Although Gulden is not the typical privacy coin, it is not the common open book kind of blockchain either.
Measures have been taken to secure the privacy of payments. The wallet creates a new Gulden address after each transaction. This means that every transaction between two persons happens between two new addresses. This way you can’t see from whom to whom the transaction took place, nor the total balance of ones wallet. 
Of course addresses are reusable, so they can e.g. be used on business cards, donation sites and invoices.