JOHAN GUNST: 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.
JOHAN GUNST
Largest movements
- Cash +€399,730
up €399,730 (+281.8%), from €141,828 to €541,558
mainly Current investments (+€302,060) and Net result for the year (+€292,460)
- Current investments -€302,060
down €302,060 (-17.7%), from €1.7m to €1.4m
- Receivables within one year +€77,030
up €77,030 (+219.8%), from €35,038 to €112,069
of which Other amounts receivable: +€77,412
- Reserves +€292,460
up €292,460 (+18.2%), from €1.6m to €1.9m
- Other debts -€119,717
down €119,717 (-42.6%), from €280,859 to €161,142
- Gross operating margin -€56,268
down €56,268 (-12.7%), from €443,225 to €386,956
- Financial income +€28,345
up €28,345 (+84.8%), from €33,407 to €61,752
- Taxes -€14,030
down €14,030 (-10.4%), from €135,087 to €121,057
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 | €1,952,002 | €2,119,297 | +€167,295 | +8.6% |
| Fixed assets | 21/28 | €66,952 | €61,484 | -€5,468 | -8.2% |
| Tangible fixed assets | 22/27 | €66,952 | €61,484 | -€5,468 | -8.2% |
| Land and buildings | 22 | €64,912 | €60,285 | -€4,627 | -7.1% |
| Furniture and vehicles | 24 | €2,040 | €1,199 | -€841 | -41.2% |
| Current assets | 29/58 | €1,885,050 | €2,057,812 | +€172,762 | +9.2% |
| Amounts receivable within one year | 40/41 | €35,038 | €112,069 | +€77,030 | +219.8% |
| Trade receivables | 40 | €382 | €0 | -€382 | -100.0% |
| Other amounts receivable | 41 | €34,657 | €112,069 | +€77,412 | +223.4% |
| Current investments | 50/53 | €1,705,306 | €1,403,245 | -€302,060 | -17.7% |
| Cash at bank and in hand | 54/58 | €141,828 | €541,558 | +€399,730 | +281.8% |
| Deferred charges and accrued income | 490/1 | €2,879 | €940 | -€1,938 | -67.3% |
| Total equity and liabilities | 10/49 | €1,952,002 | €2,119,297 | +€167,295 | +8.6% |
| Equity | 10/15 | €1,611,786 | €1,904,246 | +€292,460 | +18.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,605,586 | €1,898,046 | +€292,460 | +18.2% |
| Distributable reserves | 133 | €1,605,586 | €1,898,046 | +€292,460 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,216 | €215,051 | -€125,165 | -36.8% |
| Amounts payable within one year | 42/48 | €316,671 | €198,891 | -€117,779 | -37.2% |
| Trade debts | 44 | - | €3,253 | +€3,253 | |
| Suppliers | 440/4 | - | €3,253 | +€3,253 | |
| Taxes, remuneration and social security | 45 | €35,811 | €34,496 | -€1,315 | -3.7% |
| Taxes | 450/3 | €32,811 | €31,496 | -€1,315 | -4.0% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €280,859 | €161,142 | -€119,717 | -42.6% |
| Accrued charges and deferred income | 492/3 | €23,545 | €16,160 | -€7,386 | -31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,151 | €6,667 | -€2,484 | -27.1% |
| Other operating charges | 640/8 | €2,474 | €2,773 | +€299 | +12.1% |
| Gross operating margin | 9900 | €443,225 | €386,956 | -€56,268 | -12.7% |
| Operating profit (loss) | 9901 | €431,600 | €377,517 | -€54,083 | -12.5% |
| Financial income | 75/76B | €33,407 | €61,752 | +€28,345 | +84.8% |
| Recurring financial income | 75 | €33,407 | €61,752 | +€28,345 | +84.8% |
| Financial charges | 65/66B | €24,308 | €25,752 | +€1,444 | +5.9% |
| Recurring financial charges | 65 | €24,308 | €25,752 | +€1,444 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €440,699 | €413,517 | -€27,182 | -6.2% |
| Income taxes | 67/77 | €135,087 | €121,057 | -€14,030 | -10.4% |
| Profit (loss) for the period | 9904 | €305,611 | €292,460 | -€13,152 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €305,611 | €292,460 | -€13,152 | -4.3% |
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.