EL GHARB: 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.
EL GHARB
Largest movements
- Receivables within one year +€27,501
up €27,501 (+34.0%), from €80,980 to €108,481
of which Trade receivables: +€33,449
- Cash -€17,790
down €17,790 (-41.3%), from €43,090 to €25,300
- Stocks and contracts -€6,050
down €6,050 (-88.5%), from €6,837 to €787
- Profit (loss) carried forward +€35,791
up €35,791 (+44.4%), from €80,639 to €116,430
- Trade debts -€29,329
down €29,329 (-99.0%), from €29,628 to €298
- Tax, wage and social debts -€3,151
down €3,151 (-85.8%), from €3,672 to €521
- Turnover +€317,081
new in 2025: €317,081
- Gross operating margin +€13,684
up €13,684 (+133%), from €10,272 to €23,956
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,962 | €137,424 | +€3,461 | +2.6% |
| Fixed assets | 21/28 | €3,055 | €2,855 | -€200 | -6.5% |
| Tangible fixed assets | 22/27 | €600 | €400 | -€200 | -33.3% |
| Furniture and vehicles | 24 | - | €400 | +€400 | |
| Other tangible fixed assets | 26 | €600 | - | -€600 | |
| Financial fixed assets | 28 | €2,455 | €2,455 | = | 0.0% |
| Current assets | 29/58 | €130,907 | €134,569 | +€3,661 | +2.8% |
| Stocks and contracts in progress | 3 | €6,837 | €787 | -€6,050 | -88.5% |
| Stocks | 30/36 | €6,837 | €787 | -€6,050 | -88.5% |
| Amounts receivable within one year | 40/41 | €80,980 | €108,481 | +€27,501 | +34.0% |
| Trade receivables | 40 | €10,885 | €44,334 | +€33,449 | +307% |
| Other amounts receivable | 41 | €70,095 | €64,147 | -€5,947 | -8.5% |
| Cash at bank and in hand | 54/58 | €43,090 | €25,300 | -€17,790 | -41.3% |
| Total equity and liabilities | 10/49 | €133,962 | €137,424 | +€3,461 | +2.6% |
| Equity | 10/15 | €100,512 | €136,303 | +€35,791 | +35.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,273 | €1,273 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,273 | €1,273 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,273 | €1,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,639 | €116,430 | +€35,791 | +44.4% |
| Amounts payable | 17/49 | €33,450 | €1,121 | -€32,329 | -96.6% |
| Amounts payable within one year | 42/48 | €33,450 | €1,121 | -€32,329 | -96.6% |
| Financial debts | 43 | €151 | €301 | +€151 | +100% |
| Credit institutions | 430/8 | €151 | €301 | +€151 | +100% |
| Trade debts | 44 | €29,628 | €298 | -€29,329 | -99.0% |
| Suppliers | 440/4 | €29,628 | €298 | -€29,329 | -99.0% |
| Taxes, remuneration and social security | 45 | €3,672 | €521 | -€3,151 | -85.8% |
| Taxes | 450/3 | €3,672 | €521 | -€3,151 | -85.8% |
| Turnover | 70 | - | €317,081 | +€317,081 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200 | €200 | = | 0.0% |
| Other operating charges | 640/8 | €458 | €577 | +€119 | +25.9% |
| Gross operating margin | 9900 | €10,272 | €23,956 | +€13,684 | +133% |
| Operating profit (loss) | 9901 | €9,614 | €23,180 | +€13,566 | +141% |
| Financial income | 75/76B | - | €1,100 | +€1,100 | |
| Recurring financial income | 75 | - | €1,100 | +€1,100 | |
| Non-recurring financial income | 76B | - | €1,100 | +€1,100 | |
| Financial charges | 65/66B | €236 | €3,175 | +€2,939 | +1,245% |
| Recurring financial charges | 65 | €236 | €675 | +€439 | +186% |
| Non-recurring financial charges | 66B | - | €2,500 | +€2,500 | |
| Profit (loss) for the period before taxes | 9903 | €9,378 | €21,105 | +€11,727 | +125% |
| Income taxes | 67/77 | €3,567 | €2,581 | -€986 | -27.6% |
| Profit (loss) for the period | 9904 | €5,811 | €18,524 | +€12,712 | +219% |
| Profit (loss) for the period to be appropriated | 9905 | €5,811 | €18,524 | +€12,712 | +219% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.