GH 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.
GH PARTNERS
Largest movements
- Cash +€349,343
up €349,343 (+195%), from €179,514 to €528,856
mainly Net result for the year (+€340,675) and Depreciation (+€105,868)
- Tangible fixed assets -€81,483
down €81,483 (-3.4%), from €2.4m to €2.3m
of which Land and buildings: -€85,321
- Reserves +€248,790
up €248,790 (+12.3%), from €2.0m to €2.3m
of which Distributable reserves: +€253,000
- Other debts +€92,350
up €92,350 (+6,346%), from €1,455 to €93,805
- Debts after one year -€90,687
down €90,687 (-12.0%), from €755,306 to €664,619
- Tax, wage and social debts +€50,379
up €50,379 (+761%), from €6,616 to €56,994
of which Taxes: +€50,255
- Gross operating margin +€448,395
up €448,395 (+249%), from €180,435 to €628,829
- Taxes +€142,392
up €142,392 (+942%), from €15,115 to €157,507
- Financial income +€13,004
up €13,004 (+1,414%), from €920 to €13,923
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 | €2,904,794 | €3,206,095 | +€301,301 | +10.4% |
| Fixed assets | 21/28 | €2,428,889 | €2,347,405 | -€81,483 | -3.4% |
| Tangible fixed assets | 22/27 | €2,398,714 | €2,317,230 | -€81,483 | -3.4% |
| Land and buildings | 22 | €2,356,720 | €2,271,398 | -€85,321 | -3.6% |
| Plant, machinery and equipment | 23 | €7,210 | €5,768 | -€1,442 | -20.0% |
| Furniture and vehicles | 24 | €34,784 | €40,064 | +€5,280 | +15.2% |
| Financial fixed assets | 28 | €30,175 | €30,175 | = | 0.0% |
| Current assets | 29/58 | €475,905 | €858,689 | +€382,784 | +80.4% |
| Amounts receivable within one year | 40/41 | €41,258 | €60,096 | +€18,838 | +45.7% |
| Trade receivables | 40 | €26,279 | €60,067 | +€33,788 | +129% |
| Other amounts receivable | 41 | €14,979 | €29 | -€14,950 | -99.8% |
| Current investments | 50/53 | €250,000 | €259,704 | +€9,704 | +3.9% |
| Cash at bank and in hand | 54/58 | €179,514 | €528,856 | +€349,343 | +195% |
| Deferred charges and accrued income | 490/1 | €5,133 | €10,033 | +€4,900 | +95.4% |
| Total equity and liabilities | 10/49 | €2,904,794 | €3,206,095 | +€301,301 | +10.4% |
| Equity | 10/15 | €2,041,311 | €2,290,986 | +€249,675 | +12.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €2,029,547 | €2,278,337 | +€248,790 | +12.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €189,547 | €185,337 | -€4,210 | -2.2% |
| Distributable reserves | 133 | €1,840,000 | €2,093,000 | +€253,000 | +13.8% |
| Profit (loss) carried forward | 14 | €3,704 | €4,589 | +€885 | +23.9% |
| Amounts payable | 17/49 | €863,483 | €915,109 | +€51,626 | +6.0% |
| Amounts payable after more than one year | 17 | €755,306 | €664,619 | -€90,687 | -12.0% |
| Financial debts | 170/4 | €755,306 | €664,619 | -€90,687 | -12.0% |
| Amounts payable within one year | 42/48 | €103,904 | €250,466 | +€146,562 | +141% |
| Current portion of amounts payable after more than one year | 42 | €89,093 | €90,687 | +€1,594 | +1.8% |
| Trade debts | 44 | €6,740 | €8,980 | +€2,240 | +33.2% |
| Suppliers | 440/4 | €6,740 | €8,980 | +€2,240 | +33.2% |
| Taxes, remuneration and social security | 45 | €6,616 | €56,994 | +€50,379 | +761% |
| Taxes | 450/3 | €4,771 | €55,026 | +€50,255 | +1,053% |
| Remuneration and social security | 454/9 | €1,845 | €1,968 | +€124 | +6.7% |
| Other amounts payable | 47/48 | €1,455 | €93,805 | +€92,350 | +6,346% |
| Accrued charges and deferred income | 492/3 | €4,273 | €24 | -€4,249 | -99.5% |
| Remuneration, social security and pensions | 62 | €17,725 | €19,379 | +€1,654 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,101 | €105,868 | +€2,767 | +2.7% |
| Other operating charges | 640/8 | €4,184 | €4,561 | +€378 | +9.0% |
| Gross operating margin | 9900 | €180,435 | €628,829 | +€448,395 | +249% |
| Operating profit (loss) | 9901 | €55,425 | €499,021 | +€443,596 | +800% |
| Financial income | 75/76B | €920 | €13,923 | +€13,004 | +1,414% |
| Recurring financial income | 75 | €920 | €13,923 | +€13,004 | +1,414% |
| Financial charges | 65/66B | €16,247 | €14,762 | -€1,485 | -9.1% |
| Recurring financial charges | 65 | €16,247 | €14,762 | -€1,485 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €40,098 | €498,182 | +€458,084 | +1,142% |
| Income taxes | 67/77 | €15,115 | €157,507 | +€142,392 | +942% |
| Profit (loss) for the period | 9904 | €24,982 | €340,675 | +€315,692 | +1,264% |
| Transfer from tax-exempt reserves | 789 | €21,050 | €88,410 | +€67,360 | +320% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,032 | €344,885 | +€298,852 | +649% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.