GHANDRA: 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.
GHANDRA
Largest movements
- Cash +€27,115
up €27,115 (+31.0%), from €87,484 to €114,599
mainly Net result for the year (+€28,571) and Depreciation (+€6,779)
- Deferred charges and accrued income +€19,766
up €19,766 (+154.4%), from €12,801 to €32,567
- Tangible fixed assets -€5,235
down €5,235 (-30.9%), from €16,924 to €11,689
of which Furniture and vehicles: -€4,270
- Receivables within one year -€4,831
down €4,831 (-82.3%), from €5,868 to €1,037
of which Other amounts receivable: -€3,053
- Reserves +€28,571
up €28,571 (+33.1%), from €86,432 to €115,003
of which Distributable reserves: +€28,571
- Tax, wage and social debts +€6,715
up €6,715 (+105.2%), from €6,384 to €13,099
- Other debts +€2,452
up €2,452 (+12.4%), from €19,697 to €22,149
- Accrued charges and deferred income -€2,341
no longer reported in 2025 (was €2,341)
- Gross operating margin +€19,801
up €19,801 (+63.7%), from €31,075 to €50,876
- Taxes +€6,646
up €6,646 (+100.8%), from €6,592 to €13,238
- Depreciation -€1,661
down €1,661 (-19.7%), from €8,441 to €6,779
- Financial charges -€1,144
down €1,144 (-37.0%), from €3,096 to €1,952
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 | €123,076 | €159,891 | +€36,815 | +29.9% |
| Fixed assets | 21/28 | €16,924 | €11,689 | -€5,235 | -30.9% |
| Tangible fixed assets | 22/27 | €16,924 | €11,689 | -€5,235 | -30.9% |
| Land and buildings | 22 | €237 | €119 | -€119 | -50.0% |
| Plant, machinery and equipment | 23 | €2,077 | €1,230 | -€846 | -40.8% |
| Furniture and vehicles | 24 | €14,610 | €10,340 | -€4,270 | -29.2% |
| Current assets | 29/58 | €106,153 | €148,203 | +€42,050 | +39.6% |
| Amounts receivable within one year | 40/41 | €5,868 | €1,037 | -€4,831 | -82.3% |
| Trade receivables | 40 | €2,815 | €1,037 | -€1,778 | -63.2% |
| Other amounts receivable | 41 | €3,053 | - | -€3,053 | |
| Cash at bank and in hand | 54/58 | €87,484 | €114,599 | +€27,115 | +31.0% |
| Deferred charges and accrued income | 490/1 | €12,801 | €32,567 | +€19,766 | +154.4% |
| Total equity and liabilities | 10/49 | €123,076 | €159,891 | +€36,815 | +29.9% |
| Equity | 10/15 | €92,632 | €121,203 | +€28,571 | +30.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,432 | €115,003 | +€28,571 | +33.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,967 | €2,967 | = | 0.0% |
| Distributable reserves | 133 | €81,605 | €110,176 | +€28,571 | +35.0% |
| Amounts payable | 17/49 | €30,444 | €38,688 | +€8,244 | +27.1% |
| Amounts payable within one year | 42/48 | €28,103 | €38,688 | +€10,584 | +37.7% |
| Trade debts | 44 | €2,023 | €3,440 | +€1,417 | +70.1% |
| Suppliers | 440/4 | €2,023 | €3,440 | +€1,417 | +70.1% |
| Taxes, remuneration and social security | 45 | €6,384 | €13,099 | +€6,715 | +105.2% |
| Taxes | 450/3 | €6,384 | €13,099 | +€6,715 | +105.2% |
| Other amounts payable | 47/48 | €19,697 | €22,149 | +€2,452 | +12.4% |
| Accrued charges and deferred income | 492/3 | €2,341 | - | -€2,341 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | - | €55 | +€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,441 | €6,779 | -€1,661 | -19.7% |
| Other operating charges | 640/8 | €637 | €718 | +€81 | +12.7% |
| Gross operating margin | 9900 | €31,075 | €50,876 | +€19,801 | +63.7% |
| Operating profit (loss) | 9901 | €21,997 | €43,323 | +€21,326 | +96.9% |
| Financial income | 75/76B | €539 | €438 | -€101 | -18.7% |
| Recurring financial income | 75 | €539 | €438 | -€101 | -18.7% |
| Financial charges | 65/66B | €3,096 | €1,952 | -€1,144 | -37.0% |
| Recurring financial charges | 65 | €3,096 | €1,952 | -€1,144 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €19,439 | €41,809 | +€22,370 | +115.1% |
| Income taxes | 67/77 | €6,592 | €13,238 | +€6,646 | +100.8% |
| Profit (loss) for the period | 9904 | €12,847 | €28,571 | +€15,724 | +122.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,847 | €28,571 | +€15,724 | +122.4% |
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 2 October 2026 via checked.be.