GHAZALA: 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.
GHAZALA
Largest movements
- Receivables within one year +€243,670
up €243,670 (+210.3%), from €115,849 to €359,519
of which Other amounts receivable: +€217,552
- Cash -€179,470
down €179,470 (-71.6%), from €250,702 to €71,231
mainly Receivables within one year (-€243,670) and Other debts (-€55,000)
- Tangible fixed assets -€14,890
down €14,890 (-29.5%), from €50,480 to €35,590
of which Furniture and vehicles: -€17,690
- Profit (loss) carried forward +€111,782
up €111,782 (+38.5%), from €290,340 to €402,122
- Other debts -€55,000
no longer reported in 2025 (was €55,000)
- Tax, wage and social debts -€7,390
down €7,390 (-95.1%), from €7,774 to €384
- Turnover +€1.3m
new in 2025: €1.3m
- Purchases and services +€947,068
new in 2025: €947,068
- Staff costs +€118,602
up €118,602 (+304.0%), from €39,015 to €157,616
- Gross operating margin +€24,433
up €24,433 (+8.4%), from €289,271 to €313,704
- Taxes -€17,724
no longer reported in 2025 (was €17,724)
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 | €427,700 | €477,009 | +€49,309 | +11.5% |
| Fixed assets | 21/28 | €56,180 | €41,290 | -€14,890 | -26.5% |
| Tangible fixed assets | 22/27 | €50,480 | €35,590 | -€14,890 | -29.5% |
| Plant, machinery and equipment | 23 | - | €2,800 | +€2,800 | |
| Furniture and vehicles | 24 | €50,480 | €32,790 | -€17,690 | -35.0% |
| Financial fixed assets | 28 | €5,700 | €5,700 | = | 0.0% |
| Current assets | 29/58 | €371,520 | €435,719 | +€64,199 | +17.3% |
| Stocks and contracts in progress | 3 | €4,969 | €4,969 | = | 0.0% |
| Stocks | 30/36 | €4,969 | €4,969 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,849 | €359,519 | +€243,670 | +210.3% |
| Trade receivables | 40 | €15,819 | €41,936 | +€26,118 | +165.1% |
| Other amounts receivable | 41 | €100,031 | €317,583 | +€217,552 | +217.5% |
| Cash at bank and in hand | 54/58 | €250,702 | €71,231 | -€179,470 | -71.6% |
| Total equity and liabilities | 10/49 | €427,700 | €477,009 | +€49,309 | +11.5% |
| Equity | 10/15 | €310,800 | €422,582 | +€111,782 | +36.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €290,340 | €402,122 | +€111,782 | +38.5% |
| Amounts payable | 17/49 | €116,900 | €54,427 | -€62,473 | -53.4% |
| Amounts payable within one year | 42/48 | €116,900 | €54,427 | -€62,473 | -53.4% |
| Trade debts | 44 | €54,126 | €54,043 | -€82 | -0.2% |
| Suppliers | 440/4 | €54,126 | €54,043 | -€82 | -0.2% |
| Taxes, remuneration and social security | 45 | €7,774 | €384 | -€7,390 | -95.1% |
| Taxes | 450/3 | €7,774 | €384 | -€7,390 | -95.1% |
| Other amounts payable | 47/48 | €55,000 | - | -€55,000 | |
| Turnover | 70 | - | €1,260,771 | +€1.3m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €947,068 | +€947,068 | |
| Remuneration, social security and pensions | 62 | €39,015 | €157,616 | +€118,602 | +304.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,970 | €18,390 | +€2,420 | +15.2% |
| Other operating charges | 640/8 | €1,113 | €16,544 | +€15,431 | +1386.1% |
| Gross operating margin | 9900 | €289,271 | €313,704 | +€24,433 | +8.4% |
| Operating profit (loss) | 9901 | €233,173 | €121,153 | -€112,019 | -48.0% |
| Financial income | 75/76B | - | €229 | +€229 | |
| Recurring financial income | 75 | - | €229 | +€229 | |
| Financial charges | 65/66B | €5,640 | €9,600 | +€3,960 | +70.2% |
| Recurring financial charges | 65 | €5,640 | €9,600 | +€3,960 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €227,533 | €111,782 | -€115,751 | -50.9% |
| Income taxes | 67/77 | €17,724 | - | -€17,724 | |
| Profit (loss) for the period | 9904 | €209,809 | €111,782 | -€98,027 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €209,809 | €111,782 | -€98,027 | -46.7% |
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 11 October 2026 via checked.be.