GHAMEO: 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.
GHAMEO
Largest movements
- Tangible fixed assets -€20,229
down €20,229 (-4.3%), from €471,279 to €451,050
of which Land and buildings: -€16,773
- Cash -€8,102
down €8,102 (-25.1%), from €32,312 to €24,210
mainly Debts after one year (-€18,072) and Other debts (-€9,899)
- Stocks and contracts +€6,649
up €6,649 (+23.4%), from €28,389 to €35,038
- Debts after one year -€18,072
down €18,072 (-5.8%), from €312,444 to €294,371
- Reserves +€10,866
up €10,866 (+6.8%), from €160,195 to €171,061
- Other debts -€9,899
down €9,899 (-61.8%), from €16,006 to €6,107
- Gross operating margin -€40,101
down €40,101 (-44.9%), from €89,288 to €49,187
- Taxes -€6,929
down €6,929 (-53.6%), from €12,937 to €6,008
- Financial charges +€1,282
up €1,282 (+15.9%), from €8,062 to €9,344
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 | €554,719 | €528,421 | -€26,298 | -4.7% |
| Fixed assets | 21/28 | €471,279 | €451,050 | -€20,229 | -4.3% |
| Tangible fixed assets | 22/27 | €471,279 | €451,050 | -€20,229 | -4.3% |
| Land and buildings | 22 | €405,738 | €388,965 | -€16,773 | -4.1% |
| Plant, machinery and equipment | 23 | €5,062 | €2,575 | -€2,487 | -49.1% |
| Furniture and vehicles | 24 | €60,479 | €59,510 | -€969 | -1.6% |
| Current assets | 29/58 | €83,440 | €77,371 | -€6,069 | -7.3% |
| Stocks and contracts in progress | 3 | €28,389 | €35,038 | +€6,649 | +23.4% |
| Stocks | 30/36 | €28,389 | €35,038 | +€6,649 | +23.4% |
| Amounts receivable within one year | 40/41 | €17,818 | €16,051 | -€1,768 | -9.9% |
| Trade receivables | 40 | €14,054 | €14,558 | +€505 | +3.6% |
| Other amounts receivable | 41 | €3,765 | €1,492 | -€2,272 | -60.4% |
| Cash at bank and in hand | 54/58 | €32,312 | €24,210 | -€8,102 | -25.1% |
| Deferred charges and accrued income | 490/1 | €4,922 | €2,073 | -€2,849 | -57.9% |
| Total equity and liabilities | 10/49 | €554,719 | €528,421 | -€26,298 | -4.7% |
| Equity | 10/15 | €178,952 | €189,818 | +€10,866 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €160,195 | €171,061 | +€10,866 | +6.8% |
| Distributable reserves | 133 | €160,195 | €171,061 | +€10,866 | +6.8% |
| Profit (loss) carried forward | 14 | €6,357 | €6,357 | = | 0.0% |
| Amounts payable | 17/49 | €375,767 | €338,603 | -€37,164 | -9.9% |
| Amounts payable after more than one year | 17 | €312,444 | €294,371 | -€18,072 | -5.8% |
| Financial debts | 170/4 | €312,444 | €294,371 | -€18,072 | -5.8% |
| Amounts payable within one year | 42/48 | €63,324 | €44,232 | -€19,092 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €24,295 | €19,754 | -€4,541 | -18.7% |
| Trade debts | 44 | €7,066 | €2,976 | -€4,090 | -57.9% |
| Suppliers | 440/4 | €7,066 | €2,976 | -€4,090 | -57.9% |
| Taxes, remuneration and social security | 45 | €15,956 | €15,394 | -€562 | -3.5% |
| Taxes | 450/3 | €15,956 | €15,394 | -€562 | -3.5% |
| Other amounts payable | 47/48 | €16,006 | €6,107 | -€9,899 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,101 | €20,229 | +€129 | +0.6% |
| Other operating charges | 640/8 | €2,557 | €2,740 | +€183 | +7.1% |
| Gross operating margin | 9900 | €89,288 | €49,187 | -€40,101 | -44.9% |
| Operating profit (loss) | 9901 | €66,630 | €26,218 | -€40,412 | -60.7% |
| Financial income | 75/76B | €4 | €0 | -€3 | -92.4% |
| Recurring financial income | 75 | €4 | €0 | -€3 | -92.4% |
| Financial charges | 65/66B | €8,062 | €9,344 | +€1,282 | +15.9% |
| Recurring financial charges | 65 | €8,062 | €9,344 | +€1,282 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €58,572 | €16,874 | -€41,698 | -71.2% |
| Income taxes | 67/77 | €12,937 | €6,008 | -€6,929 | -53.6% |
| Profit (loss) for the period | 9904 | €45,635 | €10,866 | -€34,769 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,635 | €10,866 | -€34,769 | -76.2% |
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 18 October 2026 via checked.be.