Ghanab: 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.
Ghanab
Largest movements
- Tangible fixed assets +€408,744
up €408,744 (+31.7%), from €1.3m to €1.7m
of which Land and buildings: +€538,813
- Receivables after one year -€260,000
no longer reported in 2025 (was €260,000)
- Current investments +€177,169
up €177,169 (+65.6%), from €270,000 to €447,169
- Cash +€111,746
up €111,746 (+70.2%), from €159,225 to €270,971
mainly Net result for the year (+€382,083) and Debts after one year (+€276,845)
- Debts after one year +€276,845
up €276,845 (+48.1%), from €575,386 to €852,231
- Other debts +€254,795
up €254,795 (+111.1%), from €229,332 to €484,126
- Reserves -€158,119
down €158,119 (-13.2%), from €1.2m to €1.0m
- Current portion of long-term debt +€37,688
up €37,688 (+148.0%), from €25,467 to €63,155
- Tax, wage and social debts +€35,707
up €35,707 (+159.6%), from €22,378 to €58,085
- Gross operating margin +€163,344
up €163,344 (+27.6%), from €592,539 to €755,883
- Depreciation +€38,970
up €38,970 (+28.7%), from €136,010 to €174,980
- Taxes +€32,752
up €32,752 (+23.8%), from €137,898 to €170,650
- Financial charges +€7,742
up €7,742 (+31.2%), from €24,836 to €32,578
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 | €2,122,236 | €2,580,602 | +€458,366 | +21.6% |
| Fixed assets | 21/28 | €1,289,627 | €1,698,371 | +€408,744 | +31.7% |
| Tangible fixed assets | 22/27 | €1,289,603 | €1,698,347 | +€408,744 | +31.7% |
| Land and buildings | 22 | €354,510 | €893,323 | +€538,813 | +152.0% |
| Plant, machinery and equipment | 23 | €30,886 | €67,336 | +€36,450 | +118.0% |
| Furniture and vehicles | 24 | €72,496 | €50,050 | -€22,446 | -31.0% |
| Leasing and similar rights | 25 | €527,997 | €498,663 | -€29,333 | -5.6% |
| Other tangible fixed assets | 26 | €197,058 | €188,975 | -€8,084 | -4.1% |
| Assets under construction and advance payments | 27 | €106,656 | - | -€106,656 | |
| Financial fixed assets | 28 | €24 | €24 | = | 0.0% |
| Current assets | 29/58 | €832,609 | €882,231 | +€49,622 | +6.0% |
| Amounts receivable after more than one year | 29 | €260,000 | - | -€260,000 | |
| Other amounts receivable | 291 | €260,000 | - | -€260,000 | |
| Amounts receivable within one year | 40/41 | €28,544 | €38,422 | +€9,877 | +34.6% |
| Trade receivables | 40 | €28,544 | €38,422 | +€9,877 | +34.6% |
| Current investments | 50/53 | €270,000 | €447,169 | +€177,169 | +65.6% |
| Cash at bank and in hand | 54/58 | €159,225 | €270,971 | +€111,746 | +70.2% |
| Deferred charges and accrued income | 490/1 | €114,840 | €125,670 | +€10,830 | +9.4% |
| Total equity and liabilities | 10/49 | €2,122,236 | €2,580,602 | +€458,366 | +21.6% |
| Equity | 10/15 | €1,214,595 | €1,056,476 | -€158,119 | -13.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,202,195 | €1,044,076 | -€158,119 | -13.2% |
| Distributable reserves | 133 | €1,202,195 | €1,044,076 | -€158,119 | -13.2% |
| Amounts payable | 17/49 | €907,641 | €1,524,126 | +€616,485 | +67.9% |
| Amounts payable after more than one year | 17 | €575,386 | €852,231 | +€276,845 | +48.1% |
| Financial debts | 170/4 | €575,386 | €852,231 | +€276,845 | +48.1% |
| Amounts payable within one year | 42/48 | €324,540 | €657,007 | +€332,466 | +102.4% |
| Current portion of amounts payable after more than one year | 42 | €25,467 | €63,155 | +€37,688 | +148.0% |
| Financial debts | 43 | €22,993 | €40,463 | +€17,470 | +76.0% |
| Credit institutions | 430/8 | €22,993 | €40,463 | +€17,470 | +76.0% |
| Trade debts | 44 | €24,371 | €11,178 | -€13,193 | -54.1% |
| Suppliers | 440/4 | €24,371 | €11,178 | -€13,193 | -54.1% |
| Taxes, remuneration and social security | 45 | €22,378 | €58,085 | +€35,707 | +159.6% |
| Taxes | 450/3 | €22,378 | €58,085 | +€35,707 | +159.6% |
| Other amounts payable | 47/48 | €229,332 | €484,126 | +€254,795 | +111.1% |
| Accrued charges and deferred income | 492/3 | €7,715 | €14,888 | +€7,173 | +93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,010 | €174,980 | +€38,970 | +28.7% |
| Other operating charges | 640/8 | €5,005 | €4,583 | -€422 | -8.4% |
| Gross operating margin | 9900 | €592,539 | €755,883 | +€163,344 | +27.6% |
| Operating profit (loss) | 9901 | €451,524 | €576,320 | +€124,796 | +27.6% |
| Financial income | 75/76B | €12,129 | €8,991 | -€3,137 | -25.9% |
| Recurring financial income | 75 | €12,129 | €8,991 | -€3,137 | -25.9% |
| Financial charges | 65/66B | €24,836 | €32,578 | +€7,742 | +31.2% |
| Recurring financial charges | 65 | €24,836 | €32,578 | +€7,742 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €438,816 | €552,733 | +€113,917 | +26.0% |
| Income taxes | 67/77 | €137,898 | €170,650 | +€32,752 | +23.8% |
| Profit (loss) for the period | 9904 | €300,918 | €382,083 | +€81,165 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €300,918 | €382,083 | +€81,165 | +27.0% |
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.