G.H.I.: 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.
What changed
G.H.I.
NACE 90.201, Performing arts by independent artists
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€276,059
2024 · €565,997-€289,938
Equity
€9.0m
2024 · €8.7m+€276,059
Cash
€1.1m
2024 · €354,217+€716,813
Balance sheet total
€12.2m
2024 · €13.0m-€864,253
Largest movements
Assets
- Current investments -€1.2m
down €1.2m (-27.5%), from €4.5m to €3.3m
- Cash +€716,813
up €716,813 (+202%), from €354,217 to €1.1m
mainly Current investments (+€1.2m) and Depreciation (+€486,132)
- Tangible fixed assets -€462,414
down €462,414 (-5.7%), from €8.1m to €7.7m
of which Land and buildings: -€441,039
Equity and liabilities
- Debts after one year -€1.0m
down €1.0m (-29.2%), from €3.5m to €2.5m
- Reserves +€276,059
up €276,059 (+3.2%), from €8.7m to €9.0m
of which Distributable reserves: +€310,366
Income statement
- Gross operating margin -€451,557
down €451,557 (-44.4%), from €1.0m to €566,508
- Taxes -€59,740
down €59,740 (-56.7%), from €105,318 to €45,578
- Financial income +€17,270
up €17,270 (+5.8%), from €299,028 to €316,298
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.
Result 2024
€565,997
Gross operating margin
-€451,557
Depreciation
-€1,675
Other operating charges
-€2,703
Financial income
+€17,270
Financial charges
+€1,635
Taxes
+€59,740
Deferred taxes and other
+€87,352
Result 2025
€276,059
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€528,482
Investment
+€1.2m
Financing
-€1.0m
Cash 2024
€354,217
From operations (derived)
+€528,482
Net result for the year
+€276,059
Depreciation
+€486,132
Receivables within one year
-€125,485
Deferred charges and accrued income
+€2,088
Provisions
-€93,956
Trade debts
-€26,762
Tax, wage and social debts
+€6,415
Other debts
+€11,680
Accrued charges and deferred income
-€7,688
Investment (derived)
+€1.2m
Investment in fixed assets (net)
-€23,718
Current investments
+€1.2m
Financing
-€1.0m
Debts after one year
-€1.0m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,016,653 | €12,152,399 | -€864,253 | -6.6% |
| Fixed assets | 21/28 | €8,123,068 | €7,660,655 | -€462,414 | -5.7% |
| Tangible fixed assets | 22/27 | €8,123,068 | €7,660,655 | -€462,414 | -5.7% |
| Land and buildings | 22 | €7,939,497 | €7,498,459 | -€441,039 | -5.6% |
| Plant, machinery and equipment | 23 | €2,118 | - | -€2,118 | |
| Furniture and vehicles | 24 | €76,739 | €67,608 | -€9,131 | -11.9% |
| Other tangible fixed assets | 26 | €104,715 | €94,588 | -€10,127 | -9.7% |
| Current assets | 29/58 | €4,893,584 | €4,491,745 | -€401,839 | -8.2% |
| Amounts receivable within one year | 40/41 | €11,996 | €137,481 | +€125,485 | +1,046% |
| Trade receivables | 40 | €11,996 | €61,481 | +€49,485 | +412% |
| Other amounts receivable | 41 | - | €76,000 | +€76,000 | |
| Current investments | 50/53 | €4,521,224 | €3,279,175 | -€1.2m | -27.5% |
| Cash at bank and in hand | 54/58 | €354,217 | €1,071,030 | +€716,813 | +202% |
| Deferred charges and accrued income | 490/1 | €6,147 | €4,059 | -€2,088 | -34.0% |
| Total equity and liabilities | 10/49 | €13,016,653 | €12,152,399 | -€864,253 | -6.6% |
| Equity | 10/15 | €8,744,242 | €9,020,301 | +€276,059 | +3.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €8,682,742 | €8,958,801 | +€276,059 | +3.2% |
| Non-distributable reserves | 130/1 | €274,750 | €274,750 | = | 0.0% |
| Legal reserve | 130 | €274,750 | €274,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,321,385 | €1,287,077 | -€34,308 | -2.6% |
| Distributable reserves | 133 | €7,086,607 | €7,396,974 | +€310,366 | +4.4% |
| Provisions and deferred taxes | 16 | €580,068 | €486,112 | -€93,956 | -16.2% |
| Deferred taxes | 168 | €580,068 | €486,112 | -€93,956 | -16.2% |
| Amounts payable | 17/49 | €3,692,342 | €2,645,986 | -€1.0m | -28.3% |
| Amounts payable after more than one year | 17 | €3,530,000 | €2,500,000 | -€1.0m | -29.2% |
| Financial debts | 170/4 | €3,530,000 | €2,500,000 | -€1.0m | -29.2% |
| Amounts payable within one year | 42/48 | €114,655 | €105,986 | -€8,668 | -7.6% |
| Trade debts | 44 | €35,226 | €8,464 | -€26,762 | -76.0% |
| Suppliers | 440/4 | €35,226 | €8,464 | -€26,762 | -76.0% |
| Taxes, remuneration and social security | 45 | €20,157 | €26,572 | +€6,415 | +31.8% |
| Taxes | 450/3 | €20,157 | €26,572 | +€6,415 | +31.8% |
| Other amounts payable | 47/48 | €59,272 | €70,951 | +€11,680 | +19.7% |
| Accrued charges and deferred income | 492/3 | €47,688 | €40,000 | -€7,688 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €484,456 | €486,132 | +€1,675 | +0.3% |
| Other operating charges | 640/8 | €60,789 | €63,492 | +€2,703 | +4.4% |
| Gross operating margin | 9900 | €1,018,064 | €566,508 | -€451,557 | -44.4% |
| Operating profit (loss) | 9901 | €472,819 | €16,884 | -€455,935 | -96.4% |
| Financial income | 75/76B | €299,028 | €316,298 | +€17,270 | +5.8% |
| Recurring financial income | 75 | €299,028 | €316,298 | +€17,270 | +5.8% |
| Financial charges | 65/66B | €107,136 | €105,501 | -€1,635 | -1.5% |
| Recurring financial charges | 65 | €107,136 | €105,501 | -€1,635 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €664,711 | €227,681 | -€437,030 | -65.7% |
| Transfer from deferred taxes | 780 | €37,923 | €93,956 | +€56,032 | +148% |
| Transfer to deferred taxes | 680 | €31,319 | - | -€31,319 | |
| Income taxes | 67/77 | €105,318 | €45,578 | -€59,740 | -56.7% |
| Profit (loss) for the period | 9904 | €565,997 | €276,059 | -€289,938 | -51.2% |
| Transfer from tax-exempt reserves | 789 | €96,505 | €91,881 | -€4,624 | -4.8% |
| Transfer to tax-exempt reserves | 689 | €93,957 | €57,574 | -€36,384 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €568,545 | €310,366 | -€258,179 | -45.4% |
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 26 October 2026 via checked.be.