GDH Partners: 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.
GDH Partners
Largest movements
- Cash -€169,147
down €169,147 (-52.1%), from €324,547 to €155,401
mainly Contributions, distributions and other (-€145,911) and Other debts (-€73,556)
- Receivables within one year +€34,016
up €34,016 (+457%), from €7,450 to €41,467
of which Trade receivables: +€32,450
- Deferred charges and accrued income -€7,898
down €7,898 (-89.1%), from €8,864 to €966
- Tangible fixed assets -€6,562
down €6,562 (-40.4%), from €16,230 to €9,668
- Profit (loss) carried forward -€77,000
no longer reported in 2025 (was €77,000)
- Other debts -€73,556
down €73,556 (-31.4%), from €234,161 to €160,605
- Gross operating margin -€20,862
down €20,862 (-17.5%), from €119,518 to €98,656
- Depreciation -€5,024
down €5,024 (-43.4%), from €11,586 to €6,562
- Taxes -€4,324
down €4,324 (-19.0%), from €22,752 to €18,427
- Financial charges -€2,350
down €2,350 (-37.2%), from €6,310 to €3,960
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 | €357,092 | €207,501 | -€149,591 | -41.9% |
| Fixed assets | 21/28 | €16,230 | €9,668 | -€6,562 | -40.4% |
| Tangible fixed assets | 22/27 | €16,230 | €9,668 | -€6,562 | -40.4% |
| Furniture and vehicles | 24 | €16,230 | €9,668 | -€6,562 | -40.4% |
| Current assets | 29/58 | €340,862 | €197,833 | -€143,029 | -42.0% |
| Amounts receivable within one year | 40/41 | €7,450 | €41,467 | +€34,016 | +457% |
| Trade receivables | 40 | €7,444 | €39,894 | +€32,450 | +436% |
| Other amounts receivable | 41 | €6 | €1,573 | +€1,567 | +25,270% |
| Cash at bank and in hand | 54/58 | €324,547 | €155,401 | -€169,147 | -52.1% |
| Deferred charges and accrued income | 490/1 | €8,864 | €966 | -€7,898 | -89.1% |
| Total equity and liabilities | 10/49 | €357,092 | €207,501 | -€149,591 | -41.9% |
| Equity | 10/15 | €77,500 | €500 | -€77,000 | -99.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,000 | - | -€77,000 | |
| Amounts payable | 17/49 | €279,592 | €207,001 | -€72,591 | -26.0% |
| Amounts payable within one year | 42/48 | €279,592 | €207,001 | -€72,591 | -26.0% |
| Trade debts | 44 | €4,014 | €2,502 | -€1,511 | -37.7% |
| Suppliers | 440/4 | €4,014 | €2,502 | -€1,511 | -37.7% |
| Taxes, remuneration and social security | 45 | €41,417 | €43,894 | +€2,477 | +6.0% |
| Taxes | 450/3 | €41,417 | €43,894 | +€2,477 | +6.0% |
| Other amounts payable | 47/48 | €234,161 | €160,605 | -€73,556 | -31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,586 | €6,562 | -€5,024 | -43.4% |
| Other operating charges | 640/8 | €1,029 | €796 | -€233 | -22.6% |
| Gross operating margin | 9900 | €119,518 | €98,656 | -€20,862 | -17.5% |
| Operating profit (loss) | 9901 | €106,903 | €91,298 | -€15,605 | -14.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,310 | €3,960 | -€2,350 | -37.2% |
| Recurring financial charges | 65 | €6,310 | €3,960 | -€2,350 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €100,593 | €87,338 | -€13,255 | -13.2% |
| Income taxes | 67/77 | €22,752 | €18,427 | -€4,324 | -19.0% |
| Profit (loss) for the period | 9904 | €77,841 | €68,911 | -€8,930 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,841 | €68,911 | -€8,930 | -11.5% |
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 21 October 2026 via checked.be.