GALHS: 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.
GALHS
Largest movements
- Cash -€218,144
down €218,144 (-75.3%), from €289,808 to €71,664
mainly Contributions, distributions and other (-€365,315) and Trade debts (-€10,433)
- Receivables within one year -€100,954
down €100,954 (-99.1%), from €101,827 to €873
of which Other amounts receivable: -€75,453
- Profit (loss) carried forward -€305,388
down €305,388 (-100%), from €305,388 to €0
- Trade debts -€10,433
down €10,433 (-90.3%), from €11,556 to €1,123
- Tax, wage and social debts -€7,172
down €7,172 (-8.9%), from €80,604 to €73,432
of which Taxes: -€7,172
- Gross operating margin -€44,406
down €44,406 (-33.4%), from €132,990 to €88,584
- Taxes -€6,940
down €6,940 (-23.3%), from €29,769 to €22,829
- Financial income -€3,633
down €3,633 (-100%), from €3,633 to €0
- Other operating charges -€2,835
down €2,835 (-82.4%), from €3,440 to €604
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 | €400,548 | €77,555 | -€322,993 | -80.6% |
| Fixed assets | 21/28 | €8,438 | €4,662 | -€3,776 | -44.8% |
| Tangible fixed assets | 22/27 | €8,438 | €4,662 | -€3,776 | -44.8% |
| Furniture and vehicles | 24 | €8,438 | €4,662 | -€3,776 | -44.8% |
| Current assets | 29/58 | €392,110 | €72,893 | -€319,216 | -81.4% |
| Amounts receivable within one year | 40/41 | €101,827 | €873 | -€100,954 | -99.1% |
| Trade receivables | 40 | €25,501 | €0 | -€25,501 | -100% |
| Other amounts receivable | 41 | €76,326 | €873 | -€75,453 | -98.9% |
| Cash at bank and in hand | 54/58 | €289,808 | €71,664 | -€218,144 | -75.3% |
| Deferred charges and accrued income | 490/1 | €475 | €356 | -€119 | -25.0% |
| Total equity and liabilities | 10/49 | €400,548 | €77,555 | -€322,993 | -80.6% |
| Equity | 10/15 | €308,388 | €3,000 | -€305,388 | -99.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €305,388 | €0 | -€305,388 | -100% |
| Amounts payable | 17/49 | €92,160 | €74,555 | -€17,605 | -19.1% |
| Amounts payable within one year | 42/48 | €92,160 | €74,555 | -€17,605 | -19.1% |
| Trade debts | 44 | €11,556 | €1,123 | -€10,433 | -90.3% |
| Suppliers | 440/4 | €11,556 | €1,123 | -€10,433 | -90.3% |
| Taxes, remuneration and social security | 45 | €80,604 | €73,432 | -€7,172 | -8.9% |
| Taxes | 450/3 | €78,995 | €71,823 | -€7,172 | -9.1% |
| Remuneration and social security | 454/9 | €1,609 | €1,609 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,556 | €3,776 | +€1,221 | +47.8% |
| Other operating charges | 640/8 | €3,440 | €604 | -€2,835 | -82.4% |
| Gross operating margin | 9900 | €132,990 | €88,584 | -€44,406 | -33.4% |
| Operating profit (loss) | 9901 | €126,995 | €84,203 | -€42,791 | -33.7% |
| Financial income | 75/76B | €3,633 | €0 | -€3,633 | -100% |
| Recurring financial income | 75 | €3,633 | €0 | -€3,633 | -100% |
| Financial charges | 65/66B | €638 | €1,448 | +€809 | +127% |
| Recurring financial charges | 65 | €638 | €1,448 | +€809 | +127% |
| Profit (loss) for the period before taxes | 9903 | €129,989 | €82,756 | -€47,234 | -36.3% |
| Income taxes | 67/77 | €29,769 | €22,829 | -€6,940 | -23.3% |
| Profit (loss) for the period | 9904 | €100,221 | €59,927 | -€40,294 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,221 | €59,927 | -€40,294 | -40.2% |
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 18 October 2026 via checked.be.