AL GHAZI: 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.
AL GHAZI
Largest movements
- Receivables within one year -€1,530
no longer reported in 2025 (was €1,530)
- Formation expenses -€400
down €400 (-33.3%), from €1,200 to €800
- Cash -€83
down €83 (-90.5%), from €92 to €9
mainly Net result for the year (-€17,438)
- Profit (loss) carried forward -€17,438
down €17,438 (-67.6%), from -€25,809 to -€43,246
- Other debts +€8,808
up €8,808 (+68.8%), from €12,805 to €21,613
- Debts after one year +€4,000
new in 2025: €4,000
- Trade debts +€2,430
up €2,430 (+122.2%), from €1,988 to €4,418
- Tax, wage and social debts +€186
up €186 (+13.3%), from €1,399 to €1,585
- Other operating charges +€10,634
up €10,634 (+1171.4%), from €908 to €11,541
- Gross operating margin +€3,468
up €3,468 (+40.1%), from -€8,649 to -€5,182
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 | €2,822 | €809 | -€2,013 | -71.3% |
| Formation expenses | 20 | €1,200 | €800 | -€400 | -33.3% |
| Current assets | 29/58 | €1,622 | €9 | -€1,613 | -99.5% |
| Amounts receivable within one year | 40/41 | €1,530 | - | -€1,530 | |
| Trade receivables | 40 | €1,530 | - | -€1,530 | |
| Cash at bank and in hand | 54/58 | €92 | €9 | -€83 | -90.5% |
| Total equity and liabilities | 10/49 | €2,822 | €809 | -€2,013 | -71.3% |
| Equity | 10/15 | -€13,370 | -€30,808 | -€17,438 | -130.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €39 | €39 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39 | €39 | = | 0.0% |
| Reserves not available under the articles | 1311 | €39 | €39 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,809 | -€43,246 | -€17,438 | -67.6% |
| Amounts payable | 17/49 | €16,192 | €31,616 | +€15,425 | +95.3% |
| Amounts payable after more than one year | 17 | - | €4,000 | +€4,000 | |
| Financial debts | 170/4 | - | €4,000 | +€4,000 | |
| Amounts payable within one year | 42/48 | €16,192 | €27,616 | +€11,425 | +70.6% |
| Trade debts | 44 | €1,988 | €4,418 | +€2,430 | +122.2% |
| Suppliers | 440/4 | €1,988 | €4,418 | +€2,430 | +122.2% |
| Taxes, remuneration and social security | 45 | €1,399 | €1,585 | +€186 | +13.3% |
| Taxes | 450/3 | €1,399 | €1,585 | +€186 | +13.3% |
| Other amounts payable | 47/48 | €12,805 | €21,613 | +€8,808 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €400 | = | 0.0% |
| Other operating charges | 640/8 | €908 | €11,541 | +€10,634 | +1171.4% |
| Gross operating margin | 9900 | -€8,649 | -€5,182 | +€3,468 | +40.1% |
| Operating profit (loss) | 9901 | -€9,957 | -€17,123 | -€7,166 | -72.0% |
| Financial income | 75/76B | - | €54 | +€54 | |
| Recurring financial income | 75 | - | €54 | +€54 | |
| Financial charges | 65/66B | €153 | €228 | +€75 | +48.7% |
| Recurring financial charges | 65 | €153 | €228 | +€75 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,110 | -€17,297 | -€7,187 | -71.1% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€10,250 | -€17,438 | -€7,188 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,250 | -€17,438 | -€7,188 | -70.1% |
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 9 October 2026 via checked.be.