GHAEL: 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.
GHAEL
Largest movements
- Cash -€4,105
down €4,105 (-19.6%), from €20,997 to €16,892
mainly Stocks and contracts (-€3,756) and Investment in fixed assets (net) (-€2,640)
- Stocks and contracts +€3,756
up €3,756 (+193%), from €1,950 to €5,706
- Tangible fixed assets +€2,492
up €2,492 (+2,930%), from €85 to €2,577
of which Furniture and vehicles: +€2,514
- Profit (loss) carried forward +€2,236
up €2,236, from -€2,159 to €78
- Turnover -€59,975
no longer reported in 2025 (was €59,975)
- Purchases and services -€56,188
no longer reported in 2025 (was €56,188)
- Gross operating margin -€677
down €677 (-17.9%), from €3,787 to €3,110
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 | €23,325 | €25,772 | +€2,447 | +10.5% |
| Fixed assets | 21/28 | €315 | €2,807 | +€2,492 | +791% |
| Tangible fixed assets | 22/27 | €85 | €2,577 | +€2,492 | +2,930% |
| Plant, machinery and equipment | 23 | €85 | €63 | -€22 | -25.9% |
| Furniture and vehicles | 24 | - | €2,514 | +€2,514 | |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €23,010 | €22,966 | -€44 | -0.2% |
| Stocks and contracts in progress | 3 | €1,950 | €5,706 | +€3,756 | +193% |
| Stocks | 30/36 | €1,950 | €5,706 | +€3,756 | +193% |
| Amounts receivable within one year | 40/41 | €24 | €88 | +€64 | +266% |
| Other amounts receivable | 41 | €24 | €88 | +€64 | +266% |
| Cash at bank and in hand | 54/58 | €20,997 | €16,892 | -€4,105 | -19.6% |
| Deferred charges and accrued income | 490/1 | €39 | €280 | +€241 | +621% |
| Total equity and liabilities | 10/49 | €23,325 | €25,772 | +€2,447 | +10.5% |
| Equity | 10/15 | €16,897 | €19,133 | +€2,236 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €456 | €456 | = | 0.0% |
| Non-distributable reserves | 130/1 | €456 | €456 | = | 0.0% |
| Reserves not available under the articles | 1311 | €456 | €456 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,159 | €78 | +€2,236 | |
| Amounts payable | 17/49 | €6,428 | €6,639 | +€211 | +3.3% |
| Amounts payable within one year | 42/48 | €6,428 | €6,639 | +€211 | +3.3% |
| Trade debts | 44 | €5,984 | €6,135 | +€151 | +2.5% |
| Suppliers | 440/4 | €5,984 | €6,135 | +€151 | +2.5% |
| Taxes, remuneration and social security | 45 | €86 | - | -€86 | |
| Taxes | 450/3 | €86 | - | -€86 | |
| Other amounts payable | 47/48 | €358 | €504 | +€146 | +40.8% |
| Turnover | 70 | €59,975 | - | -€59,975 | |
| Goods, raw materials, services and sundry goods | 60/61 | €56,188 | - | -€56,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22 | €148 | +€126 | +575% |
| Other operating charges | 640/8 | €207 | €213 | +€6 | +3.1% |
| Gross operating margin | 9900 | €3,787 | €3,110 | -€677 | -17.9% |
| Operating profit (loss) | 9901 | €3,558 | €2,749 | -€810 | -22.8% |
| Financial charges | 65/66B | €326 | €512 | +€186 | +57.3% |
| Recurring financial charges | 65 | €326 | €512 | +€186 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | €3,232 | €2,236 | -€996 | -30.8% |
| Profit (loss) for the period | 9904 | €3,232 | €2,236 | -€996 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,232 | €2,236 | -€996 | -30.8% |
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 14 October 2026 via checked.be.