GHAZAL: 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.
GHAZAL
Largest movements
- Receivables within one year +€286,711
up €286,711 (+604%), from €47,483 to €334,194
of which Trade receivables: +€300,896
- Advances received +€201,074
new in 2024: €201,074
- Trade debts +€93,280
up €93,280 (+199%), from €46,906 to €140,186
- Debts after one year -€36,773
no longer reported in 2024 (was €36,773)
- Tax, wage and social debts +€27,395
up €27,395 (+171%), from €16,062 to €43,457
of which Remuneration and social security: +€23,573
- Turnover -€456,634
no longer reported in 2024 (was €456,634)
- Purchases and services -€290,059
no longer reported in 2024 (was €290,059)
- Gross operating margin +€26,065
up €26,065 (+14.6%), from €178,438 to €204,503
- Taxes +€19,311
new in 2024: €19,311
- Staff costs +€13,224
up €13,224 (+9.1%), from €145,675 to €158,899
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,663 | €514,545 | +€285,882 | +125% |
| Fixed assets | 21/28 | €54,913 | €57,244 | +€2,331 | +4.2% |
| Tangible fixed assets | 22/27 | €45,013 | €47,344 | +€2,331 | +5.2% |
| Furniture and vehicles | 24 | €45,013 | €47,344 | +€2,331 | +5.2% |
| Financial fixed assets | 28 | €9,900 | €9,900 | = | 0.0% |
| Current assets | 29/58 | €173,751 | €457,301 | +€283,550 | +163% |
| Stocks and contracts in progress | 3 | €3,001 | €2,650 | -€351 | -11.7% |
| Stocks | 30/36 | €3,001 | €2,650 | -€351 | -11.7% |
| Amounts receivable within one year | 40/41 | €47,483 | €334,194 | +€286,711 | +604% |
| Trade receivables | 40 | €200 | €301,096 | +€300,896 | +150,448% |
| Other amounts receivable | 41 | €47,283 | €33,098 | -€14,185 | -30.0% |
| Cash at bank and in hand | 54/58 | €123,267 | €120,457 | -€2,810 | -2.3% |
| Total equity and liabilities | 10/49 | €228,663 | €514,545 | +€285,882 | +125% |
| Equity | 10/15 | €128,922 | €127,462 | -€1,461 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,374 | €1,374 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,374 | €1,374 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,374 | €1,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,948 | €107,488 | -€1,461 | -1.3% |
| Amounts payable | 17/49 | €99,741 | €387,083 | +€287,342 | +288% |
| Amounts payable after more than one year | 17 | €36,773 | - | -€36,773 | |
| Financial debts | 170/4 | €36,773 | - | -€36,773 | |
| Amounts payable within one year | 42/48 | €62,968 | €387,083 | +€324,115 | +515% |
| Financial debts | 43 | - | €2,367 | +€2,367 | |
| Credit institutions | 430/8 | - | €2,367 | +€2,367 | |
| Trade debts | 44 | €46,906 | €140,186 | +€93,280 | +199% |
| Suppliers | 440/4 | €46,906 | €140,186 | +€93,280 | +199% |
| Advances received on contracts in progress | 46 | - | €201,074 | +€201,074 | |
| Taxes, remuneration and social security | 45 | €16,062 | €43,457 | +€27,395 | +171% |
| Taxes | 450/3 | €6,350 | €10,172 | +€3,822 | +60.2% |
| Remuneration and social security | 454/9 | €9,712 | €33,285 | +€23,573 | +243% |
| Turnover | 70 | €456,634 | - | -€456,634 | |
| Goods, raw materials, services and sundry goods | 60/61 | €290,059 | - | -€290,059 | |
| Remuneration, social security and pensions | 62 | €145,675 | €158,899 | +€13,224 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,733 | €27,404 | +€11,672 | +74.2% |
| Other operating charges | 640/8 | €3,698 | €1,052 | -€2,647 | -71.6% |
| Gross operating margin | 9900 | €178,438 | €204,503 | +€26,065 | +14.6% |
| Operating profit (loss) | 9901 | €13,332 | €17,148 | +€3,816 | +28.6% |
| Financial income | 75/76B | €375 | €1,022 | +€647 | +172% |
| Recurring financial income | 75 | €375 | €1,022 | +€647 | +172% |
| Financial charges | 65/66B | €344 | €319 | -€24 | -7.1% |
| Recurring financial charges | 65 | €344 | €319 | -€24 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €13,363 | €17,850 | +€4,487 | +33.6% |
| Income taxes | 67/77 | - | €19,311 | +€19,311 | |
| Profit (loss) for the period | 9904 | €13,363 | -€1,461 | -€14,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,363 | -€1,461 | -€14,824 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.