GH Law: 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.
GH Law
Largest movements
- Financial fixed assets +€99,324
up €99,324 (+4.3%), from €2.3m to €2.4m
- Tangible fixed assets +€97,166
up €97,166 (+327,378%), from €30 to €97,195
- Cash -€78,615
down €78,615 (-48.3%), from €162,914 to €84,299
mainly Other debts (-€1.0m) and Investment in fixed assets (net) (-€196,649)
- Revaluation surpluses +€1.3m
new in 2025: €1.3m
- Other debts -€1.0m
down €1.0m (-78.9%), from €1.3m to €270,341
- Profit (loss) carried forward -€196,022
down €196,022 (-15.7%), from €1.2m to €1.1m
- Debts after one year +€40,598
new in 2025: €40,598
- Financial income -€14,222
down €14,222 (-8.5%), from €167,658 to €153,436
- Gross operating margin +€8,608
up €8,608 (+14.3%), from €60,303 to €68,911
- Taxes -€2,847
down €2,847 (-14.8%), from €19,202 to €16,355
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 | €2,557,849 | €2,701,324 | +€143,475 | +5.6% |
| Fixed assets | 21/28 | €2,333,332 | €2,529,821 | +€196,490 | +8.4% |
| Tangible fixed assets | 22/27 | €30 | €97,195 | +€97,166 | +327,378% |
| Furniture and vehicles | 24 | €30 | €97,195 | +€97,166 | +327,378% |
| Financial fixed assets | 28 | €2,333,302 | €2,432,626 | +€99,324 | +4.3% |
| Current assets | 29/58 | €224,517 | €171,502 | -€53,015 | -23.6% |
| Amounts receivable within one year | 40/41 | €3,381 | €16,647 | +€13,266 | +392% |
| Trade receivables | 40 | €800 | €3,700 | +€2,900 | +363% |
| Other amounts receivable | 41 | €2,581 | €12,947 | +€10,366 | +402% |
| Current investments | 50/53 | €58,000 | €70,000 | +€12,000 | +20.7% |
| Cash at bank and in hand | 54/58 | €162,914 | €84,299 | -€78,615 | -48.3% |
| Deferred charges and accrued income | 490/1 | €222 | €556 | +€335 | +151% |
| Total equity and liabilities | 10/49 | €2,557,849 | €2,701,324 | +€143,475 | +5.6% |
| Equity | 10/15 | €1,253,296 | €2,377,969 | +€1.1m | +89.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,320,695 | +€1.3m | |
| Profit (loss) carried forward | 14 | €1,248,296 | €1,052,274 | -€196,022 | -15.7% |
| Amounts payable | 17/49 | €1,304,553 | €323,355 | -€981,198 | -75.2% |
| Amounts payable after more than one year | 17 | - | €40,598 | +€40,598 | |
| Financial debts | 170/4 | - | €40,598 | +€40,598 | |
| Amounts payable within one year | 42/48 | €1,304,553 | €282,757 | -€1.0m | -78.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,402 | +€9,402 | |
| Trade debts | 44 | - | €2,963 | +€2,963 | |
| Suppliers | 440/4 | - | €2,963 | +€2,963 | |
| Taxes, remuneration and social security | 45 | €22,536 | €50 | -€22,486 | -99.8% |
| Taxes | 450/3 | €22,536 | €50 | -€22,486 | -99.8% |
| Other amounts payable | 47/48 | €1,282,016 | €270,341 | -€1.0m | -78.9% |
| Non-recurring operating income | 76A | - | €3,306 | +€3,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385 | €159 | -€226 | -58.6% |
| Other operating charges | 640/8 | €1,263 | €1,299 | +€37 | +2.9% |
| Gross operating margin | 9900 | €60,303 | €68,911 | +€8,608 | +14.3% |
| Operating profit (loss) | 9901 | €58,655 | €67,452 | +€8,797 | +15.0% |
| Financial income | 75/76B | €167,658 | €153,436 | -€14,222 | -8.5% |
| Recurring financial income | 75 | €167,658 | €153,436 | -€14,222 | -8.5% |
| Financial charges | 65/66B | €337 | €555 | +€218 | +64.7% |
| Recurring financial charges | 65 | €337 | €555 | +€218 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €225,976 | €220,333 | -€5,643 | -2.5% |
| Income taxes | 67/77 | €19,202 | €16,355 | -€2,847 | -14.8% |
| Profit (loss) for the period | 9904 | €206,774 | €203,978 | -€2,796 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €206,774 | €203,978 | -€2,796 | -1.4% |
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 23 October 2026 via checked.be.