MICHEL GUILIN: what changed
MICHEL GUILIN
Largest movements
- Cash -€13,624
down €13,624 (-63.2%), from €21,560 to €7,935
mainly Net result for the year (-€16,251) and Investment in fixed assets (net) (-€1,685)
- Receivables within one year -€2,151
down €2,151 (-7.5%), from €28,552 to €26,401
of which Trade receivables: -€1,746
- Stocks and contracts -€1,340
down €1,340 (-26.8%), from €5,007 to €3,667
- Tangible fixed assets +€950
up €950 (+43.1%), from €2,201 to €3,151
of which Furniture and vehicles: +€1,278
- Intangible fixed assets -€771
down €771 (-25.0%), from €3,082 to €2,312
- Profit (loss) carried forward -€16,251
down €16,251, from €10,636 to -€5,614
- Trade debts -€1,484
no longer reported in 2026 (was €1,484)
- Gross operating margin -€10,241
down €10,241 (-875%), from -€1,170 to -€11,411
- Other operating charges -€512
down €512 (-17.8%), from €2,875 to €2,362
- Depreciation +€345
up €345 (+29.7%), from €1,161 to €1,506
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,848 | €43,627 | -€17,222 | -28.3% |
| Fixed assets | 21/28 | €5,445 | €5,624 | +€179 | +3.3% |
| Intangible fixed assets | 21 | €3,082 | €2,312 | -€771 | -25.0% |
| Tangible fixed assets | 22/27 | €2,201 | €3,151 | +€950 | +43.1% |
| Land and buildings | 22 | €1,532 | €1,204 | -€329 | -21.5% |
| Furniture and vehicles | 24 | €669 | €1,947 | +€1,278 | +191% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €55,404 | €38,003 | -€17,401 | -31.4% |
| Stocks and contracts in progress | 3 | €5,007 | €3,667 | -€1,340 | -26.8% |
| Stocks | 30/36 | €5,007 | €3,667 | -€1,340 | -26.8% |
| Amounts receivable within one year | 40/41 | €28,552 | €26,401 | -€2,151 | -7.5% |
| Trade receivables | 40 | €3,100 | €1,354 | -€1,746 | -56.3% |
| Other amounts receivable | 41 | €25,452 | €25,047 | -€405 | -1.6% |
| Cash at bank and in hand | 54/58 | €21,560 | €7,935 | -€13,624 | -63.2% |
| Deferred charges and accrued income | 490/1 | €285 | - | -€285 | |
| Total equity and liabilities | 10/49 | €60,848 | €43,627 | -€17,222 | -28.3% |
| Equity | 10/15 | €59,364 | €43,114 | -€16,251 | -27.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | €6,197 | = | 0.0% |
| Issued capital | 100 | €6,197 | €18,592 | +€12,395 | +200% |
| Uncalled capital | 101 | - | €12,395 | +€12,395 | |
| Reserves | 13 | €42,531 | €42,531 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €29,672 | €29,672 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,636 | -€5,614 | -€16,251 | |
| Amounts payable | 17/49 | €1,484 | €513 | -€971 | -65.4% |
| Amounts payable within one year | 42/48 | €1,484 | €513 | -€971 | -65.4% |
| Trade debts | 44 | €1,484 | - | -€1,484 | |
| Suppliers | 440/4 | €1,484 | - | -€1,484 | |
| Taxes, remuneration and social security | 45 | - | €513 | +€513 | |
| Taxes | 450/3 | - | €513 | +€513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,161 | €1,506 | +€345 | +29.7% |
| Other operating charges | 640/8 | €2,875 | €2,362 | -€512 | -17.8% |
| Non-recurring operating charges | 66A | - | €144 | +€144 | |
| Gross operating margin | 9900 | -€1,170 | -€11,411 | -€10,241 | -875% |
| Operating profit (loss) | 9901 | -€5,206 | -€15,424 | -€10,219 | -196% |
| Financial income | 75/76B | €0 | €70 | +€70 | +35,100% |
| Recurring financial income | 75 | €0 | €70 | +€70 | +35,100% |
| Financial charges | 65/66B | €1,009 | €897 | -€112 | -11.1% |
| Recurring financial charges | 65 | €1,009 | €897 | -€112 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,214 | -€16,251 | -€10,036 | -161% |
| Profit (loss) for the period | 9904 | -€6,214 | -€16,251 | -€10,036 | -161% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,214 | -€16,251 | -€10,036 | -161% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.