MENUISERIE GUELFF: 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.
What changed
MENUISERIE GUELFF
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€218,992
2024 · €290,085-€71,093
Equity
€969,188
2024 · €754,005+€215,183
Cash
€630,964
2024 · €632,790-€1,826
Balance sheet total
€3.4m
2024 · €2.2m+€1.2m
Largest movements
Assets
- Financial fixed assets +€1.3m
up €1.3m (+10,198%), from €13,025 to €1.3m
- Receivables within one year -€122,192
down €122,192 (-30.8%), from €397,186 to €274,994
of which Trade receivables: -€140,771
Equity and liabilities
- Debts after one year +€519,946
up €519,946 (+83.7%), from €620,967 to €1.1m
- Short-term financial debts +€441,184
up €441,184 (+236%), from €186,792 to €627,977
- Reserves +€218,992
up €218,992 (+37.3%), from €587,196 to €806,188
- Current portion of long-term debt +€52,353
up €52,353 (+25.9%), from €201,829 to €254,182
- Other debts -€35,036
down €35,036 (-100%), from €35,036 to €0
Income statement
- Turnover -€4.3m
no longer reported in 2025 (was €4.3m)
- Purchases and services -€2.5m
no longer reported in 2025 (was €2.5m)
- Staff costs +€126,408
up €126,408 (+8.7%), from €1.4m to €1.6m
- Gross operating margin +€69,616
up €69,616 (+3.5%), from €2.0m to €2.1m
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.
Result 2024
€290,085
Gross operating margin
+€69,616
Staff costs
-€126,408
Depreciation
-€21,606
Other operating charges
-€2,279
Financial income
-€7,172
Financial charges
-€17,346
Taxes
+€34,103
Result 2025
€218,992
raises the resultlowers the result
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.
From operations
+€526,447
Investment
-€1.5m
Financing
+€1.0m
Cash 2024
€632,790
From operations (derived)
+€526,447
Net result for the year
+€218,992
Depreciation
+€215,201
Stocks and contracts
+€4,852
Receivables within one year
+€122,192
Smaller working-capital items
-€174
Trade debts
+€12,412
Tax, wage and social debts
-€11,991
Other debts
-€35,036
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€1.0m
Debts after one year
+€519,946
Current portion of long-term debt
+€52,353
Short-term financial debts
+€441,184
Contributions, distributions and other
-€3,809
Cash 2025
€630,964
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,175,777 | €3,369,669 | +€1.2m | +54.9% |
| Fixed assets | 21/28 | €1,021,755 | €2,344,502 | +€1.3m | +129% |
| Intangible fixed assets | 21 | €885 | €0 | -€885 | -100% |
| Tangible fixed assets | 22/27 | €1,007,845 | €1,003,126 | -€4,719 | -0.5% |
| Land and buildings | 22 | €319,000 | €308,000 | -€11,000 | -3.4% |
| Plant, machinery and equipment | 23 | €114,663 | €173,370 | +€58,707 | +51.2% |
| Furniture and vehicles | 24 | €151,041 | €199,737 | +€48,696 | +32.2% |
| Leasing and similar rights | 25 | €212,642 | €152,283 | -€60,359 | -28.4% |
| Other tangible fixed assets | 26 | €210,499 | €169,736 | -€40,763 | -19.4% |
| Financial fixed assets | 28 | €13,025 | €1,341,376 | +€1.3m | +10,198% |
| Current assets | 29/58 | €1,154,022 | €1,025,166 | -€128,856 | -11.2% |
| Stocks and contracts in progress | 3 | €115,126 | €110,274 | -€4,852 | -4.2% |
| Stocks | 30/36 | €115,126 | €110,274 | -€4,852 | -4.2% |
| Amounts receivable within one year | 40/41 | €397,186 | €274,994 | -€122,192 | -30.8% |
