Ghanoum: 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.
Ghanoum
Largest movements
- Receivables within one year +€12,905
up €12,905 (+800%), from €1,613 to €14,519
of which Trade receivables: +€13,667
- Cash -€8,714
down €8,714 (-77.3%), from €11,269 to €2,555
mainly Receivables within one year (-€12,905) and Investment in fixed assets (net) (-€7,090)
- Financial fixed assets +€5,250
new in 2025: €5,250
- Tangible fixed assets -€759
down €759 (-12.9%), from €5,906 to €5,147
of which Furniture and vehicles: -€884
- Stocks and contracts +€488
up €488 (+14.3%), from €3,415 to €3,902
- Reserves +€6,742
up €6,742 (+62.0%), from €10,875 to €17,617
- Other debts -€4,665
down €4,665 (-98.8%), from €4,721 to €57
- Tax, wage and social debts +€4,643
new in 2025: €4,643
- Accrued charges and deferred income +€2,312
up €2,312 (+203%), from €1,141 to €3,453
- Gross operating margin +€32,840
up €32,840 (+118%), from €27,731 to €60,571
- Financial charges +€24,426
up €24,426 (+230%), from €10,636 to €35,062
- Other operating charges +€10,553
up €10,553 (+590%), from €1,787 to €12,340
- Taxes +€2,563
up €2,563 (+123%), from €2,080 to €4,643
- Financial income +€815
up €815 (+4,073,800%), from €0 to €815
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 | €22,202 | €31,373 | +€9,170 | +41.3% |
| Fixed assets | 21/28 | €5,906 | €10,397 | +€4,491 | +76.0% |
| Tangible fixed assets | 22/27 | €5,906 | €5,147 | -€759 | -12.9% |
| Plant, machinery and equipment | 23 | €2,937 | €3,063 | +€125 | +4.3% |
| Furniture and vehicles | 24 | €2,969 | €2,084 | -€884 | -29.8% |
| Financial fixed assets | 28 | - | €5,250 | +€5,250 | |
| Current assets | 29/58 | €16,297 | €20,976 | +€4,679 | +28.7% |
| Stocks and contracts in progress | 3 | €3,415 | €3,902 | +€488 | +14.3% |
| Stocks | 30/36 | €3,415 | €3,902 | +€488 | +14.3% |
| Amounts receivable within one year | 40/41 | €1,613 | €14,519 | +€12,905 | +800% |
| Trade receivables | 40 | - | €13,667 | +€13,667 | |
| Other amounts receivable | 41 | €1,613 | €851 | -€762 | -47.2% |
| Cash at bank and in hand | 54/58 | €11,269 | €2,555 | -€8,714 | -77.3% |
| Total equity and liabilities | 10/49 | €22,202 | €31,373 | +€9,170 | +41.3% |
| Equity | 10/15 | €12,125 | €18,867 | +€6,742 | +55.6% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Reserves | 13 | €10,875 | €17,617 | +€6,742 | +62.0% |
| Distributable reserves | 133 | €10,875 | €17,617 | +€6,742 | +62.0% |
| Amounts payable | 17/49 | €10,078 | €12,506 | +€2,428 | +24.1% |
| Amounts payable within one year | 42/48 | €8,937 | €9,053 | +€116 | +1.3% |
| Trade debts | 44 | €4,215 | €4,354 | +€138 | +3.3% |
| Suppliers | 440/4 | €4,215 | €4,354 | +€138 | +3.3% |
| Taxes, remuneration and social security | 45 | - | €4,643 | +€4,643 | |
| Taxes | 450/3 | - | €4,643 | +€4,643 | |
| Other amounts payable | 47/48 | €4,721 | €57 | -€4,665 | -98.8% |
| Accrued charges and deferred income | 492/3 | €1,141 | €3,453 | +€2,312 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,353 | €2,599 | +€246 | +10.5% |
| Other operating charges | 640/8 | €1,787 | €12,340 | +€10,553 | +590% |
| Gross operating margin | 9900 | €27,731 | €60,571 | +€32,840 | +118% |
| Operating profit (loss) | 9901 | €23,591 | €45,632 | +€22,041 | +93.4% |
| Financial income | 75/76B | €0 | €815 | +€815 | +4,073,800% |
| Recurring financial income | 75 | €0 | €815 | +€815 | +4,073,800% |
| Financial charges | 65/66B | €10,636 | €35,062 | +€24,426 | +230% |
| Recurring financial charges | 65 | €10,636 | €35,062 | +€24,426 | +230% |
| Profit (loss) for the period before taxes | 9903 | €12,954 | €11,385 | -€1,570 | -12.1% |
| Income taxes | 67/77 | €2,080 | €4,643 | +€2,563 | +123% |
| Profit (loss) for the period | 9904 | €10,875 | €6,742 | -€4,133 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,875 | €6,742 | -€4,133 | -38.0% |
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 13 October 2026 via checked.be.