/58 | €4,350 | €876 | -€3,474 | -79.9% |
| Deferred charges and accrued income | 490/1 | €1,265 | €1,280 | +€15 | +1.2% |
| Total equity and liabilities | 10/49 | €273,968 | €283,998 | +€10,030 | +3.7% |
| Equity | 10/15 | €193,704 | €213,410 | +€19,706 | +10.2% |
| Contributions | 10/11 | €13,392 | €13,392 | = | 0.0% |
| Reserves | 13 | €138,677 | €158,377 | +€19,700 | +14.2% |
| Distributable reserves | 133 | €138,677 | €158,377 | +€19,700 | +14.2% |
| Profit (loss) carried forward | 14 | €41,635 | €41,641 | +€6 | 0.0% |
| Amounts payable | 17/49 | €80,264 | €70,588 | -€9,676 | -12.1% |
| Amounts payable after more than one year | 17 | €52,312 | €32,558 | -€19,755 | -37.8% |
| Financial debts | 170/4 | €52,312 | €32,558 | -€19,755 | -37.8% |
| Amounts payable within one year | 42/48 | €27,952 | €38,031 | +€10,078 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €17,484 | €19,221 | +€1,737 | +9.9% |
| Trade debts | 44 | €2,655 | €8,949 | +€6,295 | +237.1% |
| Suppliers | 440/4 | €2,655 | €8,949 | +€6,295 | +237.1% |
| Taxes, remuneration and social security | 45 | €6,213 | €9,860 | +€3,647 | +58.7% |
| Taxes | 450/3 | €6,213 | €9,860 | +€3,647 | +58.7% |
| Other amounts payable | 47/48 | €1,600 | - | -€1,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,891 | €25,273 | +€4,382 | +21.0% |
| Other operating charges | 640/8 | €520 | - | -€520 | |
| Gross operating margin | 9900 | €34,644 | €51,844 | +€17,200 | +49.6% |
| Operating profit (loss) | 9901 | €13,233 | €26,571 | +€13,338 | +100.8% |
| Financial income | 75/76B | €4,073 | €4,565 | +€491 | +12.1% |
| Recurring financial income | 75 | €4,073 | €4,565 | +€491 | +12.1% |
| Financial charges | 65/66B | €2,493 | €2,867 | +€374 | +15.0% |
| Recurring financial charges | 65 | €2,493 | €2,867 | +€374 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €14,813 | €28,269 | +€13,456 | +90.8% |
| Income taxes | 67/77 | €4,792 | €8,563 | +€3,771 | +78.7% |
| Profit (loss) for the period | 9904 | €10,021 | €19,706 | +€9,685 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,021 | €19,706 | +€9,685 | +96.6% |
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 8 October 2026 via checked.be.