| Trade receivables | 40 | €348,707 | €207,937 | -€140,771 | -40.4% |
| Other amounts receivable | 41 | €48,479 | €67,058 | +€18,579 | +38.3% |
| Cash at bank and in hand | 54/58 | €632,790 | €630,964 | -€1,826 | -0.3% |
| Deferred charges and accrued income | 490/1 | €8,920 | €8,935 | +€14 | +0.2% |
| Total equity and liabilities | 10/49 | €2,175,777 | €3,369,669 | +€1.2m | +54.9% |
| Equity | 10/15 | €754,005 | €969,188 | +€215,183 | +28.5% |
| Contributions | 10/11 | €35,500 | €35,500 | = | 0.0% |
| Reserves | 13 | €587,196 | €806,188 | +€218,992 | +37.3% |
| Distributable reserves | 133 | €587,196 | €806,188 | +€218,992 | +37.3% |
| Profit (loss) carried forward | 14 | €91,071 | €91,071 | = | 0.0% |
| Investment grants | 15 | €40,238 | €36,430 | -€3,809 | -9.5% |
| Provisions and deferred taxes | 16 | €41,015 | €41,015 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €41,015 | €41,015 | = | 0.0% |
| Other liabilities and charges | 164/5 | €41,015 | €41,015 | = | 0.0% |
| Amounts payable | 17/49 | €1,380,756 | €2,359,465 | +€978,709 | +70.9% |
| Amounts payable after more than one year | 17 | €620,967 | €1,140,913 | +€519,946 | +83.7% |
| Financial debts | 170/4 | €620,967 | €1,140,913 | +€519,946 | +83.7% |
| Amounts payable within one year | 42/48 | €754,030 | €1,212,952 | +€458,923 | +60.9% |
| Current portion of amounts payable after more than one year | 42 | €201,829 | €254,182 | +€52,353 | +25.9% |
| Financial debts | 43 | €186,792 | €627,977 | +€441,184 | +236% |
| Credit institutions | 430/8 | €186,792 | €627,977 | +€441,184 | +236% |
| Trade debts | 44 | €213,812 | €226,224 | +€12,412 | +5.8% |
| Suppliers | 440/4 | €213,812 | €226,224 | +€12,412 | +5.8% |
| Taxes, remuneration and social security | 45 | €116,560 | €104,569 | -€11,991 | -10.3% |
| Taxes | 450/3 | €82,865 | €64,614 | -€18,250 | -22.0% |
| Remuneration and social security | 454/9 | €33,695 | €39,955 | +€6,259 | +18.6% |
| Other amounts payable | 47/48 | €35,036 | €0 | -€35,036 | -100% |
| Accrued charges and deferred income | 492/3 | €5,760 | €5,600 | -€160 | -2.8% |
| Turnover | 70 | €4,335,043 | - | -€4.3m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,485,615 | - | -€2.5m | |
| Remuneration, social security and pensions | 62 | €1,445,393 | €1,571,801 | +€126,408 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,595 | €215,201 | +€21,606 | +11.2% |
| Other operating charges | 640/8 | €24,860 | €27,138 | +€2,279 | +9.2% |
| Gross operating margin | 9900 | €1,989,403 | €2,059,019 | +€69,616 | +3.5% |
| Operating profit (loss) | 9901 | €325,556 | €244,879 | -€80,678 | -24.8% |
| Financial income | 75/76B | €122,367 | €115,194 | -€7,172 | -5.9% |
| Recurring financial income | 75 | €122,367 | €115,194 | -€7,172 | -5.9% |
| Financial charges | 65/66B | €57,036 | €74,383 | +€17,346 | +30.4% |
| Recurring financial charges | 65 | €57,036 | €74,383 | +€17,346 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €390,887 | €285,691 | -€105,196 | -26.9% |
| Income taxes | 67/77 | €100,802 | €66,699 | -€34,103 | -33.8% |
| Profit (loss) for the period | 9904 | €290,085 | €218,992 | -€71,093 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €290,085 | €218,992 | -€71,093 | -24.5% |
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 23 October 2026 via checked.be.