GAHOLD: 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.
GAHOLD
Largest movements
- Tangible fixed assets +€189,055
up €189,055 (+11.1%), from €1.7m to €1.9m
of which Land and buildings: +€178,782
- Cash -€93,991
down €93,991 (-39.3%), from €238,887 to €144,896
mainly Contributions, distributions and other (-€426,564) and Investment in fixed assets (net) (-€247,737)
- Debts after one year +€364,356
up €364,356 (+17.2%), from €2.1m to €2.5m
- Reserves -€318,806
down €318,806 (-10.7%), from €3.0m to €2.7m
of which Distributable reserves: -€317,932
- Financial income -€360,117
down €360,117 (-85.6%), from €420,491 to €60,374
- Gross operating margin +€50,566
up €50,566 (+20.4%), from €248,036 to €298,602
- Taxes +€11,317
up €11,317 (+115%), from €9,839 to €21,156
- Financial charges +€9,589
up €9,589 (+12.7%), from €75,675 to €85,264
- Depreciation +€8,676
up €8,676 (+17.3%), from €50,006 to €58,681
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,349,968 | €5,438,691 | +€88,723 | +1.7% |
| Fixed assets | 21/28 | €5,079,161 | €5,268,217 | +€189,055 | +3.7% |
| Tangible fixed assets | 22/27 | €1,698,603 | €1,887,659 | +€189,055 | +11.1% |
| Land and buildings | 22 | €1,696,973 | €1,875,755 | +€178,782 | +10.5% |
| Furniture and vehicles | 24 | €1,630 | €11,904 | +€10,274 | +630% |
| Financial fixed assets | 28 | €3,380,558 | €3,380,558 | = | 0.0% |
| Current assets | 29/58 | €270,806 | €170,474 | -€100,332 | -37.0% |
| Amounts receivable within one year | 40/41 | €25,218 | €22,350 | -€2,868 | -11.4% |
| Trade receivables | 40 | €20,478 | €22,350 | +€1,872 | +9.1% |
| Other amounts receivable | 41 | €4,740 | - | -€4,740 | |
| Cash at bank and in hand | 54/58 | €238,887 | €144,896 | -€93,991 | -39.3% |
| Deferred charges and accrued income | 490/1 | €6,701 | €3,228 | -€3,473 | -51.8% |
| Total equity and liabilities | 10/49 | €5,349,968 | €5,438,691 | +€88,723 | +1.7% |
| Equity | 10/15 | €3,012,701 | €2,693,895 | -€318,806 | -10.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,992,701 | €2,673,895 | -€318,806 | -10.7% |
| Tax-exempt reserves | 132 | €16,612 | €15,738 | -€874 | -5.3% |
| Distributable reserves | 133 | €2,976,089 | €2,658,157 | -€317,932 | -10.7% |
| Provisions and deferred taxes | 16 | €5,537 | €5,246 | -€291 | -5.3% |
| Deferred taxes | 168 | €5,537 | €5,246 | -€291 | -5.3% |
| Amounts payable | 17/49 | €2,331,729 | €2,739,549 | +€407,820 | +17.5% |
| Amounts payable after more than one year | 17 | €2,117,353 | €2,481,708 | +€364,356 | +17.2% |
| Financial debts | 170/4 | €2,117,353 | €2,481,708 | +€364,356 | +17.2% |
| Amounts payable within one year | 42/48 | €158,542 | €190,135 | +€31,593 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €103,072 | €109,863 | +€6,791 | +6.6% |
| Trade debts | 44 | €9,839 | €4,589 | -€5,250 | -53.4% |
| Suppliers | 440/4 | €9,839 | €4,589 | -€5,250 | -53.4% |
| Advances received on contracts in progress | 46 | €5,052 | €10,104 | +€5,052 | +100% |
| Taxes, remuneration and social security | 45 | €18,621 | €25,146 | +€6,525 | +35.0% |
| Taxes | 450/3 | €11,259 | €18,301 | +€7,042 | +62.5% |
| Remuneration and social security | 454/9 | €7,362 | €6,845 | -€518 | -7.0% |
| Other amounts payable | 47/48 | €21,959 | €40,435 | +€18,476 | +84.1% |
| Accrued charges and deferred income | 492/3 | €55,834 | €67,706 | +€11,872 | +21.3% |
| Remuneration, social security and pensions | 62 | €71,222 | €74,724 | +€3,502 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,006 | €58,681 | +€8,676 | +17.3% |
| Other operating charges | 640/8 | €9,466 | €11,684 | +€2,218 | +23.4% |
| Gross operating margin | 9900 | €248,036 | €298,602 | +€50,566 | +20.4% |
| Operating profit (loss) | 9901 | €117,342 | €153,513 | +€36,170 | +30.8% |
| Financial income | 75/76B | €420,491 | €60,374 | -€360,117 | -85.6% |
| Recurring financial income | 75 | €420,491 | €60,374 | -€360,117 | -85.6% |
| Financial charges | 65/66B | €75,675 | €85,264 | +€9,589 | +12.7% |
| Recurring financial charges | 65 | €75,675 | €85,264 | +€9,589 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €462,158 | €128,623 | -€333,536 | -72.2% |
| Transfer from deferred taxes | 780 | €291 | €291 | = | 0.0% |
| Income taxes | 67/77 | €9,839 | €21,156 | +€11,317 | +115% |
| Profit (loss) for the period | 9904 | €452,611 | €107,758 | -€344,853 | -76.2% |
| Transfer from tax-exempt reserves | 789 | €874 | €874 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €453,485 | €108,632 | -€344,853 | -76.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.