3GHE Construct: what changed
Two fiscal 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.
3GHE Construct
Largest movements
- Stocks and contracts +€59,492
up €59,492 (+20.1%), from €295,575 to €355,066
- Receivables within one year -€24,419
down €24,419 (-29.0%), from €84,272 to €59,853
of which Trade receivables: -€13,647
- Cash +€18,434
up €18,434 (+146.4%), from €12,588 to €31,022
mainly Net result for the year (+€58,364) and Other debts (+€29,941)
- Tangible fixed assets -€6,125
down €6,125 (-11.6%), from €52,868 to €46,743
of which Plant, machinery and equipment: -€3,632
- Profit (loss) carried forward +€58,364
up €58,364 (+54.1%), from €107,799 to €166,162
- Trade debts -€47,324
down €47,324 (-38.5%), from €123,013 to €75,689
- Other debts +€29,941
new in 2025: €29,941
- Short-term financial debts +€7,993
new in 2025: €7,993
- Debts after one year -€6,311
down €6,311 (-43.2%), from €14,598 to €8,287
- Gross operating margin +€59,507
up €59,507 (+125.1%), from €47,573 to €107,080
- Taxes +€10,986
up €10,986 (+241.3%), from €4,553 to €15,538
- Staff costs +€9,297
up €9,297 (+156.1%), from €5,957 to €15,254
- Depreciation +€2,388
up €2,388 (+34.1%), from €7,008 to €9,396
- Financial charges -€1,685
down €1,685 (-16.6%), from €10,156 to €8,471
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.
Cash bridge derived
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 | €450,903 | €500,052 | +€49,149 | +10.9% |
| Fixed assets | 21/28 | €52,868 | €46,743 | -€6,125 | -11.6% |
| Tangible fixed assets | 22/27 | €52,868 | €46,743 | -€6,125 | -11.6% |
| Plant, machinery and equipment | 23 | €40,369 | €36,737 | -€3,632 | -9.0% |
| Furniture and vehicles | 24 | €7,707 | €5,460 | -€2,247 | -29.2% |
| Other tangible fixed assets | 26 | €4,792 | €4,547 | -€245 | -5.1% |
| Current assets | 29/58 | €398,034 | €453,308 | +€55,274 | +13.9% |
| Stocks and contracts in progress | 3 | €295,575 | €355,066 | +€59,492 | +20.1% |
| Stocks | 30/36 | €295,575 | €355,066 | +€59,492 | +20.1% |
| Amounts receivable within one year | 40/41 | €84,272 | €59,853 | -€24,419 | -29.0% |
| Trade receivables | 40 | €31,810 | €18,163 | -€13,647 | -42.9% |
| Other amounts receivable | 41 | €52,461 | €41,689 | -€10,772 | -20.5% |
| Cash at bank and in hand | 54/58 | €12,588 | €31,022 | +€18,434 | +146.4% |
| Deferred charges and accrued income | 490/1 | €5,600 | €7,368 | +€1,767 | +31.6% |
| Total equity and liabilities | 10/49 | €450,903 | €500,052 | +€49,149 | +10.9% |
| Equity | 10/15 | €108,799 | €167,162 | +€58,364 | +53.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,799 | €166,162 | +€58,364 | +54.1% |
| Amounts payable | 17/49 | €342,104 | €332,889 | -€9,215 | -2.7% |
| Amounts payable after more than one year | 17 | €14,598 | €8,287 | -€6,311 | -43.2% |
| Financial debts | 170/4 | €14,598 | €8,287 | -€6,311 | -43.2% |
| Amounts payable within one year | 42/48 | €322,821 | €321,138 | -€1,683 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €178,341 | €180,638 | +€2,296 | +1.3% |
| Financial debts | 43 | - | €7,993 | +€7,993 | |
| Credit institutions | 430/8 | - | €7,993 | +€7,993 | |
| Trade debts | 44 | €123,013 | €75,689 | -€47,324 | -38.5% |
| Suppliers | 440/4 | €123,013 | €75,689 | -€47,324 | -38.5% |
| Taxes, remuneration and social security | 45 | €21,466 | €26,877 | +€5,411 | +25.2% |
| Taxes | 450/3 | €21,435 | €26,286 | +€4,851 | +22.6% |
| Remuneration and social security | 454/9 | €31 | €591 | +€560 | +1803.3% |
| Other amounts payable | 47/48 | - | €29,941 | +€29,941 | |
| Accrued charges and deferred income | 492/3 | €4,685 | €3,465 | -€1,221 | -26.1% |
| Remuneration, social security and pensions | 62 | €5,957 | €15,254 | +€9,297 | +156.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,008 | €9,396 | +€2,388 | +34.1% |
| Other operating charges | 640/8 | €1,635 | €1,370 | -€265 | -16.2% |
| Non-recurring operating charges | 66A | €42 | €304 | +€262 | +627.7% |
| Gross operating margin | 9900 | €47,573 | €107,080 | +€59,507 | +125.1% |
| Operating profit (loss) | 9901 | €32,931 | €80,755 | +€47,825 | +145.2% |
| Financial income | 75/76B | €1,101 | €1,618 | +€517 | +46.9% |
| Recurring financial income | 75 | €1,101 | €1,618 | +€517 | +46.9% |
| Financial charges | 65/66B | €10,156 | €8,471 | -€1,685 | -16.6% |
| Recurring financial charges | 65 | €10,156 | €8,471 | -€1,685 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €23,875 | €73,902 | +€50,027 | +209.5% |
| Income taxes | 67/77 | €4,553 | €15,538 | +€10,986 | +241.3% |
| Profit (loss) for the period | 9904 | €19,323 | €58,364 | +€39,041 | +202.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,323 | €58,364 | +€39,041 | +202.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.