GHA MANAGEMENT: what changed
Two fiscal 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.
GHA MANAGEMENT
Largest movements
- Tangible fixed assets -€15,130
down €15,130 (-18.5%), from €81,666 to €66,537
- Cash -€13,339
down €13,339 (-60.4%), from €22,081 to €8,742
mainly Debts after one year (-€117,839) and Accrued charges and deferred income (-€7,434)
- Receivables within one year +€5,131
up €5,131 (+51.3%), from €10,000 to €15,131
of which Other amounts receivable: +€12,775
- Debts after one year -€117,839
down €117,839 (-60.0%), from €196,508 to €78,670
of which Other amounts payable: -€100,000
- Reserves +€81,200
new in 2025: €81,200
of which Distributable reserves: +€75,000
- Profit (loss) carried forward +€13,626
up €13,626, from -€8,009 to €5,618
- Tax, wage and social debts +€9,196
up €9,196 (+49.2%), from €18,681 to €27,877
of which Taxes: +€6,814
- Accrued charges and deferred income -€7,434
down €7,434 (-95.8%), from €7,757 to €324
- Gross operating margin +€144,953
up €144,953 (+294.2%), from €49,277 to €194,231
- Taxes +€26,956
up €26,956 (+11980.5%), from €225 to €27,181
- Depreciation +€14,137
up €14,137 (+450.2%), from €3,140 to €17,278
- Staff costs +€6,258
up €6,258 (+13.8%), from €45,457 to €51,715
- Financial charges -€5,223
down €5,223 (-64.7%), from €8,067 to €2,844
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.
Cash bridge derived
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 | €315,018 | €291,884 | -€23,134 | -7.3% |
| Fixed assets | 21/28 | €281,666 | €266,537 | -€15,130 | -5.4% |
| Tangible fixed assets | 22/27 | €81,666 | €66,537 | -€15,130 | -18.5% |
| Furniture and vehicles | 24 | €81,666 | €66,537 | -€15,130 | -18.5% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €33,352 | €25,348 | -€8,004 | -24.0% |
| Amounts receivable within one year | 40/41 | €10,000 | €15,131 | +€5,131 | +51.3% |
| Trade receivables | 40 | €10,000 | €2,356 | -€7,644 | -76.4% |
| Other amounts receivable | 41 | - | €12,775 | +€12,775 | |
| Cash at bank and in hand | 54/58 | €22,081 | €8,742 | -€13,339 | -60.4% |
| Deferred charges and accrued income | 490/1 | €1,271 | €1,474 | +€203 | +16.0% |
| Total equity and liabilities | 10/49 | €315,018 | €291,884 | -€23,134 | -7.3% |
| Equity | 10/15 | €53,991 | €148,818 | +€94,826 | +175.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | - | €81,200 | +€81,200 | |
| Non-distributable reserves | 130/1 | - | €6,200 | +€6,200 | |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Distributable reserves | 133 | - | €75,000 | +€75,000 | |
| Profit (loss) carried forward | 14 | -€8,009 | €5,618 | +€13,626 | |
| Amounts payable | 17/49 | €261,027 | €143,067 | -€117,960 | -45.2% |
| Amounts payable after more than one year | 17 | €196,508 | €78,670 | -€117,839 | -60.0% |
| Financial debts | 170/4 | €52,508 | €34,670 | -€17,839 | -34.0% |
| Other amounts payable | 178/9 | €144,000 | €44,000 | -€100,000 | -69.4% |
| Amounts payable within one year | 42/48 | €56,761 | €64,073 | +€7,312 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €17,120 | €19,292 | +€2,172 | +12.7% |
| Trade debts | 44 | €6,541 | €6,484 | -€57 | -0.9% |
| Suppliers | 440/4 | €6,541 | €6,484 | -€57 | -0.9% |
| Taxes, remuneration and social security | 45 | €18,681 | €27,877 | +€9,196 | +49.2% |
| Taxes | 450/3 | €6,617 | €13,431 | +€6,814 | +103.0% |
| Remuneration and social security | 454/9 | €12,064 | €14,446 | +€2,382 | +19.7% |
| Other amounts payable | 47/48 | €14,419 | €10,420 | -€4,000 | -27.7% |
| Accrued charges and deferred income | 492/3 | €7,757 | €324 | -€7,434 | -95.8% |
| Remuneration, social security and pensions | 62 | €45,457 | €51,715 | +€6,258 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,140 | €17,278 | +€14,137 | +450.2% |
| Other operating charges | 640/8 | €397 | €396 | -€1 | -0.2% |
| Gross operating margin | 9900 | €49,277 | €194,231 | +€144,953 | +294.2% |
| Operating profit (loss) | 9901 | €283 | €124,842 | +€124,559 | +43965.6% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €8,067 | €2,844 | -€5,223 | -64.7% |
| Recurring financial charges | 65 | €8,067 | €2,844 | -€5,223 | -64.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,784 | €122,008 | +€129,791 | |
| Income taxes | 67/77 | €225 | €27,181 | +€26,956 | +11980.5% |
| Profit (loss) for the period | 9904 | -€8,009 | €94,826 | +€102,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,009 | €94,826 | +€102,835 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.