GULLO: 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.
GULLO
Largest movements
- Tangible fixed assets +€446,139
up €446,139 (+124%), from €360,428 to €806,567
of which Land and buildings: +€457,037
- Cash -€28,299
down €28,299 (-35.0%), from €80,765 to €52,466
mainly Investment in fixed assets (net) (-€509,043) and Current portion of long-term debt (-€25,715)
- Deferred charges and accrued income +€24,241
up €24,241 (+349%), from €6,950 to €31,191
- Receivables within one year -€15,022
down €15,022 (-28.8%), from €52,120 to €37,098
of which Trade receivables: -€9,690
- Debts after one year +€406,370
up €406,370 (+836%), from €48,590 to €454,960
of which Financial debts: +€406,370
- Reserves +€37,939
up €37,939 (+12.3%), from €308,227 to €346,165
of which Distributable reserves: +€37,939
- Current portion of long-term debt -€25,715
down €25,715 (-29.8%), from €86,344 to €60,630
- Tax, wage and social debts +€16,429
up €16,429 (+57.9%), from €28,362 to €44,791
of which Remuneration and social security: +€10,532
- Other operating charges +€14,314
up €14,314 (+638%), from €2,242 to €16,556
- Taxes +€7,964
up €7,964 (+117%), from €6,796 to €14,760
- Staff costs +€3,054
up €3,054 (+3.6%), from €85,771 to €88,825
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €587,967 | €1,005,548 | +€417,581 | +71.0% |
| Fixed assets | 21/28 | €360,428 | €806,567 | +€446,139 | +124% |
| Tangible fixed assets | 22/27 | €360,428 | €806,567 | +€446,139 | +124% |
| Land and buildings | 22 | €298,855 | €755,892 | +€457,037 | +153% |
| Plant, machinery and equipment | 23 | €17,185 | €17,835 | +€649 | +3.8% |
| Furniture and vehicles | 24 | €3,768 | €4,180 | +€411 | +10.9% |
| Other tangible fixed assets | 26 | €40,620 | €28,661 | -€11,959 | -29.4% |
| Current assets | 29/58 | €227,539 | €198,981 | -€28,558 | -12.6% |
| Stocks and contracts in progress | 3 | €87,703 | €78,226 | -€9,477 | -10.8% |
| Stocks | 30/36 | €87,703 | €78,226 | -€9,477 | -10.8% |
| Amounts receivable within one year | 40/41 | €52,120 | €37,098 | -€15,022 | -28.8% |
| Trade receivables | 40 | €46,228 | €36,539 | -€9,690 | -21.0% |
| Other amounts receivable | 41 | €5,892 | €559 | -€5,333 | -90.5% |
| Cash at bank and in hand | 54/58 | €80,765 | €52,466 | -€28,299 | -35.0% |
| Deferred charges and accrued income | 490/1 | €6,950 | €31,191 | +€24,241 | +349% |
| Total equity and liabilities | 10/49 | €587,967 | €1,005,548 | +€417,581 | +71.0% |
| Equity | 10/15 | €320,627 | €358,565 | +€37,939 | +11.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €308,227 | €346,165 | +€37,939 | +12.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €308,227 | €346,165 | +€37,939 | +12.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €267,340 | €646,983 | +€379,642 | +142% |
| Amounts payable after more than one year | 17 | €48,590 | €454,960 | +€406,370 | +836% |
| Financial debts | 170/4 | €40,590 | €446,960 | +€406,370 | +1,001% |
| Other amounts payable | 178/9 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €217,251 | €190,522 | -€26,728 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €86,344 | €60,630 | -€25,715 | -29.8% |
| Trade debts | 44 | €92,544 | €83,334 | -€9,210 | -10.0% |
| Suppliers | 440/4 | €92,544 | €83,334 | -€9,210 | -10.0% |
| Taxes, remuneration and social security | 45 | €28,362 | €44,791 | +€16,429 | +57.9% |
| Taxes | 450/3 | €16,790 | €22,688 | +€5,898 | +35.1% |
| Remuneration and social security | 454/9 | €11,572 | €22,104 | +€10,532 | +91.0% |
| Other amounts payable | 47/48 | €10,000 | €1,767 | -€8,233 | -82.3% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €85,771 | €88,825 | +€3,054 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,190 | €62,904 | +€714 | +1.1% |
| Other operating charges | 640/8 | €2,242 | €16,556 | +€14,314 | +638% |
| Gross operating margin | 9900 | €234,313 | €235,389 | +€1,076 | +0.5% |
| Operating profit (loss) | 9901 | €84,110 | €67,104 | -€17,006 | -20.2% |
| Financial income | 75/76B | €568 | €260 | -€307 | -54.1% |
| Recurring financial income | 75 | €568 | €260 | -€307 | -54.1% |
| Financial charges | 65/66B | €15,115 | €14,666 | -€449 | -3.0% |
| Recurring financial charges | 65 | €15,115 | €14,666 | -€449 | -3.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €69,563 | €52,698 | -€16,864 | -24.2% |
| Income taxes | 67/77 | €6,796 | €14,760 | +€7,964 | +117% |
| Profit (loss) for the period | 9904 | €62,767 | €37,939 | -€24,828 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,767 | €37,939 | -€24,828 | -39.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.