MADAME GUL: what changed
MADAME GUL
Largest movements
- Cash +€1,883
up €1,883 (+110%), from €1,705 to €3,587
mainly Other debts (+€17,774) and Tax, wage and social debts (+€8,641)
- Receivables within one year -€1,468
no longer reported in 2025 (was €1,468)
- Stocks and contracts -€1,324
down €1,324 (-4.6%), from €28,584 to €27,260
- Profit (loss) carried forward -€23,409
down €23,409 (-63.2%), from -€37,052 to -€60,462
- Other debts +€17,774
up €17,774 (+80.4%), from €22,105 to €39,879
- Tax, wage and social debts +€8,641
up €8,641 (+43.4%), from €19,908 to €28,550
of which Remuneration and social security: +€5,114
- Trade debts -€3,778
down €3,778 (-45.8%), from €8,248 to €4,470
- Gross operating margin +€2,560
up €2,560 (+23.3%), from €10,971 to €13,531
- Staff costs +€1,088
up €1,088 (+3.3%), from €33,161 to €34,249
- Other operating charges +€450
up €450 (+22.2%), from €2,026 to €2,476
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,757 | €30,985 | -€772 | -2.4% |
| Current assets | 29/58 | €31,757 | €30,985 | -€772 | -2.4% |
| Stocks and contracts in progress | 3 | €28,584 | €27,260 | -€1,324 | -4.6% |
| Stocks | 30/36 | €28,584 | €27,260 | -€1,324 | -4.6% |
| Amounts receivable within one year | 40/41 | €1,468 | - | -€1,468 | |
| Other amounts receivable | 41 | €1,468 | - | -€1,468 | |
| Cash at bank and in hand | 54/58 | €1,705 | €3,587 | +€1,883 | +110% |
| Deferred charges and accrued income | 490/1 | - | €138 | +€138 | |
| Total equity and liabilities | 10/49 | €31,757 | €30,985 | -€772 | -2.4% |
| Equity | 10/15 | -€18,503 | -€41,913 | -€23,409 | -127% |
| Contributions | 10/11 | €18,549 | €18,549 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,052 | -€60,462 | -€23,409 | -63.2% |
| Amounts payable | 17/49 | €50,261 | €72,898 | +€22,637 | +45.0% |
| Amounts payable within one year | 42/48 | €50,261 | €72,898 | +€22,637 | +45.0% |
| Trade debts | 44 | €8,248 | €4,470 | -€3,778 | -45.8% |
| Suppliers | 440/4 | €8,248 | €4,470 | -€3,778 | -45.8% |
| Taxes, remuneration and social security | 45 | €19,908 | €28,550 | +€8,641 | +43.4% |
| Taxes | 450/3 | €561 | €4,088 | +€3,527 | +629% |
| Remuneration and social security | 454/9 | €19,347 | €24,461 | +€5,114 | +26.4% |
| Other amounts payable | 47/48 | €22,105 | €39,879 | +€17,774 | +80.4% |
| Remuneration, social security and pensions | 62 | €33,161 | €34,249 | +€1,088 | +3.3% |
| Other operating charges | 640/8 | €2,026 | €2,476 | +€450 | +22.2% |
| Gross operating margin | 9900 | €10,971 | €13,531 | +€2,560 | +23.3% |
| Operating profit (loss) | 9901 | -€24,216 | -€23,195 | +€1,021 | +4.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €190 | €214 | +€24 | +12.7% |
| Recurring financial charges | 65 | €190 | €214 | +€24 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | -€24,406 | -€23,409 | +€997 | +4.1% |
| Profit (loss) for the period | 9904 | -€24,406 | -€23,409 | +€997 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,406 | -€23,409 | +€997 | +4.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.