GHAco: 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.
GHAco
Largest movements
- Stocks and contracts +€23,746
up €23,746 (+14.6%), from €163,143 to €186,889
of which Stocks: +€25,718
- Tangible fixed assets +€13,868
up €13,868 (+67.9%), from €20,422 to €34,290
of which Furniture and vehicles: +€21,344
- Cash -€6,843
down €6,843 (-12.0%), from €57,192 to €50,349
mainly Investment in fixed assets (net) (-€35,412) and Stocks and contracts (-€23,746)
- Trade debts +€29,514
up €29,514 (+110.8%), from €26,637 to €56,151
- Reserves +€20,206
up €20,206 (+10.7%), from €189,250 to €209,456
- Tax, wage and social debts -€17,488
no longer reported in 2025 (was €17,488)
- Other debts -€8,756
down €8,756 (-18.9%), from €46,287 to €37,532
- Current portion of long-term debt +€5,170
up €5,170 (+32.3%), from €16,026 to €21,197
- Gross operating margin -€22,963
down €22,963 (-30.7%), from €74,784 to €51,821
- Taxes -€4,263
down €4,263 (-42.3%), from €10,072 to €5,809
- Financial income +€1,531
up €1,531 (+733.9%), from €209 to €1,740
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 | €332,875 | €361,892 | +€29,017 | +8.7% |
| Fixed assets | 21/28 | €34,586 | €45,954 | +€11,368 | +32.9% |
| Intangible fixed assets | 21 | €14,163 | €11,663 | -€2,500 | -17.7% |
| Tangible fixed assets | 22/27 | €20,422 | €34,290 | +€13,868 | +67.9% |
| Plant, machinery and equipment | 23 | €11,218 | €4,737 | -€6,481 | -57.8% |
| Furniture and vehicles | 24 | €7,045 | €28,389 | +€21,344 | +302.9% |
| Other tangible fixed assets | 26 | €2,159 | €1,164 | -€995 | -46.1% |
| Current assets | 29/58 | €298,289 | €315,938 | +€17,649 | +5.9% |
| Stocks and contracts in progress | 3 | €163,143 | €186,889 | +€23,746 | +14.6% |
| Stocks | 30/36 | €161,171 | €186,889 | +€25,718 | +16.0% |
| Contracts in progress | 37 | €1,972 | - | -€1,972 | |
| Amounts receivable within one year | 40/41 | €74,744 | €73,752 | -€992 | -1.3% |
| Trade receivables | 40 | €59,372 | €57,817 | -€1,555 | -2.6% |
| Other amounts receivable | 41 | €15,372 | €15,935 | +€563 | +3.7% |
| Cash at bank and in hand | 54/58 | €57,192 | €50,349 | -€6,843 | -12.0% |
| Deferred charges and accrued income | 490/1 | €3,210 | €4,948 | +€1,738 | +54.1% |
| Total equity and liabilities | 10/49 | €332,875 | €361,892 | +€29,017 | +8.7% |
| Equity | 10/15 | €194,250 | €214,456 | +€20,206 | +10.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €189,250 | €209,456 | +€20,206 | +10.7% |
| Distributable reserves | 133 | €189,250 | €209,456 | +€20,206 | +10.7% |
| Amounts payable | 17/49 | €138,625 | €147,436 | +€8,811 | +6.4% |
| Amounts payable after more than one year | 17 | €32,186 | €32,556 | +€371 | +1.2% |
| Financial debts | 170/4 | €32,186 | €32,556 | +€371 | +1.2% |
| Amounts payable within one year | 42/48 | €106,439 | €114,880 | +€8,440 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €16,026 | €21,197 | +€5,170 | +32.3% |
| Trade debts | 44 | €26,637 | €56,151 | +€29,514 | +110.8% |
| Suppliers | 440/4 | €26,637 | €56,151 | +€29,514 | +110.8% |
| Taxes, remuneration and social security | 45 | €17,488 | - | -€17,488 | |
| Taxes | 450/3 | €17,488 | - | -€17,488 | |
| Other amounts payable | 47/48 | €46,287 | €37,532 | -€8,756 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,229 | €24,044 | -€186 | -0.8% |
| Other operating charges | 640/8 | €1,568 | €1,006 | -€562 | -35.9% |
| Gross operating margin | 9900 | €74,784 | €51,821 | -€22,963 | -30.7% |
| Operating profit (loss) | 9901 | €48,987 | €26,772 | -€22,215 | -45.3% |
| Financial income | 75/76B | €209 | €1,740 | +€1,531 | +733.9% |
| Recurring financial income | 75 | €209 | €1,740 | +€1,531 | +733.9% |
| Financial charges | 65/66B | €2,242 | €2,498 | +€256 | +11.4% |
| Recurring financial charges | 65 | €2,242 | €2,498 | +€256 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €46,954 | €26,014 | -€20,940 | -44.6% |
| Income taxes | 67/77 | €10,072 | €5,809 | -€4,263 | -42.3% |
| Profit (loss) for the period | 9904 | €36,882 | €20,206 | -€16,677 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,882 | €20,206 | -€16,677 | -45.2% |
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 3 October 2026 via checked.be.